![](https://cos-cdn.shuashuati.com/pipixue-web/2020-1231-2005-12/ti_inject-812ce.png)
The author explains the Smiley Curve in para. 13 as follows. Please translate his explanation into Chinese: The smiley curve, which shows the profitability or value added at each stage, starts high for branding and product concept, swoops down for manufacturing, rises again in the retail and servicing stages. The significance is that China’s activity is in the middle stages– manufacturing, plus some component supply and engineering design– but America’s is at the two ends, and those are where the money is.