【轉載者按】：天涯論壇網友金色床單翻譯的世行報告摘要，由于帖子比較多，故集中起來，拼成一篇連續的文章。但由于是論壇體，可能有些網友閱讀上有些不習慣，請見諒。報告還在陸續翻譯中，希望有了解經濟的朋友加入翻譯的行列啊～

『國際觀察』 [時事聚焦]世行英文報告摘錄以及翻譯--部分術語較難請原諒

    一份468頁的報告，本人粗略看了一遍，主要是用提高效率之類的理由要求國企改革和金融系統改革，改革的方法包括降低國有持股比率和金融系統開放，利率市場化等，但是這樣的一份報告實在沒有新意，因為它忽略了最重要的兩條，第一是效率：所謂效率，并不是只有私有化才能達到的，第二是公平：這正是西方國家無法解決的問題，這份報告也語焉不詳甚至一筆帶過。　　

我所關注的并不是這份報告本身真的是否有價值，而是擔心部分既得利益集團以改革之名行掠奪之實，利用這份漏洞百出的報告來試探人民的底線而已。　　

　　改革，該怎么改，我認為官員公布個人財產是前提，提高ZF工作效率和透明度，降低行政成本才是如今改革的重點，說句簡單的，一個官員公開財產制度，這么簡單的改革，到現在也沒有實行到位。　　

　　本人雖為金融學在讀博士，但由于該報告涉及面較廣翻譯如有錯誤請大家指出并原諒　　

　　報告分兩部分 第一部分是總括，第二部分是支持性報告，其中比較關鍵的是第二和第三部分，大量涉及私有化的問題，我會慢慢發出來　　

總括　　

　　Part I Overview　　

　　China 2030: Building a Modern, Harmonious, and Creative　　

　　High-Income Society.　　

　　1 China’s Path: 1978–2030 . 4 中國之路1978-2030　　

　　2 A New Development Strategy for 2030 . . 15 2030之前的發展戰略　　

　　3 Structural Reforms for a Market-Based Economy with Sound Foundations. . . . 25　　

　　市場經濟為基礎的結構改革　　

　　4 Increasing the Pace of Innovation. . . . . . . . . . . . . . . . . . 34　　

　　創新之路　　

　　5 Seizing the Opportunity of Green Development. . . . . . . . . . . . . . 39　　

　　抓住綠色發展的機遇　　

　　6 Equal Opportunity and Basic Security for All. . . . . . . . . . . . . . . 46　　

　　平等機會和社會保障　　

　　7 Strengthening the Fiscal System and Aligning It with the Evolving　　

　　Role of Government. . . . . . . . . 55　　

　　政府職能改進和財政系統的加強　　

　　8 Achieving Mutually Beneficial Relations with the Rest of World. . 60　　

　　與世界保持互動良好關系　　

　　9 Overcoming Obstacles to Implementing Reforms . . 65　　

　　改革的主要障礙　　

　　Part II Supporting Reports 支持報告　　

　　1 China: Structural Reforms for a Modern, Harmonius,　　

　　Creative High-Income Society. 77　　

　　結構改革：現代、和諧、高收入社會　　

　　2 China’s Growth through Technological Convergence　　

　　and Innovation . 161　　

　　中國的經濟增長與技術、創新　　

　　3 Seizing the Opportunity of Green Development in China . 229　　

　　綠色機會　　

　　4 Equality of Opportunity and Basic Security for All. 293　　

　　平等機會和基礎社會保障　　

　　5 Reaching “Win-Win” Solutions with the Rest of the World . 391　　

與世界的雙贏結果

第一部分　　

　　Background to This Research　　

　　研究背景　　

　　The　　

　　research was organized by China’s Ministry of Finance, the Development Research　　

　　Center of the State Council (DRC), and the World Bank. The research work and report　　

　　writing was undertaken by a joint team from the World Bank and the DRC.　　

　　中國財政部和國務院發展研究中心以及世界銀行　　

　　然后就BLABLA一大堆，主要是搞了一些講座之類的，　　

第一部分 概覽：　　

　　Chapter 1 China’s Path: 1978 to 2030　　

　　這段我就不翻譯了，都是廢話，主要是介紹取得的成就之類　　

　　Chapter 2 A New Development Strategy for 2030　　

　　第二章：新發展戰略　　

　　In a recent landmark study, the Commission on Growth and Development (2008) identified　　

　　five common features in countries that sustained rapid growth and development for　　

　　extended periods: They exploited opportunities in the world economy by maintaining　　

　　open trade and investment policies; they maintained macroeconomic stability; they　　

　　enjoyed high savings and investment rates; they allowed markets to allocate resources;　　

　　and they were led by committed and credible governments.　　

　　最近的一個研究指出，高速發展的國家具有5個一般性特質：第一是利用開放的世界貿易和投資機會，第二是保持宏觀經濟穩定，第三是保持高儲蓄率和投資率，第四是允許市場分配資源，第五是可信任和有承諾的政府。

繼續翻譯，是摘錄，就當是幫大家看一遍吧。

　　The 2030 vision: To build a modern, harmonious, and creative high-income society　　

　　接著是對 現代社會，和諧社會，創造性社會，高收入社會輪番解釋一遍　　

　　The case for a new strategy　　

　　Realizing China’s vision for 2030 will demand a new development strategy. The　　

　　development strategy it pursued over the past three decades was directed at meeting　　

　　the challenges of a different era. Not only have the challenges changed, so have　　

　　China’s capabilities. No strategy lasts forever. Successful strategies must be flexible　　

　　and adjust in accordance with changing conditions. Middle-income countries unable to　　

　　make such adjustments have stumbled into he middle-income trap. China’s top decision　　

　　makers recognize this and have made transforming the economic development pattern　　

　　the country’s most important economic policy priority.Changing the development model is urgent because, as an economy approaches the technology frontier and exhausts the potential for acquiring and applying technology from abroad, the role of the government needs to change fundamentally. Initiating this change early helps smooth the transition from importing new technologies to innovating and creating new technologies.　　

　　這段的大概意思就是中國已經到了中等收入國家的水平，需要從中等跨越到高收入國家中國需要改革，改革很必要，當經濟發展到技術的前沿時，政府需要轉變職能，越早改變就能夠幫助從進口技術到發明和創新。　　

　　后面是說發展中國家具有后發優勢，例如東亞的一些國家日本，韓國，香港，新加坡　　

　　But when a developing country reaches the technology frontier, the correct development　　

　　strategy ceases to be so straightforward. Direct government intervention may　　

　　actually retard growth, not help it. Instead, the policy emphasis needs to shift even more toward private sector development, ensuring that markets are mature enough to allocate resources efficiently and that firms are strong and innovative enough to compete internationally in technologically advanced sectors.　　

　　但是當發展中國家遇到技術前沿時，發展策略就需要調整了，直接政府干預可能妨礙發展，政策應適當傾斜私有化經濟，保證市場的資源有效分配，公司能夠有強的創造力在高技術領域參與國際競爭　　

　　-------------------這一段就很有問題，傾斜向私有化本身就不公平，而且目前的政策私營的公司并沒有很多高科技公司，如果一個公司在高技術領域發展，國家肯定會支持，所以是拿現實當策略來說　　

　　The role of the private sector is critical because innovation at the technology frontier is quite different in nature from simply catching　　

　　up technologically. The process becomes　　

　　essentially one of trial and error, with the chances of success highly uncertain. Innovation is not something that can be achieved　　

　　through government planning. Indeed, the more enterprises are involved in the trial-anderror process of innovation, the greater are　　

　　the chances for technological breakthroughs, and the more likely that new discoveries will be translated into commercially viable products.As enterprises take a leading role, the　　

　　government needs to adopt a more supportive and facilitating role.　　

　　這段說高技術領域需要試錯，越多公司參加越好，云云，政府應大力支持等等　　

　　下面一段說的是　　

　　政府轉變職能，比如人力資本的提高，然后來一段政府應該減少對市場的干預之類，這些都是做鋪墊的　　

　　Key characteristics of the　　

　　new strategy　　

　　The first is improvement in the quality　　

　　of growth while continuing to increase　　

　　incomes.　　

　　The second is to achieve balanced and　　

　　sustainable growth, consistent with market　　

　　forces.　　

　　The third is to strengthen innovation and　　

　　creativity.　　

　　The fourth is unleashing China’s full　　

　　human potential　　

　　The fifth (and last) values the role of the　　

　　market, rule of law, social values, and high　　

　　moral standards.　　

　　The first new strategic direction is the　　

　　role of the state and the private sector.　　

　　The second new strategic direction is　　

　　encouraging systemwide innovation and　　

　　adopting an “open” innovation system with　　

　　links to global R&D networks　　

　　The third new strategic direction is that　　

　　China should “grow green.”　　

　　The fourth new strategic direction is to　　

　　promote equality of opportunity and social　　

　　protection for all　　

　　The fifth new strategic direction is to　　

　　build a sustainable fiscal system that will　　

　　meet expected public finance challenges　　

　　over the next two decades.　　

　　The sixth new strategic direction is to　　

　　develop mutually beneficial relations for　　

　　the rest of the world。

　　主要的戰略特質和戰略方向　　

　　5個戰略特質　　

　　1.在提高收入的同時提高發展質量　　

　　2.可持續發展　　

　　3.創新　　

　　4.提高人力資本的利用水平　　

　　5.對市場職能，法律職能，和道德標準的尊重-　　

　　-------------私人以為道德標準應該擺在首位　　

　　戰略方向　　

　　1.國有和私有的領域調整　　

　　2.建立聯系全球的鼓勵創新的系統　　

　　3.綠色發展　　

　　4.平等機會和社會保護　　

　　5.健全財政制度　　

　　6.與世界互利發展　　

　　------------這里開始釉料了 國有化和私有化領域調整　　

　　Chapter 3 Structural Reforms for a Market-Based Economy with Sound Foundations　　

　　第三章 結構改革　　

　　--------------重頭戲開始了　　

　　@心役15 2012-02-29 19:10:17　　

　　改革的方法包括降低國有持股比率　　

　　__________________　　

　　如果真有這一條，那只能說世行真夠陰險的。另外，支持樓主，我看了這報告，400多頁英文，壓力山大啊。　　

　　-----------------------------　　

　　確實有 在原文126頁 銀行改革部分！ 　　

　　Many studies suggest the potential for　　

　　significant growth dividends from giving　　

　　the private sector a greater role in competing　　

　　with state enterprises in key sectors. The　　

　　greatest benefit is likely to accrue in so-called　　

　　“strategic” sectors where competition has　　

　　been curtailed. In 2006, China identified　　

　　seven strategic sectors where the state would　　

　　keep “absolute control”—defense, electricity　　

　　generation and distribution, petroleum and　　

　　petrochemicals, telecommunications, coal,　　

　　civil aviation, and waterway transport.16　　

　　In these sectors, a handful of state firms　　

　　might compete with one another, but they　　

　　are protected by barriers that discourage　　

　　new entrants. The Chinese authorities have　　

　　also designated “basic” or “pillar” industries—　　

　　machinery, automobiles, electronics　　

　　and information technology, construction,　　

　　steel, base metals, and chemicals—where　　

　　the state is expected to retain a “somewhat　　

　　strong influence” (Owen and Zheng 2007).　　

　　Although formal barriers to entry may be　　

　　low in these industries, informal entry barriers　　

　　convey the clear policy message—competition　　

　　from private firms is not welcome.　　

　　These barriers, together with less favorable　　

　　regulatory treatment tend to inhibit private　　

　　sector growth and development, dampen　　

　　innovation and creativity, and slow productivity　　

　　growth.　　

　　這一段是說“很多研究指出 在基礎領域開放競爭給私有領域有增長的潛力”例如支柱性行業：機械，汽車，電子和信息技術，建設，鋼鐵，化學　　

　　------------這些行業早就開放了，恐怕是想進一步讓這領域的國企私有化吧，這段挺陰險的。

　　Key reform recommendations　　

　　改革建議　　

　　The response to the second question is less straightforward. First, the government　　

　　could securitize its implicit equity in state enterprises as soon as possible (in listed state enterprises, the value of the equity is already known). This would pave the way for state enterprise reform by separating ownership from management and introducing modern corporate governance practices, such as appointment of senior management, public　　

　　disclosure of accounts in accordance with international practice, and external auditing.　　

　　Second, the government could consider establishing one or more state asset management　　

　　companies (SAMCs) that would represent the government as shareholder and would　　

　　professionally manage and trade these assets in financial markets where feasible. Each　　

　　SAMC could specialize in certain sectors.　　

　　They could then, on behalf of government, gradually diversify the portfolio over time.　　

　　The dividends of state enterprises would need to be paid to the SAMCs who, in turn, would　　

　　transfer them to the budget. Finally, a portion of state assets could be transferred to the national pension fund with the flow of returns being used to help meet future pension obligations.

　　政府應該將國有股證券化，這將鋪平國企改革的道路，然后介紹現代企業管理實踐，例如任命高級管理人員，引入外部審計，并建立一個或多個資產管理公司進行管理政府的股份，每個資產管理公司應該熟悉自己的領域　　

　　--------------這就是私有化嘛。

　繼續重頭戲，拆分石油，化工，電信，和電力　　

　　More competition—domestic and international—　　

　　will be key to improving the　　

　　efficiency and innovation capability of Chinese　　

　　enterprises. To increase competition in　　

　　domestic markets, further reforms will be　　

　　needed to support private sector firms, such　　

　　as lowering barriers to firm entry and exit,　　

　　breaking up state monopolies or oligopolies　　

　　in key industries (petroleum, chemicals,　　

　　electricity distribution, and telecommunications),　　

　　promoting the growth of dynamic　　

　　SMEs and increasing their access to finance,　　

　　stimulating much needed regional and local　　

　　specialization, and encouraging spontaneous　　

　　state enterprise reforms through competition.　　

　　China’s own past experience, together with　　

　　that of other countries, shows that increased　　

　　domestic competition can result in significant　　

　　improvements in productivity.　　

——　這段是說拆分 石油，電力，電信，化工 ，降低準入門檻，允許私人公司進入等，請注意 是拆分！

　　Factor market reforms　　

　　To complete the transition to a market economy and further strengthen its foundations, China needs to also focus attention on factor markets—capital, land, and labor—where market reforms have tended to lag, and consequently, the remaining distortions are particularly large. Price, regulatory, and institutional changes are essential to ensure that resources flow to economic activities that yield the highest returns.　　

基本要素市場改革　　

　　完成到市場經濟的改革，中國需要注意要素市場：資本，勞動力，土地改革，這些改革已經拖慢了，或者有著扭曲的價格，規定，制度改革將保證要素市場產生最高的回報　　

　　-------------------這段開始說要素市場改革了，重頭戲是要金融去規則化（deregulation)，土地部分沒說什么，另外是說要取消戶口制度。

第二部分 支持性報告

　　Supporting Report 1　　

　　China: Structural Reforms for a　　

　　Modern, Harmonious, Creative　　

　　High-income Society　　

支持性報告1　　

支持性報告的重頭戲是第一部分 分了6章　　

　A. Rapid Past Growth and its Sources. . 83　　

　　快速增長以及資源　　

　　B. The Emergence of Imbalances. . 83　　

　　不平衡的增長　　

　　C. Avoiding the “Middle-income Trap” While Addressing Key Imbalances . . . . . . . 84　　

　　避免中等收入陷阱　　

　　D. Possible Scenarios to 2030. . . . . . . . . . . . . . . . . . . 87　　

　　2030年可能的情況　　

　　Chapter 2　　

　　Promoting Efficiency and Equity Thr ough Structural Reform :　　

　　結構改革推進效率和平等：從追趕增長到內源性發展　　

　　Fr om Catch -up Gr owth to Endogenous De velopme nt. 91.　　

　　A. Changing the Role of the State . . 91　　

　　國家職能轉變　　

　　B. From Catch-up Growth to Endogenous Development. . 92　　

　　從追趕增長到內源性發展　　

　　Chapter 3　　

　　Fisc al Policies . 95　　

　　財政政策　　

　　A. Fiscal System Reform in Line with the Evolving Role of the State. . . . . 95　　

　　政府職能轉變中的財政系統改革　　

　　B. China’s Fiscal System—Key Developments to 2010. . 96　　

　　中國財政系統-主要發展2010　　

　　C. Challenges and Policy Options for Strengthening China’s Fiscal System. . . . . . . 98　　

　　加強財政系統的政策選擇和挑戰　　

　　Chapter 4　　

　　Enterpr ise Sec tor Reforms . 110　　

　　A. The Enterprise Sector and China’s Vision for 2030. . . . . . . . . . . . . .110　　

　　中國企業前景2030　　

　　B. China’s Enterprise Sector—Key Developments to 2010. .110　　

　　2010前中國企業部分　　

　　C. Industrial Interventions . . . . . . . . . . . . . . . . . . . . . . . .114　　

　　國企介入　　

　　D. Enterprise Sector Reforms to Achieve China’s 2030 Vision. .117　　

　　國企改革-2030遠景　　

　　Chapter 5　　

　　Financial System Reforms . 123　　

　　A. China’s Financial System Developments to 2010. . 123　　

　　金融系統發展到2010　　

　　B. China’s 2030 Vision for the Financial Sector. . . . . . . . . 125　　

　　金融2030展望　　

　　C. Key Reforms to Strengthen China’s Financial System. . 125　　

　　主要改革　　

　　D. Obstacles and Triggers. . .133　　

　　障礙和引發　　

　　E. Sequencing of Reforms. . . . . . . . . . . . . . . . . . . . . . . . . .135　　

　　改革的程序安排　　

　　Chapter 6　　

　　Land Policies. 136　　

　　A. A Key Factor: Land . . . . . . . . . . 136　　

　　土地要素　　

　　B. Tenure Security in Rural Areas and Governance. . . 138　　

　　農村土地管理　　

　　C. Land Policy and Rural-Urban Integration. .142　　

　　城市化和土地政策　　

　　D. Land Policy and Municipal Finance　　

　　土地政策和地方財政　　

　　1. The fiscal system. The large social and environmental agenda over the next two decades　　

　　will entail significant expansion of social protection, health care, environmental public　　

　　investment and recurrent expenditures, mostly by subnational governments. However, such　　

　　increases will need to be achieved while maintaining fiscal sustainability, avoiding levels of　　

　　taxation which could harm growth, easing the fiscal pressures on subnational governments,　　

　　and strengthening fiscal institutions. Over the next two decades, then, the challenge will be six　　

　　fold: (i) changing the composition and improving the efficiency of public expenditures in line　　

　　with China’s evolving development objectives; (ii) improving the efficiency of revenue mobilization;　　

　　(iii) realigning revenues with expenditure responsibilities by raising selected functions to　　

　　higher levels of government and allowing some governments to charge local taxes; (iv) bringing　　

　　all subnational government borrowing and the associated spending on budget, subject to strict　　

　　controls; (v) making sub-provincial transfers more equalizing across lower levels of government;　　

　　and (vi) improving the accountability and transparency of governments.　　

　　1.財政系統。接下來的20年將面臨社會保障，醫療，環境公眾投資的巨大增長，這種增長有賴于財政系統的可持續性，避免那些可能妨礙增長的稅收政策，舒緩地方政府財政壓力，加強財政制度，接下來的20年，挑戰分為6方面：1。與中國發展目標相對應的有效率的公共支出和構成體系；2 增加財政收入 3.重新安排地方和中央政府的支出比率以及允許使用地方稅 4 控制地方政府借貸和預算支出 協調 5. 省級政府的統籌支出 6. 提高政府的透明度和可數字化管理　　

　　2. The enterprise sector. A vibrant corporate sector will be critical for sustaining relatively　　

　　fast growth. The central elements will be further increases in competition, especially (but not　　

　　only) between the state and non-state (including private) enterprises in the “strategic” and　　

　　“pillar” industries where such competition has been curtailed; and redefine the function of　　

　　state capital and promote the securitization and trading of state capital, state capital should　　

　　be used solely for the provision of public goods and services. This requires restructuring the　　

　　SOE sector, dismantling monopolies and oligopolies in sectors where competition would yield　　

　　superior results, introducing oversight arrangements where monopolies are considered necessary　　

　　to ensure that market power is not abused and does not serve as a drag on the economy,　　

　　and lowering entry and exit barriers for all enterprises. Improved allocative efficiency will also　　

　　require further efforts to level the playing field, especially between smaller and larger firms, and　　

　　between state-owned and non-state firms, not only in a legal sense, but also in the access to key　　

　　inputs. The portfolio of SOEs should be diversified, some state shares should be sold in the market　　

　　over time, and modern corporate governance practices should be exercised in SOEs. Finally,　　

　　this will require a review and modernization of the extensive “industrial policies” which the　　

　　authorities have used to influence the structure within and across sectors.　　

　　2.企業部分：有力的企業對于發展至關重要，中心的元素是增加競爭，特別是國有和非國有企業，重新定義國有資本和推行證券化以及國有資本交易，國有資本應當只在公共產品中和服務中存在，這需要重構SOE（國企），分解能夠產生高產出的壟斷和寡頭國企，引入規范機制以保證壟斷企業不濫用壟斷優勢（market power）以及保證不拖累經濟，降低準入門檻，提高的分配效率使大企業和小企業，國有和非國有取得市場平等位置。國企股權應多樣化，一些國企應該賣出，以及引入現代公司制度。

　　3. The allocation of factors of production. If anything, improving the efficiency in the use　　

　　of factors of production—land, labor, capital—will be more challenging than reforming the　　

　　enterprise sector. However, this is also the sphere in which many significant distortions remain,　　

　　suggesting much potential from reforms to improve resource allocation.　　

　　生產要素分配：土地，資本，人力三要素的效率改革相比企業部分的改革要更有挑戰性，然而也是最容易產生扭曲的市場，這里的改革也最容易產生潛力。　　

　　In land, the principal challenges are to: (a) enhance rural land tenure security and ensure the　　

　　equal treatment of rural and urban land tenure and property rights for social stability, particularly　　

　　in rural areas; (b) modernize the institution of the rural collective to remain relevant in the　　

　　face of evolving shifts in law and policy; (c) address the strict separation of rural and urban land　　

　　tenure systems, which currently drives the inefficiencies and inequities generated by the process　　

　　of converting rural land into urban use, by reducing the role of state in the land conversion　　

　　process and by allowing for more market-based allocation of land; (d) ensure the protection of　　

　　priority farmland for food security through comprehensive land use planning; and (e) introduce　　

　　taxation of land and property to help ease the distortions and social pressures created by subnational　　

　　governments’ reliance on revenues from land transfer fees.　　

　　土地制度方面：1.增加農村和城市土地所有制的安全性和產權保護有利于社會穩定 2 現代化農村集體所有制相對應的法律和政策 3. 嚴格分離的城鄉土地所有制度現時使得農村土地城市化中的無效和不公平，應當減少政府干預由市場決定分配 4. 土地使用計劃來保護糧食安全 5. 用房地產物業稅來幫助解決地方政府過度依賴土地出讓金的問題　　

　　The financial sector faces three key reform challenges. First, there is a need to commercialize　　

　　and rationalize the financial institutions and markets to meet the diverse demands of　　

　　households, enterprises and government sectors for financial services and products. To this　　

　　end, financial institutions should be better governed and operate in a conducive policy environment　　

　　and under competitive pressure and effective regulation and supervision. Second, there is　　

　　a need to modernize the regulatory architecture and to introduce a financial safety net, a task　　

　　that has been made all the more difficult by the limited independence of regulatory authorities,　　

　　the absence of an effective failure resolution regime, and the incentives faced by financial institutions.　　

　　Third, the role of the government needs to be rationalized to enable it to focus on the critical functions of a public-good nature and to refrain from the direct provision of financing　　

　　where the market forces could do better. This includes reform of the state-ownership functions　　

　　over state-owned financial institutions.　　

　　A complementary report on human development addresses the issues of improving the flexibility　　

　　and efficiency of labor markets in China, as many of the constraints and issues are interrelated　　

　　with social protection and insurance.　　

　　金融系統面臨三個重要改革挑戰。1.商業化和理性化金融機構來面對家庭，企業，政府的多樣化需求，金融機構應該在導向性的政策環境下運作，以及競爭的壓力和有效的管理和規則，2 有必要管理規則的現代化和建立安全網，這是一項任務需要有限獨立的管理當局--------這段實在翻不來，可見老美對銀行管理也沒轍--------3. 政府應該專注于公共物品領域，從其他可以用市場力量做的剛好的領域撤出　　

　　These reforms are united by one common theme—“reforming government”. For much of the　　

　　last three decades, and unlike in high income countries, government has maintained a direct　　

　　role in allocating resources, with instruments such as industrial policy and state ownership　　

　　leading to tight interconnections between governments and enterprises. In contrast, in health,　　

　　education, social security and other areas typically considered to require state involvement　　

　　because of market failures, China’s government had initially retreated. Traditional arrangements　　

　　were abandoned and government spending lagged behind. The report identifies specific　　

　　ways in which the role of the government can be recalibrated, generally towards a more limited　　

　　direct role in resource allocation, a more arm’s length relationship between government and　　

　　business, and an enhanced role in delivering public goods and services and ensuring equality of　　

　　opportunity. Reviewing the inter-relationships between various tiers of government will play a　　

　　key role in this recalibration.　　

　　這些改革集中到一個主題就是“政府改革”，過去的三十年中，不像高收入國家，政府扮演直接分配資源的角色，使用工業政策和國有制度保持和企業的緊密聯系，相反在教育，醫療，社會安全和其他“市場失靈”領域，中國政府止步不前，傳統的包辦式被拋棄了，政府支出減少。　　

　　報告指出政府需要重新定位，應在公眾服務領域發揮更重要的作用并保證平等機會，減少與商業的聯系　　

　　以下轉入最重要的第二第三章翻譯　　

　　這份報告內容蠻空洞的，很多都跟政府報告似的

　　Chapter 2 Promoting Efficiency and Equity through　　

　　Structural Reform: From Catch-up Growth to　　

　　Endogenous Development　　

　　提升效率和平等，從追趕式增長到內生型增長　　

　　A. Changing the Role of the State　　

　　To achieve its vision for 2030, China needs to shift from factor input-driven to efficiencydriven　　

　　growth, from direct state intervention to more reliance on markets and entrepreneurship,　　

　　and from the absorption of technologies to innovation, while simultaneously correcting　　

　　economic imbalances and social disharmonies.　　

　　A 轉變政府職能　　

　　為了達到2030年遠景，中國需要從生產要素投入推動型轉變為效率驅動增長， 從直接的政府干預轉變為更依賴市場和企業家精神，吸收技術轉化為創新，同時糾正經濟不平衡和社會不和諧　　

　　經過一段一段的BLABLA之后，描述了國企的現狀來到了報告的P118，開始了大家比較關心的國企改革部分　　

　　First, the government could　　

　　securitize its implicit equity in state enterprises (in listed state enterprises, the value of the equity　　

　　is already known) as soon as possible. This would pave the way for state enterprise reform by　　

　　separating ownership from management and introducing modern corporate governance practices—　　

　　appointment of senior management, public disclosure of accounts in accordance with　　

　　international practice, external auditing, and so on. Second, the government could consider　　

　　establishing one or more state asset management companies (SAMCs) that would represent　　

　　the government as share holder and would professionally manage and trade these assets in　　

　　financial markets where feasible. Each SAMC could specialize in certain sectors. They could　　

　　then, on behalf of government, gradually diversify the portfolio and scale back state ownership　　

　　over time. The dividends of state enterprises would need to be paid to the SAMCs who, in　　

　　turn, would transfer them to the budget. Finally, a portion of state assets could be transferred　　

　　to the national pension fund with the flow of returns being used to help meet future pension　　

　　obligations.　　

　　首先，政府盡快通過證卷化資產以鋪平國企分離所有權和管理權的道路，并介紹現代企業管理實務，高級經理人任命，根據國際慣例引入會計公開制度，死而不，政府考慮建立一個或多個資產管理公司，每個資產管理公司應擅長于專業領域，所得的股息納入國家預算用于未來支付例如養老金等　　

　　While the operational details of the proposed SAMCs can be elaborated later, it is important　　

　　that key principles are established early. It is critical, for example, that SASAC confine itself to　　

　　policy making and oversight, leaving asset management to the SAMCs. The SAMCs should　　

　　have clear mandates, be independently and professionally managed, and be subject to publicly　　

　　announced performance benchmarks (depending on the nature of the enterprises in their portfolio).　　

　　In addition, they will need to adhere to international standards for transparency, including　　

　　on operations and results, value creation, profitability, and dividend payments.　　

　　國資委將自己的職能限于政策制定，將資產管理的職能留給資產管理公司，資產管理公司應由專業人員管理并按照國際慣例披露，增加透明度包括生產狀況，增值，盈利和股息派發　　

　　In the medium-term, the expanded scope for private participation could be complemented　　

　　by the restructuring of remaining SOEs. Building on China’s own past experience with corporatizing　　

　　and restructuring SOEs, more such large enterprises, especially those parent companies　　

　　supervised by the central and provincial SASACs, could be restructured to mixed ownership　　

　　enterprises and listed corporations. Furthermore, governments could reduce their ownership　　

　　shares in those firms and build up modern governance featuring professional management. One　　

　　additional benefit of narrowing the scope of the SOE sector would be to strengthen SASACs　　

　　capacity to supervise its remaining SOEs.　　

　　中期，可以進行在剩余的國企中相機進行私有化，政府可以減少在這些大型企業的股份，通過專業管理建立現代管理，一個額外的好處是規模的減少便于國資委監督剩余的國企　　

　　Also in the medium-term, China could further spur competition by strengthening the Anti-　　

　　Monopoly Law (AML) in two ways　　

　　接下里主要是討論 反壟斷法了 ，又是一段BLABLABLA

　2. Further leveling the playing field　　

　　Greater competition needs to go hand in hand with fairer competition. This would enhance　　

　　allocative efficiency by helping direct factors of production towards their most productive uses.　　

　　To this end, firms of different size or ownership should compete on a more level playing field,　　

　　not only in a strict legal sense, but also in the terms on which they gain access to inputs.　　

　　最終，不同尺寸或不同所有制的企業在一個平等的地位上競爭，不僅是在法律的意義上，也是在獲得生產要素的地位和條件下　　

　　The most promising near-term reforms to address this issue are outside the scope of competition　　

　　policy, and would focus on directly tackling key distortions. These include: (i) the　　

　　preferential access to credit by larger firms or SOEs, including due to moral hazard (see financial　　

　　sector discussion below); (ii) the still low level of SOE dividend payments (which can leave　　

　　savings within firms to be deployed less effectively than in other possible uses); and (iii) the　　

　　implicit advantages which SOEs gain by their closeness to decision makers (including through　　

　　the ministerial status of CEOs of large firms. A review of industrial policies (see below) to　　

　　remove explicit or implicit biases in favor of firms of particular scale or ownership would also　　

　　address such concerns.　　

　　在最近的短期，政策應當集中在扭轉市場扭曲上，包括：1 金融機構選擇性的貸款 2 國企的低股息派發 3 明顯的政策優勢上　　

　　In the medium-term, fairer competition could be promoted by developing and enacting a set　　

　　of laws which would limit potentially distortive discretionary actions, including in the realm of　　

　　industrial policy. By defining clear “rules of the game”, such laws would be in the same spirit as　　

　　the limits which the WTO places on its members’ trade policies, or which the US Constitution　　

　　places on restricting inter-state commerce. Such rules could contain some of the most egregious　　

　　attempts by central and sub-national officials to pull in different directions using crude　　

　　administrative means. One such law is the AML, which has already been discussed. If this　　

　　strengthened AML still left important gaps, it could be complemented by additional legislation　　

　　(possibly in the form of a special law) to restrict currently widespread industrial interventions　　

　　by central or sub-national governments. This law should be actionable, with any governmental　　

　　departments liable to be charged if they impose interventions restricted by the law.　　

　　中期，通過法律和工業政策保障平等競爭，通過明確WTO關于其成員的貿易政策，以及美國憲政關于限制州與州的商業法律，這些規則應當包含對于行政命令干預的規定　　

　　In the longer-term, to safeguard fair competition in a single market, China could consider　　

　　enshrining limits on the financial support which its governments can directly or indirectly　　

　　provide to firms. One recent example is large capital injections into major state-owned airlines　　

　　(Pan, 2010). By allowing some firms to absorb losses that a purely commercial entity would not　　

　　or could not absorb, such support results in unfair competition. To counter such tendencies,　　

　　China should provide its governments with clear rules of the game in dealing with inevitable　　

　　pressures for aid of one form or another (Leipziger, et. al, 1997). This could build on experience　　

　　of the European Union (EU) in implementing rules on “state aid”. While the EU and China have　　

　　many important differences, they face similar problem of regulating anti-competitive behavior　　

　　either by member states (in the EU case) or by sub-national authorities (in China’s case). 　　

　　長期，為了保證平等競爭，中國應當考慮立法限制政府直接或間接提高財務支持給公司，一個最近的例子是大的資本注入到國有航空公司，這樣的支持結果產生了不平等競爭-----------這里就是瞎扯淡了，美國還BAIL OUT了幾個美國銀行呢，這是什么專家啊～　　

　　難怪國資委要反對啊，這是要奪權啊 呵呵～　　

　　Chapter 5 Financial System Reforms　　

　　C. Key Reforms to Strengthen China’s Financial System　　

　　1. Full commercialization and rationalization of the financial system　　

　　Macroeconomic and financial policies and instruments need to be better aligned to create　　

　　incentives for a lasting transformation to a more commercially oriented and effective financial　　

　　system.　　

　　第五章 金融系統改革 　　

　　全面商業化現有的金融系統--------------------這個是銀行老板都要拍手叫好的，想想美國，一個銀行總裁年薪可以上億呢，這個估計國有的銀行高層都會支持，不過銀行的底層就慘了　　

　　2. Further liberalizing interest rates　　

　　China has reached the stage where it needs to phase out remaining interest rate controls. Much　　

　　progress has been made in liberalizing interest rates, but the remaining controls have been　　

　　blamed for many distortions in the financial sector　　

　　利率自由化，中國已經到了需要自由化利率的階段，--------------這個本人認為可行，目前的銀行利潤高的不像話！　　

　　3. Deepening the capital market　　

　　Deepening the capital market is conducive to a re-balancing of the financial structure and to　　

　　the catch-up strategy of innovation in science and technology in which innovative, vibrant　　

　　private firms could emerge and thrive　　

　　深化資本市場，引入市場競爭，和私有公司發展繁榮　　

　　A commercially oriented governance system should be introduced. While privatization　　

　　would be the best way to make SFIs more commercially oriented, privatization of the big SFIs　　

　　would not be easy.42 Since the government is likely to remain majority owner of the SOBs, state　　

　　ownership functions need to be strengthened. To be effective, state ownership agencies need to　　

　　act in ways similar to private owners. Otherwise, given the multiple objectives of the government,　　

　　SFIs will not become truly commercialized. China may introduce a governance structure　　

　　of banks by a thorough stock taking of the existing state ownership functions, agencies and　　

　　practices, and drawing lessons from international best practice and failures　　

　　商業導向型的管理系統應當被引入。國有金融機構私有化是最好的商業化方法，私有化大型國有金融機構可能會比較困難，（加了下標注42，可能很難找到合適的買家云云），因為政府仍然是國企的主要擁有者，國企的管理需要加強，為了更有效，國有金融機構的管理者應該更像私人擁有者，否則國有金融機構不會真正商業化。中國應當引入管理機制-國際先進的實踐經驗并通過已經存在的機構來管理銀行國有股----------------馬腳全露啊，私有化，一切為了私有化，相信不久中國銀行可以改名為花旗銀行中國分行了。　　

　多謝各位捧場，本人水平有限，只摘錄骨干進行翻譯，讓大家看個大概意思，特別是國企和國有金融機構部分的改革方向　　

　　P148 4. U pgrading financial infrastructure and the legal framework　　

　　Financial infrastructure needs to be further upgraded to facilitate the financial market in general　　

　　and the capital market in particular.　　

　　升級金融結構和金融法制框架以進一步提升金融市場和資本市場　　

　　Adequate and accurate disclosure and transparency supported by credible accounting and　　

　　auditing practices can go a long way in supporting financial development by minimizing informational　　

　　frictions　　

　　提高會計質量和審計標準以準確和充足的披露和透明度能夠最小化信息損耗

　　5. Strengthening the regulation and supervision framework　　

　　The independence and effectiveness of regulatory and supervisory bodies can be enhanced.　　

　　Institutional arrangements are needed to better align regulatory resources and structure to deal with increasing integration of the financial services industry.　　

　　A well-defined and functioning macro-prudential framework is critically important for　　

　　China to prevent and mitigate disruptive idiosyncratic risks, including those that may well emerge from the rapid growth of shadow banking activities.　　

　　China could establish a high-level financial committee on the basis of the existing framework, with the main objective of reducing systemic risk and maintaining financial stability.　　

　　5. 加強監管和監管框架　　

　　建設獨立和有效的監管機構以便適應日益集成的金融服務市場，一個良好和完善的框架對于中國防止和減輕突發性金融風險是至關重要的，包括金融市場商業化以后的影子銀行活動。中國應當在現有的基礎上建立高級的金融委員會，主要的目的是減少系統風險和維護金融穩定　　

　　--------------------------------影子銀行就是非銀行系統的存貸款機構, 例如投資銀行,貸款公司等

　　6. Building a financial safety net, developing crisis management and insolvency　　

　　schemes　　

　　建立一個金融安全網，提供危機管理和破產程序--------------------這完全是照搬美國那一套　　

　　Financial liberalization will lead to a more efficient financial system but also increase the risk of financial instability.　　

　　金融自由化將建立一個更有效的金融系統但是也增加了金融市場的不穩定性　　

　　An early warning system would be helpful for effective oversight, early intervention and prevention of financial crisis.　　

　　早期預警系統對于效率有所幫助，早期預警和防止金融危機　　

　　China should create an insolvency regime for the financial sector that would allow for an orderly exit of weak or failing financial institutions.　　

　　中國應對于金融機構建立破產程序，允許弱的和失敗的金融機構退出市場　　

　　In China, “too big to fail” or “too connected to fail” is deeply rooted in the state ownership and control of financial institutions. Even small financial institutions that fail to pay off their debt rarely go bankrupt。　　

　　在中國，“大而不能倒”或者“聯系太緊密而不能倒”根深蒂固，特別是國有控股金融機構，甚至小金融機構也很少進入破產程序　　

　　A formal deposit insurance scheme is needed to deal with potential bank runs on privately owned depository institutions and to protect the savings of small depositors　　

　　需要一個正式的儲蓄保險機制對應解決潛在的私有化銀行擠兌以保護小額存款人　　

　　An effective crisis management framework should be put in place. China has come out of the financial crises of Asia in 1997 and the recent financial crisis of 2008 largely unscathed.But that should provide no reason for complacency, as the Chinese financial institutions have been untested and are not immune to external and internal shocks。　　

　　有效的風險管理框架應當建立起來，中國已經走出1997亞洲金融危機和2008金融危機，但是這不是自滿的理由，中國金融機構并沒有被測試，也不是對于內部和外部沖擊免疫 　　

　　7. Recasting the rights and responsibilities of government　　

　　重新劃定政府的權利和義務　　

　　Most existing problems and potential risks in China’s financial system could be traced back to the functions of government. An important distinguishing feature of China’s financial system is the extensive involvement of the government in financial market activities.　　

　　大量存在和潛在的風險應當在政府職能上找根源，一個重要的特性就是中國金融系統是中國政府在金融市場行為中的參與和延伸　　

　　First, the government should put more emphasis on creating an environment conductive to finance. The government could invest in financial infrastructure, allow the SFIs to price their services and products without interference, promote entry and impose discipline on failures.　　

　　首先政府應該強調創立環境，導向金融，政府應投資金融基礎，允許國有金融機構對它們的產品和服務自由定價，降低門檻和懲罰失敗　　

　　Second, the conflict of interest caused by the multiple roles of government as owner,　　

　　supervisor and promoter should be resolved.　　

　　第二，政府做為所有者，監管者和運營人的角色利益沖突　　

　　Third, the rights and responsibilities of local governments need to be aligned. Although　　

　　local governments bear the responsibility for the financial failure of local financial institutions, they do not have relevant supervisory mandates and capabilitie　　

　　第三，地方政府的權利和責任應當分清，地方政府承擔地方金融機構的失敗責任，但他們并沒有這樣的監管權力和能力，　　

　　In this regard, there is a need to establish an effective provincial-level financial supervisory framework.　　

　　在這個意義下，有必要建立有效的省級金融監管框架　　

　　Fourth, the government needs to define and effectively provide non-commercial financial　　

　　services. A clear line between policy and commercial activities would determine what services and products shall be provided by the government or by financial institutions owned by the government.　　

　　第四，政府需要定義并提供非商業金融服務，政策和商業行為應當清晰的分開-------------這里的意思是說政策性扶持的金融，貸款應該與商業性的貸款分開

　從接下來的部分看，重頭戲可能還在金融機構改革上，這個其實更狠，因為金融機構國家的經濟命脈，有理由相信 世行對于這一塊是不遺余力的，而國內利益集團也會大力推進，一旦金融私有化，可以想象金融家集團對這個國家的控制力

　　Obstacles to reform　　

　　Moral hazard of SOBs and SOEs. In a situation where major banks and firms are owned　　

　　by the state, moral hazard can be pervasive. Without hard budget constraints, firms would　　

　　continue to engage in reckless investment and borrowing which would lead to continued　　

　　high demand for credit despite increased interest rates. Banks which put higher priority on gaining market share than on profit and prudential management would drive interest rate competition. Weak banks would have especially big incentives to offer higher deposit rates to mobilize funds and lend or invest them in high risk borrowers or projects. This can lead to widespread distress borrowing and financial instability. If the strong incentives for moral hazard are not properly checked, interest liberalization, and financial liberalization more generally, may invite a high risk of financial instability.　　

　金融改革的障礙　　

　　1.國有企業和國有銀行的道德風險，沒有預算控制，公司會大量貸款，投資并持續產生信貸額度提升，而銀行為了獲取高市場份額將驅動利率競爭，相對弱的銀行會有很大的沖動提高存款利率，這將導致廣泛的壓力和金融不穩定性，如果這種因素沒有被正確的預計，金融自由化將導致高風險和金融市場風險　　

　　Financial weakness of some SOEs. Currently, SOEs pay much lower average interest rates for their debt than other borrowers such as private firms and cooperatives. The weighted average return on assets (ROA) of SOEs is also significantly lower than that of other firms (see previous chapter). On the other hand, the average debt/equity ratio of SOEs is substantially higher, exceeding 230%.48 If the financial system is liberalized, many highly leveraged SOEs would face difficulties in financing their investment or debt at low cost, deteriorating their financial situation and possibly leading to insolvency.　　

　　society. All these would work to mobilize resistance to financial reform and build a tendency of system inertia or regressing back to the old system.　　

　　一些國有企業的不良資產結構。現在國有企業相對其他私營公司享受著低貸款利率，資產回報率也低于私營公司（------這個必須的，國有企業不逃稅嘛，享受好處的同時肯定要多做貢獻），另一個方面國有企業的債務/權益比率超過230%（這個不知道是不是真的，我認為數字比較有問題），很多高杠桿率的國企將面臨困境甚至破產。這些將是金融改革的障礙　　

　　Political and bureaucratic resistance. Financial repression has created economic rent which has been distributed to the favored borrowers and nurtured vested interests. Banks have enjoyed a comfortable business environment provided by high entry barriers, interest rate control, and excess demand for credit which allows credit rationing. Officials’ power to control banks and their credit allocation is one source of their power over the economy and society. All these would work to mobilize resistance to financial reform and build a tendency of system inertia or regressing back to the old system.　　

　　3 政治和官僚阻力，金融管制創造經濟尋租活動（這個是說利用低存款利率，高貸款利率產生的尋租空間），銀行享受著高進入門檻的舒適的商業環境，利率控制和對信用的需求允許 CREDIT RATIONAING(這個詞是說銀行對于貸款人的挑剔—實際上任何銀行不論中外都存在CREDIT RATIONING，所以這句話個人認為夸大事實),官員對于銀行的控制力和信用分配存在尋租行為，這樣會產生對改革的抗拒（--------------私有化能解決嗎？金融機構只怕會更混亂）　　

　　E. Sequencing of Reforms　　

　　Keeping adequate pace and sequencing would be very important for the successful progress of financial liberalization and opening. China’s financial sector has served for the rapid economic growth reasonably well over the last three decades, and in the process, it has been reformed and restructured. However, in view of the current and expected future economic circumstances, it should be further reformed and restructured. China may not need to pursue the same structure (including the ownership structure) and practices of financial market as we see in most advanced economies these days. It is also true that the liberalization and opening process would not be easy and could face many challenges including instability or temporary deterioration of economic performance, especially when it is not managed carefully. While managing financial reforms is as much art as science, and country-specific circumstances figure heavily, certain broad principles can be put forth, drawing on the experience of other countries.　　

　　金融領域改革順序（改革路線圖）　　

　　1.保持足夠的空間和正確的順序對于成功的金融自由化和開放至關重要。中國的金融領域在過去三十年中保持了快速的增長，過去也已經有過改革。然而在現時的環境和可預見的未來經濟環境，應當進行進一步改革。中國可能不需要追求與先進發達國家相同的結構（包括所有制）以及金融實踐，另一方面自由化和開放進程可能會遭遇很多挑戰例如暫時的惡化經濟表現和不穩定，特別是管理不善的情況下，推進金融改革是一門藝術而不是科學，應該根據國家特定的情況而改革，根據一些主要原則，吸取其他國家的經驗　　

　　Reckless deregulations driven by the interests of the regulated should be avoided as has been seen through the experience of financial crisis of many other countries, including the US and Europe. Liberalization should be complemented by strengthening regulation and supervision. On the other hand, too much regulation would choke innovations and improvement in efficiency. Striking the right balance is not easy but is an essential consideration.　　

　　處于管理方利益的冒進的去規則化應當避免，這方面歐美已有深刻教訓，自由化應該在加強管理和監控的條件下進行，另一方面過多的規則可能方案創新和效率，如何做到平衡有一定難度但是應是基本的考量　　

　　? Financial reform is the result of a political economic progress which can limit what is feasible in the near-term and slow progress. Certain market-based reforms cannot be deepened without accompanying measures. Premature reforms may also be a source of financial instability.The histories of both Japan and Korea indicate that partial deregulation of the financial system led to regulatory arbitrage that ultimately proved destabilizing. It will therefore be important to introduce deregulation across various sectors in the financial system in ways that do not lead to major regulatory arbitrage. Liberalization should be parallel between banks and NBFIs, so that a severe disintermediation or rapid expansion in some sectors does　　

　　not take place, and become a cause for financial crisis later.　　

　　金融改革是政治經濟改革進程的結果，而政治經濟改革短期內將是相當漫長。市場化的改革不能超越相關的考量，過早的改革將是金融不穩定的源頭，日本和韓國的歷史指出部分的金融區規則化導致管理層套利（REGULATORY ARBITRAGE----不太明白是管理層還是監管層），所以應當在不同領域和層面進行去規則化而且不能在主層面發生管理層套利，自由化應在銀行和非銀行金融機構同時展開，不應發生快速的金融去中介化或一些領域的變化，這些將導致金融危機

 　　? The pace of domestic liberalization must be expedited when external opening of the financial system is envisaged. While mounting external pressures eventually forced financial market opening in Japan and Korea, it also led to a significant shift of domestic financing toward offshore transactions or severe financial instabilities or when there had not been concomitant progress in domestic financial liberalization. In this regard, further interest rate liberalization should be expedited according to the principle suggested above. While China may be more able to resist external pressure, it would still need to accommodate demands by the rest of world to grow and prosper together. By liberalizing the domestic system earlier rather than later, and in a systematic rather piecemeal fashion, China could achieve the benefits of　　

　　financial development without suffering undue instability.　　

　　在全面開放金融系統的同時國內自由化的進程應當加速。當外部壓力最終逼迫日本和韓國的金融開放時,當他們國內的金融自由化進程還未進行，這導致離岸交易并引發不穩定，所以進一步的利率自由化應當先行。中國能夠抵御外來的壓力，但他還是必須適應全世界其他地區要求發展和繁榮的需求。通過更早的自由化國內系統，中國能夠獲得金融發展的好處而不是不穩定（由于外國壓力帶來的）　　

　　----------------------這段怎么這么熟悉，是強迫人民幣自由兌換吧～呵呵全世界其他地區人民要求發展和繁榮的需求～　　

　　? Financial market infrastructure should be strengthened prior to liberalization. In order for the system to embark on a virtuous cycle, it will be critical for the government to strengthen such infrastructure as quickly as possible and gradually reduce its influence in the internal affairs of the financial institutions to focus on the roles that belong to the government, including regulation and supervision, securing credible accounting and audit practices, transparency in transactions, as well as creating and enforcing the right incentives and mechanisms.　　

　　金融市場基礎結構建設應當早于自由化進程。為了使系統進入良性循環，政府應當加強基礎架構并盡可能快的減少對與金融機構的影響，而關注于規則和監管層，審計實務和賬戶管理，交易透明度以及創造和加強正確的激勵機制　　

　　? Financial reform can progress successfully only when accompanied by institutional and organizational reforms. Liberalizing market rules without changing old institutions can deepen distortions. Unless the government’s organization changes, its modus operandi of intervention/involvement in the financial system may not significantly change. This gives the system strong inertia against real liberalization. Again, the Japanese and Korean experiences could be cases in point. In this respect, in China, the reform of governance and incentive structure for management and staff of SOF, and institutional reforms of the relevant government bodies seems to be one of the high priority agenda.　　

　　金融改革只能在機制改革和組織改革的成功之下獲得成功，舊的體制伴隨自由化市場會產生更壞的結果，除非政府改變體制，否則它的干預/參與將不會有很大的改變，這將產生強大的系統慣性抵制真正的自由化，另外日本和韓國的經驗可以為鑒，在這個意義上，改革政府體制和激勵機制特別是國有化銀行以及相關機構改革應提到最主要的日程安排上。

金融改革的部分基本上就完了，遲點放出的是土地政策和其他內容　　

　　歡迎一起翻譯啊，同學們 了解世行報告對于了解國家改革的一些問題還是有相當幫助的

  土地政策

　　This report outlines three land policy themes or issues that will be particularly critical for　　

　　achieving high income status and social stability along with relevant reform needs and options:　　

　　(i) tenure security in rural areas and governance; (ii) land policy and rural-urban integration;　　

　　and (iii) land policy and municipal finance.　　

　　這份報告主要刻畫三個政策方面，1 農村土地所有權問題 2 城鄉一體化和土地政策 3 土地政策和地方財政　　

　　Tenure Security in Rural Areas and Governance　　

　　On its path to high-income status, China needs to improve overall tenure security in rural areas to create the right incentives for long-term investments and continued growth in agriculture and for rural to urban migration through: effective implementation of its policies of indefinite land use rights to farmland and strengthening the rights to other types of rural land; expanding land registration and strengthening rural land markets; and reforming and modernizing the governance structure of the rural collective. Despite a relatively clear legal and policy framework on rural land tenure, rural households continue to have weak rights over land and often face expropriation risks.　　

　　在進入高收入國家的狀態中，中國需要提高所有權安全以創造激勵機制，讓農民收入長期投資和持續增長，對于農業用地有效完善永久土地所有權，提高土地注冊和加強農村用地市場，改革和現代化農村集體所有制，盡管有著相對清晰的法律和政策框架，農村用地依然有被剝奪的風險-----------------還是私有化　　

　　In addition, there remain serious difficulties in the implementation of policies and laws,in improving governance and accountability at the local level, in the documentation of land rights, and in citizens’ low awareness of existing rights.　　

　　This complex set of problems needs to be addressed in a carefully sequenced and integrated reform approach that strengthens tenure security in rural areas　　

　　Securing indefinite land use rights.　　

　　In the near- to medium-term, supplemental reforms will have to tackle the currently poor　　

　　quality of collective land ownership and individual use rights documentation.　　

　　另外，存在一些政策實施和法律上的困難，在提高管理水平和可數字化上，在土地權利的文件上，和公民對于存在權利的低認知度上，這一復雜的問題應該要小心的按照順序執行改革，最終達到加強農村土地的永久所有權安全。在近期和中期，改革應該集中在改變現存的集體所有制土地的所有權上和個人用地權利的文件化

作者：地理人生1　回復日期：2012-03-01　13:51:54　　　
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　　@金色床單　回復日期：2012-03-01 13:16:08　 回復

　　In addition, there remain serious difficulties in the implementation of policies and laws,in improving governance and accountability at the local level, in the documentation of land rights, and in citizens’ low awareness of existing rights.
　　This complex set of problems needs to be addressed in a carefully sequenced and integrated reform approach that strengthens tenure security in rural areas
　　Securing indefinite land use rights.
　　In the near- to medium-term, supplemental reforms will have to tackle the currently poor
　　quality of collective land ownership and individual use rights documentation.
　　另外，存在一些政策實施和法律上的困難，在提高管理水平和可數字化上，在土地權利的文件上，和公民對于存在權利的低認知度上，這一復雜的問題應該要小心的按照順序執行改革，最終達到加強農村土地的永久所有權安全。在近期和中期，改革應該集中在改變現存的集體所有制土地的所有權上和個人用地權利的文件化

　　————————————

　　lz的英文實在有些悲催～

　　我試翻一下第一段：

　　另外，在以下方面仍有嚴重困難：政策與法律的執行；改善基層的管理和統核；土地權利備案；公民對現有權利的認知。 　　

　　C. Land Policy and Rural-Urban Integration　　

　　土地政策和城鄉一體化　　

　　On its path to high-income status, China needs to introduce fair and transparent rural land acquisition policies and practices, curtailing the role of the State in land requisition, and ensure more socially compatible rural-urban integration through allowing collectives and land use rights holders to share the benefits from urbanization.　　

　　在進入高收入國家進程中，中國應當采用公平和透明的農村土地征收政策，削弱政府在土地征收的作用，保證城鄉一體化進程中農村集體所有制和個人共享城市化利益　　

　　---------------------------這個明顯是沒經過調研的，實際上雖然強征土地依然存在，這并非政府的錯誤，而是執行中一些利益群體唯利是圖的結果　　

　　D. Land Policy and Municipal Finance Reform　　

　　On its path to high-income status, China needs to address the distortions in its local governance and finance system and reduce its excessive reliance on land transfer-based revenue generation through the introduction of property taxes and reform of land requisition practices.　　

　　土地政策和地方財政改革　　

　　在進入高收入國家進程中，中國需要注意到地方政府的財政系統嚴重依賴于土地流轉的現象，通過征收物業稅和改革土地征收政策來解決　　

　　Introducing market value-based property taxes. While income from land transfer fees has become a significant source of local public revenue, real property in China is subject to a range of minor fees, taxes and charges, but there are virtually no annual taxes on property. Over time, property taxes could provide a sustainable substitute as receipts from land trading are reduced in parallel with a reform of land requisition practices.　　

　　引入基于市場價值的物業稅，當本地政府主要收入來源于土地交易的同時，實際上中國還沒有年化的物業稅，長期來看，物業稅可以提供穩定的替代土地交易的收入，尤其是土地交易減少的狀況　　

　　However, the property tax will take time to grow into a significant revenue source. Even in the long run, it is unlikely to fully replace income currently generated by sale of land use rights.　　

　　Even in the long run, it is unlikely to fully replace income currently generated by sale of land use rights. Bahl (2009) notes that only a few countries like the US and Canada raise on the order of 3 to 4% of GDP from such a tax, with the OECD average being 2.1% of GDP.　　

　　當然物業稅需要時間來變成重要的收入來源，長期來看，物業稅也不會完全取代收入所得稅，BAHL2009提到美國和加拿大的物業稅大概占到GDP的3%到4%，OECD成員國大約2.1%左右　　

　　-------------------------------------這段比較贊成，希望物業稅早日實行，然而這個物業稅和領導公開財產有相當的沖突，恐怕這才是改革的阻力吧　　

　　支持性的第一部分文件就差不多了，因為是摘要，所以只翻譯些大家關心的問題，全文還是等到官方文件發布自己了解吧，另外也有童鞋給出了英文版的下載，我這就不再發鏈接了　　

　　本人水平有限，所以錯誤在所難免，歡迎高手們參與并指點，有錯的話請更正加貼，支持性文件的第二部分急需童鞋們看看～

　　@地理人生1 2012-03-01 13:51:54　　

　　@金色床單　回復日期：2012-03-01 13:16:08　 回復　　

　　In addition, there remain serious difficulties in the implementation of policies and laws,in improving governance and accountability at the local level, in the d...........　　

　　---------------------------　　

　　謝謝更正，我懷疑很多根本是中國人寫的嘛，希望這個中文版快點放出來

作者：地理人生1　回復日期：2012-03-01　14:13:12　　　
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　　@金色床單　回復日期：2012-03-01　00:26:31　 回復

　　A commercially oriented governance system should be introduced. While privatization
　　would be the best way to make SFIs more commercially oriented, privatization of the big SFIs
　　would not be easy.42 Since the government is likely to remain majority owner of the SOBs, state
　　ownership functions need to be strengthened. To be effective, state ownership agencies need to
　　act in ways similar to private owners. Otherwise, given the multiple objectives of the government,
　　SFIs will not become truly commercialized. China may introduce a governance structure
　　of banks by a thorough stock taking of the existing state ownership functions, agencies and
　　practices, and drawing lessons from international best practice and failures

　　商業導向型的管理系統應當被引入。國有金融機構私有化是最好的商業化方法，私有化大型國有金融機構可能會比較困難，（加了下標注42，可能很難找到合適的買家云云），因為政府仍然是國企的主要擁有者，國企的管理需要加強，為了更有效，國有金融機構的管理者應該更像私人擁有者，否則國有金融機構不會真正商業化。中國應當引入管理機制-國際先進的實踐經驗并通過已經存在的機構來管理銀行國有股----------------馬腳全露啊，私有化，一切為了私有化，相信不久中國銀行可以改名為花旗銀行中國分行了

　　——————————

　　SOB是國有銀行，不是國企，謝謝～
　　國企是SOE 　　

 
 　　
 
作者：地理人生1　回復日期：2012-03-01　14:18:28　　　
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　　@金色床單　回復日期：2012-03-01 13:58:14　 回復

　　@地理人生1 2012-03-01 13:51:54
　　@金色床單　回復日期：2012-03-01 13:16:08　 回復
　　In addition, there remain serious difficulties in the implementation of policies and laws,in improving governance and accountability at the local level, in the d...........
　　---------------------------

　　謝謝更正，我懷疑很多根本是中國人寫的嘛，希望這個中文版快點放出來

　　————————

　　顯然是中國人寫的

　　我看了目錄就知道了：

　　4 Increasing the Pace of Innovation. . . . . . . . . . . . . . . . . . 34

　　4 加快創新步伐。。。

　　老外很少這樣用詞

　　另外，老外很少能對中國國內情況了解得這么詳細　　

　還在陸續翻譯中，希望有了解經濟的朋友加入翻譯的行列啊～

　　在下摘兩段錢穆先生的話以饗各位　　

　　一、當信任何一國之國民，尤其是自稱知識在水平線以上之國民，對其本國已往歷史，應該略有所知。（否則最多只算一有知識的人，不能算一有知識的國民。） 　　二、所謂對其本國已往歷史略有所知者，尤必附隨一種對其本國已往歷史之溫情與敬意。（否則只算知道了一些外國史，不得云對本國史有知識。） 　　三、所謂對其本國已往歷史有一種溫情與敬意者，至少不會對其本國歷史抱一種偏激的虛無主義，（即視本國已往歷史為無一點有價值，亦無一處足以使彼滿意。）亦至少不會感到現在我們是站在已往歷史最高之頂點，（此乃一種淺薄狂妄的進化觀。）而將我們當身種種罪惡與弱點，一切諉卸于古人。（此乃一種似是而非之文化自譴。） 　　四、當信每一國家必待其國民具備上列諸條件者比較漸多，其國家乃再有向前發展之希望。（否則其所改進，等于一個被征服國或次殖民地之改進，對其自身國家不發生關系。換言之，此種改進，無異是一種變相的文化征服，乃其文化自身之萎縮與消滅，并非其文化自身之轉變與發黃。） 　　

　　談者好以專制政體為中國政治詬病，不知中國自秦以來，立國規模，廣土眾民，乃非一姓一家之力所能專制。故秦始皇始一海內，而李斯、蒙恬之屬，皆以游士擅政，秦之子弟宗戚，一無預焉。漢初若稍稍欲返古貴族分割宰制之遺意，然卒無奈潮流之趨勢何！故公孫弘以布衣為相封侯，遂破以軍功封侯拜相之成例，而變相之貴族擅權制，終以告歇。博士弟子，補郎、補吏，為入仕正軌，而世襲任蔭之恩亦替。自此以往，入仕得官，遂有一公開客觀之標準。“王室”與政府逐步分離，“民眾”與“政府”則逐步接近。政權逐步解放，而國家疆域亦逐步擴大，社會文化亦逐步普及。綜觀國史，政體演進，約得三級：由封建而躋統一， 一也。（此在秦、漢完成之。）由宗室、外戚、軍人所組成之政府，漸變而為士 人政府，二也。（此自西漢中葉以下，迄于東漢完成之。）由士族門第再變而為 科舉競選，三也。（此在隋、唐兩代完成之。）惟其如此，“考試”與“銓選”， 遂為維持中國歷代政府綱紀之兩大骨干。全國政事付之官吏，而官吏之選拔與任用，則一惟禮部之考試與吏部之銓選是問。此二者，皆有客觀之法規，為公開的準繩，有皇帝（王室代表。）所不能搖，宰相（政府首領。）所不能動者。若于此等政治后面推尋其意義，此即禮運所謂“天下為公，選賢與能”之旨。就全國 民眾施以一種合理的教育，復于此種教育下選拔人才，以服務于國家；再就其服 務成績，而定官職之崇卑與大小。此此正戰國晚周諸子所極論深豈，而秦、漢以 下政制，即向此演進。特以國史進程，每于和平中得伸展，昧者不察，遂妄疑中 國歷來政制，惟有專制黑暗，不悟政制后面，別自有一種理性精神為之指導也。 　　談者又疑中國政制無民權，無憲法。然民權亦各自有其所以表達之方式與機構，能遵循此種方式而保全其機構，此即立國之大憲大法，不必泥以求也。中國自秦以來，既為一廣土眾民之大邦，如歐西近代所運行民選代議士制度，乃為吾先民所弗能操縱。然誠使國家能歷年舉行考試，平均選拔各地優秀平民，使得有參政之機會；又立一客觀的服務成績規程，以為官位進退之準則，則下情上達，本非無路。晚清革命派，以民權憲法為推翻滿清政府之一種宣傳，固有效矣。若遂認此為中國歷史真相，謂自秦以來，中國惟有專制黑暗，若謂“民無權，國無法”者已二千年之久，則顯為不情不實之談。民國以來，所謂民選代議之新制度，終以不切國情，一時未能切實推行。而歷古相傳“考試”與“銓選”之制度，為維持政府紀綱之兩大骨干者，乃亦隨專制黑暗之惡名而俱滅。于是一切官場之腐敗混亂，胥乘而起，至今為厲。此不明國史真相，妄肆破壞，輕言改革所應食之惡果也。 　　中國政制所由表達之方式與機構，既與近代歐人所演出者不同。故欲爭取民權，而保育長養之，亦復自有道。何者？彼我立國規模既別，演進淵源又不同。甲族甲國之所宜，推之乙族乙國而見窒礙者，其例實夥。凡于中國而輕言民眾革命，往往發動既難，收拾亦不易，所得不如其所期，而破壞遠過于建設。所以國史常于和平中得進展，而于變亂中見倒退者，此由中國立國規模所限，亦正我先民所貽政制，以求適合于我國情，而為今日吾人所應深切認識之一事。若復不明國史真相，妄肆破壞，輕言改革，則又必有其應食之惡果在矣　　

　 【傳燈按：】以下是天涯論壇網友的精彩回復：

 
作者：藍狗克星　回復日期：2012-02-29　19:11:51　　　
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根據世行網站提供的報告中文概要，基本內容看上去平淡無奇。

　　杜建國高聲反對國企私有化，這是否針對報告本身？

　　中文概要里幾乎沒有出現“私有”一詞，但我粗略統計了完整的英文報告（篇幅有400多頁），里面私有化（Privatization）一詞在正文出現7次，私有（Private）一詞則出現多達229次，并重點提到私有化對航空、電信等戰略和支柱產業的好處（第132頁）和對國有銀行產權改制的期望。 　　

作者：愛搗蛋　回復日期：2012-02-29　20:20:42　　　
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　　說穿了就兩個字

　　‘賤賣’ 　　

 
作者：萬俟飛云　回復日期：2012-02-29　22:19:13　　　
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　　一看是外國人對咱指手畫腳就不爽！我們五千年的智慧冒犯還治不了國？？？
　　　　

作者：淡色的樹　回復日期：2012-02-29　22:34:51　　　
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　　世界銀行不是慈善家，它只是為了世界經濟的“繁榮”發展而存在，這個“繁榮”不是草民的繁榮，而是資本家們的，如果認識不到這一點，就不會看到之前它幫助中國發展，因為中國的發展能給世界資本家帶來一個龐大的市場，而中國發展到一定程度，當中國的國家企業已經開始可以與國際資本家們競爭分羹的時候，它必然又得想辦法把你的經濟拉下來，無他，全為私利罷了!　　

作者：usa911118　回復日期：2012-03-01　00:17:40　　　
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　　是要改革，但不是私有化，而是要像重慶那樣，國企高管的年薪不能超過職工年薪的平均十倍，把國企年利潤的百分之30上交財政用來改善民生 　　

 
作者：usa911118　回復日期：2012-03-01　00:08:20　　　
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　　堡壘最容易從內部攻破，大家說說，誰是最大的碩鼠 　　

作者：紅之蝶　回復日期：2012-02-29　23:51:13　　　
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　　不符合中國國情的都TM廢話。世行滾回美國去 　　

 
作者：音樂下的水　回復日期：2012-02-29　23:48:52　　　
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　　http://www.worldbank.org/content/dam/Worldbank/document/China-2030-complete.pdf
　　自己去看，要什么別人翻譯，國觀應該人人懂英語 　　

 
作者：royhan2009　回復日期：2012-03-01　01:44:07　　　
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　　人民群眾的眼睛是雪亮的。 　　

 
 
作者：appleandlife  發表日期：2012-3-1 6:17:00　　
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    支持,國企的問題是在加強監督,不是改革. 朱總理時代的"抓大放小"是對地. 國企是全國人民的蛋糕,誰敢動全國人民的財富,誰就是漢奸. 中國不需要寡頭, 中國要財富在監督下,公平的再分配.

老美已經把毛子給忽悠瘸了,中國不能上當. 　　

作者：appleandlife　回復日期：2012-03-01　06:46:17　　　
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　　@越秀公園 2012-03-01 04:02:39
　　國企當年的油電都是向社會免費提供的，過得也不錯，后來開始收費了，卻不行了：財政補貼清理三角債，不行。財政補貼搞下崗，不行。集體上市圈錢，不行。現在呢，對內提供比發達國家還貴的產品，對外則搞低價競爭，吃里扒外真是一點不假。都知道國企里幾十年來大多是政府官員的親友，應該覺悟更高吧？現實卻是卻如此挖人民的墻角，侵占最廣大的人民的根本利益。
　　不要錯誤的以為私有化就是官僚權貴侵吞國有資產，根本不是這.....
　　-----------------------------
　　偷換概念,沒有國企支持的就業率,沒有國企提供的低價產品,普通人的生活會更加艱難.中鐵,中石油,中石化...,就有上千萬上億的職工,他們都是官員的親戚嗎?

　　什么叫成熟的市場? 在原材料,資源,基礎建設和公共服務的市場上,市場調節的作用完全不是正面地.歐洲市場成熟嗎? 德國郵政改革, 取消數百個偏遠地區的網點. 導致住在這些地區的人,被扔出公共服務以外。同樣的稅收卻沒有服務, 區域間的貧富差距進一步加大.

　　什么叫國企的問題叫違法犯罪？國企的貪污浪費，可以判刑，可以監督。私企怎么去管？你以為歐洲，美國的企業沒有貪污浪費嗎？這是人性問題，不是體制問題。

　　你到過東歐嗎？我在哪里呆過兩年，外國資本控制國企，市場凋敝，人們生活艱難。 你在當地問一問有多少人懷念過去的日子，為什么羅馬尼亞要為齊奧塞斯庫反案？你所說的發展只是數字上地，不是生活上地。

　　另外，東歐沒有寡頭，因為他們首先沒有太多像樣的大工業。 其次，這些國家小，稍有點利潤的企業都被歐美國家收購。看看愛沙尼亞和捷克跑的是哪國的火車公司？還有，俄羅斯為什么有寡頭？因為他們尚能維護國家的主權獨立，資源雖然被壟斷但是還在俄羅斯人手里。　　

作者：luke19821001　回復日期：2012-03-01　09:38:53　　　
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　　謝謝LZ，金融機構破產的結果恐怕很多人不懂吧，那就直接說吧，金融機構破產，就是金融機構的高管們將高工資領完之后，宣布銀行倒閉了——P民們存到銀行的錢全部清零 　　

 
 
作者：北方失敗失敗　回復日期：2012-03-01　10:17:46　　　
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　　全面私有化一開始，內戰的導火索就點燃了，不信就看著。。 　　

作者：shenghe2012　回復日期：2012-03-01　11:25:20　　　
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　　俄羅斯顏色革命平分國企后，GDP總量從中國的幾倍變成中國的四分之一（7萬億美元：1.8萬億美元），生活水平和人均預期壽命一度大幅下降，但世界級富豪數量從0飆升至15位，是中國的15倍！東歐劇變后的烏克蘭GDP總量不到中國的零頭，國家付不起天然氣費用弄得經常被“斷氣”，今年極寒天氣凍死百余人，但JY說烏克蘭是國窮民富，你不信？看富豪榜，雖然人家只有1個富豪，可是排名39，遠超排95的大陸唯一一個富豪！看了這個排名，你明白某些資產階級人士做夢都想中國發生顏色革命的原因了吧？！
　　億美元
　　14 弗拉基米爾?利辛 俄羅斯 240
　　29 阿列克謝?莫爾達索夫 俄羅斯 185
　　32 米哈伊爾?普羅霍羅夫 俄羅斯 180
　　34 弗拉基米爾?波塔寧 俄羅斯 178
　　35 阿利舍爾?烏斯馬諾夫 俄羅斯 177
　　36 奧列格?德里帕斯卡 俄羅斯 168
　　43 米哈伊爾?弗里德曼 俄羅斯 151
　　50 瓦吉特?阿列克佩羅夫 俄羅斯 139
　　53 羅曼?阿布拉莫維奇 俄羅斯 134
　　57 維克多?維克塞爾伯格 俄羅斯 130
　　88 伊斯坎德爾?馬克穆多夫 俄羅斯 99
　　92 格爾曼?汗 俄羅斯 96
　　93 德米特里?雷波諾列夫 俄羅斯 95
　　97 皮特?凱爾納 俄羅斯 92
　　99 列昂尼德?米赫爾松 俄羅斯 91

　　東歐劇變后的烏克蘭：
　　39 雷納托?阿克梅托夫 烏克蘭 160 　　

 
作者：miccoco　回復日期：2012-03-01　12:25:15　　　
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　　A commercially oriented governance system should be introduced. While privatization
　　would be the best way to make SFIs more commercially oriented, privatization of the big SFIs
　　would not be easy.42 Since the government is likely to remain majority owner of the SOBs, state
　　ownership functions need to be strengthened. To be effective, state ownership agencies need to
　　act in ways similar to private owners. Otherwise, given the multiple objectives of the government,
　　SFIs will not become truly commercialized. China may introduce a governance structure
　　of banks by a thorough stock taking of the existing state ownership functions, agencies and
　　practices, and drawing lessons from international best practice and failures

　　商業導向型的管理系統應當被引入。國有金融機構私有化是最好的商業化方法，私有化大型國有金融機構可能會比較困難，（加了下標注42，可能很難找到合適的買家云云），因為政府仍然是國企的主要擁有者，國企的管理需要加強，為了更有效，國有金融機構的管理者應該更像私人擁有者，否則國有金融機構不會真正商業化。中國應當引入管理機制-國際先進的實踐經驗并通過已經存在的機構來管理銀行國有股----------------馬腳全露啊，私有化，一切為了私有化，相信不久中國銀行可以改名為花旗銀行中國分行了

　　-------------------------------這一段相當明顯啊 While privatization
　　would be the best way to make SFIs more commercially oriented 不知環球時報社評作者看沒看到這句 　　

作者：虛擬人與社會　回復日期：2012-03-01　15:44:09　　　
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　　@金色床單 2012-03-01 10:23:37
　　先去吃點東西，慢慢翻。茅于軾的說法并無大錯，以私有化為基礎能夠大力促進生產力發展，但是當他卻忘記了資本主義有內生性的矛盾無法解決，就是資本寡頭和社會和諧發展的必然矛盾，西方以理性經濟人為基礎的經濟思想對于分析各種社會問題有很大的作用，但是東方古老的思想就提出商人不能成為國家的主導，否則這個國家將變得民不聊生，五蠹之論雖然過于維生產力論，但是其中想想也有一定道理。用錢穆的話來說，寡頭就是為富不仁.....
　　-----------------------------
　　這段不茍同。
　　微觀上比較單個企業，國企一般表現為不如私企有效率，但從宏觀上說，國企比私企有效率的多。前蘇聯就是個很好的例子：
　　未私有化之前，至少蘇聯的重工業在世界上處于前列。私有化之后呢，重工業全部完蛋，只剩下挖油的。
　　茅不是說私有企業有效率嗎？按照他的理論，前蘇聯私有化后應該更有效率，那么原來比較強的重工業應該更強，為什么現在全部完蛋了呢？
　　所以說茅是個大SB，這么簡單的事實都看不見，他的智商估計有250！ 　　

作者：sealine　回復日期：2012-03-02 01:14:21　　　
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　　什么叫做夢想？俄羅斯私有化平均分錢就是。
　　代表錢的票票拿到手，猛烈的通貨膨脹來臨，一切歸零，那些毛票票到了誰的手里，現在還看不清嗎？P民分到錢了嗎？
　　最后的結果：P民的“份錢”化為烏有，國家股份全部消失！寡頭們席卷一空，移民美英！！
　　這就是佐利克中國之行的路線圖。 　　

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