世行报告《中国:20xx》英文和中文对应翻译

时间:2024.4.7

世行报告:《中国:2030》

一份468页的报告,本人粗略看了一遍,主要是用提高效率之类的理由要求国企改革和金融系统改革,改革的方法包括降低国有持股比率和金融系统开放,利率市场化等,但是这样的一份报告实在没有新意,因为它忽略了最重要的两条,第一是效率:所谓效率,并不是只有私有化才能达到的,第二是公平:这正是西方国家无法解决的问题,这份报告也语焉不详甚至一笔带过。

我所关注的并不是这份报告本身真的是否有价值,而是担心部分既得利益集团以改革之名行掠夺之实,利用这份漏洞百出的报告来试探人民的底线而已。 改革,该怎么改,我认为官员公布个人财产是前提,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点,说句简单的,一个官员公开财产制度,这么简单的改革,到现在也没有实行到位。

报告分两部分 第一部分是总括,第二部分是支持性报告,其中比较关键的是第二和第三部分,大量涉及私有化的问题,我会慢慢发出来

总括

Part I Overview

China 2030: Building a Modern, Harmonious, and Creative High-Income Society.

1 China’s Path: 1978–2030 . 4 中国之路1978-2030

2 A New Development Strategy for 2030 . . 15 2030之前的发展战略 3 Structural Reforms for a Market-Based Economy with Sound Foundations. . . . 25

市场经济为基础的结构改革

4 Increasing the Pace of Innovation. . . . . . . . . . . . . . . . . . 34 创新之路

5 Seizing the Opportunity of Green Development. . . . . . . . . . . . . . 39 抓住绿色发展的机遇

6 Equal Opportunity and Basic Security for All. . . . . . . . . . . . . . . 46 平等机会和社会保障

7 Strengthening the Fiscal System and Aligning It with the Evolving Role of Government. . . . . . . . . 55

政府职能改进和财政系统的加强

8 Achieving Mutually Beneficial Relations with the Rest of World. . 60 与世界保持互动良好关系

9 Overcoming Obstacles to Implementing Reforms . . 65 改革的主要障碍

Part II Supporting Reports 支持报告

1 China: Structural Reforms for a Modern, Harmonius,

Creative High-Income Society. 77

结构改革:现代、和谐、高收入社会

2 China’s Growth through Technological Convergence

and Innovation . 161

中国的经济增长与技术、创新

3 Seizing the Opportunity of Green Development in China . 229 绿色机会

4 Equality of Opportunity and Basic Security for All. 293

平等机会和基础社会保障

5 Reaching ―Win-Win‖ Solutions with the Rest of the World . 391 与世界的双赢结果

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.

中国财政部和国务院发展研究中心以及世界银行

然后就BLABLA一大堆,主要是搞了一些讲座之类的,

第一部分 概览:

Chapter 1 China’s Path: 1978 to 2030

这段我就不翻译了,都是废话,主要是介绍取得的成就之类

Chapter 2 A New Development Strategy for 2030

第二章:新发展战略

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.

最近的一个研究指出,高速发展的国家具有5个一般性特质:第一是利用开放的世界贸易和投资机会,第二是保持宏观经济稳定,第三是保持高储蓄率和投资率,第四是允许市场分配资源,第五是可信任和有承诺的政府。

继续翻译,是摘录,就当是帮大家看一遍吧。

The 2030 vision: To build a modern, harmonious, and creative

high-income society

接着是对 现代社会,和谐社会,创造性社会,高收入社会轮番解释一遍 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.

这段的大概意思就是中国已经到了中等收入国家的水平,需要从中等跨越到高收入国家中国需要改革,改革很必要,当经济发展到技术的前沿时,政府需要转变职能,越早改变就能够帮助从进口技术到发明和创新。

后面是说发展中国家具有后发优势,例如东亚的一些国家日本,韩国,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.

但是当发展中国家遇到技术前沿时,发展策略就需要调整了,直接政府干预可能妨碍发展,政策应适当倾斜私有化经济,保证市场的资源有效分配,公司能够有强的创造力在高技术领域参与国际竞争

-------------------这一段就很有问题,倾斜向私有化本身就不公平,而且目前的政策私营的公司并没有很多高科技公司,如果一个公司在高技术领域发展,国家肯定会支持,所以是拿现实当策略来说

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.

这段说高技术领域需要试错,越多公司参加越好,云云,政府应大力支持等等

下面一段说的是

政府转变职能,比如人力资本的提高,然后来一段政府应该减少对市场的干预之类,这些都是做铺垫的

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。

主要的战略特质和战略方向

5个战略特质

1.在提高收入的同时提高发展质量

2.可持续发展

3.创新

4.提高人力资本的利用水平

5.对市场职能,法律职能,和道德标准的尊重-

-------------私人以为道德标准应该摆在首位

战略方向

1.国有和私有的领域调整

2.建立联系全球的鼓励创新的系统

3.绿色发展

4.平等机会和社会保护

5.健全财政制度

6.与世界互利发展

------------这里开始釉料了 国有化和私有化领域调整

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

Foundations

第三章 结构改革

改革的方法包括降低国有持股比率

__________________

如果真有这一条,那只能说世行真够阴险的。另外,支持楼主,我看了这报告,400多页英文,压力山大啊。

-----------------------------

确实有 在原文126页 银行改革部分!

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 even 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 he 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.

这一段是说―很多研究指出 在基础领域开放竞争给私有领域有增长的潜力‖例如支柱性行业:机械,汽车,电子和信息技术,建设,钢铁,化学 ------------这些行业早就开放了,恐怕是想进一步让这领域的国企私有化吧,这段挺阴险的。

Key reform recommendations

改革建议

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.

政府应该将国有股证券化,这将铺平国企改革的道路,然后介绍现代企业管理实践,例如任命高级管理人员,引入外部审计,并建立一个或多个资产管理公司进行管理政府的股份,每个资产管理公司应该熟悉自己的领域 --------------这就是私有化嘛。

继续重头戏,拆分石油,化工,电信,和电力

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.

—— 这段是说拆分 石油,电力,电信,化工 ,降低准入门槛,允许私人公司进入等,请注意 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.

基本要素市场改革

完成到市场经济的改革,中国需要注意要素市场:资本,劳动力,土地改革,这些改革已经拖慢了,或者有着扭曲的价格,规定,制度改革将保证要素市场产生最高的回报

-------------------这段开始说要素市场改革了,重头戏是要金融去规则化(deregulation),土地部分没说什么,另外是说要取消户口制度。

第二部分 支持性报告

Supporting Report 1

China: Structural Reforms for a Modern, Harmonious, Creative

High-income Society

支持性报告1

支持性报告的重头戏是第一部分 分了6章

A. Rapid Past Growth and its Sources. . 83

快速增长以及资源

B. The Emergence of Imbalances. . 83

不平衡的增长

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

20xx年可能的情况

Chapter 2

Promoting Efficiency and Equity Thr ough Structural Reform :

结构改革推进效率和平等:从追赶增长到内源性发展

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

A. Changing the Role of the State . . 91

国家职能转变

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

从追赶增长到内源性发展

Chapter 3

Fisc al Policies . 95

财政政策

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

政府职能转变中的财政系统改革

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

中国财政系统-主要发展2010

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

System. . . . . . . 98

加强财政系统的政策选择和挑战

Chapter 4

Enterpr ise Sec tor Reforms . 110

A. The Enterprise Sector and China’s Vision for 2030. . . . . . . . . . . . . .110 中国企业前景2030

B. China’s Enterprise Sector—Key Developments to 2010. .110 2010前中国企业部分 C. Industrial Interventions . . . . . . . . . . . . . . . . . . . . . . . .114 国企介入 D. Enterprise Sector Reforms to Achieve China’s 2030 Vision. .117 国企改革-2030远景 Chapter 5 Financial System Reforms . 123 A. China’s Financial System Developments to 2010. . 123 金融系统发展到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 障碍和引发 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 农村土地管理 C. Land Policy and Rural-Urban Integration. .142 城市化和土地政策 D. Land Policy and Municipal Finance 土地政策和地方财政

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.财政系统。接下来的20年将面临社会保障,医疗,环境公众投资的巨大增长,这种增长有赖于财政系统的可持续性,避免那些可能妨碍增长的税收政策,舒缓地方政府财政压力,加强财政制度,接下来的20年,挑战分为6方面:1。与中国发展目标相对应的有效率的公共支出和构成体系;2 增加财政收入 3.重新安排地方和中央政府的支出比率以及允许使用地方税 4 控制地方政府借贷和预算支出 协调 5. 省级政府的统筹支出 6. 提高政府的透明度和可数字化管理

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.企业部分:有力的企业对于发展至关重要,中心的元素是增加竞争,特别是国有和非国有企业,重新定义国有资本和推行证券化以及国有资本交易,国有资本应当只在公共产品中和服务中存在,这需要重构SOE(国企),分解能够产生高产出的垄断和寡头国企,引入规范机制以保证垄断企业不滥用垄断优势(market power)以及保证不拖累经济,降低准入门槛,提高的分配效率使大企业和小企业,国有和非国有取得市场平等位置。国企股权应多样化,一些国企应该卖出,以及引入现代公司制度。

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.

生产要素分配:土地,资本,人力三要素的效率改革相比企业部分的改革要

更有挑战性,然而也是最容易产生扭曲的市场,这里的改革也最容易产生潜力。

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.增加农村和城市土地所有制的安全性和产权保护有利于社会稳定 2 现代化农村集体所有制相对应的法律和政策 3. 严格分离的城乡土地所有制度现时使得农村土地城市化中的无效和不公平,应当减少政府干预由市场决定分配 4. 土地使用计划来保护粮食安全 5. 用房地产物业税来帮助解决地方政府过度依赖土地出让金的问题

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.

金融系统面临三个重要改革挑战。1.商业化和理性化金融机构来面对家庭,企业,政府的多样化需求,金融机构应该在导向性的政策环境下运作,以及竞争的压力和有效的管理和规则,2 有必要管理规则的现代化和建立安全网,这是一项任务需要有限独立的管理当局--------这段实在翻不来,可见老美对银行管理也没辙--------3. 政府应该专注于公共物品领域,从其他可以用市场力量做的刚好的领域撤出

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.

这些改革集中到一个主题就是―政府改革‖,过去的三十年中,不像高收入国家,政府扮演直接分配资源的角色,使用工业政策和国有制度保持和企业的紧密联系,相反在教育,医疗,社会安全和其他―市场失灵‖领域,中国政府止步不前,传统的包办式被抛弃了,政府支出减少。

报告指出政府需要重新定位,应在公众服务领域发挥更重要的作用并保证平等机会,减少与商业的联系

以下转入最重要的第二第三章翻译

这份报告内容蛮空洞的,很多都跟政府报告似的

Chapter 2 Promoting Efficiency and Equity through

Structural Reform: From Catch-up Growth to

Endogenous Development

提升效率和平等,从追赶式增长到内生型增长

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 转变政府职能

为了达到20xx年远景,中国需要从生产要素投入推动型转变为效率驱动增长, 从直接的政府干预转变为更依赖市场和企业家精神,吸收技术转化为创新,同时纠正经济不平衡和社会不和谐

经过一段一段的BLABLA之后,描述了国企的现状来到了报告的P118,开始了大家比较关心的国企改革部分

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,政府尽快通过证卷化资产以铺平国企分离所有权和管理权的道路,并介绍现代企业管理实务,高级经理人任命,根据国际惯例引入会计公开制度,死而不,政府考虑建立一个或多个资产管理公司,每个资产管理公司应擅长于专业领域,所得的股息纳入国家预算用于未来支付例如养老金等

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 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.

国资委将自己的职能限于政策制定,将资产管理的职能留给资产管理公司,资产管理公司应由专业人员管理并按照国际惯例披露,增加透明度包括生产状况,增值,盈利和股息派发

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,可以进行在剩余的国企中相机进行私有化,政府可以减少在这些大型企业的股份,通过专业管理建立现代管理,一个额外的好处是规模的减少便于国

资委监督剩余的国企

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

strengthening the Anti-Monopoly Law (AML) in two ways

接下里主要是讨论 反垄断法了 ,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.

最终,不同尺寸或不同所有制的企业在一个平等的地位上竞争,不仅是在法律的意义上,也是在获得生产要素的地位和条件下

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,政策应当集中在扭转市场扭曲上,包括:1 金融机构选择性的贷款 2 国企的低股息派发 3 明显的政策优势上

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,通过法律和工业政策保障平等竞争,通过明确WTO关于其成员的贸易政策,以及美国宪政关于限制州与州的商业法律,这些规则应当包含对于行政命令干预的规定

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).

长期,为了保证平等竞争,中国应当考虑立法限制政府直接或间接提高财务支持给公司,一个最近的例子是大的资本注入到国有航空公司,这样的支持结果产生了不平等竞争-----------这里就是瞎扯淡了,美国还BAIL OUT了几个美国银行呢,这是什么专家啊~

难怪国资委要反对啊,这是要夺权啊 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.

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