2023考研英語閱讀改革中國國有企業
Reforming China s state-owned firms
改革中國國有企業
From SOE to GLC
從國有企業到國聯企業
China s rulers look to Singapore for tips onportfolio management
中國領導人指望得到新加坡關于投資組合管理的指點
SHORTLY before his confirmation as China s paramount leader in 1978, Deng Xiaoping paida visit to fast-growing Singapore.
1978年，鄧小平被任命為中國最高領導人前夕，他對高速發展的新加坡進行了訪問。
He planted a tree on a hill overlooking Jurong, a bustling industrial park built on what wasonce marshy wasteland close to the city-state s harbour.
他在俯瞰裕廊的一座山上種植了一棵樹，裕廊是建于城市港口附近的一個蓬勃發展的工業園區，那里曾經是一個不毛之地。
Singapore s success as a trading hub impressed Deng,who imposed his vision of economic reform on China s Communist Party the followingmonth, at an historic meeting known as the third plenum.
新加坡成功成為一個貿易樞紐給鄧小平留下了深刻的印象，他在訪問新加坡后的一個月，在那個具有歷史意義的三中全會上，向中國共產黨提出了有關經濟改革的設想。
Singapore, which has a population of 5m to China s 1.35 billion, remains a source ofinspiration for some Chinese reformers.
對于中國一些改革家來說，擁有500萬人口的新加坡與擁有13.5億人口的中國相比，仍然具有激勵作用。
On the eve of the latest third plenum, held earlier this month, the Development ResearchCentre, a government think-tank, advertised an ambitious set of reform proposals,including an overhaul of China s inefficient state-owned enterprises.
本月初期舉行的十八屆三中全會前夕，政府智囊團國務院發展研究中心公布了一系列雄心勃勃的改革提議，包括徹底改革中國低效國有企業。
Simply privatising these companies remains out of the question for China s leaders.
僅僅將這些企業私有化對中國領導人來說是不可能的。
But there are alternatives, and Singapore provides one.
但是他們還有其他選擇，新加坡就提供了一個選項。
The DRC s plan named Temasek, a holding company for SOEs in Singapore, as a potentialmodel.
國務院發展研究中心計劃把新加坡國有企業控股公司淡馬錫公司作為一個可能的模型。
It was created in 1974, when it inherited 35 companies from the finance ministry.
淡馬錫公司成立于1974年，它從新加坡財政部手中接手了35家國有企業。
Its inaugural portfolio contained several of the firms that made Jurong eye-catching,including its shipyard and its birdpark.
它成立的投資組合包括幾個使得裕廊引人注目的公司，包括其造船廠和飛禽公園。
In the four decades since, Temasek s portfolio has both multiplied and gone forth: only 30%of its holdings remain in Singapore itself.
從那時起后四十年，裕廊的投資組合不僅迅速增加，還不斷發展：只有30%的控股還在新加坡手上。
Its domestic holdings are concentrated in what Singapore calls government-linkedcompanies, such as Singapore Airlines and SingTel, a telecoms company.
其國內股份集中在新加坡稱為國聯企業手中，例如新加坡航空，電信公司SingTel。
Temasek s charter obliges it to increase the value of its holdings over the long term.
淡馬錫公司的章程迫使他們在長期增加他們股份的價值。
This is a remarkably simple aim compared with the Chinese government s manifoldambitions.
這相對于中國政府各種各樣的雄心壯志來說明顯是一個簡單明確的目標。
It wants its holdings to promote technological progress, favoured industries and nationalsecurity, among other things.
此外，他們還希望他們的股份能推進技術進步，推動中意的工業發展和國家安全。
As well as clarifying objectives, the Temasek model also allows the state to distance itselffrom the management of its enterprises, without relinquishing ownership.
除了闡明目標以外，淡馬錫模型還準許國家在不放棄所有權的情況下，拉開自己與企業管理的距離。
Temasek avoids meddling in the day-to-day running of the GLCs in its portfolio, which arefree to hire professional managers at market rates.
淡馬錫模型避免了對國聯企業投資組合日常管理的干預，這樣可以隨意以市場價雇傭專業的管理人才。
With a few exceptions, it does not directly appoint board members either.
除了幾個例外，淡馬錫公司也不直接任命董事會成員。
This is partly because it does not want to become privy to price-sensitive information thatmight limit its ability to trade shares.
這樣做部分原因是因為它不想獲準接觸那些可能會限制其自身交易股份能力的價格敏感的信息。
Temasek has evolved into an active investor, but not an activist one, says Stephen Forshaw,its chief spokesman.
淡馬錫公司首席發言人史蒂芬福肖說，淡馬錫公司已經逐步發展成了一個活躍的投資者，但不是一個積極分子。
Although it does not appoint directors, it does meet regularly with its wards boards to makeits feelings known.
雖然淡馬錫不任命董事，它定期與其監管董事會開會，讓董事會知道他們的想法。
It also keeps managers on their toes by enlisting outside consultants, such as Bain orMcKinsey, to spot industrial trends they should be aware of.
它還讓管理者通過謀求外部咨詢來保持警覺，如向貝恩或麥肯錫咨詢，來留意他們應該知道的工業發展趨勢。
Would the Temasek model help improve the efficiency of China s state-owned enterprises?
淡馬錫模型會有助于提高中國國有企業的效率嗎?
Only one or possibly two of Temasek s GLCs have established themselves as internationalbrands, according to critics such as Chris Balding of Peking University.
據北京大學的克里斯鮑爾丁說，淡馬錫公司的國聯企業中只有一個或者可能兩個已經成為了國際品牌。
SingTel has made successful foreign acquisitions, but other GLCs have fared less well.
SingTel成功進行了外資并購，但是其他國聯企業很少有成功的。
STATS ChipPAC, a semiconductor firm, lost money in the second quarter of this year, as aresult of the costs of closing a factory in Malaysia.
半導體公司STATAS ChipPAC今年第二季度虧損，因為它關閉了位于馬來西亞的一個工廠。
The few academic studies of Singapore s GLCs are more encouraging, however.
但是關于新加坡國聯企業的學術研究越少越令人鼓舞。
A 2004 article by Carlos Ramirez of George Mason University and Ling Hui Tan of the IMFshowed that the country s GLCs enjoyed a higher market value, relative to the book value oftheir assets, than comparable private firms.
喬治梅森的卡洛斯拉米雷斯和國際貨幣基金組織的Ling Hui Tan 2004發表的一篇文章表明，就資產凈值而言，新加坡的國聯企業比起私人企業有更高的市場價值。
They also generated a higher return on assets, on average.
他們還創造更高的平均投資回報。
In judging the performance of Temasek s GLCs, the counterfactual is important.
在評價淡馬錫的國聯企業的表現時，反事實的情況很重要。
They may not be as obviously successful as private titans from the region such as Samsung orLG.
他們可能不會像亞洲私人公司巨頭那樣有著明顯的成功，如三星、LG。
But they are not nearly as bad as most SOEs, including China s.
但是他們幾乎不會像大多數國有企業包括中國的國有企業那樣糟糕。
The enthusiasm for reform of SOEs in China reflects their deteriorating returns andaccumulating debt.
中國國有企業改革的激情反映了他們日益惡化的投資回報和日益增長的債務。
According to M.K. Tang of Goldman Sachs, their return on assets was 6.5 percentage pointsbelow that of other Chinese firms in 2023 and their shares trade at a growing discount.
根據高盛投資公司的M.K. Tang，2023年國有企業的資產回報比中國其他公司低6.5個百分點，且他們的股份持續貶值。
Even Mr Balding, meanwhile, is happy to fly Singapore Airlines.
同時，甚至是鮑爾丁先生也很高興乘坐新加坡航空。
詞語解釋
1.look to 朝看去;面對
And policymakers look to rule-breakingentrepreneurs to create jobs.
政治家們則指望打破規章的創業家來制造就業。
For both, mr obama will look to his political team.
這兩方面，他都得指望他的政治團隊。
2.impose on 把加于;強與為伴
By contrast jim yong kim, the american public-health professor whom barack obama wantsto impose on the bank, has at most one.
相形之下，巴拉克奧巴馬想強加給世行的美國公共健康教授金墉最多只具備其中之一。
The only limits to your success are those that you impose on yourself.
唯一限制你成功的因素都是你強加于自己的。
3.inherit from 從繼承，從得到
You can inherit from both of these classes.
從這兩種類都可以繼承。
But isn t that something that she would inherit from me?
但她不是會繼承我的一些基因嗎?
4.such as 例如;譬如;諸如
What about future steps such as euro bonds?
諸如歐元聯盟之類的未來計劃怎樣?
Imaginary problems such as these are usually hiding real ones.
像這樣的臆想的問題通常隱藏真實性的。
Reforming China s state-owned firms
改革中國國有企業
From SOE to GLC
從國有企業到國聯企業
China s rulers look to Singapore for tips onportfolio management
中國領導人指望得到新加坡關于投資組合管理的指點
SHORTLY before his confirmation as China s paramount leader in 1978, Deng Xiaoping paida visit to fast-growing Singapore.
1978年，鄧小平被任命為中國最高領導人前夕，他對高速發展的新加坡進行了訪問。
He planted a tree on a hill overlooking Jurong, a bustling industrial park built on what wasonce marshy wasteland close to the city-state s harbour.
他在俯瞰裕廊的一座山上種植了一棵樹，裕廊是建于城市港口附近的一個蓬勃發展的工業園區，那里曾經是一個不毛之地。
Singapore s success as a trading hub impressed Deng,who imposed his vision of economic reform on China s Communist Party the followingmonth, at an historic meeting known as the third plenum.
新加坡成功成為一個貿易樞紐給鄧小平留下了深刻的印象，他在訪問新加坡后的一個月，在那個具有歷史意義的三中全會上，向中國共產黨提出了有關經濟改革的設想。
Singapore, which has a population of 5m to China s 1.35 billion, remains a source ofinspiration for some Chinese reformers.
對于中國一些改革家來說，擁有500萬人口的新加坡與擁有13.5億人口的中國相比，仍然具有激勵作用。
On the eve of the latest third plenum, held earlier this month, the Development ResearchCentre, a government think-tank, advertised an ambitious set of reform proposals,including an overhaul of China s inefficient state-owned enterprises.
本月初期舉行的十八屆三中全會前夕，政府智囊團國務院發展研究中心公布了一系列雄心勃勃的改革提議，包括徹底改革中國低效國有企業。
Simply privatising these companies remains out of the question for China s leaders.
僅僅將這些企業私有化對中國領導人來說是不可能的。
But there are alternatives, and Singapore provides one.
但是他們還有其他選擇，新加坡就提供了一個選項。
The DRC s plan named Temasek, a holding company for SOEs in Singapore, as a potentialmodel.
國務院發展研究中心計劃把新加坡國有企業控股公司淡馬錫公司作為一個可能的模型。
It was created in 1974, when it inherited 35 companies from the finance ministry.
淡馬錫公司成立于1974年，它從新加坡財政部手中接手了35家國有企業。
Its inaugural portfolio contained several of the firms that made Jurong eye-catching,including its shipyard and its birdpark.
它成立的投資組合包括幾個使得裕廊引人注目的公司，包括其造船廠和飛禽公園。
In the four decades since, Temasek s portfolio has both multiplied and gone forth: only 30%of its holdings remain in Singapore itself.
從那時起后四十年，裕廊的投資組合不僅迅速增加，還不斷發展：只有30%的控股還在新加坡手上。
Its domestic holdings are concentrated in what Singapore calls government-linkedcompanies, such as Singapore Airlines and SingTel, a telecoms company.
其國內股份集中在新加坡稱為國聯企業手中，例如新加坡航空，電信公司SingTel。
Temasek s charter obliges it to increase the value of its holdings over the long term.
淡馬錫公司的章程迫使他們在長期增加他們股份的價值。
This is a remarkably simple aim compared with the Chinese government s manifoldambitions.
這相對于中國政府各種各樣的雄心壯志來說明顯是一個簡單明確的目標。
It wants its holdings to promote technological progress, favoured industries and nationalsecurity, among other things.
此外，他們還希望他們的股份能推進技術進步，推動中意的工業發展和國家安全。
As well as clarifying objectives, the Temasek model also allows the state to distance itselffrom the management of its enterprises, without relinquishing ownership.
除了闡明目標以外，淡馬錫模型還準許國家在不放棄所有權的情況下，拉開自己與企業管理的距離。
Temasek avoids meddling in the day-to-day running of the GLCs in its portfolio, which arefree to hire professional managers at market rates.
淡馬錫模型避免了對國聯企業投資組合日常管理的干預，這樣可以隨意以市場價雇傭專業的管理人才。
With a few exceptions, it does not directly appoint board members either.
除了幾個例外，淡馬錫公司也不直接任命董事會成員。
This is partly because it does not want to become privy to price-sensitive information thatmight limit its ability to trade shares.
這樣做部分原因是因為它不想獲準接觸那些可能會限制其自身交易股份能力的價格敏感的信息。
Temasek has evolved into an active investor, but not an activist one, says Stephen Forshaw,its chief spokesman.
淡馬錫公司首席發言人史蒂芬福肖說，淡馬錫公司已經逐步發展成了一個活躍的投資者，但不是一個積極分子。
Although it does not appoint directors, it does meet regularly with its wards boards to makeits feelings known.
雖然淡馬錫不任命董事，它定期與其監管董事會開會，讓董事會知道他們的想法。
It also keeps managers on their toes by enlisting outside consultants, such as Bain orMcKinsey, to spot industrial trends they should be aware of.
它還讓管理者通過謀求外部咨詢來保持警覺，如向貝恩或麥肯錫咨詢，來留意他們應該知道的工業發展趨勢。
Would the Temasek model help improve the efficiency of China s state-owned enterprises?
淡馬錫模型會有助于提高中國國有企業的效率嗎?
Only one or possibly two of Temasek s GLCs have established themselves as internationalbrands, according to critics such as Chris Balding of Peking University.
據北京大學的克里斯鮑爾丁說，淡馬錫公司的國聯企業中只有一個或者可能兩個已經成為了國際品牌。
SingTel has made successful foreign acquisitions, but other GLCs have fared less well.
SingTel成功進行了外資并購，但是其他國聯企業很少有成功的。
STATS ChipPAC, a semiconductor firm, lost money in the second quarter of this year, as aresult of the costs of closing a factory in Malaysia.
半導體公司STATAS ChipPAC今年第二季度虧損，因為它關閉了位于馬來西亞的一個工廠。
The few academic studies of Singapore s GLCs are more encouraging, however.
但是關于新加坡國聯企業的學術研究越少越令人鼓舞。
A 2004 article by Carlos Ramirez of George Mason University and Ling Hui Tan of the IMFshowed that the country s GLCs enjoyed a higher market value, relative to the book value oftheir assets, than comparable private firms.
喬治梅森的卡洛斯拉米雷斯和國際貨幣基金組織的Ling Hui Tan 2004發表的一篇文章表明，就資產凈值而言，新加坡的國聯企業比起私人企業有更高的市場價值。
They also generated a higher return on assets, on average.
他們還創造更高的平均投資回報。
In judging the performance of Temasek s GLCs, the counterfactual is important.
在評價淡馬錫的國聯企業的表現時，反事實的情況很重要。
They may not be as obviously successful as private titans from the region such as Samsung orLG.
他們可能不會像亞洲私人公司巨頭那樣有著明顯的成功，如三星、LG。
But they are not nearly as bad as most SOEs, including China s.
但是他們幾乎不會像大多數國有企業包括中國的國有企業那樣糟糕。
The enthusiasm for reform of SOEs in China reflects their deteriorating returns andaccumulating debt.
中國國有企業改革的激情反映了他們日益惡化的投資回報和日益增長的債務。
According to M.K. Tang of Goldman Sachs, their return on assets was 6.5 percentage pointsbelow that of other Chinese firms in 2023 and their shares trade at a growing discount.
根據高盛投資公司的M.K. Tang，2023年國有企業的資產回報比中國其他公司低6.5個百分點，且他們的股份持續貶值。
Even Mr Balding, meanwhile, is happy to fly Singapore Airlines.
同時，甚至是鮑爾丁先生也很高興乘坐新加坡航空。
詞語解釋
1.look to 朝看去;面對
And policymakers look to rule-breakingentrepreneurs to create jobs.
政治家們則指望打破規章的創業家來制造就業。
For both, mr obama will look to his political team.
這兩方面，他都得指望他的政治團隊。
2.impose on 把加于;強與為伴
By contrast jim yong kim, the american public-health professor whom barack obama wantsto impose on the bank, has at most one.
相形之下，巴拉克奧巴馬想強加給世行的美國公共健康教授金墉最多只具備其中之一。
The only limits to your success are those that you impose on yourself.
唯一限制你成功的因素都是你強加于自己的。
3.inherit from 從繼承，從得到
You can inherit from both of these classes.
從這兩種類都可以繼承。
But isn t that something that she would inherit from me?
但她不是會繼承我的一些基因嗎?
4.such as 例如;譬如;諸如
What about future steps such as euro bonds?
諸如歐元聯盟之類的未來計劃怎樣?
Imaginary problems such as these are usually hiding real ones.
像這樣的臆想的問題通常隱藏真實性的。
