【转载者按】：天涯论坛网友金色床单翻译的世行报告摘要，由于帖子比较多，故集中起来，拼成一篇连续的文章。但由于是论坛体，可能有些网友阅读上有些不习惯，请见谅。报告还在陆续翻译中，希望有了解经济的朋友加入翻译的行列啊～

『国际观察』 [时事聚焦]世行英文报告摘录以及翻译--部分术语较难请原谅

    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。　　

　　本人虽为金融学在读博士，但由于该报告涉及面较广翻译如有错误请大家指出并原谅　　

　　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　　

　　--------------重头戏开始了　　

　　@心役15 2012-02-29 19:10:17　　

　　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　　

　　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.　　

　　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　　

　　2030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2030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 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.　　

　　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.　　

　　第五章 金融系统改革 　　

　　全面商业化现有的金融系统--------------------这个是银行老板都要拍手叫好的，想想美国，一个银行总裁年薪可以上亿呢，这个估计国有的银行高层都会支持，不过银行的底层就惨了　　

　　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，中国已经到了需要自由化利率的阶段，--------------这个本人认为可行，目前的银行利润高的不像话！　　

　　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　　

　　深化资本市场，引入市场竞争，和私有公司发展繁荣　　

　　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　　

　　商业导向型的管理系统应当被引入。国有金融机构私有化是最好的商业化方法，私有化大型国有金融机构可能会比较困难，（加了下标注42，可能很难找到合适的买家云云），因为政府仍然是国企的主要拥有者，国企的管理需要加强，为了更有效，国有金融机构的管理者应该更像私人拥有者，否则国有金融机构不会真正商业化。中国应当引入管理机制-国际先进的实践经验并通过已经存在的机构来管理银行国有股----------------马脚全露啊，私有化，一切为了私有化，相信不久中国银行可以改名为花旗银行中国分行了。　　

　多谢各位捧场，本人水平有限，只摘录骨干进行翻译，让大家看个大概意思，特别是国企和国有金融机构部分的改革方向　　

　　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.　　

　　升级金融结构和金融法制框架以进一步提升金融市场和资本市场　　

　　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　　

　　提高会计质量和审计标准以准确和充足的披露和透明度能够最小化信息损耗

　　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. 加强监管和监管框架　　

　　建设独立和有效的监管机构以便适应日益集成的金融服务市场，一个良好和完善的框架对于中国防止和减轻突发性金融风险是至关重要的，包括金融市场商业化以后的影子银行活动。中国应当在现有的基础上建立高级的金融委员会，主要的目的是减少系统风险和维护金融稳定　　

　　--------------------------------影子银行就是非银行系统的存贷款机构, 例如投资银行,贷款公司等

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

　　schemes　　

　　建立一个金融安全网，提供危机管理和破产程序--------------------这完全是照搬美国那一套　　

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

　　金融自由化将建立一个更有效的金融系统但是也增加了金融市场的不稳定性　　

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

　　早期预警系统对于效率有所帮助，早期预警和防止金融危机　　

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

　　中国应对于金融机构建立破产程序，允许弱的和失败的金融机构退出市场　　

　　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。　　

　　在中国，“大而不能倒”或者“联系太紧密而不能倒”根深蒂固，特别是国有控股金融机构，甚至小金融机构也很少进入破产程序　　

　　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　　

　　需要一个正式的储蓄保险机制对应解决潜在的私有化银行挤兑以保护小额存款人　　

　　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。　　

　　有效的风险管理框架应当建立起来，中国已经走出1997亚洲金融危机和2008金融危机，但是这不是自满的理由，中国金融机构并没有被测试，也不是对于内部和外部冲击免疫 　　

　　7. Recasting the rights and responsibilities of government　　

　　重新划定政府的权利和义务　　

　　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.　　

　　大量存在和潜在的风险应当在政府职能上找根源，一个重要的特性就是中国金融系统是中国政府在金融市场行为中的参与和延伸　　

　　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.　　

　　首先政府应该强调创立环境，导向金融，政府应投资金融基础，允许国有金融机构对它们的产品和服务自由定价，降低门槛和惩罚失败　　

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

　　supervisor and promoter should be resolved.　　

　　第二，政府做为所有者，监管者和运营人的角色利益冲突　　

　　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，地方政府的权利和责任应当分清，地方政府承担地方金融机构的失败责任，但他们并没有这样的监管权力和能力，　　

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

　　在这个意义下，有必要建立有效的省级金融监管框架　　

　　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，政府需要定义并提供非商业金融服务，政策和商业行为应当清晰的分开-------------这里的意思是说政策性扶持的金融，贷款应该与商业性的贷款分开

　从接下来的部分看，重头戏可能还在金融机构改革上，这个其实更狠，因为金融机构国家的经济命脉，有理由相信 世行对于这一块是不遗余力的，而国内利益集团也会大力推进，一旦金融私有化，可以想象金融家集团对这个国家的控制力

　　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.　　

　金融改革的障碍　　

　　1.国有企业和国有银行的道德风险，没有预算控制，公司会大量贷款，投资并持续产生信贷额度提升，而银行为了获取高市场份额将驱动利率竞争，相对弱的银行会有很大的冲动提高存款利率，这将导致广泛的压力和金融不稳定性，如果这种因素没有被正确的预计，金融自由化将导致高风险和金融市场风险　　

　　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.　　

　　一些国有企业的不良资产结构。现在国有企业相对其他私营公司享受着低贷款利率，资产回报率也低于私营公司（------这个必须的，国有企业不逃税嘛，享受好处的同时肯定要多做贡献），另一个方面国有企业的债务/权益比率超过230%（这个不知道是不是真的，我认为数字比较有问题），很多高杠杆率的国企将面临困境甚至破产。这些将是金融改革的障碍　　

　　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，金融管制创造经济寻租活动（这个是说利用低存款利率，高贷款利率产生的寻租空间），银行享受着高进入门槛的舒适的商业环境，利率控制和对信用的需求允许 CREDIT RATIONAING(这个词是说银行对于贷款人的挑剔—实际上任何银行不论中外都存在CREDIT RATIONING，所以这句话个人认为夸大事实),官员对于银行的控制力和信用分配存在寻租行为，这样会产生对改革的抗拒（--------------私有化能解决吗？金融机构只怕会更混乱）　　

　　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.　　

　　金融领域改革顺序（改革路线图）　　

　　1.保持足够的空间和正确的顺序对于成功的金融自由化和开放至关重要。中国的金融领域在过去三十年中保持了快速的增长，过去也已经有过改革。然而在现时的环境和可预见的未来经济环境，应当进行进一步改革。中国可能不需要追求与先进发达国家相同的结构（包括所有制）以及金融实践，另一方面自由化和开放进程可能会遭遇很多挑战例如暂时的恶化经济表现和不稳定，特别是管理不善的情况下，推进金融改革是一门艺术而不是科学，应该根据国家特定的情况而改革，根据一些主要原则，吸取其他国家的经验　　

　　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.　　

　　处于管理方利益的冒进的去规则化应当避免，这方面欧美已有深刻教训，自由化应该在加强管理和监控的条件下进行，另一方面过多的规则可能方案创新和效率，如何做到平衡有一定难度但是应是基本的考量　　

　　? 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.　　

　　金融改革是政治经济改革进程的结果，而政治经济改革短期内将是相当漫长。市场化的改革不能超越相关的考量，过早的改革将是金融不稳定的源头，日本和韩国的历史指出部分的金融区规则化导致管理层套利（REGULATORY ARBITRAGE----不太明白是管理层还是监管层），所以应当在不同领域和层面进行去规则化而且不能在主层面发生管理层套利，自由化应在银行和非银行金融机构同时展开，不应发生快速的金融去中介化或一些领域的变化，这些将导致金融危机

 　　? 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.　　

　　在全面开放金融系统的同时国内自由化的进程应当加速。当外部压力最终逼迫日本和韩国的金融开放时,当他们国内的金融自由化进程还未进行，这导致离岸交易并引发不稳定，所以进一步的利率自由化应当先行。中国能够抵御外来的压力，但他还是必须适应全世界其他地区要求发展和繁荣的需求。通过更早的自由化国内系统，中国能够获得金融发展的好处而不是不稳定（由于外国压力带来的）　　

　　----------------------这段怎么这么熟悉，是强迫人民币自由兑换吧～呵呵全世界其他地区人民要求发展和繁荣的需求～　　

　　? 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.　　

　　金融市场基础结构建设应当早于自由化进程。为了使系统进入良性循环，政府应当加强基础架构并尽可能快的减少对与金融机构的影响，而关注于规则和监管层，审计实务和账户管理，交易透明度以及创造和加强正确的激励机制　　

　　? 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.　　

　　金融改革只能在机制改革和组织改革的成功之下获得成功，旧的体制伴随自由化市场会产生更坏的结果，除非政府改变体制，否则它的干预/参与将不会有很大的改变，这将产生强大的系统惯性抵制真正的自由化，另外日本和韩国的经验可以为鉴，在这个意义上，改革政府体制和激励机制特别是国有化银行以及相关机构改革应提到最主要的日程安排上。

金融改革的部分基本上就完了，迟点放出的是土地政策和其他内容　　

　　欢迎一起翻译啊，同学们 了解世行报告对于了解国家改革的一些问题还是有相当帮助的

  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.　　

　　这份报告主要刻画三个政策方面，1 农村土地所有权问题 2 城乡一体化和土地政策 3 土地政策和地方财政　　

　　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.　　

　　在进入高收入国家的状态中，中国需要提高所有权安全以创造激励机制，让农民收入长期投资和持续增长，对于农业用地有效完善永久土地所有权，提高土地注册和加强农村用地市场，改革和现代化农村集体所有制，尽管有着相对清晰的法律和政策框架，农村用地依然有被剥夺的风险-----------------还是私有化　　

　　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，存在一些政策实施和法律上的困难，在提高管理水平和可数字化上，在土地权利的文件上，和公民对于存在权利的低认知度上，这一复杂的问题应该要小心的按照顺序执行改革，最终达到加强农村土地的永久所有权安全。在近期和中期，改革应该集中在改变现存的集体所有制土地的所有权上和个人用地权利的文件化

：地理人生1　回复日期：2012-03-01　13:51:54　　　
 回复 　　
 

　　@金色床单　回复日期：2012-03-01 13:16:08　 回复

　　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，存在一些政策实施和法律上的困难，在提高管理水平和可数字化上，在土地权利的文件上，和公民对于存在权利的低认知度上，这一复杂的问题应该要小心的按照顺序执行改革，最终达到加强农村土地的永久所有权安全。在近期和中期，改革应该集中在改变现存的集体所有制土地的所有权上和个人用地权利的文件化

　　————————————

　　lz的英文实在有些悲催～

　　我试翻一下第一段：

　　另外，在以下方面仍有严重困难：政策与法律的执行；改善基层的管理和统核；土地权利备案；公民对现有权利的认知。 　　

　　C. Land Policy and Rural-Urban Integration　　

　　土地政策和城乡一体化　　

　　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.　　

　　在进入高收入国家进程中，中国应当采用公平和透明的农村土地征收政策，削弱政府在土地征收的作用，保证城乡一体化进程中农村集体所有制和个人共享城市化利益　　

　　---------------------------这个明显是没经过调研的，实际上虽然强征土地依然存在，这并非政府的错误，而是执行中一些利益群体唯利是图的结果　　

　　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.　　

　　土地政策和地方财政改革　　

　　在进入高收入国家进程中，中国需要注意到地方政府的财政系统严重依赖于土地流转的现象，通过征收物业税和改革土地征收政策来解决　　

　　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.　　

　　引入基于市场价值的物业税，当本地政府主要收入来源于土地交易的同时，实际上中国还没有年化的物业税，长期来看，物业税可以提供稳定的替代土地交易的收入，尤其是土地交易减少的状况　　

　　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.　　

　　当然物业税需要时间来变成重要的收入来源，长期来看，物业税也不会完全取代收入所得税，BAHL2009提到美国和加拿大的物业税大概占到GDP的3%到4%，OECD成员国大约2.1%左右　　

　　-------------------------------------这段比较赞成，希望物业税早日实行，然而这个物业税和领导公开财产有相当的冲突，恐怕这才是改革的阻力吧　　

　　支持性的第一部分文件就差不多了，因为是摘要，所以只翻译些大家关心的问题，全文还是等到官方文件发布自己了解吧，另外也有童鞋给出了英文版的下载，我这就不再发链接了　　

　　本人水平有限，所以错误在所难免，欢迎高手们参与并指点，有错的话请更正加贴，支持性文件的第二部分急需童鞋们看看～

　　@地理人生1 2012-03-01 13:51:54　　

　　@金色床单　回复日期：2012-03-01 13:16:08　 回复　　

　　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...........　　

　　---------------------------　　

　　谢谢更正，我怀疑很多根本是中国人写的嘛，希望这个中文版快点放出来

：地理人生1　回复日期：2012-03-01　14:13:12　　　
 回复 　　
 

　　@金色床单　回复日期：2012-03-01　00:26:31　 回复

　　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

　　商业导向型的管理系统应当被引入。国有金融机构私有化是最好的商业化方法，私有化大型国有金融机构可能会比较困难，（加了下标注42，可能很难找到合适的买家云云），因为政府仍然是国企的主要拥有者，国企的管理需要加强，为了更有效，国有金融机构的管理者应该更像私人拥有者，否则国有金融机构不会真正商业化。中国应当引入管理机制-国际先进的实践经验并通过已经存在的机构来管理银行国有股----------------马脚全露啊，私有化，一切为了私有化，相信不久中国银行可以改名为花旗银行中国分行了

　　——————————

　　SOB是国有银行，不是国企，谢谢～
　　国企是SOE 　　

 
 　　
 
：地理人生1　回复日期：2012-03-01　14:18:28　　　
 回复 　　
 

　　@金色床单　回复日期：2012-03-01 13:58:14　 回复

　　@地理人生1 2012-03-01 13:51:54
　　@金色床单　回复日期：2012-03-01 13:16:08　 回复
　　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...........
　　---------------------------

　　谢谢更正，我怀疑很多根本是中国人写的嘛，希望这个中文版快点放出来

　　————————

　　显然是中国人写的

　　我看了目录就知道了：

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

　　4 加快创新步伐。。。

　　老外很少这样用词

　　另外，老外很少能对中国国内情况了解得这么详细　　

　还在陆续翻译中，希望有了解经济的朋友加入翻译的行列啊～

　　在下摘两段钱穆先生的话以飨各位　　

　　一、当信任何一国之国民，尤其是自称知识在水平线以上之国民，对其本国已往历史，应该略有所知。（否则最多只算一有知识的人，不能算一有知识的国民。） 　　二、所谓对其本国已往历史略有所知者，尤必附随一种对其本国已往历史之温情与敬意。（否则只算知道了一些外国史，不得云对本国史有知识。） 　　三、所谓对其本国已往历史有一种温情与敬意者，至少不会对其本国历史抱一种偏激的虚无主义，（即视本国已往历史为无一点有价值，亦无一处足以使彼满意。）亦至少不会感到现在我们是站在已往历史最高之顶点，（此乃一种浅薄狂妄的进化观。）而将我们当身种种罪恶与弱点，一切诿卸于古人。（此乃一种似是而非之文化自谴。） 　　四、当信每一国家必待其国民具备上列诸条件者比较渐多，其国家乃再有向前发展之希望。（否则其所改进，等于一个被征服国或次殖民地之改进，对其自身国家不发生关系。换言之，此种改进，无异是一种变相的文化征服，乃其文化自身之萎缩与消灭，并非其文化自身之转变与发黄。） 　　

　　谈者好以专制政体为中国政治诟病，不知中国自秦以来，立国规模，广土众民，乃非一姓一家之力所能专制。故秦始皇始一海内，而李斯、蒙恬之属，皆以游士擅政，秦之子弟宗戚，一无预焉。汉初若稍稍欲返古贵族分割宰制之遗意，然卒无奈潮流之趋势何！故公孙弘以布衣为相封侯，遂破以军功封侯拜相之成例，而变相之贵族擅权制，终以告歇。博士弟子，补郎、补吏，为入仕正轨，而世袭任荫之恩亦替。自此以往，入仕得官，遂有一公开客观之标准。“王室”与政府逐步分离，“民众”与“政府”则逐步接近。政权逐步解放，而国家疆域亦逐步扩大，社会文化亦逐步普及。综观国史，政体演进，约得三级：由封建而跻统一， 一也。（此在秦、汉完成之。）由宗室、外戚、军人所组成之政府，渐变而为士 人政府，二也。（此自西汉中叶以下，迄于东汉完成之。）由士族门第再变而为 科举竞选，三也。（此在隋、唐两代完成之。）惟其如此，“考试”与“铨选”， 遂为维持中国历代政府纲纪之两大骨干。全国政事付之官吏，而官吏之选拔与任用，则一惟礼部之考试与吏部之铨选是问。此二者，皆有客观之法规，为公开的准绳，有皇帝（王室代表。）所不能摇，宰相（政府首领。）所不能动者。若于此等政治后面推寻其意义，此即礼运所谓“天下为公，选贤与能”之旨。就全国 民众施以一种合理的教育，复于此种教育下选拔人才，以服务于国家；再就其服 务成绩，而定官职之崇卑与大小。此此正战国晚周诸子所极论深岂，而秦、汉以 下政制，即向此演进。特以国史进程，每于和平中得伸展，昧者不察，遂妄疑中 国历来政制，惟有专制黑暗，不悟政制后面，别自有一种理性精神为之指导也。 　　谈者又疑中国政制无民权，无宪法。然民权亦各自有其所以表达之方式与机构，能遵循此种方式而保全其机构，此即立国之大宪大法，不必泥以求也。中国自秦以来，既为一广土众民之大邦，如欧西近代所运行民选代议士制度，乃为吾先民所弗能操纵。然诚使国家能历年举行考试，平均选拔各地优秀平民，使得有参政之机会；又立一客观的服务成绩规程，以为官位进退之准则，则下情上达，本非无路。晚清革命派，以民权宪法为推翻满清政府之一种宣传，固有效矣。若遂认此为中国历史真相，谓自秦以来，中国惟有专制黑暗，若谓“民无权，国无法”者已二千年之久，则显为不情不实之谈。民国以来，所谓民选代议之新制度，终以不切国情，一时未能切实推行。而历古相传“考试”与“铨选”之制度，为维持政府纪纲之两大骨干者，乃亦随专制黑暗之恶名而俱灭。于是一切官场之腐败混乱，胥乘而起，至今为厉。此不明国史真相，妄肆破坏，轻言改革所应食之恶果也。 　　中国政制所由表达之方式与机构，既与近代欧人所演出者不同。故欲争取民权，而保育长养之，亦复自有道。何者？彼我立国规模既别，演进渊源又不同。甲族甲国之所宜，推之乙族乙国而见窒碍者，其例实夥。凡于中国而轻言民众革命，往往发动既难，收拾亦不易，所得不如其所期，而破坏远过于建设。所以国史常于和平中得进展，而于变乱中见倒退者，此由中国立国规模所限，亦正我先民所贻政制，以求适合于我国情，而为今日吾人所应深切认识之一事。若复不明国史真相，妄肆破坏，轻言改革，则又必有其应食之恶果在矣　　

　 【传灯按：】以下是天涯论坛网友的精彩回复：

 
：蓝狗克星　回复日期：2012-02-29　19:11:51　　　
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根据世行网站提供的报告中文概要，基本内容看上去平淡无奇。

　　杜建国高声反对国企私有化，这是否针对报告本身？

　　中文概要里几乎没有出现“私有”一词，但我粗略统计了完整的英文报告（篇幅有400多页），里面私有化（Privatization）一词在正文出现7次，私有（Private）一词则出现多达229次，并重点提到私有化对航空、电信等战略和支柱产业的好处（第132页）和对国有银行产权改制的期望。 　　

：爱捣蛋　回复日期：2012-02-29　20:20:42　　　
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　　说穿了就两个字

　　‘贱卖’ 　　

 
：万俟飞云　回复日期：2012-02-29　22:19:13　　　
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　　一看是外国人对咱指手画脚就不爽！我们五千年的智慧冒犯还治不了国？？？
　　　　

：淡色的树　回复日期：2012-02-29　22:34:51　　　
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　　世界银行不是慈善家，它只是为了世界经济的“繁荣”发展而存在，这个“繁荣”不是草民的繁荣，而是资本家们的，如果认识不到这一点，就不会看到之前它帮助中国发展，因为中国的发展能给世界资本家带来一个庞大的市场，而中国发展到一定程度，当中国的国家企业已经开始可以与国际资本家们竞争分羹的时候，它必然又得想办法把你的经济拉下来，无他，全为私利罢了!　　

：usa911118　回复日期：2012-03-01　00:17:40　　　
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　　是要改革，但不是私有化，而是要像重庆那样，国企高管的年薪不能超过职工年薪的平均十倍，把国企年利润的百分之30上交财政用来改善民生 　　

 
：usa911118　回复日期：2012-03-01　00:08:20　　　
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　　堡垒最容易从内部攻破，大家说说，谁是最大的硕鼠 　　

：红之蝶　回复日期：2012-02-29　23:51:13　　　
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　　不符合中国国情的都TM废话。世行滚回美国去 　　

 
：音乐下的水　回复日期：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，要什么别人翻译，国观应该人人懂英语 　　

 
：royhan2009　回复日期：2012-03-01　01:44:07　　　
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　　人民群众的眼睛是雪亮的。 　　

 
 
：appleandlife  发表日期：2012-3-1 6:17:00　　
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    支持,国企的问题是在加强监督,不是改革. 朱总理时代的"抓大放小"是对地. 国企是全国人民的蛋糕,谁敢动全国人民的财富,谁就是汉奸. 中国不需要寡头, 中国要财富在监督下,公平的再分配.

老美已经把毛子给忽悠瘸了,中国不能上当. 　　

：appleandlife　回复日期：2012-03-01　06:46:17　　　
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　　@越秀公园 2012-03-01 04:02:39
　　国企当年的油电都是向社会免费提供的，过得也不错，后来开始收费了，却不行了：财政补贴清理三角债，不行。财政补贴搞下岗，不行。集体上市圈钱，不行。现在呢，对内提供比发达国家还贵的产品，对外则搞低价竞争，吃里扒外真是一点不假。都知道国企里几十年来大多是政府官员的亲友，应该觉悟更高吧？现实却是却如此挖人民的墙角，侵占最广大的人民的根本利益。
　　不要错误的以为私有化就是官僚权贵侵吞国有资产，根本不是这.....
　　-----------------------------
　　偷换概念,没有国企支持的就业率,没有国企提供的低价产品,普通人的生活会更加艰难.中铁,中石油,中石化...,就有上千万上亿的职工,他们都是官员的亲戚吗?

　　什么叫成熟的市场? 在原材料,资源,基础建设和公共服务的市场上,市场调节的作用完全不是正面地.欧洲市场成熟吗? 德国邮政改革, 取消数百个偏远地区的网点. 导致住在这些地区的人,被扔出公共服务以外。同样的税收却没有服务, 区域间的贫富差距进一步加大.

　　什么叫国企的问题叫违法犯罪？国企的贪污浪费，可以判刑，可以监督。私企怎么去管？你以为欧洲，美国的企业没有贪污浪费吗？这是人性问题，不是体制问题。

　　你到过东欧吗？我在哪里呆过两年，外国资本控制国企，市场凋敝，人们生活艰难。 你在当地问一问有多少人怀念过去的日子，为什么罗马尼亚要为齐奥塞斯库反案？你所说的发展只是数字上地，不是生活上地。

　　另外，东欧没有寡头，因为他们首先没有太多像样的大工业。 其次，这些国家小，稍有点利润的企业都被欧美国家收购。看看爱沙尼亚和捷克跑的是哪国的火车公司？还有，俄罗斯为什么有寡头？因为他们尚能维护国家的主权独立，资源虽然被垄断但是还在俄罗斯人手里。　　

：luke19821001　回复日期：2012-03-01　09:38:53　　　
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　　谢谢LZ，金融机构破产的结果恐怕很多人不懂吧，那就直接说吧，金融机构破产，就是金融机构的高管们将高工资领完之后，宣布银行倒闭了——P民们存到银行的钱全部清零 　　

 
 
：北方失败失败　回复日期：2012-03-01　10:17:46　　　
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　　全面私有化一开始，内战的导火索就点燃了，不信就看着。。 　　

：shenghe2012　回复日期：2012-03-01　11:25:20　　　
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　　俄罗斯颜色革命平分国企后，GDP总量从中国的几倍变成中国的四分之一（7万亿美元：1.8万亿美元），生活水平和人均预期寿命一度大幅下降，但世界级富豪数量从0飙升至15位，是中国的15倍！东欧剧变后的乌克兰GDP总量不到中国的零头，国家付不起天然气费用弄得经常被“断气”，今年极寒天气冻死百余人，但JY说乌克兰是国穷民富，你不信？看富豪榜，虽然人家只有1个富豪，可是排名39，远超排95的大陆唯一一个富豪！看了这个排名，你明白某些资产阶级人士做梦都想中国发生颜色革命的原因了吧？！
　　亿美元
　　14 弗拉基米尔?利辛 俄罗斯 240
　　29 阿列克谢?莫尔达索夫 俄罗斯 185
　　32 米哈伊尔?普罗霍罗夫 俄罗斯 180
　　34 弗拉基米尔?波塔宁 俄罗斯 178
　　35 阿利舍尔?乌斯马诺夫 俄罗斯 177
　　36 奥列格?德里帕斯卡 俄罗斯 168
　　43 米哈伊尔?弗里德曼 俄罗斯 151
　　50 瓦吉特?阿列克佩罗夫 俄罗斯 139
　　53 罗曼?阿布拉莫维奇 俄罗斯 134
　　57 维克多?维克塞尔伯格 俄罗斯 130
　　88 伊斯坎德尔?马克穆多夫 俄罗斯 99
　　92 格尔曼?汗 俄罗斯 96
　　93 德米特里?雷波诺列夫 俄罗斯 95
　　97 皮特?凯尔纳 俄罗斯 92
　　99 列昂尼德?米赫尔松 俄罗斯 91

　　东欧剧变后的乌克兰：
　　39 雷纳托?阿克梅托夫 乌克兰 160 　　

 
：miccoco　回复日期：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

　　商业导向型的管理系统应当被引入。国有金融机构私有化是最好的商业化方法，私有化大型国有金融机构可能会比较困难，（加了下标注42，可能很难找到合适的买家云云），因为政府仍然是国企的主要拥有者，国企的管理需要加强，为了更有效，国有金融机构的管理者应该更像私人拥有者，否则国有金融机构不会真正商业化。中国应当引入管理机制-国际先进的实践经验并通过已经存在的机构来管理银行国有股----------------马脚全露啊，私有化，一切为了私有化，相信不久中国银行可以改名为花旗银行中国分行了

　　-------------------------------这一段相当明显啊 While privatization
　　would be the best way to make SFIs more commercially oriented 不知环球时报社评看没看到这句 　　

：虚拟人与社会　回复日期：2012-03-01　15:44:09　　　
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　　@金色床单 2012-03-01 10:23:37
　　先去吃点东西，慢慢翻。茅于轼的说法并无大错，以私有化为基础能够大力促进生产力发展，但是当他却忘记了资本主义有内生性的矛盾无法解决，就是资本寡头和社会和谐发展的必然矛盾，西方以理性经济人为基础的经济思想对于分析各种社会问题有很大的作用，但是东方古老的思想就提出商人不能成为国家的主导，否则这个国家将变得民不聊生，五蠹之论虽然过于维生产力论，但是其中想想也有一定道理。用钱穆的话来说，寡头就是为富不仁.....
　　-----------------------------
　　这段不苟同。
　　微观上比较单个企业，国企一般表现为不如私企有效率，但从宏观上说，国企比私企有效率的多。前苏联就是个很好的例子：
　　未私有化之前，至少苏联的重工业在世界上处于前列。私有化之后呢，重工业全部完蛋，只剩下挖油的。
　　茅不是说私有企业有效率吗？按照他的理论，前苏联私有化后应该更有效率，那么原来比较强的重工业应该更强，为什么现在全部完蛋了呢？
　　所以说茅是个大SB，这么简单的事实都看不见，他的智商估计有250！ 　　

：sealine　回复日期：2012-03-02 01:14:21　　　
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　　什么叫做梦想？俄罗斯私有化平均分钱就是。
　　代表钱的票票拿到手，猛烈的通货膨胀来临，一切归零，那些毛票票到了谁的手里，现在还看不清吗？P民分到钱了吗？
　　最后的结果：P民的“份钱”化为乌有，国家股份全部消失！寡头们席卷一空，移民美英！！
　　这就是佐利克中国之行的路线图。 　　

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