Fair treatment for private capital in railway investment

 　　BEIJING, May 21 (Xinhua) -- China's recent move to give private capital equal treatment in investing in the country's railway projects is expected to inject new vitality¹ into the long-monopolized railway sector² amid concerns of an economic slowdown.

　　According to a guideline issued by the Ministry³ of Railways (MOR) on Friday, equal market entry access will be created for all investors⁵ and private capital will be exempt⁶ from additional requirements. The implementation⁷ of favorable policies will be transparent⁸.

　　The guideline stated that private investors are allowed to participate in almost every category of railway projects, including the construction of backbone⁹ lines, passenger lines, inter-city lines and regional lines.

　　Eligible¹⁰ investors will also be allowed to participate in the design, construction, supervision¹¹, consultation¹², equipment purchasing and bidding processes.

　　The guideline, which is by far the most open and detailed¹³ regulation in terms of the railway industry's market entrance to date, is expected to diversify¹⁴ investment channels to help ease the sector's debt that has brought some construction projects to a halt.

　　After years of torrid growth, construction and investment in China's railways cooled remarkably¹⁵, as the government tightened¹⁶ credit to cap inflation and a train crash last July that killed 40 people exposed the sector's weaknesses.

　　In contrast to a target investment of 500 billion yuan (79.37 billion U.S. dollars) this year, investment dropped 48.3 percent from a year earlier to 89.6 billion yuan in the first four months, official data show.

　　Meanwhile, the sector recorded 7 billion yuan in losses in the first quarter, with the current asset-liability ratio staying around 60 percent.

　　Yang Zhongmin, head of the ministry's department of development and planning, said the government, as the major investor⁴, approved more than 4 trillion yuan in railway investment from 2003 to 2010.

　　According to the guideline, the MOR should separate its government functions from enterprise management and reform its administration mechanism¹⁷ to let enterprises be the principal market player.

　　The guideline also underlined the need to reform the investment and fundraising systems for railway projects. Railway-related companies are encouraged to go public, and insurance funds are welcome to invest more in railways.

　　It also encouraged financial innovations in creating more kinds of fundraising platforms to provide private investors with better access to capital.

　　Private investors are also welcome to make innovations in advanced and environmentally-friendly technologies and facilities, it said.

　　The government has repeatedly vowed¹⁸ to break the state monopoly and encourage private investors to participate in domains¹⁹ such as the railway and financial sectors²⁰ -- a move aiming to push market-oriented reforms and tap inner growth potential.

　　With signs of a worse-than-expected slowdown in China indicated by weak economic data for April, CITIC Securities said more policies may be introduced to maintain reasonable growth in infrastructure²¹ investment.

　　Huang Junjie, an analyst²² with China Investment Securities, expected railway investment to return to a normal level in the coming months.

　　During an inspection²³ tour last week, Premier²⁴ Wen Jiabao said the government will focus its energy on expanding domestic demand to increase the stability of the economy, reiterating²⁵ support for private capital in investing in the railway and several other sectors.

1 vitality   

n.活力，生命力，效力

参考例句：

• He came back from his holiday bursting with vitality and good health.他度假归来之后，身强体壮，充满活力。
• He is an ambitious young man full of enthusiasm and vitality.他是个充满热情与活力的有远大抱负的青年。

2 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

3 ministry   

n.(政府的)部；牧师

参考例句：

• They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
• We probed the Air Ministry statements.我们调查了空军部的记录。

4 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

5 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

6 exempt   

adj.免除的；v.使免除；n.免税者，被免除义务者

参考例句：

• These goods are exempt from customs duties.这些货物免征关税。
• He is exempt from punishment about this thing.关于此事对他已免于处分。

7 implementation   

n.实施，贯彻

参考例句：

• Implementation of the program is now well underway.这一项目的实施现在行情看好。

8 transparent   

adj.明显的，无疑的；透明的

参考例句：

• The water is so transparent that we can see the fishes swimming.水清澈透明，可以看到鱼儿游来游去。
• The window glass is transparent.窗玻璃是透明的。

9 backbone   

n.脊骨，脊柱，骨干；刚毅，骨气

参考例句：

• The Chinese people have backbone.中国人民有骨气。
• The backbone is an articulate structure.脊椎骨是一种关节相连的结构。

10 eligible   

adj.有条件被选中的；(尤指婚姻等)合适(意)的

参考例句：

• He is an eligible young man.他是一个合格的年轻人。
• Helen married an eligible bachelor.海伦嫁给了一个中意的单身汉。

11 supervision   

n.监督，管理

参考例句：

• The work was done under my supervision.这项工作是在我的监督之下完成的。
• The old man's will was executed under the personal supervision of the lawyer.老人的遗嘱是在律师的亲自监督下执行的。

12 consultation   

n.咨询；商量；商议；会议

参考例句：

• The company has promised wide consultation on its expansion plans.该公司允诺就其扩展计划广泛征求意见。
• The scheme was developed in close consultation with the local community.该计划是在同当地社区密切磋商中逐渐形成的。

13 detailed   

adj.详细的，详尽的，极注意细节的，完全的

参考例句：

• He had made a detailed study of the terrain.他对地形作了缜密的研究。
• A detailed list of our publications is available on request.我们的出版物有一份详细的目录备索。

14 diversify   

v.（使）不同，（使）变得多样化

参考例句：

• Our company is trying to diversify.我们公司正力图往多样化方面发展。
• Hills and woods diversify the landscape.山陵和树木点缀景色。

15 remarkably   

ad.不同寻常地，相当地

参考例句：

• I thought she was remarkably restrained in the circumstances. 我认为她在那种情况下非常克制。
• He made a remarkably swift recovery. 他康复得相当快。

16 tightened   

收紧( tighten的过去式和过去分词 )； （使）变紧； （使）绷紧； 加紧

参考例句：

• The rope holding the boat suddenly tightened and broke. 系船的绳子突然绷断了。
• His index finger tightened on the trigger but then relaxed again. 他的食指扣住扳机，然后又松开了。

17 mechanism   

n.机械装置；机构，结构

参考例句：

• The bones and muscles are parts of the mechanism of the body.骨骼和肌肉是人体的组成部件。
• The mechanism of the machine is very complicated.这台机器的结构是非常复杂的。

18 vowed   

起誓，发誓（vow的过去式与过去分词形式）

参考例句：

• He vowed quite solemnly that he would carry out his promise. 他非常庄严地发誓要实现他的诺言。
• I vowed to do more of the cooking myself. 我发誓自己要多动手做饭。

19 domains   

n.范围( domain的名词复数 )；领域；版图；地产

参考例句：

• The theory of thermodynamics links the macroscopic and submicroscopic domains. 热力学把宏观世界同亚微观世界联系起来。 来自辞典例句
• All three flow domains are indicated by shading. 所有三个流动区域都是用阴影部分表示的。 来自辞典例句

20 sectors   

n.部门( sector的名词复数 )；领域；防御地区；扇形

参考例句：

• Berlin was divided into four sectors after the war. 战后柏林分成了4 个区。 来自《简明英汉词典》
• Industry and agriculture are the two important sectors of the national economy. 工业和农业是国民经济的两个重要部门。 来自《现代汉英综合大词典》

21 infrastructure   

n.下部构造，下部组织，基础结构，基础设施

参考例句：

• We should step up the development of infrastructure for research.加强科学基础设施建设。
• We should strengthen cultural infrastructure and boost various types of popular culture.加强文化基础设施建设，发展各类群众文化。

22 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

23 inspection   

n.检查，审查，检阅

参考例句：

• On random inspection the meat was found to be bad.经抽查，发现肉变质了。
• The soldiers lined up for their daily inspection by their officers.士兵们列队接受军官的日常检阅。

24 premier   

adj.首要的；n.总理，首相

参考例句：

• The Irish Premier is paying an official visit to Britain.爱尔兰总理正在对英国进行正式访问。
• He requested that the premier grant him an internview.他要求那位总理接见他一次。

25 reiterating   

反复地说，重申( reiterate的现在分词 )

参考例句：

• He keeps reiterating his innocence. 他一再申明他无罪。
• The Chinese government also sent a note to the British government, reiterating its position. 中国政府同时将此立场照会英国政府。