国务院关于推进资本市场改革开放和稳定发展的若干意见
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(单词翻译:双击或拖选)
 

国发[2004]3号

颁布日期:20040131  实施日期:20040131  颁布单位:国务院

  State Council

  January 31st, 2004

  The people's governments of all provinces, autonomous1 regions, and municipalities directly under the Central Government, all ministries2 and commissions of the State Council, and all agencies under the direct control of the State Council:

  As of the distribution of the Notice of the State Council on Further Enhancing the Macro-control of the Securities Market (GuoFa [1992] No. 68), China's capital markets have embraced rapid growth and rapid stunning3 achievements. With scale-forming on a preliminary basis, continuous improvement of the market infrastructure4, gradual perfection of the legal system, and further upgrading of market standardization5, China's capital markets have become an important component6 part of the socialist7 market economy by contributing greatly to the reform and development of state-owned enterprises and the financial market, to the optimization8 of resources allocation and to the promotion9 of economic restructuring and growth. With a view to carrying out the spirit of the 16th CPC National Congress and the 3rd Plenary Session of the 16th CPC Central Committee and vigorously promoting the reform, opening and steady growth of capital markets around the strategic goal of building a well-off society in an all-round way, the opinions are hereby put forward as follows:

  I. Fully10 Understanding the Importance of Developing Capital Markets

  Developing capital markets is a task of strategic importance linked to the fulfilling of the strategic goal of quadrupling China's GDP within the first two decades of this century. First, it will facilitate the improvement of the socialist market economy, bring into fuller play the role of capital markets in optimizing12 resources allocation, and effectively turn social capital into long-term investment. Second, it will facilitate the restructuring and strategic transformation13 of the state-owned sector14 of the economy and accelerate the development of the non-state-owned sectors15. Third, it will facilitate the increase of the ratio of direct financing, improve the structure and efficiency of the financial market, and maintain financial security.

  China's financial markets have been developing step by step with the course of economic restructuring. Due to the lack of coordination16 during the primary stage of the restructuring as well as flaws in the system design, there remain with the capital markets some underlying17 problems and structural18 conflicts, which have hampered19 the way in which market functions could be brought into effective play. These problems arise from, thus must be solved through, the development of capital markets. The 16th CPC National Congress has put forward the strategic goal of building a well-off society in an all-round way; the 3rd Plenary Session of the 16th CPC Central Committee has adopted the Decision of the Central Committee of the Communist Party of China on Some Issues concerning the Improvement of the Socialist Market Economy, which has set plans for developing capital markets and clarified the orientation20 towards the reform, opening and steady growth of such markets. We should, by having a correct understanding of the current situation, seizing opportunities and changing our mentality21, vigorously develop capital markets, increase the ratio of direct financing, create and cultivate a sound investment environment, bring into full play the role of capital markets in promoting capital formation, optimizing resources allocation, propelling economic restructuring, improving corporate22 governance, etc., in an effort to make new contributions to the sustained, coordinated23 and healthy development of the national economy in a fast speed and the building of a well-off society in an all-round way.

  II. The Guidelines for and Tasks of Promoting the Reform, Opening and Steady Growth of Capital Markets

  The guidelines for promoting the reform, opening and steady growth of capital markets are: taking Deng Xiaoping Theory and the important thought of the “Three Represents” as our guidance, fully implementing25 the spirit of the 16th CPC National Congress and the 3rd Plenary Session of the 16th CPC Central Committee, following the principle of openness, fairness and impartiality26 and the policy of the rule of law, supervision27, self-discipline and standardization, upholding the serving of the overall situation of the national economy and its coordinated development, upholding the rule of law in the regulation of markets, and the protection of the lawful28 rights and interests of investors29 or individual investors in particular, upholding the unleashing30 of market forces in capital markets and the optimal31 play of the role of market, upholding the coordination of the momentum32 of reform, the speed of development and the sustainability of the general public, and the correct handling of relations among reform, development and stability, upholding the development-based solution of problems cropping up on our way forward and the correct handling of relations between development of capital markets and prevention of market risks, and upholding the principle of progressiveness and the continuous upgrading of opening to the outside world.

  The tasks of promoting reform, opening and steady growth of capital markets are: building transparent33 and efficient capital markets featuring a rational structure, a sound mechanism34, perfect functions and safe operations while aiming at the expansion of direct financing, improvement of the modern market system and the fuller play of the basic role of market in resources allocation. To fulfill11 such goals, we must establish an efficient capital markets system in helping35 enterprises of various types raise funds and in satisfying diverse investment needs. We must improve the market-oriented products innovation system and form a products structure of capital markets by giving due consideration to both price discovery and risk management and by coordinating36 stocks financing and bonds financing. We must cultivate a whole set of listed companies and market intermediaries featuring good faith, standardized37 operation and a sound governance mechanism, and strengthen the mechanism for restraint of market players and survival of the fittest. We must improve the market supervision and administration system featuring clearly defined duties and responsibilities, effective control of risks and good coordination and cooperation, in a way to best protect the lawful rights and interests of investors.

  III. Further Improving the Relevant Policies and Promoting the Steady Growth of Capital Markets

  Appropriate policy guidance and support are a must for the steady growth of capital markets. All departments must further improve the relevant policies in an effort to create a sound environment for the steady growth of capital markets.

  The approval system for the issuance and listing of securities must be improved. We should better the mechanism under which quality enterprises of all types can utilize38 capital markets on an equal footing, thus improving the efficiency for resources allocation.

  Investment returns on capital markets must be highlighted. We should take effective measures to reverse the situation in which some listed companies focus excessively on listing and fund raising while paying inadequate39 attention to restructuring and investment returns, improve the overall quality of listed companies and offer investors chances of sharing the benefits of economic growth and increasing their wealth.

  Qualified40 capital is encouraged to go to the market. Continuing efforts will be given to the development of securities investment funds. We should support the multi-form direct investment of insurance funds on capital markets and gradually increase the ratios of social security funds, enterprises supplementary41 pension funds, commercial insurance funds, etc. involved in capital markets. We should cultivate a group of faithful, law-abiding and professional institutional investors, and see to it that institutional investors mainly composed of fund management companies and insurance companies are to become the major forces on capital markets.

  Financing channels of securities companies must be expanded. Continuing support will be given to the qualified companies' efforts in raising long-term funds through public offering of shares and bonds. We should improve the administrative42 measures for pledged borrowing of securities companies as well as their entry into the inter-bank market, and formulate43 the review and approval standards for acquisition and merger44 of securities companies as well as loans for securities underwriting. We should, on the basis of improving the mechanism for risk control, create favorable conditions for securities companies to use loans and raise funds. Experiments will be steadily45 conducted on the financing of fund management companies.

  The issue of equity46 separation must be settled in a positive and reliable manner. We should regulate the transfer of untradeable shares of listed companies so as to prevent the loss of state-owned assets. While steadily making tradeable the presently untradeable shares of listed companies, we should respect the law of market, maintain the stability and growth of the market, and effectively protect the lawful rights and interests of investors or individual investors in particular.

  The tax policies towards capital markets must be refined. Tax policies shall be worked out that can encourage individuals to invest, and improve the administrative measures for the collection of circulation tax and income tax on securities and futures47 companies. Concentrated collection and administration of income tax will be adopted for qualified securities and futures companies.

  IV. Improving the System of Capital Markets and Diversifying49 Securities Products

  A multi-layer stock market system must be established. We should, on the basis of coordinating the rational layout and the function fixing of capital markets, gradually establish a multi-layer stock market system which can satisfy the financing needs of different types of enterprises. We should work out the corresponding conditions for issuance and listing of securities, and establish the supporting company selection mechanism. We should continue to regulate and develop the main board market and gradually improve the structure of listed companies thereon. We should propel the construction of the start-up board market in steps, improve the mechanism of venture capital investment, and expand the financing channels of small and medium-sized enterprises. The stock transfer system under unified50 supervision and administration will be positively51 explored and improved.

  The bonds market must be developed in a positive and reliable manner. We should, on the basis of tightening52 risk control, encourage qualified enterprises to raise funds through the issuance of corporate bonds. We should reverse the sluggish53 growth of bonds financing and diversify48 products on the securities market, in a way to promote the coordinated development of capital markets. We should adopt and improve the regulations and rules concerning the issuance, trading, information disclosure, credit rating, etc. of corporate bonds, and establish and perfect the secured loan repayment54 mechanism including assets mortgage and credit guarantee. We should gradually establish a networked bonds market which is under concentrated supervision and administration.

  The futures market must be developed in a reliable manner. We should, on the basis of tightening risk control, gradually introduce commodity futures products which carry functions of price discovery and hedging for manufacturers and consumers of bulk commodities.

  The market-oriented products innovation mechanism must be established. We should research and develop stocks and bonds-related new products as well as the derivative55 products thereof. We should make greater efforts in developing low-risk securities products with fixed56 returns and provide investors with deposit-replacing securities products. Securitized assets products will be positively explored and developed.

  V. Further Upgrading the Quality of Listed Companies and Promoting the Standardized Operation of Listed Companies

  The quality of listed companies must be upgraded. The quality of listed companies is the source of value for securities market investment. Board directors and senior managing personnel should take the optimization of stockholders' interests and sustained improvement of profitability as the starting line and standpoint for their work. Further efforts should be made to improve the administrative system for stock issuance, promote the recommendation system for issuance and listing of securities, support companies with strong competitiveness, standardized operation and good returns to go public, therefore upgrading the quality of listed companies at root. Listed companies will be encouraged to conduct merger, acquisition and restructuring which are guided by market forces and can facilitate the sustained corporate development. While further refining refinancing policies, we should encourage listed companies of excellence57 to utilize capital markets in accelerating development and growing stronger.

  The operation of listed companies must be standardized. We should improve the structure of corporate governance of listed companies, and by following the requirements of the modern corporate system, form a check and balance mechanism among the power organ, the decision-making organ, the supervisory organ and corporate managers. Board directors and senior managing personnel are urged to demonstrate greater integrity during further improvement of the system of independent directors. We should regulate the acts of controlling shareholders58 and prosecute59 those committing acts to damage the interests of listed companies or those of small and medium-sized shareholders. We should burden listed companies and other entities60 liable for disclosing information with heavier responsibility for transparency, so as to effectively ensure the authenticity61, accuracy, integrity and timeliness of information disclosure. We should establish and improve the incentives62 and restraint system for senior managing personnel of listed companies.

  The market disqualification system must be improved. We should take effective measures to further improve the market disqualification system in concert with the construction of the multi-layer market system. While ensuring the survival of the fittest among listed companies, we should establish a mechanism for prosecuting63 the senior managing personnel of disqualified companies for dereliction of duty, so as to effectively protect the lawful rights and interests of investors.

  VI. Promoting the Regulated Development of Intermediary Institutions on Capital Markets and Upgrading their Practicing Level

  Securities and futures companies must be built into competitive modern financial enterprises. We should follow the principle of prudent64 supervision and administration in improving the market admittance system for securities and futures companies. While urging such companies to improve the structure of governance, we should regulate the acts of their shareholders and extract a higher level of integrity from the directors' board and managers. We should reform the administrative system for transaction settlement funds of securities and futures clients, and study and improve the deposition65 and management mechanism for such funds. Unauthorized appropriation66 of clients' funds is strictly67 prohibited in a way to effectively protect the lawful rights and interests of investors. Securities and futures companies shall improve the internal control mechanism and strengthen the unified control over their subsidiaries and branches. While enhancing the risk monitoring index system with net capital as its core, we should urge securities and futures companies to implement24 sound financial policies. Such companies are encouraged to grow stronger through merger, acquisition, restructuring and optimized68 integration69. The market disqualification system for securities and futures companies will be established and improved.

  The administration of other intermediary institutions must be enhanced. We should regulate and develop securities and futures investment consultancy institutions and securities credit rating institutions, enhance the administration of accounting70 firms, law firms and assets assessment71 institutions, so that the professional services offered by intermediary institutions shall be upgraded.

  VII. Enhancing the Construction of Sound Legal and Credit Systems and Improving the Supervision and Administration of Capital Markets

  The legal system for capital markets must be improved, and credit building enhanced. We should follow the overall planning for capital markets development to improve the system of laws and regulations which can facilitate the steady growth of capital markets and the protection of investors' rights and interests. We should remove such administrative regulations, regional and departmental rules and policy statements as impeding72 the market development, so as to create a sound legal environment for the growth of capital markets. We should, in accordance with the requirements of improving the social credit system in the context of a modern market economy, formulate the bona fide norms for capital markets, safeguard the bona fide order, and resolutely73 impose a ban of market access on institutions and individuals in serious violation74 of laws and regulations or in serious loss of trustworthiness.

  The rule of law in public administration must be propelled, and the supervision and administration of capital markets enhanced. We should follow the requirements of deepening the reform of the administrative approval system and implementing the Administrative Licensing75 Law to improve the personal quality and law enforcement capacity of the law enforcement personnel. We should foster the updated concepts of supervision and administration, establish and perfect the supervisory and administrative pattern in compatibility with the specific stage of capital markets development, and improve methods and increase efficiency, of capital markets. We should further consolidate76 the supervision and administration forces, integrate the relevant resources, and cultivate a contingent77 of administrative and supervisory personnel who are politically and professionally qualified. We should, through effective market supervision and administration, ensure the market to be fairer, more transparent and efficient, lower the systemic risk of the market, and safeguard the lawful rights and interests of market participants.

  The role of guild78 discipline and media supervision must be brought into full play. We should give space to self-regulation through securities and futures exchanges, registration79 and clearing companies, securities and futures associations, and guilds80 of law firms, accounting firms, assets assessment institutions, etc., and guide and enhance the news media's reporting and supervision of the securities and futures market.

  VIII. Enhancing Coordination and Co-operation and Preventing and Defusing Market Risks

  A sound environment for capital markets development must be created. Prevention of risks on capital markets bears on the financial security of the nation and the healthy growth of the national economy. All localities and departments should care for and support the regulated development of capital markets, take into full consideration the sensitivity, complexity81 and uniqueness of capital markets during the formulation of capital markets-related policies and measures, and establish a coordination and co-operation mechanism featuring sharing of information, easy communication and specified82 duties and responsibilities, so as to create a sound environment and conditions for the steady growth of the market.

  Market risks must be prevented and defused with common efforts. All localities and departments shall earnestly perform duties and responsibilities specified in the relevant laws and regulations such as the Company Law, and take effective measures to prevent and rectify83 in good time acts such as feigned84 capital contribution by initiators and encroachment85 on assets of listed companies by major shareholders or de facto controllers. All localities and the administrative departments concerned shall enhance the administration of companies disqualified from the market, and ensure the disqualification process to be smooth. For those securities and futures companies that involve major operation risks and thus must withdraw from capital markets or are subject to other administrative disposal measures, the local people's governments, the financial regulatory departments and the departments of public security, justice, etc. shall enhance coordination and co-operation, follow the laws, regulations and the relevant policies and take positive and effective measures to do a good job on risk disposal. All localities and departments shall establish a quick reaction mechanism against capital markets emergencies as well as a long-term mechanism for preventing and defusing risks.

  Illegal acts on securities and futures markets shall be subject to harsh crackdown. All localities shall implement the State Council's guidelines concerning rectification86 and regulation of the market economic order, and strictly prohibit under their jurisdiction87 illegal issuance of securities, illegal establishment of business institutions on securities and futures, illegal proxy88 of securities and futures trading, illegal or disguised establishment of securities and futures exchanges, and other illegal acts connected with securities and futures. The government departments in charge of finance, public security, audit89, industry and commerce, etc. and the institutions for the supervision and administration of state-owned assets should enhance coordination and co-operation in their efforts to sharpen the crackdown and maintain the order of capital markets.

  IX. Earnestly Summing Up Experiences and Promoting Opening in a Positive and Reliable Manner

  China will strictly carry out the commitments it has made on opening the sector of securities services during its accession to the World Trade Organization (WTO)。 Qualified foreign securities institutions are encouraged to hold shares of securities companies and fund management companies. The system of qualified foreign institutional investors will continue to be trial-operated.

  Foreign capital markets should be vigorously utilized90. Qualified domestic enterprises are encouraged to issue securities and get listed overseas by following the law of market and international common practice. Qualified domestic institutions and personnel are encouraged to conduct capital markets investment-related services and futures hedging overseas. The system of qualified domestic institutional investors will be earnestly studied.

  Exchange and cooperation should be enhanced. We should implement the Closer Economic Partnership91 Arrangement with Hong Kong and Macao and further enhance ties and cooperation with the relevant international organizations and foreign securities regulatory agencies.

  Developing capital markets is an important decision made by the CPC Central Committee and the State Council from an overall and strategic perspective. All localities and departments must pay sufficient attention to capital markets development, foster concepts by having the overall situation in view, fully understand the importance of such development, enhance confidence, seize opportunities, make innovations in a pioneering spirit, work together to create conditions for developing capital markets, vigorously promote their reform, opening and steady growth, and contribute to the great goal of building a well-off society in an all-round way.



点击收听单词发音收听单词发音  

1 autonomous DPyyv     
adj.自治的;独立的
参考例句:
  • They proudly declared themselves part of a new autonomous province.他们自豪地宣布成为新自治省的一部分。
  • This is a matter that comes within the jurisdiction of the autonomous region.这件事是属于自治区权限以内的事务。
2 ministries 80c65392682fb821af91521513be1259     
(政府的)部( ministry的名词复数 ); 神职; 牧师职位; 神职任期
参考例句:
  • Local authorities must refer everything to the central ministries. 地方管理机构应请示中央主管部门。
  • The number of Ministries has been pared down by a third. 部委的数量已经减少了1/3。
3 stunning NhGzDh     
adj.极好的;使人晕倒的
参考例句:
  • His plays are distinguished only by their stunning mediocrity.他的戏剧与众不同之处就是平凡得出奇。
  • The finished effect was absolutely stunning.完工后的效果非常美。
4 infrastructure UbBz5     
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。
5 standardization nuPwl     
n.标准化
参考例句:
  • Standardization of counseling techniques is obviously impossible. 很清楚,要想使研讨方法标准化是不可能的。
  • In Britain, progress towards standardization was much slower. 在英国,向标准化进展要迟缓得多。
6 component epSzv     
n.组成部分,成分,元件;adj.组成的,合成的
参考例句:
  • Each component is carefully checked before assembly.每个零件在装配前都经过仔细检查。
  • Blade and handle are the component parts of a knife.刀身和刀柄是一把刀的组成部分。
7 socialist jwcws     
n.社会主义者;adj.社会主义的
参考例句:
  • China is a socialist country,and a developing country as well.中国是一个社会主义国家,也是一个发展中国家。
  • His father was an ardent socialist.他父亲是一个热情的社会主义者。
8 optimization gIhxY     
n.最佳化,最优化;优选法;优化组合
参考例句:
  • Development of detergents has required optimization of the surfactants structure. 发展洗涤剂时,要求使用最恰当的表面活性剂结构。 来自辞典例句
  • In the case of productivity tools and other non-entertainment-oriented products, this optimization means minimizing work. 对于生产工具和其他非娱乐导向的产品而言,这意味着将工作负荷降至最低。 来自About Face 3交互设计精髓
9 promotion eRLxn     
n.提升,晋级;促销,宣传
参考例句:
  • The teacher conferred with the principal about Dick's promotion.教师与校长商谈了迪克的升级问题。
  • The clerk was given a promotion and an increase in salary.那个职员升了级,加了薪。
10 fully Gfuzd     
adv.完全地,全部地,彻底地;充分地
参考例句:
  • The doctor asked me to breathe in,then to breathe out fully.医生让我先吸气,然后全部呼出。
  • They soon became fully integrated into the local community.他们很快就完全融入了当地人的圈子。
11 fulfill Qhbxg     
vt.履行,实现,完成;满足,使满意
参考例句:
  • If you make a promise you should fulfill it.如果你许诺了,你就要履行你的诺言。
  • This company should be able to fulfill our requirements.这家公司应该能够满足我们的要求。
12 optimizing 56a2ad080ec9d3c4cf573c347d6de828     
v.使最优化,使尽可能有效( optimize的现在分词 );最佳化;寻优
参考例句:
  • This model may be classified as either an optimizing model or simulation model. 这个模型可分为最佳化模型或模拟模型。 来自辞典例句
  • Need to design crossover operator rationally while optimizing ANN. 优化网络需要合理设计交叉算子。 来自互联网
13 transformation SnFwO     
n.变化;改造;转变
参考例句:
  • Going to college brought about a dramatic transformation in her outlook.上大学使她的观念发生了巨大的变化。
  • He was struggling to make the transformation from single man to responsible husband.他正在努力使自己由单身汉变为可靠的丈夫。
14 sector yjczYn     
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。
15 sectors 218ffb34fa5fb6bc1691e90cd45ad627     
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》
16 coordination Ho8zt     
n.协调,协作
参考例句:
  • Gymnastics is a sport that requires a considerable level of coordination.体操是一项需要高协调性的运动。
  • The perfect coordination of the dancers and singers added a rhythmic charm to the performance.舞蹈演员和歌手们配合得很好,使演出更具魅力。
17 underlying 5fyz8c     
adj.在下面的,含蓄的,潜在的
参考例句:
  • The underlying theme of the novel is very serious.小说隐含的主题是十分严肃的。
  • This word has its underlying meaning.这个单词有它潜在的含义。
18 structural itXw5     
adj.构造的,组织的,建筑(用)的
参考例句:
  • The storm caused no structural damage.风暴没有造成建筑结构方面的破坏。
  • The North American continent is made up of three great structural entities.北美大陆是由三个构造单元组成的。
19 hampered 3c5fb339e8465f0b89285ad0a790a834     
妨碍,束缚,限制( hamper的过去式和过去分词 )
参考例句:
  • The search was hampered by appalling weather conditions. 恶劣的天气妨碍了搜寻工作。
  • So thought every harassed, hampered, respectable boy in St. Petersburg. 圣彼德堡镇的那些受折磨、受拘束的体面孩子们个个都是这么想的。
20 orientation IJ4xo     
n.方向,目标;熟悉,适应,情况介绍
参考例句:
  • Children need some orientation when they go to school.小孩子上学时需要适应。
  • The traveller found his orientation with the aid of a good map.旅行者借助一幅好地图得知自己的方向。
21 mentality PoIzHP     
n.心理,思想,脑力
参考例句:
  • He has many years'experience of the criminal mentality.他研究犯罪心理有多年经验。
  • Running a business requires a very different mentality from being a salaried employee.经营企业所要求具备的心态和上班族的心态截然不同。
22 corporate 7olzl     
adj.共同的,全体的;公司的,企业的
参考例句:
  • This is our corporate responsibility.这是我们共同的责任。
  • His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。
23 coordinated 72452d15f78aec5878c1559a1fbb5383     
adj.协调的
参考例句:
  • The sound has to be coordinated with the picture. 声音必须和画面协调一致。
  • The numerous existing statutes are complicated and poorly coordinated. 目前繁多的法令既十分复杂又缺乏快调。 来自英汉非文学 - 环境法 - 环境法
24 implement WcdzG     
n.(pl.)工具,器具;vt.实行,实施,执行
参考例句:
  • Don't undertake a project unless you can implement it.不要承担一项计划,除非你能完成这项计划。
  • The best implement for digging a garden is a spade.在花园里挖土的最好工具是铁锹。
25 implementing be68540dfa000a0fb38be40d32259215     
v.实现( implement的现在分词 );执行;贯彻;使生效
参考例句:
  • -- Implementing a comprehensive drug control strategy. ――实行综合治理的禁毒战略。 来自汉英非文学 - 白皮书
  • He was in no hurry about implementing his unshakable principle. 他并不急于实行他那不可动摇的原则。 来自辞典例句
26 impartiality 5b49bb7ab0b3222fd7bf263721e2169d     
n. 公平, 无私, 不偏
参考例句:
  • He shows impartiality and detachment. 他表现得不偏不倚,超然事外。
  • Impartiality is essential to a judge. 公平是当法官所必需的。
27 supervision hr6wv     
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。
28 lawful ipKzCt     
adj.法律许可的,守法的,合法的
参考例句:
  • It is not lawful to park in front of a hydrant.在消火栓前停车是不合法的。
  • We don't recognised him to be the lawful heir.我们不承认他为合法继承人。
29 investors dffc64354445b947454450e472276b99     
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
30 unleashing 8742c1b567c83ec8d9e14c8aeacbc729     
v.把(感情、力量等)释放出来,发泄( unleash的现在分词 )
参考例句:
  • Company logos: making people's life better by unleashing Cummins power. 公司理念:以康明斯动力建设更美好的生活! 来自互联网
  • Sooner or later the dam will burst, unleashing catastrophic destruction. 否则堤坝将崩溃,酿成灾难。 来自互联网
31 optimal zmDzhM     
adj.最适宜的;最理想的;最令人满意的
参考例句:
  • What is the optimal mix of private and public property rights in natural resources?私人和国家的自然资源产权的最适宜的组合是什么?
  • Optimal path planning is a key link for the sailing contest.帆船最优行驶路径规划是帆船比赛取胜的关键环节。
32 momentum DjZy8     
n.动力,冲力,势头;动量
参考例句:
  • We exploit the energy and momentum conservation laws in this way.我们就是这样利用能量和动量守恒定律的。
  • The law of momentum conservation could supplant Newton's third law.动量守恒定律可以取代牛顿第三定律。
33 transparent Smhwx     
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。
34 mechanism zCWxr     
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。
35 helping 2rGzDc     
n.食物的一份&adj.帮助人的,辅助的
参考例句:
  • The poor children regularly pony up for a second helping of my hamburger. 那些可怜的孩子们总是要求我把我的汉堡包再给他们一份。
  • By doing this, they may at times be helping to restore competition. 这样一来, 他在某些时候,有助于竞争的加强。
36 coordinating fc35d08ba9bb2dcfdc96033a33b9ae1e     
v.使协调,使调和( coordinate的现在分词 );协调;协同;成为同等
参考例句:
  • He abolished the Operations Coordinating Board and the Planning Board. 他废除了行动协调委员会和计划委员会。 来自辞典例句
  • He's coordinating the wedding, and then we're not going to invite him? 他是来协调婚礼的,难道我们不去请他? 来自电影对白
37 standardized 8hHzgs     
adj.标准化的
参考例句:
  • We use standardized tests to measure scholastic achievement. 我们用标准化考试来衡量学生的学业成绩。
  • The parts of an automobile are standardized. 汽车零件是标准化了的。
38 utilize OiPwz     
vt.使用,利用
参考例句:
  • The cook will utilize the leftover ham bone to make soup.厨师要用吃剩的猪腿骨做汤。
  • You must utilize all available resources.你必须利用一切可以得到的资源。
39 inadequate 2kzyk     
adj.(for,to)不充足的,不适当的
参考例句:
  • The supply is inadequate to meet the demand.供不应求。
  • She was inadequate to the demands that were made on her.她还无力满足对她提出的各项要求。
40 qualified DCPyj     
adj.合格的,有资格的,胜任的,有限制的
参考例句:
  • He is qualified as a complete man of letters.他有资格当真正的文学家。
  • We must note that we still lack qualified specialists.我们必须看到我们还缺乏有资质的专家。
41 supplementary 0r6ws     
adj.补充的,附加的
参考例句:
  • There is a supplementary water supply in case the rain supply fails.万一主水源断了,我们另外有供水的地方。
  • A supplementary volume has been published containing the index.附有索引的增补卷已经出版。
42 administrative fzDzkc     
adj.行政的,管理的
参考例句:
  • The administrative burden must be lifted from local government.必须解除地方政府的行政负担。
  • He regarded all these administrative details as beneath his notice.他认为行政管理上的这些琐事都不值一顾。
43 formulate L66yt     
v.用公式表示;规划;设计;系统地阐述
参考例句:
  • He took care to formulate his reply very clearly.他字斟句酌,清楚地做了回答。
  • I was impressed by the way he could formulate his ideas.他陈述观点的方式让我印象深刻。
44 merger vCJxG     
n.企业合并,并吞
参考例句:
  • Acceptance of the offer is the first step to a merger.对这项提议的赞同是合并的第一步。
  • Shareholders will be voting on the merger of the companies.股东们将投票表决公司合并问题。
45 steadily Qukw6     
adv.稳定地;不变地;持续地
参考例句:
  • The scope of man's use of natural resources will steadily grow.人类利用自然资源的广度将日益扩大。
  • Our educational reform was steadily led onto the correct path.我们的教学改革慢慢上轨道了。
46 equity ji8zp     
n.公正,公平,(无固定利息的)股票
参考例句:
  • They shared the work of the house with equity.他们公平地分担家务。
  • To capture his equity,Murphy must either sell or refinance.要获得资产净值,墨菲必须出售或者重新融资。
47 futures Isdz1Q     
n.期货,期货交易
参考例句:
  • He continued his operations in cotton futures.他继续进行棉花期货交易。
  • Cotton futures are selling at high prices.棉花期货交易的卖价是很高的。
48 diversify m8gyt     
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。
49 diversifying a1f291117de06530378940b8720bea5e     
v.使多样化,多样化( diversify的现在分词 );进入新的商业领域
参考例句:
  • Some publishers are now diversifying into software. 有些出版社目前正兼营软件。 来自辞典例句
  • Silverlit is diversifying into new markets, such as Russia and Eastern Europe. Silverlit正在使他们的市场变得多样化,开发新的市场如俄罗斯和东欧国家。 来自互联网
50 unified 40b03ccf3c2da88cc503272d1de3441c     
(unify 的过去式和过去分词); 统一的; 统一标准的; 一元化的
参考例句:
  • The teacher unified the answer of her pupil with hers. 老师核对了学生的答案。
  • The First Emperor of Qin unified China in 221 B.C. 秦始皇于公元前221年统一中国。
51 positively vPTxw     
adv.明确地,断然,坚决地;实在,确实
参考例句:
  • She was positively glowing with happiness.她满脸幸福。
  • The weather was positively poisonous.这天气着实讨厌。
52 tightening 19aa014b47fbdfbc013e5abf18b64642     
上紧,固定,紧密
参考例句:
  • Make sure the washer is firmly seated before tightening the pipe. 旋紧水管之前,检查一下洗衣机是否已牢牢地固定在底座上了。
  • It needs tightening up a little. 它还需要再收紧些。
53 sluggish VEgzS     
adj.懒惰的,迟钝的,无精打采的
参考例句:
  • This humid heat makes you feel rather sluggish.这种湿热的天气使人感到懒洋洋的。
  • Circulation is much more sluggish in the feet than in the hands.脚部的循环比手部的循环缓慢得多。
54 repayment repayment     
n.偿还,偿还款;报酬
参考例句:
  • I am entitled to a repayment for the damaged goods.我有权利索取货物损坏赔偿金。
  • The tax authorities have been harrying her for repayment.税务局一直在催她补交税款。
55 derivative iwXxI     
n.派(衍)生物;adj.非独创性的,模仿他人的
参考例句:
  • His paintings are really quite derivative.他的画实在没有创意。
  • Derivative works are far more complicated.派生作品更加复杂。
56 fixed JsKzzj     
adj.固定的,不变的,准备好的;(计算机)固定的
参考例句:
  • Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗?
  • Once the aim is fixed,we should not change it arbitrarily.目标一旦确定,我们就不应该随意改变。
57 excellence ZnhxM     
n.优秀,杰出,(pl.)优点,美德
参考例句:
  • His art has reached a high degree of excellence.他的艺术已达到炉火纯青的地步。
  • My performance is far below excellence.我的表演离优秀还差得远呢。
58 shareholders 7d3b0484233cf39bc3f4e3ebf97e69fe     
n.股东( shareholder的名词复数 )
参考例句:
  • The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
  • the company's fiduciary duty to its shareholders 公司对股东负有的受托责任
59 prosecute d0Mzn     
vt.告发;进行;vi.告发,起诉,作检察官
参考例句:
  • I am trying my best to prosecute my duties.我正在尽力履行我的职责。
  • Is there enough evidence to prosecute?有没有起诉的足够证据?
60 entities 07214c6750d983a32e0a33da225c4efd     
实体对像; 实体,独立存在体,实际存在物( entity的名词复数 )
参考例句:
  • Our newspaper and our printing business form separate corporate entities. 我们的报纸和印刷业形成相对独立的企业实体。
  • The North American continent is made up of three great structural entities. 北美大陆是由三个构造单元组成的。
61 authenticity quyzq     
n.真实性
参考例句:
  • There has been some debate over the authenticity of his will. 对于他的遗嘱的真实性一直有争论。
  • The museum is seeking an expert opinion on the authenticity of the painting. 博物馆在请专家鉴定那幅画的真伪。
62 incentives 884481806a10ef3017726acf079e8fa7     
激励某人做某事的事物( incentive的名词复数 ); 刺激; 诱因; 动机
参考例句:
  • tax incentives to encourage savings 鼓励储蓄的税收措施
  • Furthermore, subsidies provide incentives only for investments in equipment. 更有甚者,提供津贴仅是为鼓励增添设备的投资。 来自英汉非文学 - 环境法 - 环境法
63 prosecuting 3d2c14252239cad225a3c016e56a6675     
检举、告发某人( prosecute的现在分词 ); 对某人提起公诉; 继续从事(某事物); 担任控方律师
参考例句:
  • The witness was cross-examined by the prosecuting counsel. 证人接受控方律师的盘问。
  • Every point made by the prosecuting attorney was telling. 检查官提出的每一点都是有力的。
64 prudent M0Yzg     
adj.谨慎的,有远见的,精打细算的
参考例句:
  • A prudent traveller never disparages his own country.聪明的旅行者从不贬低自己的国家。
  • You must school yourself to be modest and prudent.你要学会谦虚谨慎。
65 deposition MwOx4     
n.免职,罢官;作证;沉淀;沉淀物
参考例句:
  • It was this issue which led to the deposition of the king.正是这件事导致了国王被废黜。
  • This leads to calcium deposition in the blood-vessels.这导致钙在血管中沉积。
66 appropriation ON7ys     
n.拨款,批准支出
参考例句:
  • Our government made an appropriation for the project.我们的政府为那个工程拨出一笔款项。
  • The council could note an annual appropriation for this service.议会可以为这项服务表决给他一笔常年经费。
67 strictly GtNwe     
adv.严厉地,严格地;严密地
参考例句:
  • His doctor is dieting him strictly.他的医生严格规定他的饮食。
  • The guests were seated strictly in order of precedence.客人严格按照地位高低就座。
68 optimized 81c61ac8ff2adb570ce4c7e7dfed59bd     
adj.最佳化的,(使)最优化的v.使最优化,使尽可能有效( optimize的过去式和过去分词 )
参考例句:
  • We are often asked whether consumer Web sites should be optimized for beginners or intermediates. 我们常常被问到这样的问题:消费类网站究竟应该为新手而优化,还是应该为中间用户而优化? 来自About Face 3交互设计精髓
  • GOOGLE Advertising optimized sequence, greatly increasing the advertising effect. 优化了GOOGLE广告位排列顺序,大大增加了广告效果。 来自互联网
69 integration G5Pxk     
n.一体化,联合,结合
参考例句:
  • We are working to bring about closer political integration in the EU.我们正在努力实现欧盟內部更加紧密的政治一体化。
  • This was the greatest event in the annals of European integration.这是欧洲统一史上最重大的事件。
70 accounting nzSzsY     
n.会计,会计学,借贷对照表
参考例句:
  • A job fell vacant in the accounting department.财会部出现了一个空缺。
  • There's an accounting error in this entry.这笔账目里有差错。
71 assessment vO7yu     
n.评价;评估;对财产的估价,被估定的金额
参考例句:
  • This is a very perceptive assessment of the situation.这是一个对该情况的极富洞察力的评价。
  • What is your assessment of the situation?你对时局的看法如何?
72 impeding 8qtzd2     
a.(尤指坏事)即将发生的,临近的
参考例句:
  • Fallen rock is impeding the progress of rescue workers. 坠落的石头阻滞了救援人员的救援进程。
  • Is there sufficient room for the kiosk and kiosk traffic without impeding other user traffic? 该环境下是否有足够的空间来摆放信息亭?信息亭是否会妨碍交通或者行走? 来自About Face 3交互设计精髓
73 resolutely WW2xh     
adj.坚决地,果断地
参考例句:
  • He resolutely adhered to what he had said at the meeting. 他坚持他在会上所说的话。
  • He grumbles at his lot instead of resolutely facing his difficulties. 他不是果敢地去面对困难,而是抱怨自己运气不佳。
74 violation lLBzJ     
n.违反(行为),违背(行为),侵犯
参考例句:
  • He roared that was a violation of the rules.他大声说,那是违反规则的。
  • He was fined 200 dollars for violation of traffic regulation.他因违反交通规则被罚款200美元。
75 licensing 7352ce0b4e0665659ae6466c18decb2a     
v.批准,许可,颁发执照( license的现在分词 )
参考例句:
  • A large part of state regulation consists of occupational licensing. 大部分州的管理涉及行业的特许批准。 来自英汉非文学 - 行政法
  • That licensing procedures for projects would move faster. 这样的工程批准程序一定会加快。 来自辞典例句
76 consolidate XYkyV     
v.使加固,使加强;(把...)联为一体,合并
参考例句:
  • The two banks will consolidate in July next year. 这两家银行明年7月将合并。
  • The government hoped to consolidate ten states to form three new ones.政府希望把十个州合并成三个新的州。
77 contingent Jajyi     
adj.视条件而定的;n.一组,代表团,分遣队
参考例句:
  • The contingent marched in the direction of the Western Hills.队伍朝西山的方向前进。
  • Whether or not we arrive on time is contingent on the weather.我们是否按时到达要视天气情况而定。
78 guild 45qyy     
n.行会,同业公会,协会
参考例句:
  • He used to be a member of the Writers' Guild of America.他曾是美国作家协会的一员。
  • You had better incorporate the firm into your guild.你最好把这个公司并入你的行业协会。
79 registration ASKzO     
n.登记,注册,挂号
参考例句:
  • Marriage without registration is not recognized by law.法律不承认未登记的婚姻。
  • What's your registration number?你挂的是几号?
80 guilds e9f26499c2698dea8220dc23cd98d0a8     
行会,同业公会,协会( guild的名词复数 )
参考例句:
  • View list of the guilds that Small has war on. 看目前有哪些公会是我们公会开战的对象及对我们开战的对象。
  • Guilds and kingdoms fit more with the Middle Age fantasy genre. (裴):公会和王国更适合中世纪奇幻类型。
81 complexity KO9z3     
n.复杂(性),复杂的事物
参考例句:
  • Only now did he understand the full complexity of the problem.直到现在他才明白这一问题的全部复杂性。
  • The complexity of the road map puzzled me.错综复杂的公路图把我搞糊涂了。
82 specified ZhezwZ     
adj.特定的
参考例句:
  • The architect specified oak for the wood trim. 那位建筑师指定用橡木做木饰条。
  • It is generated by some specified means. 这是由某些未加说明的方法产生的。
83 rectify 8AezO     
v.订正,矫正,改正
参考例句:
  • The matter will rectify itself in a few days.那件事过几天就会变好。
  • You can rectify this fault if you insert a slash.插人一条斜线便可以纠正此错误。
84 feigned Kt4zMZ     
a.假装的,不真诚的
参考例句:
  • He feigned indifference to criticism of his work. 他假装毫不在意别人批评他的作品。
  • He accepted the invitation with feigned enthusiasm. 他假装热情地接受了邀请。
85 encroachment DpQxB     
n.侵入,蚕食
参考例句:
  • I resent the encroachment on my time.我讨厌别人侵占我的时间。
  • The eagle broke away and defiantly continued its encroachment.此时雕挣脱开对方,继续强行入侵。
86 rectification NUwx3     
n. 改正, 改订, 矫正
参考例句:
  • The process of producing a shift of the average value is called rectification. 产生平均值移动的过程叫做整流。
  • This effect, in analogy to its radiofrequency counterpart, is known as optical rectification. 同它的射频对应物相仿,这种现象称为光学整流。
87 jurisdiction La8zP     
n.司法权,审判权,管辖权,控制权
参考例句:
  • It doesn't lie within my jurisdiction to set you free.我无权将你释放。
  • Changzhou is under the jurisdiction of Jiangsu Province.常州隶属江苏省。
88 proxy yRXxN     
n.代理权,代表权;(对代理人的)委托书;代理人
参考例句:
  • You may appoint a proxy to vote for you.你可以委托他人代你投票。
  • We enclose a form of proxy for use at the Annual General Meeting.我们附上委任年度大会代表的表格。
89 audit wuGzw     
v.审计;查帐;核对;旁听
参考例句:
  • Each year they audit our accounts and certify them as being true and fair.他们每年对我们进行账务审核,以确保其真实无误。
  • As usual,the yearly audit will take place in December.跟往常一样,年度审计将在十二月份进行。
90 utilized a24badb66c4d7870fd211f2511461fff     
v.利用,使用( utilize的过去式和过去分词 )
参考例句:
  • In the19th century waterpower was widely utilized to generate electricity. 在19世纪人们大规模使用水力来发电。 来自《简明英汉词典》
  • The empty building can be utilized for city storage. 可以利用那栋空建筑物作城市的仓库。 来自《简明英汉词典》
91 partnership NmfzPy     
n.合作关系,伙伴关系
参考例句:
  • The company has gone into partnership with Swiss Bank Corporation.这家公司已经和瑞士银行公司建立合作关系。
  • Martin has taken him into general partnership in his company.马丁已让他成为公司的普通合伙人。
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