中英文本

One of the main concerns for China in recent years has been excess capacity, especially in heavy industries like steel.

近些年，产能过剩，尤其是钢铁行业引起了人们的关注W;LmkU6[Wyl&yF&mH6b。

The central government has tried to address this issue, but Hu Yanping, an analyst at Custeel.com, says local governments’ continued support of steel producers is thwarting this attempt.

中央政府一直在解决问题，但中国联合钢铁网分析师胡艳平表示，由于当地政府对钢铁的不断支持，使得这一问题很难得到解决!=(VvglWsiB64eYmn。

For instance, Lingyuan Iron & Steel Co. Ltd. is a state-owned enterprise in Chaoyang, Liaoning province.

例如辽宁省朝阳市凌源钢铁股份有限公司，该公司为国有企业xFT!x7IE]Nm&bHdm5P%。

It has been producing and distributing steel for construction since 1966.

自1966年以来，该公司一直生产钢铁M9c+g2=u^~6kM+sZxSbO。

According to the company, it has been the top tax contributor for the local government.

据公司所说，凌源钢铁一直是当地政府的主要税收来源&TC0^7NzBiWv2B@wL6*l。

However, with the slowdown of the property market, its profitability dwindled, and it became a beneficiary of local government subsidies, which since 2012 have covered hundreds of millions of yuan in losses.

然而，随着房地产市场投资放缓，效益低迷，凌源也因此获得了政府补贴，自2012年起，补贴经济损失数亿元!NV0,&5u0wNu*(LqxJ。

According to a person familiar with the industry, there are more than 100 state-backed steel companies like Lingyuan in China.

据业内人士指出，像凌源这样的国有钢铁公司在中国有100多家h^26Gt~GO,cN@.。

Indeed, local governments elsewhere in the country continue to give steel producers hundreds of millions of yuan in the hopes that steel makers'contributions to public coffers will rebound.

在中国其它地区，当地政府继续向钢铁公司提供数亿元财政补贴，希望钢铁公司能为社会带来更大效益CbZ!rF!fcN%idt。

Additionally, local governments extend aid in order to avoid mass lay-off of workers for fear of social unrest.

此外，为了避免工人大面积下岗，引发社会动乱，当地政府扩大救助范围G1=X#dfvKS8caK。

But those hopes might be in vain.

但这些希望或许均会落空U2o3XOv+^6G,C4T@*S.W。

Hu says, although steelmakers account for a significant share of local tax revenues, they are falling behind on their payments as the economy slows.

但胡艳平表示，尽管钢铁公司是当地税收的主要来源，但随着中国经济放缓，他们更是入不敷出iybzVM-|_4_nxj[[UE.v。

Indeed, it is hard to see how steel makers can cough up the cash.

钢铁公司步履维艰p,T75,~;ZPz~U1&yYbT_。

The industry suffered a loss of 72 billion yuan in the first 10 months of this year and the sector made 300 million more tons of steel than it needed this year.

今年前10个月，钢铁产业损失720亿元，产能比去年增加3亿吨!KC.^9K0Q1。

And industry associations think demand for steel will fall by 3 percent next year.

某钢铁产业协会表示，明年的钢铁需求将减少3%~9bvz(Rbo^2c1|r。

Not only that, continued support for such steel producers means market forces won't be able to play the decisive role of ensuring that resources are efficiently distributed, says a person familiar with the matter.

消息人士指出，由于政府不断扶持，市场在资源配置中的决定性作用无法得到充分发挥dZE@@iY^=2dd*mM9![。

Caixin has argued that as history has shown, cutting overcapacity won't be painless.

财新认为以史为鉴，去产能并不会一帆风顺m5)AWsDzyHW4TN@。

But in the 1990s the government has shown plenty of boldness in restructuring state-owned enterprises, leading China into an era of double-digit growth.

但在上世纪90年代，政府改革国有企业势头迅猛，经济呈两位数趋势增长HNDy[0P@OA[F6-]。

Now, those nerves of steel will be needed more than ever.

如今，钢铁产业改革迫在眉睫ut.B,i#s)PFHS。

译文属可可英语原创，未经允许，不得转载tWv.nP^d]Jv&;Eu。

重点讲解

1.double-digit 两位数的

例句: Australia had 15 years of double-digit inflation.

澳大利亚有15年通货膨胀率维持在两位数X8J-Yx3;1n7!7X。

2.cough up 支付

例句: I'll have to cough up $10,000 a year for tuition.

我每年将不得不付1万美元的学费~K2[N_#Qz4,。

3.state-owned 国有的

例句: And if you work for a state-owned firm, you cannot refuse to go, he adds.

而且如果你是在一家国有企业任职，你还不能拒绝出国，他补充到8KU%c301EbzX。

4.in order to 为了

例句: In order to compass our object we must work hard.

为了达到我们的目标，我们必须努力工作tY_O~1vhJj&m。