1、1Difficult Sentences in Unit Four1. Recent trends in investment in governmental human capital investment are favorable but the investment proportion is still low by world standards rising to3.1% in 2001.(Para1)最近政府对人力资本的投资有加大的趋势，但较之 2001 年全世界高达 3.1%的投资比例，则仍然偏低。2. However，evidence indicates that the
2、true rate of return to education and skill formation is very high and that the imbalance is symptomatic of a serious distortion of current policy that retards economic development in China.(para2)然而数据表明：教育和技能培训的投资效益的确是很高的，而当前政策的症结在于投资的严重失衡，影响了中国经济发展的速度。3. The term“human capital” suggests to some a d
3、epersonalization of individual and is associated in the popular mind with a dehumanizing society that equates men with machines.(Para4)有些人认为：“人力资本” 这一术语的含义就是剥夺人们的个性，使广大民众联想到一个将人类等同机器，失去人性的社会。24. It helps people reallocate resources, both human and physical, toward more productive opportunities, and
4、even to realize that those opportunities exist.(Para7)高技能有助于人们重新分配人力资本和实物资本的资源，以适应高效的机遇，甚至预见这些机遇的存在。5. By world standards, the percent of college-educated workers is still low and there is substantial regional variability so that the educational infrastructure for modern growth is needed.(Para8)按国际标
5、准，中国受过大学教育的劳动者所占的人口比例仍然偏低，而且各地区之间也存在巨大差异，因此需要改善基础教育结构，以适应现代社会的发展。6. The impact of education on total factor productivity in regions in China shows that the recent policy of promoting investment in noncoastal areas of China was thwarted by low level of education in the noncoastal regions.(Para9)教育事业对
6、中国各地区生产力所造成的影响证明：中国内地教育水平的低下，防碍了政府最近对内地加大投资的政策的实施。37. When we think about an appropriate investment strategy in China, and the development of its regions, it is very important to understand that optimizing over the full portfolio of investment-both human and physical capital-promotes the highest rat
7、e of growth(Para10)当我们考虑在中国如何制定最佳投资策略，如何使各地区协调发展，我们必须认识到：只有全面优化人力资本和实物资本的投资结构， 才能产生最快的发展速度，这一点是至关重要的。8. By equalizing returns across assets and across markets in different regions of the country, greater national wealth and long run social equality will be produced.(Para10)只有平衡各地区的资本效益与市场效益，才能为国家创造更
8、多的财富，并实现社会的长治久安。9. The place of birth is one of the most important determinants of that persons adult skill level. This is a powerful source of inequality in Chinese society across people at a point in time and across 4generations.(para.11) 籍贯是一个人成年后才能的最重要的决定因素之一。无论就同一时代的人来见讲，还是隔代而言这都是导致中国社会不平等的重大原因
9、。10. This source of inequality is reinforced by the vestiges of houkou (hukou) policy that charges children of interregional immigrants above normal fees that are as large as 10 % of total family income just for the right to attend school.(para.11) 使这种不平等雪上加霜的是残存的户口政策。这种政策向跨区流动人员的孩子征收高达相当于他们家庭总收入的百分
10、之十的借读费。11 A policy of charging fees for access to education , which is widespread in secondary and higher levels, can be justified as a way to ration scarce resources to those who might benefit most from education(para.13) 在中学阶段以后普遍征收学费是合情合理的，因为这样可以把有限的教育资源分配给最能从中收益的人。12 It is important to evaluate
11、government activity on a quantitative basis , to screen the bad investments from the good ones and conduct policy on a factually informed 5basis.(para.15) 重要的是，要对政府的行为为进行量化评估，将好的投资项目与坏的投资项目分开，并本着实事求是的态度制定政策方针。13 An imbalanced policy that seeks to improve productivity in noncoastal regions by encoura
12、ging investment in physical capital alone is much less efficient than a policy that invests in a more balanced fashion in both.(para.17) 一种失衡的政策是在内地单靠大规模实物投资提高生产力，这种政策收效远不如对两者（物力和人力）同时投资的均衡政策。14 A free market that allows the same kind of incentives to operate as those that increasingly govern capita
13、l markets and product markets in China, would go a long way toward promoting skill formation.(para.19) 中国的资本市场和产品市场日益受到该机制的制约，这种自由的市场将大大推动人们掌握一技之长。15 Another policy that would promote growth is equalization of regional and urban vs. rural rates of returns to human and physical capital by permitting
14、free capital and labor mobility.（Para20 ）另一项促使经济发展的政策是,通过允许资本和劳动力自由流动,以均衡各地区之间,城乡之间人力资本和实物资本的回报率。616.Eliminating regional disparity in wages and opening up markets to allow freedom of migration and pursuit of opportunities throughout China would enhance economic development of the country as a whole
15、. （Para20）消除地区间工资差距，使劳动力自由流动并在全国范围内寻找机会，将促进中国经济的整体发展。17.Opening the labor market might risk some increase in inequality in wages at least in the short run, as the wages of skilled workers are bid up. （Para 21）开放劳动力市场，在短期内随着技术工人工资不断提高，可能带来工资差距加大的风险。18.A policy fostering human capital and more open mi
16、gration would serve to offset the rise in inequality produced by more open wage setting. (Para 23)注重人力资本和劳动力更加自由流动的政策，一定会抵消开放工资体系所造成的不公平。7human capital physical capital physical investment GDP (gross domestic product ) current policy economic growth labor market occupation, industries and regions reallocate resources workforce skilled workers productivity noncoastal regions aggregate income per capita scarce resources tuition 8fees household income cost-benefit labor mobility credit market mean income social mobility social instability
