The world economy 世界經(jīng)濟
India overheats 印度經(jīng)濟過熱 （陳繼龍 編譯）
Feb 1st 2007
From The Economist print edition
India cannot run as fast as China without further reform
不深化改革，印度就無法趕上中國
THE Indian tiger is on the prowl[1]. （1）This week, in an apt piece of symbolism, Tata Steel, which dates back to the days of the Raj, leapt into the league of top producers when it bought Britain's Corus, which includes the steelmaking remnants of the old imperial power. Nor is Tata alone: younger Indian companies such as Infosys and Wipro are storming international markets. Meanwhile, the world's business people and investors queue up to lavish money on India's talented engineers and computer scientists,
印度這只老虎正在四處覓食（尋找投資機會）。本周，塔塔鋼鐵集團（Tata Steel）收購了英國科魯斯（Corus）集團，一躍成為世界鋼鐵制造商之一。塔塔創(chuàng)立于英帝國殖民統(tǒng)治時代（Raj），而科魯斯又是古老的英帝國鋼鐵制造業(yè)歷史的僅存見證，因而這次并購案具有很好的象征意義。塔塔公司并非特例——印度新生代企業(yè)如Infosys和Wipro都在搶占國際市場。與此同時，世界企業(yè)人和投資者也紛紛把錢“砸”在才華橫溢的印度工程師和計算機專家身上。
The roar from Delhi is echoing across Asia. After peevish[2] years cast as China's underperforming neighbour, the huntress is now in hot pursuit. Over the past year the Indian economy has grown by an impressive 9.2%, not far behind China's 10.4%. At some point this year India's growth rate could even outpace China's; and if you measure things by purchasing power parity, India should soon overtake Japan and become the third-biggest economy, behind only America and China.
德里的熱鬧傳遍了亞洲。印度這個“捕獵者”作為中國的近鄰，多年來一直表現(xiàn)不佳，心情急躁，如今正奮起直追。過去一年印度經(jīng)濟顯著增長，達9.2%，接近于中國的10.4%。在一定的時期內(nèi)印度今年的增長速度甚至可能超過中國；如果按購買力平價（purchasing power parity, PPP）計算，印度很快就會超過日本，成為僅次于美國和中國的世界第三大經(jīng)濟體。
（2）No wonder an increasing number of Indian businessmen, policymakers and economists are basking[3] in the belief that their country is burning bright having at last broken free of its bureaucratic cage. An economy once famous for the “Hindu rate of growth”, of 3% a year, was opened up by the reforms of the 1990s, many of them pushed through by the man who is now prime minister, Manmohan Singh. His government's latest five-year plan assumes that India can sustain average growth of 9%. Who can doubt “Incredible India”, to borrow the slogan of its tourism campaign?
很顯然，印度越來越多的商人、決策人士和經(jīng)濟學(xué)家滿以為他們國家徹底擺脫了官僚主義的束縛，形勢一片大好。這個曾經(jīng)以“印度式發(fā)展速度”（即每年3%）著稱的經(jīng)濟體，從上世紀90年代開始進行改革開放，其中很多改革措施都是由現(xiàn)任總理曼莫漢•辛格推動實施的。辛格政府最新推出的五年計劃指出，印度有能力維持 9%的平均增長速度。用印度旅游業(yè)的發(fā)展口號來說，就是要建設(shè)一個“令人難以置信的印度”，這一點誰會懷疑呢？
Tweaking the long tail 揪住“長尾巴”
（3）Fast growth is essential to pull millions of Indians out of poverty, so it is sad to pour cold water on this story. But that is precisely what is needed when there are so many alarming signs of overheating. Across India prices are rising fast, factories are at full capacity, loans are piling up. Yes, the economic reforms of the early 1990s spurred competition, forced firms to become more productive and boosted India's trend—or sustainable—rate of growth. But the problem is that this new speed limit is almost certainly lower than the government's one. Historic data would suggest a figure not much above 7%—well below China's 9-10%.
要想讓數(shù)億印度人擺脫貧困，就必須快速發(fā)展，因此他們說要創(chuàng)造一個“令人難以置信的印度”，我們不好潑冷水。不過，當有種種跡象表明經(jīng)濟過熱時，潑點冷水就很有必要了?，F(xiàn)在的印度，物價快速上漲，工廠產(chǎn)能過剩，信貸不斷增長。20世紀90年代初的經(jīng)濟改革確實刺激了競爭，迫使企業(yè)增強生產(chǎn)力，進而提高了印度趨勢（或可持續(xù)）增長率，然而問題是事實上現(xiàn)在的增長速度幾乎肯定比這一新確定的增速要快。如果對歷史數(shù)據(jù)進行分析，略高于7%的速度應(yīng)該比較合適，但要大大低于中國的9~10%。
When you mention overheating, many analysts point towards China. Yet India displays far more symptoms of the disease. Inflation has risen to 6-7% (compared with 2.8% in China); a record 99% of Indian firms report that they are operating above their optimal capacity; and credit is expanding at an annual rate of 30%, twice as fast as in China. Unlike China, India also has a widening current-account deficit—a classic sign of overheating, as domestic output fails to keep pace with surging demand. And if you are looking for a stockmarket bubble, Indian share prices have risen more than four-fold over the past four years, far more than in China. If something is not done, then a hard landing will become inevitable.
一說起經(jīng)濟過熱，不少分析人士都會想到中國，不過印度的“過熱征象”要嚴重得多。通脹已升至6~7%，而中國僅為2.8%；印度企業(yè)中有創(chuàng)紀錄的99%報告說運轉(zhuǎn)已經(jīng)超過產(chǎn)能；信貸以每年30%的速度增長，比中國快一倍。不同于中國的是，印度的經(jīng)常項目赤字（current-account deficit）也日益惡化，而這恰好是經(jīng)濟過熱的典型表現(xiàn)，它表明國內(nèi)已經(jīng)是供不應(yīng)求。股市泡沫也存在，印度股價過去四年來增長了4倍，遠遠超過中國。如果無所舉措，印度將不可避免地迎來經(jīng)濟“硬著陸”。
The Reserve Bank of India has been too timid in cooling down domestic demand: although one interest rate was raised this week by a quarter point, the overall rise in rates over the past two and a half years has not even kept up with consumer-price inflation. But the main focus of the government's attention should be on supply—and dismantling[4] the many barriers that keep its speed limit below China's.
在為內(nèi)需降溫方面，印度儲備銀行（央行）顯得過于縮手縮腳：本周雖然它把利率提高了25個基點，但過去兩年半以來利率的總增長始終低于消費者價格通脹水平。不過政府的主要精力還是應(yīng)該放在供給上，同時要搬掉令其增速度落后于中國的眾多絆腳石。
（4）So far, reform in India has focused on setting its inventive private sector free from the world's most fearsome bureaucracy. This has unleashed[5] entrepreneurial talent, but more change is needed. Now is the time to tackle the public sector itself. Infrastructure, such as roads and power, and public services, such as education and drinking water, are woefully inadequate and limit growth. Even as the economy has been booming, many public services have worsened. It seems incongruous that somebody can own a mobile phone, yet has to waste hours queuing for drinking water. India's top computer scientists are feted[6] around the world, yet most children in rural areas lack the basic education needed to find more productive work. Around half of all Indian women are illiterate, compared with a ratio of around one in seven in China.
迄今印度改革一直致力于將私有創(chuàng)新企業(yè)從這個世界上最可怕的官僚體制中解放出來，企業(yè)家們因此得以人盡其才，但其他方面也亟需改革，當務(wù)之急就是解決國有部門問題。公路、能源等基礎(chǔ)建設(shè)和教育、飲水等公共事業(yè)資源不足，讓人痛心不說，還制約了經(jīng)濟發(fā)展。國家經(jīng)濟不斷繁榮，而許多公共服務(wù)業(yè)狀況卻甚至每況愈下。一個人一邊拿著移動電話，一邊卻要排上好幾個鐘頭的隊等水喝，這種狀況看上去非常不協(xié)調(diào)。印度頂尖計算機專家遍布世界，享受著優(yōu)厚待遇，而印度農(nóng)村地區(qū)的大多數(shù)兒童卻無法接受基礎(chǔ)教育，因而也就無法找到生產(chǎn)力較強的工作。印度婦女約有一半是文盲，而中國僅為1/7。
Singh's songsheet 辛格曲高和寡
India's rulers have two bad excuses for not dealing with those roads, schools and hospitals. The first is theoretical. Many Indian economic commentators say that further structural reforms, though desirable, are not essential to keep the economy growing at 8% or more because of the “demographic dividend”. A fast-growing working population and a falling dependency rate (thanks to a lower birth rate) will ensure more workers, more saving and hence more investment.
印度領(lǐng)導(dǎo)人指出了未及解決道路、學(xué)校和醫(yī)院問題的兩個理由，但都不住腳。第一個是理論上的。印度許多經(jīng)濟評論員認為，雖然深化結(jié)構(gòu)改革再好不過，但憑借“人口紅利”（demographic dividend），要維持8%或更高的增長速度也是能做到的。有了勞動力人口的快速增長以及人口負擔(dān)系數(shù)（dependency rate）的減?。ǔ錾瘦^低之故），就不愁沒有更多的勞動力、更多的儲蓄進而有更多的投資。
India's demographic structure is indeed starting to look more like that in East Asia when its growth took off. （5）But this mechanistic view of growth assumes that demography is destiny and that economic policies do not matter. In fact, open markets, education and investment, especially in infrastructure, were the three chief ingredients of East Asia's success. Population growth by itself does not add to prosperity, unless young people are educated and new jobs are created. India needs to reform its absurdly restrictive labour laws which hold back the expansion of manufacturing particularly.
的確在人口結(jié)構(gòu)上，印度的現(xiàn)狀與當初處于發(fā)展起步階段的東亞越來越相像。但是，如果如此機械地看待發(fā)展問題，就不免會得出人口因素決定一切以及經(jīng)濟政策并不重要的結(jié)論。事實上，東亞的成功“三要素”是市場開放、教育開放和投資開放（特別是在基礎(chǔ)建設(shè)領(lǐng)域）。人口增長了，只有在年輕人接受教育和創(chuàng)造新的就業(yè)機會情況下，才會促進經(jīng)濟繁榮。印度應(yīng)對勞動法加以改革，這些法規(guī)的限制規(guī)定實在荒唐（在印度，雇員在100人以上的公司要解雇員工必須先得到邦政府的批準?！g者按），對制造業(yè)規(guī)模擴大的制約作用尤為突出。
The second excuse for doing nothing is practical: there is little room to spend more on schools and hospitals. India already has one of the biggest budget deficits among the large emerging economies (as much as 8% of GDP going by the widest measure). In fact, plenty can be achieved by reform, rather than just spending. Private investors are hesitant about putting money in infrastructure, because the regulators are not independent enough of populist politicians to guarantee a decent return.
印度無所作為的第二個理由則是現(xiàn)實意義上的——無法拿出更多的資金投入到學(xué)校和醫(yī)院。在新興的大經(jīng)濟體中，印度的預(yù)算赤字名列前茅（按照最常用的計算方法，可達GDP的8%）。事實上只要改革，就能獲得足夠資金，不能一心就想著投入。個人投資者對是否把錢投到基礎(chǔ)設(shè)施建設(shè)中正舉棋不定，這是因為監(jiān)管部門和希望有利可圖的人民黨人還是有扯不清的瓜葛。
If these things can be tackled, India can indeed match China's growth. （6）Mr Singh remains a reformer, but his government relies on the support of the communist parties and, with today's prosperity, there is no stomach to take them on. The worry is that today's overheating will need to boil over before that mindset changes.
如果這些問題得以解決，印度是可以趕上中國的。辛格一如既往堅持改革，但他的政府卻指望共產(chǎn)黨的支持，并且經(jīng)濟繁榮如斯，他們也沒有閑情逸致去同共產(chǎn)黨角力，怕就怕經(jīng)濟過熱到“沸騰”的地步時他們的腦子還沒有轉(zhuǎn)過彎來。
[NOTES](LONGMAN)
1. (be/go) on the prowl (be/go) prowling 小心而悄悄的移動; 徘徊（覓食）: There was a fox on the prowl near the chicken coop. 有只狐貍在雞舍附近踅來踅去. * (joc 謔) The soldiers went on the prowl hoping to meet some girls. 這些大兵逛來逛去, 希望碰上花姑娘.
2. peevish adj. easily annoyed (esp by unimportant things); irritable 易怒的（尤指對小事）; 急躁的.
3. bask v. [I, Ipr] ~ (in sth) sit or lie enjoying warmth 坐著或躺著取暖: basking in the sunshine, by the fire, on the beach 在陽光下、火爐旁、海灘上取暖 * (fig 比喻) basking in sb's favour, approval, etc 受某人的恩惠、嘉許等.
4. dismantle v. 1 take (sth) to pieces 將（某物）拆開; 拆除（某物）: dismantle a faulty motor, machine, etc (for repairs) 把有毛病的發(fā)動機、 機器等拆開（以便修理） * dismantle an exhibition, a theatrical set, etc 把所有展品、 戲劇布景等拆除 * (fig 比喻) We should dismantle our inefficient tax system. 我們這個效益很差的稅收制度應(yīng)該廢除. 2 remove fittings and furnishings from (a building or ship) 拆除（建筑物或船只）的裝備.
5. unleash v. [Tn, Tn.pr] ~ sth (against/on sb/sth) (a) set sth free from a leash or restraint 解開帶子或去掉限制以放開（某事物）: unleash the guard dogs 解開帶子放出警衛(wèi)犬. (b) (fig 比喻) set sth free from control; release sth in a powerful attack (on sb/sth) 使某物不受控制; 放出某物對（某人[某物]）進行強有力的攻擊: unleash the forces of nuclear power 發(fā)出核動力的攻擊力 * He unleashed a torrent of abuse againstthe unfortunate shop assistant. 他對那倒霉的店員罵不絕口.
6. fete v. [Tn esp passive 尤用於被動語態(tài)] honour or entertain (sb) in a special way 特別款待或招待（某人）: The queen was feted wherever she went. 女王不論走到哪里都受到盛情款待.
India overheats 印度經(jīng)濟過熱 （陳繼龍 編譯）
Feb 1st 2007
From The Economist print edition
India cannot run as fast as China without further reform
不深化改革，印度就無法趕上中國
THE Indian tiger is on the prowl[1]. （1）This week, in an apt piece of symbolism, Tata Steel, which dates back to the days of the Raj, leapt into the league of top producers when it bought Britain's Corus, which includes the steelmaking remnants of the old imperial power. Nor is Tata alone: younger Indian companies such as Infosys and Wipro are storming international markets. Meanwhile, the world's business people and investors queue up to lavish money on India's talented engineers and computer scientists,
印度這只老虎正在四處覓食（尋找投資機會）。本周，塔塔鋼鐵集團（Tata Steel）收購了英國科魯斯（Corus）集團，一躍成為世界鋼鐵制造商之一。塔塔創(chuàng)立于英帝國殖民統(tǒng)治時代（Raj），而科魯斯又是古老的英帝國鋼鐵制造業(yè)歷史的僅存見證，因而這次并購案具有很好的象征意義。塔塔公司并非特例——印度新生代企業(yè)如Infosys和Wipro都在搶占國際市場。與此同時，世界企業(yè)人和投資者也紛紛把錢“砸”在才華橫溢的印度工程師和計算機專家身上。
The roar from Delhi is echoing across Asia. After peevish[2] years cast as China's underperforming neighbour, the huntress is now in hot pursuit. Over the past year the Indian economy has grown by an impressive 9.2%, not far behind China's 10.4%. At some point this year India's growth rate could even outpace China's; and if you measure things by purchasing power parity, India should soon overtake Japan and become the third-biggest economy, behind only America and China.
德里的熱鬧傳遍了亞洲。印度這個“捕獵者”作為中國的近鄰，多年來一直表現(xiàn)不佳，心情急躁，如今正奮起直追。過去一年印度經(jīng)濟顯著增長，達9.2%，接近于中國的10.4%。在一定的時期內(nèi)印度今年的增長速度甚至可能超過中國；如果按購買力平價（purchasing power parity, PPP）計算，印度很快就會超過日本，成為僅次于美國和中國的世界第三大經(jīng)濟體。
（2）No wonder an increasing number of Indian businessmen, policymakers and economists are basking[3] in the belief that their country is burning bright having at last broken free of its bureaucratic cage. An economy once famous for the “Hindu rate of growth”, of 3% a year, was opened up by the reforms of the 1990s, many of them pushed through by the man who is now prime minister, Manmohan Singh. His government's latest five-year plan assumes that India can sustain average growth of 9%. Who can doubt “Incredible India”, to borrow the slogan of its tourism campaign?
很顯然，印度越來越多的商人、決策人士和經(jīng)濟學(xué)家滿以為他們國家徹底擺脫了官僚主義的束縛，形勢一片大好。這個曾經(jīng)以“印度式發(fā)展速度”（即每年3%）著稱的經(jīng)濟體，從上世紀90年代開始進行改革開放，其中很多改革措施都是由現(xiàn)任總理曼莫漢•辛格推動實施的。辛格政府最新推出的五年計劃指出，印度有能力維持 9%的平均增長速度。用印度旅游業(yè)的發(fā)展口號來說，就是要建設(shè)一個“令人難以置信的印度”，這一點誰會懷疑呢？
Tweaking the long tail 揪住“長尾巴”
（3）Fast growth is essential to pull millions of Indians out of poverty, so it is sad to pour cold water on this story. But that is precisely what is needed when there are so many alarming signs of overheating. Across India prices are rising fast, factories are at full capacity, loans are piling up. Yes, the economic reforms of the early 1990s spurred competition, forced firms to become more productive and boosted India's trend—or sustainable—rate of growth. But the problem is that this new speed limit is almost certainly lower than the government's one. Historic data would suggest a figure not much above 7%—well below China's 9-10%.
要想讓數(shù)億印度人擺脫貧困，就必須快速發(fā)展，因此他們說要創(chuàng)造一個“令人難以置信的印度”，我們不好潑冷水。不過，當有種種跡象表明經(jīng)濟過熱時，潑點冷水就很有必要了?，F(xiàn)在的印度，物價快速上漲，工廠產(chǎn)能過剩，信貸不斷增長。20世紀90年代初的經(jīng)濟改革確實刺激了競爭，迫使企業(yè)增強生產(chǎn)力，進而提高了印度趨勢（或可持續(xù)）增長率，然而問題是事實上現(xiàn)在的增長速度幾乎肯定比這一新確定的增速要快。如果對歷史數(shù)據(jù)進行分析，略高于7%的速度應(yīng)該比較合適，但要大大低于中國的9~10%。
When you mention overheating, many analysts point towards China. Yet India displays far more symptoms of the disease. Inflation has risen to 6-7% (compared with 2.8% in China); a record 99% of Indian firms report that they are operating above their optimal capacity; and credit is expanding at an annual rate of 30%, twice as fast as in China. Unlike China, India also has a widening current-account deficit—a classic sign of overheating, as domestic output fails to keep pace with surging demand. And if you are looking for a stockmarket bubble, Indian share prices have risen more than four-fold over the past four years, far more than in China. If something is not done, then a hard landing will become inevitable.
一說起經(jīng)濟過熱，不少分析人士都會想到中國，不過印度的“過熱征象”要嚴重得多。通脹已升至6~7%，而中國僅為2.8%；印度企業(yè)中有創(chuàng)紀錄的99%報告說運轉(zhuǎn)已經(jīng)超過產(chǎn)能；信貸以每年30%的速度增長，比中國快一倍。不同于中國的是，印度的經(jīng)常項目赤字（current-account deficit）也日益惡化，而這恰好是經(jīng)濟過熱的典型表現(xiàn)，它表明國內(nèi)已經(jīng)是供不應(yīng)求。股市泡沫也存在，印度股價過去四年來增長了4倍，遠遠超過中國。如果無所舉措，印度將不可避免地迎來經(jīng)濟“硬著陸”。
The Reserve Bank of India has been too timid in cooling down domestic demand: although one interest rate was raised this week by a quarter point, the overall rise in rates over the past two and a half years has not even kept up with consumer-price inflation. But the main focus of the government's attention should be on supply—and dismantling[4] the many barriers that keep its speed limit below China's.
在為內(nèi)需降溫方面，印度儲備銀行（央行）顯得過于縮手縮腳：本周雖然它把利率提高了25個基點，但過去兩年半以來利率的總增長始終低于消費者價格通脹水平。不過政府的主要精力還是應(yīng)該放在供給上，同時要搬掉令其增速度落后于中國的眾多絆腳石。
（4）So far, reform in India has focused on setting its inventive private sector free from the world's most fearsome bureaucracy. This has unleashed[5] entrepreneurial talent, but more change is needed. Now is the time to tackle the public sector itself. Infrastructure, such as roads and power, and public services, such as education and drinking water, are woefully inadequate and limit growth. Even as the economy has been booming, many public services have worsened. It seems incongruous that somebody can own a mobile phone, yet has to waste hours queuing for drinking water. India's top computer scientists are feted[6] around the world, yet most children in rural areas lack the basic education needed to find more productive work. Around half of all Indian women are illiterate, compared with a ratio of around one in seven in China.
迄今印度改革一直致力于將私有創(chuàng)新企業(yè)從這個世界上最可怕的官僚體制中解放出來，企業(yè)家們因此得以人盡其才，但其他方面也亟需改革，當務(wù)之急就是解決國有部門問題。公路、能源等基礎(chǔ)建設(shè)和教育、飲水等公共事業(yè)資源不足，讓人痛心不說，還制約了經(jīng)濟發(fā)展。國家經(jīng)濟不斷繁榮，而許多公共服務(wù)業(yè)狀況卻甚至每況愈下。一個人一邊拿著移動電話，一邊卻要排上好幾個鐘頭的隊等水喝，這種狀況看上去非常不協(xié)調(diào)。印度頂尖計算機專家遍布世界，享受著優(yōu)厚待遇，而印度農(nóng)村地區(qū)的大多數(shù)兒童卻無法接受基礎(chǔ)教育，因而也就無法找到生產(chǎn)力較強的工作。印度婦女約有一半是文盲，而中國僅為1/7。
Singh's songsheet 辛格曲高和寡
India's rulers have two bad excuses for not dealing with those roads, schools and hospitals. The first is theoretical. Many Indian economic commentators say that further structural reforms, though desirable, are not essential to keep the economy growing at 8% or more because of the “demographic dividend”. A fast-growing working population and a falling dependency rate (thanks to a lower birth rate) will ensure more workers, more saving and hence more investment.
印度領(lǐng)導(dǎo)人指出了未及解決道路、學(xué)校和醫(yī)院問題的兩個理由，但都不住腳。第一個是理論上的。印度許多經(jīng)濟評論員認為，雖然深化結(jié)構(gòu)改革再好不過，但憑借“人口紅利”（demographic dividend），要維持8%或更高的增長速度也是能做到的。有了勞動力人口的快速增長以及人口負擔(dān)系數(shù)（dependency rate）的減?。ǔ錾瘦^低之故），就不愁沒有更多的勞動力、更多的儲蓄進而有更多的投資。
India's demographic structure is indeed starting to look more like that in East Asia when its growth took off. （5）But this mechanistic view of growth assumes that demography is destiny and that economic policies do not matter. In fact, open markets, education and investment, especially in infrastructure, were the three chief ingredients of East Asia's success. Population growth by itself does not add to prosperity, unless young people are educated and new jobs are created. India needs to reform its absurdly restrictive labour laws which hold back the expansion of manufacturing particularly.
的確在人口結(jié)構(gòu)上，印度的現(xiàn)狀與當初處于發(fā)展起步階段的東亞越來越相像。但是，如果如此機械地看待發(fā)展問題，就不免會得出人口因素決定一切以及經(jīng)濟政策并不重要的結(jié)論。事實上，東亞的成功“三要素”是市場開放、教育開放和投資開放（特別是在基礎(chǔ)建設(shè)領(lǐng)域）。人口增長了，只有在年輕人接受教育和創(chuàng)造新的就業(yè)機會情況下，才會促進經(jīng)濟繁榮。印度應(yīng)對勞動法加以改革，這些法規(guī)的限制規(guī)定實在荒唐（在印度，雇員在100人以上的公司要解雇員工必須先得到邦政府的批準?！g者按），對制造業(yè)規(guī)模擴大的制約作用尤為突出。
The second excuse for doing nothing is practical: there is little room to spend more on schools and hospitals. India already has one of the biggest budget deficits among the large emerging economies (as much as 8% of GDP going by the widest measure). In fact, plenty can be achieved by reform, rather than just spending. Private investors are hesitant about putting money in infrastructure, because the regulators are not independent enough of populist politicians to guarantee a decent return.
印度無所作為的第二個理由則是現(xiàn)實意義上的——無法拿出更多的資金投入到學(xué)校和醫(yī)院。在新興的大經(jīng)濟體中，印度的預(yù)算赤字名列前茅（按照最常用的計算方法，可達GDP的8%）。事實上只要改革，就能獲得足夠資金，不能一心就想著投入。個人投資者對是否把錢投到基礎(chǔ)設(shè)施建設(shè)中正舉棋不定，這是因為監(jiān)管部門和希望有利可圖的人民黨人還是有扯不清的瓜葛。
If these things can be tackled, India can indeed match China's growth. （6）Mr Singh remains a reformer, but his government relies on the support of the communist parties and, with today's prosperity, there is no stomach to take them on. The worry is that today's overheating will need to boil over before that mindset changes.
如果這些問題得以解決，印度是可以趕上中國的。辛格一如既往堅持改革，但他的政府卻指望共產(chǎn)黨的支持，并且經(jīng)濟繁榮如斯，他們也沒有閑情逸致去同共產(chǎn)黨角力，怕就怕經(jīng)濟過熱到“沸騰”的地步時他們的腦子還沒有轉(zhuǎn)過彎來。
[NOTES](LONGMAN)
1. (be/go) on the prowl (be/go) prowling 小心而悄悄的移動; 徘徊（覓食）: There was a fox on the prowl near the chicken coop. 有只狐貍在雞舍附近踅來踅去. * (joc 謔) The soldiers went on the prowl hoping to meet some girls. 這些大兵逛來逛去, 希望碰上花姑娘.
2. peevish adj. easily annoyed (esp by unimportant things); irritable 易怒的（尤指對小事）; 急躁的.
3. bask v. [I, Ipr] ~ (in sth) sit or lie enjoying warmth 坐著或躺著取暖: basking in the sunshine, by the fire, on the beach 在陽光下、火爐旁、海灘上取暖 * (fig 比喻) basking in sb's favour, approval, etc 受某人的恩惠、嘉許等.
4. dismantle v. 1 take (sth) to pieces 將（某物）拆開; 拆除（某物）: dismantle a faulty motor, machine, etc (for repairs) 把有毛病的發(fā)動機、 機器等拆開（以便修理） * dismantle an exhibition, a theatrical set, etc 把所有展品、 戲劇布景等拆除 * (fig 比喻) We should dismantle our inefficient tax system. 我們這個效益很差的稅收制度應(yīng)該廢除. 2 remove fittings and furnishings from (a building or ship) 拆除（建筑物或船只）的裝備.
5. unleash v. [Tn, Tn.pr] ~ sth (against/on sb/sth) (a) set sth free from a leash or restraint 解開帶子或去掉限制以放開（某事物）: unleash the guard dogs 解開帶子放出警衛(wèi)犬. (b) (fig 比喻) set sth free from control; release sth in a powerful attack (on sb/sth) 使某物不受控制; 放出某物對（某人[某物]）進行強有力的攻擊: unleash the forces of nuclear power 發(fā)出核動力的攻擊力 * He unleashed a torrent of abuse againstthe unfortunate shop assistant. 他對那倒霉的店員罵不絕口.
6. fete v. [Tn esp passive 尤用於被動語態(tài)] honour or entertain (sb) in a special way 特別款待或招待（某人）: The queen was feted wherever she went. 女王不論走到哪里都受到盛情款待.