SentenceStudy1.

(Para.1,Line.3)

Recenttrendsininvestmentingovernmentalhumancapitalinvestmentarefavorable

but

theinvestmentproportionisstilllowbyworldstandardsrisingto3.1%in2001.favorable.adj.favor.v.n.dosb.afavor有利的;贊許的;起促進作用的;譯文：最近政府對人力資本的投資趨勢更為有利，但較之2001年全世界高達3.1%的投資比例，則仍然偏低。warrant(para.2,line1)

v./n.n.保證;證明,根據

vt.使…顯得合理;辯解保證,擔保E.g.我可以擔保他是一個誠實可靠的人。Iwillwarranthimanhonestandreliableperson.Thisimbalancemightbewarranted.(這種失衡也許有可以辯解的理由/顯得合理。)2.

(para.2,line.2)However,evidenceindicatesthatthetruerateofreturntoeducationandskillformationisveryhighandthat

theimbalanceissymptomaticofaseriousdistortionofcurrentpolicy(thatretardseconomicdevelopmentinChina.)symptomatic：adj.征兆的,癥候的;有癥狀的evidenceindicatesthat…symptom.n.癥狀;besymptomaticof…distortion:n.distort.v.

歪曲,曲解,使變形=deform-tort,扭轉retard：使…放慢或遲緩;阻礙…的進步或發展;延遲；E.g.1.Lackofscienceandeducationretardssocialprogress.2.Lackofsunlightwillretardthegrowthofmostplants.譯文：然而,有數據表明：教育和技能培訓的投資比例的確很高，而這種失衡的政策，其癥結在于投資政策的嚴重扭曲，影響了中國經濟發展的速度。Para.3,line.1When…,What…hadbeenconsidered(as)anunexplainedresidual

becameidentifiedashumancapital.當經濟學家開始測定經濟發展的因素時，從前被認為是無法解釋的“索洛剩余”被認定為人力資本（的范疇）。(para.3,thelastsentence)

payoff:

1.使得益;有回報E.g.Theinvestorbelievesthathisinvestmentwillpayoffhandsomelysoon.

投資者相信他的投資不久會有豐厚的收益。2.付清,還清Payoffyourcreditcardseverymonth.每個月請償還(清)你的信用卡賬單。

(Para.4)Theterm“humancapital”suggeststosomeadepersonalizationofindividualsandisassociatedinthepopularmindwith

adehumanizingsocietythatequatesmenwithmachines.

suggesttosb.sth.beassociatedwith..depersonalization,dehumanizeequate.v.~with使…平等，視為平等

equal.adj.有些人認為：“人力資本”這一術語的含義就是剝奪人們的個性，使廣大民眾聯想到一個將人類等同于機器，失去人性的社會。theotherwayaround.=(adv.)exactlytheoppositePara.7,line.3Numerousempiricalstudies

demonstrate

that…adapttochange.實證研究，經驗研究…moreeducated…,betterskilled……opportunityavailable…(Para.7,line.7)Greatskillalsofacilitatesworkermobilityacrossoccupation,industriesandregionsinresponsetonewopportunities.Ithelpspeoplereallocateresources,bothhumanandphysical,towardmoreproductiveopportunities,andeventorealizethatthoseopportunitiesexist.facilitate:makeeasier;facility,n.使便利,減輕…的困難;促進,幫助mobility:n.mobile.adj.reallocate:distributeagain

譯文：技能高(廣/有技能在身)便于勞動者在出現新機遇時跨工種、跨行業、跨地區的流動。它還有助于人們重新分配人力資本和實物資本的資源，以適應高效的機遇，甚至預見這些機遇的存在。(Para.8,line.3)

Byworldstandards,thepercentofcollege-educatedworkersisstilllowandthereissubstantialregionalvariabilitysothattheeducationalinfrastructureformoderngrowthisneeded.

Vary.v.Variable.adj./n.variabilityn.Various.adj.E.g.Haveyoutakenallthevariablesintoaccountinyourcalculations?在你的計算中，你是否把所有的可變因素都考慮進去呢?譯文：按國際標準，中國受過大學教育的勞動者所占的人口比例仍然偏低，而且各地區之間也存在巨大差異，因此需要改善基礎教育結構，以適應現代社會的發展。(para.9,line.4)Aninvestmentstrategy(that

emphasizesphysicalcapitaloverhumancapital)failstocapturethebenefits(thatcanarisefromamorebalancedinvestmentstrategy.)注：句子兩個that引導的定語從句。emphasize…over…強調實物投資而忽視人力資本的投資策略，無法獲得相應的收益，該收益則只能在更均衡的投資策略下產出。(Para.9)Theimpactofeducationontotalfactorproductivity

inregionsinChinashowsthattherecentpolicyofpromotinginvestmentinnoncoastalareasofChinawasthwarted

bylowlevelofeducationinthenoncoastalregions.thwart

v.hamper,defeat,frustratethwart

v.hamper,defeat,frustrate

阻撓,挫敗,妨礙E.g.Weshouldcareforthemandnotthwarttheirenthusiasm.我們應該關心和愛護他們，而不是阻礙他們的積極性。bethwartedby…受……的阻撓，妨礙譯文：教育事業對中國各地區全因素生產力所造成的影響證明：中國內地教育水平的低下，防礙了政府最近對內地加大投資的政策的實施。Theimpactofeducationontotalfactorproductivity

inregionsinChinashowsthattherecentpolicyofpromotinginvestmentinnoncoastalareasofChinawasthwarted

bylowlevelofeducationinthenoncoastalregions.

(Para.10)WhenwethinkaboutanappropriateinvestmentstrategyinChina,andthedevelopmentofitsregions,itisveryimportanttounderstandthat

optimizingoverthefullportfolioofinvestment---bothhumanandphysicalcapital---promotesthehighestrateofgrowth.optimizing1.optimize,v.使最優化,使盡可能有效2.表示樂觀optimistic,adj.optimism,n.pessimistic,adj.pessimism,n.v.pessimize譯文：當我們考慮在中國如何制定最佳投資策略，如何使各地區協調發展，我們必須認識到：只有全面優化人力資本和實物資本的投資結構(組合)，才能產生最快的發展速度，這一點是至關重要的。(Para.10)Byequalizingreturnsacrossassetsandacrossmarketsindifferentregionsofthecountry,greaternationalwealthandlongrunsocialequalitywillbeproduced.

只有平衡各地區的資本效益與市場效益，才能為國家創造更多的財富，并實現社會的長治久安。

(para.11,line.5)Theplaceofbirthisoneofthemostimportantdeterminantsofthatperson’sadultskilllevel.ThisisapowerfulsourceofinequalityinChinesesocietyacrosspeopleatapointintimeandacrossgenerations.

determinant----determine.v.n.決定因素adj.決定性的,確定的,限定性的Theplaceofbirthisoneofthemostimportantdeterminantsofthatperson’sadultskilllevel.ThisisapowerfulsourceofinequalityinChinesesocietyacrosspeopleatapointintimeandacrossgenerations.譯文：籍貫是一個人成年后技能的最重要的決定因素之一。無論就同一時代的人來講，還是隔代而言這都是導致中國社會不平等的重大根源。Thissourceofinequalityisreinforcedbythevestigesofhoukou(hukou)policythatchargeschildrenofinterregionalimmigrantsabovenormalfeesthatareaslargeas10%oftotalfamilyincomejustfortherighttoattendschool.vestige

n.殘余部分;遺跡;痕跡1.Werepresentthelastvestigeofwhatmadethisnationgreat–hardworking.我們代表了曾使這個國家偉大的僅存的品質--勤奮。2.Theobjectiontoopeningupworkmarketisavestigeofplannedeconomycharge(for)E.g.Howmuchdoyouchargeforahaircut?freeofchargeinterregionalInter-region–al

譯文：使這種不平等雪上加霜的是殘存的戶口政策，也就是向跨地區流動人員的孩子征收高額的借讀費，其份額已高達該家庭總收入的百分之十。(para.13,the1stsentence)Apolicyofchargingfeesforaccesstoeducation,whichiswidespreadinsecondaryandhigherlevels,canbejustified

asawaytorationscarceresourcestothosewhomightbenefitmostfromeducation.

justifyvt.證明…有理;為…辯護E.g.Hetriedtojustifyhisabsencewithlameexcuses.他試圖用蹩腳的借口為自己的缺席辯解。bejustifiedas…n.定量;配給量Thecountrycutthebreadrationlastyear.vt.限量供應;配給Wewererationedtotwoeggsaday.ration(rate)在中學階段以后普遍征收學費是合情合理的一種方式，因為這樣可以把有限的教育資源分配給最能從中收益的人。

Apolicyofchargingfeesforaccesstoeducation,whichiswidespreadinsecondaryandhigherlevels,canbejustified

asawaytorationscarceresourcestothosewhomightbenefitmostfromeducation.

(para.15,line.2)Itisimportanttoevaluategovernmentactivityonaquantitativebasis,toscreenthebadinvestmentsfromthegoodonesandconductpolicyonafactuallyinformedbasis.ona…basis:

以…的制度/體系/標準/基礎上E.g.onadailybasis,onaday-shiftbasis,E.g.Spendsometimeonadailybasisclearingyourmind,riddingitofnegativethoughts,andrefocusingitonthosethatarepositive.

…factuallyinformed…譯文：重要的是，要對政府的行為進行量化評估，將好的投資項目與壞的投資項目分開，并本著實事求是的態度執行政策方針。Groundin=basedon(Para.16,thelastsentence)Sotheonlything…isthat

personalincentivestoinvestinskillsarelow,although…從句：Onecanconcludefrom…toeducationanalysisappliedtohistoricalChinesedata(過去分詞短語做定語)…從中國歷史數據所得到的教育分析…(para.17)Animbalancedpolicythatseekstoimproveproductivityinnoncoastalregionsbyencouraginginvestment

inphysicalcapitalaloneismuchlessefficientthanapolicythatinvestsinamorebalancedfashioninboth.

在內地，單靠大規模實物投資來提高生產力的失衡政策，它的收效遠遠不如對兩者（物力和人力）同時投資的更均衡的政策來的快。Para.18subsidize.v.monetaryassistancegrantedbygovernmentsubsidy.n.sub-side-izeen-tail:make…followasaconsequence(para.19,line.3)Afreemarketthatallowsthesamekindofincentivestooperateasthosethatincreasinglygoverncapital

marketsandproductmarketsinChinawouldgoalongwaytowardpromotingskillformation.

中國的資本市場和產品市場日益受到該機制的制約，這種自由的市場將大大推動人們掌握一技之長。（Para.20）Anotherpolicythatwouldpromotegrowthisequalization

ofregionalandurbanvs.ruralratesofreturnstohumanandphysicalcapitalbypermittingfre