Breakup first, then debts for Ministry of Railways reform

 　　BEIJING, March 11 (Xinhua) -- The first challenge for the Ministry¹ of Railways (MOR) is to ensure the smooth separation of administrative² functions from its commercial operations, while its debts will be handled next, an official involved in planning China's latest cabinet restructuring said Monday.

　　"The reform will split the MOR first and launch a new company to take over its commercial operation," Wang Feng, deputy director of the State Commission Office for Public Sector³ Reform, said at a press conference while explaining the central government's latest institutional reform package.

　　The State Council, or China's cabinet, on Sunday announced a plan to dismantle⁴ the MOR into administrative and commercial units.

　　The proposed State Railways Administration will be supervised by the Ministry of Transport and perform the administrative functions of the defunct⁵ MOR, while the planned China railway corporation will run commercial businesses which are now controlled by the MOR.

　　"The debts issue for the new company will be settled next as part of its further reform, but not at the current stage for functional⁶ breakup," Wang said.

　　He said the new company needs to establish a modern corporate⁷ system to carry out future investment and financing reforms, while the state will continue to support it through appropriate means.

　　MOR financial statements showed its total assets stood at 4.3 trillion yuan (685.6 billion U.S. dollars) as of September 2012, while the total liabilities stood at 2.66 trillion yuan, with a debt-to-asset ratio of 61.8 percent.

　　On Sunday, Yi Gang, vice⁸ governor of China's central bank, warned that the MOR debts must be properly handled to stabilize⁹ expectations of lenders, the market and the public, adding that a number of national and regional banks, big or small, have been involved in the construction of railways for years.

　　According to the MOR, China had 98,000 km of rail lines, including 9,356 km of high-speed rail lines, in operation at the end of 2012.

　　Minister of Railways Sheng Guangzu also promised on Sunday to properly solve the debts owed by the MOR, for business purposes and for public welfare as well.

　　Sheng expressed hope that private capital and foreign funds could actively¹⁰ participate in incorporation¹¹ of the new company.

　　The breakup plan also triggered public concerns that train fares will rise soon, as Sheng described the average train fare as "relatively¹² low." Sheng said the future pricing of train tickets should be decided¹³ by the market law.

　　The MOR recorded a combined revenue of 975.2 billion yuan last year, up 15 percent from a year earlier, MOR data showed.

　　The State Council's breakup plan for the MOR is subject to the vote of the first session of the 12th National People's Congress.

1 ministry   

n.(政府的)部；牧师

参考例句：

• They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
• We probed the Air Ministry statements.我们调查了空军部的记录。

2 administrative   

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。

3 sector   

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。

4 dismantle   

vt.拆开，拆卸；废除，取消

参考例句：

• He asked for immediate help from the United States to dismantle the warheads.他请求美国立即提供援助，拆除这批弹头。
• The mower firmly refused to mow,so I decided to dismantle it.修完后割草机还是纹丝不动，于是，我决定把它拆开。

5 defunct   

adj.死亡的；已倒闭的

参考例句：

• The scheme for building an airport seems to be completely defunct now.建造新机场的计划看来整个完蛋了。
• This schema object is defunct.No modifications are allowed until it is made active again.此架构对象不起作用。在重新激活之前，不能进行任何改动。

6 functional   

adj.为实用而设计的，具备功能的，起作用的

参考例句：

• The telephone was out of order,but is functional now.电话刚才坏了，但现在可以用了。
• The furniture is not fancy,just functional.这些家具不是摆着好看的，只是为了实用。

7 corporate   

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。

8 vice   

n.坏事；恶习；[pl.]台钳，老虎钳；adj.副的

参考例句：

• He guarded himself against vice.他避免染上坏习惯。
• They are sunk in the depth of vice.他们堕入了罪恶的深渊。

9 stabilize   

vt.（使）稳定，使稳固，使稳定平衡；vi.稳定

参考例句：

• They are eager to stabilize currencies.他们急于稳定货币。
• His blood pressure tended to stabilize.他的血压趋向稳定。

10 actively   

adv.积极地，勤奋地

参考例句：

• During this period all the students were actively participating.在这节课中所有的学生都积极参加。
• We are actively intervening to settle a quarrel.我们正在积极调解争执。

11 incorporation   

n.设立，合并，法人组织

参考例句：

• The incorporation of air bubbles in the glass spoiled it.玻璃含有气泡，使它质量降低。
• The company will be retooled after the incorporation.合并之后的公司要进行重组。

12 relatively   

adv.比较...地，相对地

参考例句：

• The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
• The operation was relatively painless.手术相对来说不痛。

13 decided   

adj.决定了的，坚决的；明显的，明确的

参考例句：

• This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
• There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。