China is considering merging the two dominant state-owned railway equipment producers to lead a high-speed rail export drive, in a move that would create the world’s largest company of its kind in terms of operating revenue.

　　中國正在考慮合并兩家主要的國有鐵路設備制造商，以引領中國的高鐵出口。按營收計算，合并后的企業(yè)將是全球同類企業(yè)中最大的一家。

　　If approved, the merger of China North Locomotive and Rolling Stock Corp (CNR) and China South Locomotive and Rolling Stock Corp (CSR) would form an entity controlling well over 90 per cent of the domestic Chinese rail equipment market.

　　如果獲批，中國北車股份有限公司(CNR)和中國南車股份有限公司(CSR)合并而成的實體，將控制中國國內鐵路設備市場逾90%的份額。

　　The revenues of the combined group would exceed those of global competitors like Bombardier, Alstom and Siemens. CSR and CNR have announced ambitious targets to increase operating income more than three-fold in the next five years, to around Rmb150bn ($22.7bn) and Rmb140bn respectively.

　　合并后集團的收入將超過龐巴迪(Bombardier)、阿爾斯通(Alstom)和西門子(Siemens)等全球競爭者。南車和北車都宣布了雄心勃勃的目標，要在未來五年內將經營收入提高三倍，分別達到約1500億元人民幣（合227億美元）和1400億元人民幣。

　　The possible merger is supported by China’s railway ministry and the state-owned assets supervision and administration commission, Sasac, which holds the government’s majority stakes in the two companies, according to Chinese media reports and people familiar with the proposal.

　　據(jù)中國媒體報道和知情人士透露，這宗可能的合并得到了中國鐵道部和國資委(Sasac)的支持。國資委持有政府在這兩家公司中的多數(shù)股權。

　　Yet the idea faces opposition from the companies themselves and from other ministries, including the powerful central planning agency, which wants to maintain competition in the home rail equipment market.

　　然而這個想法受到了兩家公司本身及包括國家發(fā)改委在內的其他部委的反對。國家發(fā)改委希望維持國內鐵路設備市場的競爭。

　　Both Sasac and the railway ministry are strong backers of the Chinese rail companies’ push into overseas markets and feel a merged company could compete more effectively for international tenders without fear of being undercut by its domestic rival.

　　國資委和鐵道部都是中國鐵路企業(yè)進軍海外市場的有力支持者，它們感到，合并后的公司能夠更有效地在國際競標中展開競爭，而不必擔心國內對手的低價競爭。

　　China’s high-speed and conventional rail construction boom means the country will remain the world’s single largest rail market for at least the next 10 years. Annual investment is expected to peak by around 2013, however, and roughly halve after that.

　　中國高速鐵路和常規(guī)鐵路的建設熱潮意味著，至少在未來10年內，中國仍將是全球單一最大的鐵路市場。不過，年投資額預計將在2013年達到峰值，其后會減少大約一半。

　　That would leave CNR and CSR with enormous spare capacity and a merger of the two would allow the companies to focus their energies on competing globally.

　　北車和南車將會因此閑置大量產能，如果二者合并，便可將精力專注于在國際上展開競爭。

　　Combining the two state companies and their dozens of subsidiaries – some of which are publicly listed – would be a mammoth task made more complicated by various joint ventures and agreements they have with international competitors.

　　合并這兩家國有企業(yè)及旗下的數(shù)十家子公司——其中一些已公開上市，將是一項艱巨的任務，各種各樣的合資企業(yè)以及它們與國際競爭對手達成的各項協(xié)議，更是使問題變得更加復雜。

　　Chinese-built high-speed rail projects in Burma, Thailand and Laos are expected to start construction this year and the Chinese companies are preparing to bid for as many as eight possible high-speed rail lines under consideration in the US.

　　中國在緬甸、泰國和老撾建設的高鐵項目預計將于今年破土動工，中國企業(yè)正準備競標美國正在考慮建設的8條高鐵線路。