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Lord, the American Ambassador in China, to participate an exchange plan. In September 1987, Mr. Li went to America again for his master degree. In June 1989, Mr. Li attained his master degree on International Finance from Brandes University. As an analysis of Acadian Investment Management Company, Mr. Li started his investment management practice in 1990. In March 1991, Mr. Li was employed by the famous Wall Street Investment Bank and the Brother Braun Corporation as senior analysis in investment strategy department, analyzing and researching investment strategy. In September 1995, Mr. Li was appointed by the Oppenheimer Funds and responsible for the global stock investment.

1986年6月，李山泉受美国驻中国大使洛德邀请，参加美国汉弗莱交流计划。1987年9月，他重返美攻读学位。1989年6月，获布兰德斯大学国际金融硕士学位。1990年作为为Acadian投资管理公司的分析师开始投资管理的实践。1991年3月到纽约华尔街，被著名的老牌华尔街投资银行、布朗兄弟公司聘任，在投资战略部任高级分析师，从事投资战略的分析研究。1995年11月应聘到奥本海默基金公司，负责该公司环球股票投资的管理工作。

This study analysised the condition of Xinjiang's petroleum resource and made an evaluation and it points out that the development of petroleum and natural gas of Xinjiang is still in the developing period in which it aims at discovering the petrol field and increasing its reserves.Although it has a great exploring potential,because of its geograghy limitation and a lack of exploring funds,the exploring level is till low,even lower than the everage level of the whole country. The study is based on theories of industry distributions,its concentration,macroscopic analysis,government regulations and continuing development.From microcosmic and macroscopic aspects,it scientifically and systematically analyses the problems in the development of petroleum industry in Xinjiang.It points that the developments of middle and upper reaches lack a balance and have no rational industry structures.So it is hard to form an integral industry chains.Moreover,the upper reach covers a too much large proportion in the development,so it can not give a strong impetus to other industries.Based it,the paper points the industrial concentration of Petroleum Chemical Products Manufacture of Xinjiang should be enhanced and Input to Petroleum Chemical Products Manufacture of Xinjiang should be increased.Due to a lack of an established fair and competitive market and government's perfect laws and regulations on petroleum industry,it points that the phenomenon of mixed operation has become common in monolopied business and competitive business,so the systems of petroleum industry needs to be restructured.It states clearly that the country should take the development and benefits of Xinjiang's economy into consideration when making strategies for petroleum development .Besides,the allocation of profits between the center and the local should be well arranged so that we can guarantee the profits of Xinjiang ,considered as a resource area.It also reveals that we should not only overcome limitations of resources,environment,economy and technology on continuring development,but also we should deal with some realistic problems well.For instance,contradictions between the concept of limited resource and continuing development,the relationship between petroleum industry's own features and continuing development,the contradictions between the limits on supply of petroleum and the need of future development of continuing resource ,outdated petroleum technology and the need of advanced technology for continuing development,tremendous damages to environment and requirements of environment protection for continuing development and Xinjiang continuing economic development,outdated policy of industry and continuing development,the relationship between continuing development of Xinjiang petroleum industry and continuing economic development of Xinjiang.

本研究以产业布局理论、产业集中度理论、灰关联分析理论、政府规制理论、可持续发展理论为依据，从微观、宏观两个层面，科学、系统、全面地分析新疆石油产业的发展问题，指出：新疆石油天然气目前仍处于油气田发现和增储的主要发展阶段，开发潜力巨大，但由于地质原因及勘探投入的不足，石油天然气探明程度偏低，低于全国平均水平；新疆石油产业产业结构布局不合理、上中下游发展不平衡，难以形成完整的产业链条，对工业的带动力与其本身具有的经济总量很不匹配；新疆石油开采业和石油加工业属于高度寡头垄断的市场类型，新疆石油化工业属于竞争型的市场结构，要想石油产业对新疆经济有较强的带动作用，新疆石油化工业必须上升到一定的层次和规模，在提高规模的基础上，提高新疆化工业的产业集中度；新疆石油加工业和化工业与农业呈现较高的关联度，加大对石油加工业和化工业的投入，对新疆经济的协调发展有着深远的影响；政府要从石油产业本质特征和发展趋势为着眼点，实施规制改革，分开政府规制政策的制定部门和监管部门职能，建立健全石油产业法律法规体系，对垄断性业务和竞争性业务实施分类规制；国家石油发展战略的制定应兼顾新疆区域经济的发展和利益，应切实处理好新疆与中央的利益分配，切实保证新疆作为资源产区合理的资源收益；新疆石油产业要想得以可持续发展，不仅要克服影响可持续发展的资源、环境、经济和技术等客观因素，还要处理好观念、需求、政策等诸多主观因素。

Jiang Yang said that in recent years the face of energy, resources, the bulk of the extreme fluctuation in commodity prices, a growing number of companies and investment banks, hedge funds and other institutions to make use of futures market in the allocation of assets and management of risks, global commodity futures market structure and functions of profound changes in the futures market influence greatly enhanced, in the development of commodity futures market position than ever, the gradual deepening of market functions, and its economic stability in the promotion of healthy operation, to safeguard national energy security, food security , financial and economic security, such as the important role of all aspects of growing concern by the market and look forward to.

姜押嗯说，近年来，面对能源，资源，初级商品价格下滑，公司和投资银行，对冲基金及其他机构越来越多的剧烈波动，大部分要利用期货市场在资产风险管理和分配，全球商品期货市场结构和期货市场的深刻变化功能的影响大大增强，在商品期货市场中的地位比以往任何时候的发展，市场功能逐步深化，其经济稳定在推广的健康运行，维护，如对日益增长的市场关心的所有方面的重要作用，国家的能源安全，粮食安全，金融和经济安全，并期待着。

Shanghai Composite Index to track down the funds with the position of overlapping tracks can be found in the most tragic decline in the market in the fourth quarter of last year and the first quarter of this year, despite the market slump in a row, the sign of a bear market, fund Industry still singing the "bull market in the second half,""golden decade", Jiancang slow, resulting in a passive bear the loss resulting from the crash.

上海综合指数追踪的轨道位置重叠的资金可在市场上最悲惨的下降，去年第四季度和今年第一季度，尽管市场不景气在一排，一个熊市的迹象，基金业仍然歌声在下半年的"牛市"，"黄金十年"，建仓缓慢，被动承担所造成的损失，从导致飞机失事。

"Always"之类的强调词,如: e.g.4 The Covenantor hereby undertakes to procure that the Customer will comply with all the Customer's obligations to you, the beneficiaries of this deed,but should the Customer default in the payment when due of any payment or default in complying with any other obligation, the Covenantor will, without the need for any demand, make immediate payment or performance thereof as the case may be, at the place, in the funds and currency and/or in the manner required of the Customer and without any withholding or deduction whatsoever PROVIDED ALWAYS HOWEVER that no time for limitation of liability in respect of this Deed shall begin to run in favor of the Covenantor unless and until one or both of you shall have made demand on the Covenantor, and if more than one demand is made, then only from the date and to the extent of each demand respectively.

订约人兹承诺：保证客户将履行其对贵方—即本契约之共同或单独受益人—应尽之所有义务，但是假如客户未支付任何到期的款项或未能履行任何其他义务，订约人将在无需要求的 13 情况下，在客户指定的地点，以所要求的款项及货币形式及/或付款方式，立即做出支付或履行本契约的义务，所付款项不得有任何扣留和减少。但是，除非组成贵方之一公司或两公司已经向订约人提出要求，否则有关本契约之债务时效任何时候都不得按有利于订约人一方的方式开始计算；如果贵方向订约人提出一项以上的要求，则分别按每项要求提出的日期及具体状况开始计算债务时效。 7， any person who"的引导和翻译：，""的引导和翻译：在法律条例中，尤其在各地的刑法典及条例中，"any person who does…shall be guilty of an offence 类句型重复率相当高， person who 用来指称具备一定条件之人， any 并不似 whoever 那样可泛指所有的人，此外，any person who 是个定语从句，后边可以带好几个并行成份的句子而读者读起来不感到吃力，这点也非 whoever 能比，在句法上，该句型有时会把主语和谓语用逗号分开，中间加插一个定语修饰词。

The same year with the Institute of Fine Chemicalto develop fine chemical products - o-aminobenzoic acid, and 1.4 million yuan of funds into an annual output of 200 tons built anthranilic acid production line, by the province for the Prohibition of Chemical Weapons Convention to fulfill the work of leadership Office approval in April 2002 with an annual output of 200 tons of the scale of operation, product quality compared with similar products in the domestic leading level, in October 2002 to carry out technical transformation again, the scale of production from 200 tons; years expanded to 500 tons; in size, and product performance, production capacity of plant expansion requirements, in 2003 officially put into operation. The end of 2004 our company moved to Sequoia small city are on the 1st, covering over 20,000 square meters, anthranilic acid after the removal of the production line expanded to 1200 tons; in size, at the same time developed a 2,2 - Dithio Benzophenone acid, benzo-iso thiazoline -3 - one, dichloro-acetonitrile, thiophene tons of ketones, a series of inter-amino benzoic acid, etc. Fine Chemical Products.

同年公司与上海桑迪精细化工研究所合作开发精细化工产品—邻氨基苯甲酸，并投入140万元资金建成了年产200吨邻氨基苯甲酸生产线，经省履行禁止化学武器公约工作领导小组办公室批准于2002年4月以年产200吨的规模投入运行，产品质量与国内同类产品相比处于领先水平，2002年10月公司再次进行技改，把生产规模由原来的200吨；年扩到500吨；年规模，且产品性能、生产装置能力达到扩产的要求，2003年正式投入运行。2004年末我公司搬迁至杉城小均1号，占地2万多平方米，搬迁后邻氨基苯甲酸生产线扩大到1200吨；年规模，同时开发了2，2-二硫代二苯甲酸、苯并异噻唑啉-3-酮、二氯乙腈、噻吨酮、间氨基苯甲酸等一系列化工精细产品。

But it is worth noting that four of these funds invest in Hong Kong where the market is highly correlated to Chinese stocks and thus the funds don't provide ideal diversification, says Y.T.

但晨星亚洲驻香港高级研究分析师Y.T。

In one of his last interviews Mr Merckle bristled at comparison between his firm and hedge funds, telling the Frankfurter Allgemeine Zeitung, a German newspaper, that he was trying to fund sound companies, but had been "lumped together with hedge funds."

在他最后接受的一次采访中，默克尔先生对将他的公司和对冲基金相提并论的做法十分恼火，他告诉德国一家名叫《法兰克福汇报》的报纸，他设法资助优质公司，却&被认为和对冲基金是一丘之貉&。

In one of his last interviews Mr Merckle bristled at comparison between his firm and hedge funds, telling the Frankfurter Allgemeine Zeitung, a German newspaper, that he was trying to fund sound companies, but had been "lumped together with hedge funds."

在某次对他的最后采访中，默克尔先生对将他的公司和对冲基金相提并论的做法十分恼火，他告诉德国一家名叫《法兰克福汇报》的报纸，他是在设法资助优质公司，却被认为和对冲基金是一丘之貉。

Kweichow Moutai hundred dollars in order to hold the title of shares, funds take the initiative to prop up the market price挂单hundred dollars, funds up to a few tens of millions of dollars.

贵州茅台百元，以持有股份的所有权，基金主动支撑市场价格挂单100美元，资金以数百万美元的数万元不等。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。