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.

　　中国正在考虑合并两家主要的国有铁路设备制造商，以引领中国的高铁出口。按营收计算，合并后的企业将是全球同类企业中最大的一家。

　　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.

　　如果获批，中国北车股份有限公司(CNR)和中国南车股份有限公司(CSR)合并而成的实体，将控制中国国内铁路设备市场逾90%的份额。

　　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.

　　合并后集团的收入将超过庞巴迪(Bombardier)、阿尔斯通(Alstom)和西门子(Siemens)等全球竞争者。南车和北车都宣布了雄心勃勃的目标，要在未来五年内将经营收入提高三倍，分别达到约1500亿元人民币（合227亿美元）和1400亿元人民币。

　　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.

　　据中国媒体报道和知情人士透露，这宗可能的合并得到了中国铁道部和国资委(Sasac)的支持。国资委持有政府在这两家公司中的多数股权。

　　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.

　　然而这个想法受到了两家公司本身及包括国家发改委在内的其他部委的反对。国家发改委希望维持国内铁路设备市场的竞争。

　　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.

　　国资委和铁道部都是中国铁路企业进军海外市场的有力支持者，它们感到，合并后的公司能够更有效地在国际竞标中展开竞争，而不必担心国内对手的低价竞争。

　　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.

　　中国高速铁路和常规铁路的建设热潮意味着，至少在未来10年内，中国仍将是全球单一最大的铁路市场。不过，年投资额预计将在2013年达到峰值，其后会减少大约一半。

　　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.

　　北车和南车将会因此闲置大量产能，如果二者合并，便可将精力专注于在国际上展开竞争。

　　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.

　　合并这两家国有企业及旗下的数十家子公司——其中一些已公开上市，将是一项艰巨的任务，各种各样的合资企业以及它们与国际竞争对手达成的各项协议，更是使问题变得更加复杂。

　　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.

　　中国在缅甸、泰国和老挝建设的高铁项目预计将于今年破土动工，中国企业正准备竞标美国正在考虑建设的8条高铁线路。