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市场的逻辑被一种行政性的制度辖制,那些财大气粗的国有企业,集权力、政策、资本和垄断于一身。他们除了让领导满意,当然不会考虑任何投资利润。国有企业在海外的投资发生巨额亏损,已非新闻。2004年中航油因石油衍生产品交易,亏损5.5亿美元;2008年东方航空期货投资惨败,航油套期保值浮亏62亿元人民币。
The logic of the market is governed by an administrative system. Those wealthy, state-owned enterprises integrate power, policy, capital, and monopoly. In addition to satisfying the leaders, they certainly do not consider any investment profits. It is no longer news that state-owned enterprises have incurred huge losses in overseas investment. In 2004, China Aviation Oil suffered a loss of US$550 million due to the transaction of petroleum derivative products; in 2008, Eastern Airlines’ futures investment suffered a disastrous defeat, and aviation fuel hedging lost 6.2 billion yuan.