Two-day environmental tour in BeijingWe hosted a two-day environmental
tour in Beijing, visiting a number of H-shareand A-share environmental
companies. The companies have business exposuresin areas including PPP,
water treatment, air pollution treatment and landscapingetc. We
summarize the key takeawaysPPP orders and growth outlook; Xiong’an New
AreaBeijing Enterprises Water (371 HK, Buy), Orient Landscape (002310
CH, not rated)and Kingland Technology (000711 CH, Not rated) all expect
very strong growthin order wins in 2017. As a result, all of them guide
for over 25% earnings CAGRin 2016-18. There should also be sizable
orders from the Xiong’an New Area forwater treatment (potentially over
RMB100bn), although competition should befierce and the orders are
unlikely to come through in 2017. Xiong’an is likely torequest high
discharge standards (potentially surface water body class IV andabove),
benefiting companies with technologies like membrane.


  Read the following text carefully and then translate the underlined
segments into Chinese. Your translations should be written neatly on the


    PPP funding and investment fundsThere may be some near-term
sentiment impact on PPP from China’s creditmarket tightening and
Ministry of Finance’s recent policy on managing localgovernment debt
(MoF issued policy paper #50 in May requesting inspections onlocal
government debts). However, they expect PPP roll-outs to normalize
from2H17 as the inspections should be done by end July. Beijing
Enterprises Water ishaving smooth negotiation with insurance companies
to set up investment fundof RMB10bn. Some industry peers set up
associates to hold the PPP projects(instead of consolidating the PPP
projects) so that gearing at consolidated leveldoes not rise as fast as

77.Allintelligent people are nearsighted. I am very nearsighted. So
I must be agenius.

  Washington—The Obama administration on Wednesday announced a
long-delayed environmental regulation to curb emissions of ozone, a
smog-causing pollutant linked to asthma, heart disease and premature
death. (1)The sweeping regulation, which are aimed at smog caused by
power plants and factories across the country, particularly in the
Midwest, is the latest in a series of Environmental Protection Agency
controls on air pollution that wafts from smokestacks and tailpipes.
Such regulations, released under the authority of the Clean Air Act,
have become a hallmark of President Obama’s administration。

  Directions: For this part, you are allowed 30 minutes to translate a
passage from Chinese into English. You should write your answer on
Answer Sheet 2.

    Air pollution control for boilers, captive power plants and other
industriesAs result of tightening regulation on air pollution, Beijing
SPC Environment(002573 CH, Not rated) is seeing a lot of orders for
installing additional deSOxand deNOx equipment for coal-fired boilers in
China, which represent 亚洲必赢626aaa.net,~55% ofChina’s coal consumption. In addition,
captive power plants like that of AluminumCorp of China (2600 HK, Buy)
have also been requested by Chinese regulatorsto upgrade emission
standard by installing additional environmental facilities.

Which one of the following exhibits both of thelogical flaws exhibited
in the argument above?

  Environmentalists and public health advocates have praised the
E.P.A. Rules as a powerful environmental legacy. (2)Republicans,
manufacturer and the fossil fuel industry have sharply criticized them
as an examples of costly government overreach. The National Association
of Manufacturers has called the proposal “the most expensive regulation
ever。” The proposed regulation would lower the current threshold for
ozone pollution to a range of 65 to 70 parts per billion, from 75 parts
per billion. (3)That range is less stringent than the standard of 60 per
billion sought by environmental groups, but the E.P.A. proposal would
also seek public comment on a parts-per-billion plan, keeping open the
possibility that the final rule could be stricter。


    Management also sees a lot of long-term potential for air pollution
controlfor industries including cement, steel, coking etc. although
minimal near-termearnings contribution is expected.

(A) I must be stupid because all intelligent peopleare nearsighted and I
have perfect eyesight.

  The agency estimates that the new regulation would by 2025 prevent
from 320,000 to 960,000 asthma attacks in children, and from 330,000 to
1 million missed school days. It also estimates that by 2025 the rule
would prevent 750 to 4,300 premature deaths, 1,400 to 4,300
asthma-related emergency room visits and 65,000 to 180,000 missed
workdays. (4)The regulation would come with a high cost to industry,
which the E.P.A. Estimates would be $ 3.9 billion in 2015, using a
standard of 70 parts per billion. The cost would be $15 billion in 2015
at a standard of 65 parts per billion. (The E.P.A. chose 2025 as an
example because that is when the agency expects the regulation to be
fully in force。)


(B) All chickens have beaks. This bird has a beak.So this bird must be a

  Next year, the E.P.A. is expected to make final two more historic
Clean Air Act rules aimed at cutting planet-warming greenhouse gas
emission from coal-fired power plants. (5)Those rules, which are
intended to curb pollutants that contribute to climate change, could
lead to the shutdown of hundreds of power plants and freeze construction
of future coal plants。


(C) All pigs have four legs, but this spider haseight legs. So this
spider must be twice as big as any pig.


  Beijing is going to invest 760 billion yuan to curb environmental
pollution in the next three years, starting from reducing the emissions
of pm 2.5 emissions. The newly announced plan is intended to reduce the
four major sources of pollution, including emissions of 5 million motor
vehicles, coal-burning in surrounding areas, sandstorms from the north
and construction dust in the locality. Another 85 billion yuan is used
for establishing or upgrading the facilities of municipal waste
treatment and sewage treatment. Besides, 30 billion yuan invests to the
afforestation program in the next three years。

(D) John is extremely happy, so he must beextremely tall because all
tall people are happy.


  In order to improve the environment, the municipal government also
plans to build a good number of plants which can use recycled water and
to stop illegal construction. In addition, Beijing will punish those
people who violate the regulations of emission-reduction more severely。

(E) All geniuses are very nearsighted. I must bevery nearsighted since I
am a genius.


78.In opposing the 1970 Clean Air Act, the United States automobile
industry argued


that meeting the act’s standards for automobile emissions was neither
economically feasible nor


environmentally necessary. However, the catalytic converter, invented in
1967, enabled automakers to meet the 1970 standards efficiently.
Currently, automaker are lobbying against the government’s attempt to
pass legislation that would tighten restrictions on automobile
emissions. The automakers contend that these new restrictions would be
overly expensive and unnecessary to efforts to curb air pollution.
Clearly, the automobile industry’sposition should not be heeded.


Which one of the following most accurately expresses the method used to
counter the automakers’currentposition?


(A) The automakers’premises areshown to lead to a contradiction.

(B) Facts are mentioned that show that theautomakers are relying on
false information.

(C) A flaw is pointed out in the reasoning used bythe automakers to
reach their conclusion.

(D) A comparison is drawn between the automakers’currentposition and a
position they held in the past.

(E) Evidence is provided that the new emissionslegislation is both
economically feasible and environmentally necessary.