The problem extends far beyond the traditional state?owned enterprises: local authorities are not only largely ignoring central government directives to get out of business; they are also diversifying their portfolios of direct investments.

• 这个问题远远超出了传统的国有企业：地方当局不仅多半无视中内政府与企业脱钩的命令，而且正在把它们的直接投资组合搞得五花八门。