The stock investment is fraught with hazards. Its returns depend on the profit and loss of enterprise. The capital stock is not refundable in case of enterprise bankruptcy.

股票投资充满了风险，它的收益取决于企业的盈亏。如果企业破产，不退本金。

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The question going forward, Christensen says, is which companies can move beyond their current pre-revenue stage and begin providing the kinds of returns on investment venture capital firms expect.

克里斯坦森认为，在将来一段时间，最重要的问题是，哪些公司能够迈出当前的“待产出”阶段，开始产出风投机构真正期盼的东西——投资收益。

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This means that these three countries produced, roughly speaking, 1.5 to 2.6 times higher returns on new capital investment than did China.

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On the taxation front, there is talk that the capital gains rate on investment returns will increase in 2011 from 15% to 20%.

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Although investment efficiency has been improving, particularly in the growing private sector, many state firms which account for much of the over-investment still earn negative returns on capital.

ECONOMIST: The frugal giant