监管本质上是一种强制性契约，监管套利正是在监管契约自身内在特点的基础上产生的一种必然结果。

Regulation is essentially a mandatory contract, and regulatory arbitrage is an inevitable result from the inherent characteristics of the regulatory contract.

youdao

2005年之前，最常见的策略是义务农村服务契约和强制性农村服务作为进入研究生课程学习的优先条件。

Before 2005, the most common strategy was compulsory rural service bonds and mandatory rural service for preferential admission into post-graduate programmes.

youdao

2005年之前，最常见的策略是义务农村服务契约和强制性农村服务作为进入研究生课程学习的优先条件。

Before 2005, the most common strategy was compulsory rural service bonds and mandatory rural service for preferential admission into post-graduate programmes.

youdao