Clearly, shares are no longer as cheap as they were at the end of 2008 and the beginning of last year, but I do not think valuations are excessive.
股票价格显然不再像2008年末和去年年初时一样便宜，但我不认为估值过高。
Excessive and excessively pro-cyclical leverage is clearly dangerous, but was it caused by the new financial instruments and deregulation?
过度的以及过分顺周期的杠杆行为无疑是危险的，不过这是由新的金融工具与放松监管造成的吗？
This can be seen most clearly in excessive energy consumption and serious environmental pollution.
突出表现在能源消耗高、环境污染重。
Clearly, costs have been geared to a revenue level that has not been achieved, and the company is beginning to drop hotel prices that have been widely described as excessive.
很明显，当初定成本曾依据的收益水平并未达到，公司开始下调曾被普遍认为过高的宾馆房价。
In Europe, the industry faces another major impediment: excessive regulation. That clearly represents a burden for carmakers, as it will increase production costs.
欧洲汽车工业面对的另一个主要障碍：过多的管制。那对汽车制造商来说明显代表一个负担，因为它会增加生产成本。
So, clearly demand the discharge up to standard, forbid and punish excessive discharge in" Law on the Prevention and Control of Water Pollution".
因此，在《水污染防治法》中明确要求达标排放、止并处罚超标排放。
Clearly, shares are no longer as cheap as they were at the end of 2008 and the beginning of last r, but I do not think valuations are excessive.
股票价格显然不再像2008年末和去年年初时一样便宜，但我不认为估值过高。
Clearly, shares are no longer as cheap as they were at the end of 2008 and the beginning of last r, but I do not think valuations are excessive.
股票价格显然不再像2008年末和去年年初时一样便宜，但我不认为估值过高。
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