Third, poor regulation brings dismal outcomes.
第三,不良监管导致不良后果。
That points to the other culprit: poor regulation.
这也明确显示了另一个原因:监管不善。
This should be the general principle in design of pro-poor regulation system in infrastructure industries in current China.
这应该是当前中国基础设施产业亲贫规制体系设计的总纲。
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