Singapore embodies a peculiar mix of the free market, state-led industrialisation and paternalism.

新加坡则奇妙地混合了自由市场，国家主导的工业化和家长式管理。

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But since the earthquake in Sichuan, the immense state-led rescue effort and the outpouring of charity from the Chinese people has taken center stage.

但自从四川地震以来，国家引导的大救援以及中国民众源源不断的慈善成为舞台的中心。

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State-led rescues are fraught with moralhazard: what investor wouldn't take on that “liarloan”, knowing that the taxpayer is ready to jump in and help when itall goes wrong?

州引导的救援却充满了道德上的风险：投资者会不会使用“欺骗贷款”手段，当所有一切都不对头的时候，明知纳税人准备跳进陷阱，却还要推他们一把？

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"They say this is a state-led effort," he says, but he thinks the goal is national control of education.

VOA: special.2011.06.16

Humberto Blanco-Canqui from Kansas State University and Maysoon Mikha from the Agricultural Research Service led the study.

VOA: special.2010.09.28

These were developed in a year-long process led by state governors and chief state school officers.

VOA: special.2010.07.22

Therefore, the path of least resistance is the pursuit of state-led Renewable Portfolio Standards, say advocates.

FORBES: Lobbyists Try to Halt State Green Energy Standards

That growth relied on a state-led development model, financed with foreign debt within a semi-closed economy.

ECONOMIST: Getting it together at last

In the past, France has seen a series of state-led bailouts, at vast expense to tax payers.

ECONOMIST: Going bust in Europe