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  3. There has been much chatter about bank loans to local governments’ financing vehicles, widely regarded as one of the main risk

There has been much chatter about bank loans to local governments’ financing vehicles, widely regarded as one of the main risk

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问题     There has been much chatter about bank loans to local
governments’ financing vehicles, widely regarded as one of
the main risks face the Chinese economy. Set up by local         【M1】______
governments to borrow money for infrastructure
investments, these vehicles are rather like Western
companies’ special purpose entity vehicles. They have            【M2】______
played an important role in stimulating the Chinese
economy and helping it to recover from the global financial
crisis. But they face a problem, either: The bank loans they     【M3】______
have received have increased extraordinary.                      【M4】______
    Local governments at levels have set up their                【M5】______
investment companies, some of which are directly
controlled by the leaders responsible for fundraising for
their pet projects. These companies take a variety of forms
dependable on the industries and sectors they belong to.         【M6】______
    There are thousands of such companies across the
country, in which sometimes are even irregular. Some of          【M7】______
them, particularly those operating at the county-level, will
not be able to service their debts.
    it is thus reasonable to be alarmed. But it is still too late【M8】______
to say that the level of non-performing bank loans will
increase drastically even we cannot estimate the precise         【M9】______
number and amount of loans given to local governments
until the formal assessment is completed at the end of this
year.
    To general the special vehicles’ business model we          【M10】______
have to go back in history.
【M2】
选项
答案entity—entity
解析 语义重复。special purpose entity/vehicle，简称SPE或SPV，即“特殊目的实体/载体”。其职能是购买、包装证券化资产和以此为基础发行资产化证券，是指接受发起人的资产组合，并发行以此为支持的证券的特殊实体。SPE的业务范围被严格地限定，所以它是一般不会破产的高信用等级实体。SPE在资产证券化中具有特殊的地位，它是整个资产证券化过程的核心，各个参与者都将围绕着它来展开工作。两者只是称呼不同，实指相同。故去掉entity。
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