One study was disguised as a market research exercise .

其中有一项研究被伪装成了一次市场研究实践。

That disguised a more important trend .

这一事实掩盖了一个更重要的趋势。

It 's fiscal policy disguised as commercial banking .

其财政政策化装成了商业银行业务。

Even at night everybody was disguised .

甚至在晚上，每个人都是伪装的。

Some collectives in china are in effect disguised private operations .

中国的一些集体企业实质上是伪装起来的私企。