The two verbs are interchangeable in certain situations; in other situations, they are used differently.
1. To mean “ read aloud”, either 读or 念 can be used, but the latter is more casual. (1) 请你把这篇课文读一遍。 (2) 他把短信念给我听。
Since the two words are different in terms of dated and modern speech, 读is used in 读诗班("a choir"), and 念 is used in 和尚念经("monks reciting or chanting scriptures").(读经 is a set phrase meaning “reading old classics”).
2. To mean “read and comprehend”, 读 is used but not 念. (1) 他的所有著作我都读过。 (2) 这本书值得一读。 (3) 我们的外语老师想着重提高我们听、说、读、写四个方面的能力。
3. Either can be used to mean “go to school”, but 念 is more informal. (1) 等你念(读)完大学,就该步入社会了。 (2) 她女儿现在正在读(念)小学。
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