2023考研英語閱讀中國的資產管理公司
Asset-management companies in China
中國的資產管理公司
NEWS surfaced this week that Cinda, an asset-management company created duringChinas last round of banking bail-outs, is talking to bankers about a stockmarket flotation.That raises an intriguing question: how would the Chinese government handle its nextbanking crisis? If experience is a guide, it will be through a combination of enormousinjections of public money, the creation of complicated structures and the obfuscation ofdata.
本周資訊，創建于中國上輪銀行金援期間的資產管理公司信達正在對話銀行家，討論發行股票。這引起了一個有趣的問題：中國政府如何處理下一次銀行危機呢?如果以經驗為指導，中國政府會通過注入大量的公共資金，創造復雜體系，模糊處理銀行數據等一系列措施。
In the 1990s the government shut down many inefficient state-owned enterprises .That forced banks to acknowledge loans to those entities as duds. Non-performing loan ratios soared, so officials engineered an elaborate bail-out. Central Huijin, an SOEcapitalised by the central bank and finance ministry, put money into the banks. On oneestimate, these equity infusions topped $150 billion.
上世紀90年代，中國政府關閉許多低效率的國企。這使得銀行被迫接受貸給關閉國企的貸款作廢。不良貸款率陡升，于是官方啟動了復雜的金援。由央行和財政部注資成立的中央匯金向銀行注入資金。據估計，這些企業注資高達1500億美元。
NPLs were hived off into four new AMCs: Huarong, China Orient, China Great Wall and Cinda.From 1999 to 2004 loans worth over 2 trillion yuan were transferred. Thoughmostly bad, the loans were usually sold at full face value. They were paid for with ten-yearbonds, backed by the finance ministry, that the AMCs issued to the big state-owned banks.But since most NPLs failed to recover in that time, these bonds were extended anotherdecade. In short, the bail-out is still going on.
不良貸款被分離成了四個新的資產管理公司，分別是華融，中國東方，中國長城和信達。從1999年到2004年，超過兩萬億元人民幣的貸款被轉讓。盡管大部分是不良貸款，然而這些貸款通常是以全額票面價值賣掉。它們在財政部的支持下以十年期債券的形式賣掉，這些資產管理公司將其發行給大型國有銀行。但是因為當時大多數的不良貸款無法償還，這些債券又延期十年。總之，金援還在繼續。
What the AMCs have done with their assets is unclear, as they have not released properaccounts. Some NPLs have been sold but reportedly at only 20% of face value. To deal withthe resulting cash crunch, Cinda sold bonds to the finance ministry. Anne Stevenson-Yang of JCapital, a research firm, observes that these bonds have since been wiped clean from itsbalance-sheet without any explanation for where they went: The AMCs seem to be virtualholding-tanks where the debt doesnt stay and doesnt depart either. Some think they maybe insolvent.
這些資產管理公司用他們的資產做了什么不得而知，因為他們沒有公布資產賬戶。一些不良貸款被出售，但是據報只有面值的20%。為了解決資金短缺，信達將債券賣給了財政部。調查公司J Capital的AnneStevenson-Yang評論說，這些債券已經在沒有對去向做出任何解釋的情況下從資產負債表中抹去了。這些資產管理公司實質上似乎是掩蓋債務的幌子，債務既不在這些公司也沒有分發。一些人認為這些公司資不抵債了。
That hasnt stopped the AMCs expanding into other areas. They have gobbled up smallbanks and expanded into fund management, broking, commodities trading and insurance.Cynics speculate that all this has been done to give an illusion of rounded prosperity,perhaps as a prelude to a wave of public offerings.
這沒有讓這些資產管理公司停下擴張的腳步。他們吞并了小型銀行，，將業務擴展到基金管理，經紀業，商品交易和保險業。懷疑者推測所有這些都是都是全面繁榮的假想，或許是一波公開發行股票行動的前奏。
In preparation for Cindas flotation on the Hong Kong exchange, the government poured 15billion yuan into the firm in 2010 as it became a joint-stock company. Another 10 billionyuan was invested in it last year by strategic investors . Huarong is also rumoured to be seeking strategicinvestors, ahead of a possible listing next year.
為了準備信達在香港股市上市，政府在2010年向該公司注資150億元人民幣成立合資公司。去年包括渣打，瑞銀集團和私募股權公司中國中信在內的戰略投資者去年向信達投資了100億元人民幣。也有謠言稱華融也正在尋找戰略投資者，爭取明年上市。
Why now? With loans soaring and bad debts likely to follow suit , Chinese officialsrealise that the next banking crisis may be near. They may well be hoping to lure in freshinvestors, to draw a line under previous bail-outs and raise capital for new ones. Huarongand Cinda now claim to make profits, but given their murky accounts, that is hard to verify.A headline in the South China Morning Post sounded this warning: Chinas insolventtoxic-waste dump Cinda for sale.
為什么是現在呢?隨著貸款的增加，壞賬可能隨之而來，中國政府意識到下一次銀行危機可能不遠了。他們可能希望吸引新的投資者，與上次的金援劃清界限，為新的金援募集資金。華融和信達現在宣稱在盈利，但是鑒于他們含糊的賬戶，這一說法難以證實。南華早報的頭條發出警告：無力償還債務的壞賬回收站信達待售。
Asset-management companies in China
中國的資產管理公司
NEWS surfaced this week that Cinda, an asset-management company created duringChinas last round of banking bail-outs, is talking to bankers about a stockmarket flotation.That raises an intriguing question: how would the Chinese government handle its nextbanking crisis? If experience is a guide, it will be through a combination of enormousinjections of public money, the creation of complicated structures and the obfuscation ofdata.
本周資訊，創建于中國上輪銀行金援期間的資產管理公司信達正在對話銀行家，討論發行股票。這引起了一個有趣的問題：中國政府如何處理下一次銀行危機呢?如果以經驗為指導，中國政府會通過注入大量的公共資金，創造復雜體系，模糊處理銀行數據等一系列措施。
In the 1990s the government shut down many inefficient state-owned enterprises .That forced banks to acknowledge loans to those entities as duds. Non-performing loan ratios soared, so officials engineered an elaborate bail-out. Central Huijin, an SOEcapitalised by the central bank and finance ministry, put money into the banks. On oneestimate, these equity infusions topped $150 billion.
上世紀90年代，中國政府關閉許多低效率的國企。這使得銀行被迫接受貸給關閉國企的貸款作廢。不良貸款率陡升，于是官方啟動了復雜的金援。由央行和財政部注資成立的中央匯金向銀行注入資金。據估計，這些企業注資高達1500億美元。
NPLs were hived off into four new AMCs: Huarong, China Orient, China Great Wall and Cinda.From 1999 to 2004 loans worth over 2 trillion yuan were transferred. Thoughmostly bad, the loans were usually sold at full face value. They were paid for with ten-yearbonds, backed by the finance ministry, that the AMCs issued to the big state-owned banks.But since most NPLs failed to recover in that time, these bonds were extended anotherdecade. In short, the bail-out is still going on.
不良貸款被分離成了四個新的資產管理公司，分別是華融，中國東方，中國長城和信達。從1999年到2004年，超過兩萬億元人民幣的貸款被轉讓。盡管大部分是不良貸款，然而這些貸款通常是以全額票面價值賣掉。它們在財政部的支持下以十年期債券的形式賣掉，這些資產管理公司將其發行給大型國有銀行。但是因為當時大多數的不良貸款無法償還，這些債券又延期十年。總之，金援還在繼續。
What the AMCs have done with their assets is unclear, as they have not released properaccounts. Some NPLs have been sold but reportedly at only 20% of face value. To deal withthe resulting cash crunch, Cinda sold bonds to the finance ministry. Anne Stevenson-Yang of JCapital, a research firm, observes that these bonds have since been wiped clean from itsbalance-sheet without any explanation for where they went: The AMCs seem to be virtualholding-tanks where the debt doesnt stay and doesnt depart either. Some think they maybe insolvent.
這些資產管理公司用他們的資產做了什么不得而知，因為他們沒有公布資產賬戶。一些不良貸款被出售，但是據報只有面值的20%。為了解決資金短缺，信達將債券賣給了財政部。調查公司J Capital的AnneStevenson-Yang評論說，這些債券已經在沒有對去向做出任何解釋的情況下從資產負債表中抹去了。這些資產管理公司實質上似乎是掩蓋債務的幌子，債務既不在這些公司也沒有分發。一些人認為這些公司資不抵債了。
That hasnt stopped the AMCs expanding into other areas. They have gobbled up smallbanks and expanded into fund management, broking, commodities trading and insurance.Cynics speculate that all this has been done to give an illusion of rounded prosperity,perhaps as a prelude to a wave of public offerings.
這沒有讓這些資產管理公司停下擴張的腳步。他們吞并了小型銀行，，將業務擴展到基金管理，經紀業，商品交易和保險業。懷疑者推測所有這些都是都是全面繁榮的假想，或許是一波公開發行股票行動的前奏。
In preparation for Cindas flotation on the Hong Kong exchange, the government poured 15billion yuan into the firm in 2010 as it became a joint-stock company. Another 10 billionyuan was invested in it last year by strategic investors . Huarong is also rumoured to be seeking strategicinvestors, ahead of a possible listing next year.
為了準備信達在香港股市上市，政府在2010年向該公司注資150億元人民幣成立合資公司。去年包括渣打，瑞銀集團和私募股權公司中國中信在內的戰略投資者去年向信達投資了100億元人民幣。也有謠言稱華融也正在尋找戰略投資者，爭取明年上市。
Why now? With loans soaring and bad debts likely to follow suit , Chinese officialsrealise that the next banking crisis may be near. They may well be hoping to lure in freshinvestors, to draw a line under previous bail-outs and raise capital for new ones. Huarongand Cinda now claim to make profits, but given their murky accounts, that is hard to verify.A headline in the South China Morning Post sounded this warning: Chinas insolventtoxic-waste dump Cinda for sale.
為什么是現在呢?隨著貸款的增加，壞賬可能隨之而來，中國政府意識到下一次銀行危機可能不遠了。他們可能希望吸引新的投資者，與上次的金援劃清界限，為新的金援募集資金。華融和信達現在宣稱在盈利，但是鑒于他們含糊的賬戶，這一說法難以證實。南華早報的頭條發出警告：無力償還債務的壞賬回收站信達待售。
