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翻译-3

(2007-11-06 22:09:33)
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The impact of financial globalization on china’s finance(金融全球化对中国金融的影响)

  

     The opening of finance has benefited china in bringing in foreign capital for economic growth. From a long-term point of view, the gradual expansion of the financial opening and the final merging into the global financial system will not only continue to benefit china in this respect but will also accelerate the domestic reform and development of its finance to enhance its international competitive ability. It is equally imperative to see that globalization will assuredly make Chinese banks, insurance, securities and relevant fields face increasingly tense international competition in the domestic market. This process will directly impact on china’s finance and other fields in respect to business, human resources and management and pose new challenges to china’s macro-adjustment of supervision of finance. Therefore, financial globalization provides opportunities and challenges to china’s finance.

     金融的开放在为经济增长带来外资方面使中国受益。从长期来看,金融开放的逐步扩大和最后并入全球金融体系不仅继续使中国在这方面受益,并且会加速国内金融的改革和发展,扩大国际竞争能力。同样地,全球化将使中国的银行,保险,证券和相关领域面临国内市场日益激烈的国际竞争。这个过程将在商业,人力资源,管理方面直接影响中国的金融和其他的领域,同时对中国的金融监管的宏观调整带来新的挑战。

1.       impact on banking industry 对银行业的影响

(1)     institutional expansion, instrumental innovation and reform of ownership—a brief retrospect of the reform of china’s banking industry制度的扩大,结构改革和所有制改革,中国银行业改革的回顾

china’s economic reform, oriented to the market since 1978, put its banking industry in a process of increasing competition. Since then, there were two large-scale competitions in china’s banking industry. The first one, with institutional expansion as the major means of competition, took place from 1984 to 1997. the competition may be called an institutional one between banks because it ended in rapid growth in the institution and personnel. Banking networks expanded rapidly on the basis of the existing administrative organizations. Competition between banks as the main participants played a gigantic role in mobilizing family savings and supporting economic growth. But the competition relied only on the power of the institutional network instead of the efficiency of fund operation or the upgrade of the quality of credit assets. Because of the deficiency of corporate management and control, the increase in the assets of state-owned banks was in fact a kind of extensive expansion regardless of risks. From 1989 to 1998, the balance of credit assets of the four major state-owned banks increased by 11 times, while total profits only increased by 26 percent.. Managerial expenses, however, went up by 8.9 times. The growth of management expenses and that of profits ran in a contrary direction and was statistically out of proportion. The assets profit rate for state-owned banks was 1.01 percent and capital profit rate was 18.44 percent in 1989 while they were respectively 0.08 percent and 1.07 percent in 1998. they were booking figures without risk adjustment. If the large volume of bad loans of those banks were taken into consideration, their management efficiency would allow no optimism.

中国的经济改革可以追溯到自1978年以来的市场,这把银行业置于一个竞争加剧的过程。自那以后,中国的银行业有两次大规模的竞争。第一次发生于1984到1997年,作为竞争的主要途径伴随着制度的扩大。竞争被称为一项银行间制度的竞争因为它机构和人员的迅速增长结束。在现存管理组织的基础上银行网络迅速扩大。作为主要参与者的银行间的竞争在动员家庭储蓄和支持经济增长方面扮演着一个重要的角色。但是竞争仅依赖于机构网点的权力而不是资金运作的效率,或者信贷资产质量的升级。因为公司管理和控制的缺陷,国有银行资产的增长实际上是一种忽视风险的扩张。从1989到1998年,四大国有银行信贷资产平均增加了11倍,而总利润仅增长了26%。管理支出增加8.9倍。总利润的增长与管理支出的增加是一个很大的反差。统计超出均衡。1989年,国有银行的资产利润率是1.01%,资本利润率是18.44%,而1998年分别是0.08%和1.07%。这是些没有风险调整的数字。如果考虑到那些银行巨大的坏帐,他们的管理效率不容乐观。

 Moreover, the competition and distribution of resources related to banks made the structure of financial assets more unitary, and the system became more rigid. Deposits by

Financial institutions accounted for 36 percent of the GDP of 1978 and rose to 94 percent in 1995; loans by financial institutions account for 52 percent of the GDP of 1978 and rose to 88 percent in 1995. china’s capital market witnessed a relatively faster development in the past two years. Banks were the most important intermediary organizations for fund-raising.

    除此之外,与银行有关的资源的竞争与分送使得金融资产的结构更加单一,和体制更加钢硬。1978年金融机构的储蓄总计占国内生产总值的36%,1995年增长到94%;1978年金融机构的贷款总计占国内生产总值52%,1995年增加到88%。中国的资本市场过去两年经历了一个相当快的发展。银行是融资最重要的中介机构。

The unitary structure of financial assets and the rigidity of  the financial system seriously impeded the process of reform and weakened the efficiency of macro-distribution of resources. The powerful banking network provided financial resources with governmental subsidies to state-owned enterprises,and alleviated the urgency for the reform of state-owned enterprises. Nevertheless, the soft budgetary binding power through banks would never last long. As a result that state-owned enterprises had not solved the problem of inefficiency, their large volume of debts turned into bad loans. This led to a downgrading of the quality banks’ assets, and resulted in a rising financial crisis. Hence, from the view of the macro-distribution of resources, although the four major state-owned banks had fulfilled their historical responsibility of resource distribution, their efficiency was rather low.

金融资产单一的结构和金融体制的钢性阻碍了改革的进程,削弱了资源宏观配置的效率。庞大的银行网点为国有企业的政府补贴提供了金融资源, 并且减轻了国有企业改革的紧迫性。除此之外,透过银行的软预算权力不再持续。结果国有企业并没有解决无效率的问题,他们巨大的债务转变成坏帐。这导致了银行资产质量的下降和增加金融危机。因此,从宏观资源配置的角度来看,虽然四大国有银行已经完成了资源配置的历史责任,但是效率仍然相当低下。

The second competition took place after 1997, with the innovation of financial tools as the main feature. This was mainly found in the imitation of the financial products invented by modern western banks. Through ten years of development, the Chinese stock market has now reached a relatively high level. Due to cutting interest rates and other progressive policy measures, the stock market developed particularly fast. Along with the rapid development of the equity market, the Chinese financial system began to become market-oriented. The ratio of capital market value grew rapidly against the total financial assets while the percentage of banking assets to the total went down by a large margin. In 1994,the ratio of banking assets against the capital market value was 20:1, whereas it went down to 4:1 at the end of September 2000.

第二次竞争发生在1997年后,是以金融工具的创新为主要特征。这主要始于对现代西方银行发明的金融产品的模仿。通过十年的发展,中国的股票市场已经达到了一个相当高的水平。由于利率的降低和别的政策措施,股票市场发展的特别快。伴随着股权市场的迅速发展,中国的金融体制开始变得市场化。资本市场相对于金融总资产的比重迅速增长,而银行资产的比重下降到一个边缘水平。1994年,银行资产占资本市场价值的比例是20:1,2000年9月末下降到4:1。

     The development of the stock market signifies the replacement of indirect fund raising with direct fund raising to a certain extent. Therefore, the competition between banks included two sides, the debtors and loaners. For the debtors, because more and more saving deposits flowed into bond and stock markets, the increase of saving deposits in banks slowed down. It became a trend to have short-term deposits, so there were more saving deposits than certificate deposits. This reduced the resources of funds for mid-and long-term loans as well as downgrading the stability of deposits, but increased the pressure for circulation. For loaners, the development of the stock market expanded channels for enterprises to raise funds reduced the demand for bank loans and shortened the time space of operation for funds. At present, china’s stock market is still limited to equity and state bond markets. Along with the gradual development of the enterprise bond market and further expansion o f the stock market, the demand for bank loans will continue to decline.

    股票市场的发展表明间接融资替代直接融资增加到某个程度。因此,银行间的竞争包括两个方面,债务人和债权人。对于债务人,因为越来越多的储蓄存款流入债券和股票市场,银行储蓄存款的增长在下降。短期储蓄成为一种趋势,因此有更多的储蓄存款,而不是债券存款。这减少了中长期贷款的资金来源,但是增加了流通的压力。对于债权人,股票市场的发展为企业的融资扩大了渠道,减少了对银行的贷款需求,缩短了资金运作的时间空间。现在,中国股票市场仍然仅限于股权和国有债券市场。随着企业债券市场的逐步发展,股票市场进一步扩张,银行贷款需求将继续降低。

    Moreover, the rising of the stock market laid a foundation for the development of (non-banking) financial institutions for investment in various forms and opened financial investment channel for citizens. The high return of equity investment enhanced the motivation of savings funds for profit. During this period, savings funds were no longer content with the traditional service for savings accounts, but were seeking for multiple investment services and investment for higher return. Those banks that met the demand to the greatest extent would have the maximum saving deposits.

    除此之外,股票市场的增长为非银行机构的发展,居民以各种形式投资和开放金融投资渠道奠定了基础。股权投资的高回报增加了储蓄资金逐利的动机。这段时期,储蓄资金不再以储蓄帐户这一传统的服务为内容,而是尝试多方投资服务和有更高回报的投资。那些符合最大需求的银行将有最大的储蓄存款。

    At present, financial savings institutions with state-owned banks as the main body, are feeling the loss of some of the capital and business as well as the potentail risk of circulation. This is only the beginning. At the end of September 2000, the ratio of banking assets to the capital market value in china was 4:1 while the average of that between 1990 and 1997 in japan was 1.7:1;1:1in the united states, united kingdom, Canada and Australia; 1.6:1 in south korea and 1.4:1 in Thailand. China’s financial structure, compared with those in countries above-mentioned, has a long way to go and the distribution of financial resources will have to undergo bigger changes.

    现在,以国有银行为主体的金融储蓄机构正感到资本和业务的流失以及流通的潜在风险。这仅是开始。2000年9月末,银行资产占资本市场市值的比重中国是4:1。而1990年到1997年间,日本平均是1.7:1,美国,英国,加拿大,澳大利亚是1:1,南韩是1.6:1,泰国是1.4:1。中国金融结构与以上提到的国家相比还有很长的路要走,金融资源的配置将经历较大的转变。

    The competition of non-banking financial institutions started a drive toward innovation of the tools of the banking industry. At present the innovation of financial tools is mainly focused on the functional services for clients and credits for private consumption. The former was to provide a new type of service for their clients who would enjoy saving, consumption, payment, transfer and equity investment on a single account, so as t stabilize and expand the volume of savings deposits in banks. The latter, under the circumstance of insufficient demand for loans from companies, was to provide opportunities for bank credits and loans with additional room for growth. Both saw fast development. According to statistics of the people’s bank of china, by the end of 2000, the balance of private housing loans of all financial institutions had hit 338 billion RMB yuan, an increase of 195.2 billion RMB yuan or 1.37 times over that at the beginning of the year. And there was an increase of 64 billion RMB yuan for other private consumption through loans over the beginning of the year. Consumption credit and loans have become a new growth measure for bank credit and loans.

    非银行金融机构的竞争始于银行业工具创新的驱动。现在,金融工具的创新集中于为客户的功能服务和私人消费的信贷。前者是为在单一帐户下享有储蓄,消费,支付,转帐和股权投资的客户提供一种新型的服务,为了稳定和扩大银行的储蓄存款额度。后者,在企业贷款需求不足的情况下,为银行信贷额外的增长空间提供机会。两者发展的势头都很快。根据中国人民银行的统计,2000年末,所有金融机构私人住房贷款余额突破3380亿元人民币,增长1952亿元人民币或者1.37倍。通过私人消费的贷款增长640亿元人民币。消费信贷已经成为银行信贷一个新的增长点。

    The innovation of tools was a direct response from financial institutions to market competition and showed the enhancement of market binding power. Objectively, it helped push the state-owned banks toward intensification, upgrading of service quality and diversification of loan and credit risks. It also helped other commercial banks expand debits and debts via new tools and strengthen competitiveness. But it was not sufficient to improve the fundamental business achievement of state-owned financial enterprises. The following were the three main reasons. First, the financial competition from institution expansion to tool innovation reflected more of the changes of outer environment of the market, particularly the rapid development of the capital market, than the reform of financial institutions themselves in respect of their inner managerial mechanism. Second, the financial innovations mostly were imitation of the mature financial products or business of developed countries and they were not innovation in the genuine sense. It might be more accurate to call them technical simulation. Third, just as in large-scale competitions, the direct motivation of tool innovation was till aimed at savings recirculation, but the company had not improved its management or enhanced its risk-control ability.

    金融工具的创新是金融机构应对市场竞争的直接反应,表明了市场力量的扩大。客观上,这把国有银行推向增强透明度,升级服务质量,多样化信贷风险。这也帮助其他的商业银行通过金融工具扩大借方和贷方,并且加强竞争。但这对改善国有金融企业根本经营业绩是不足够的。以下是三个主要原因。首先,来自机构扩张和金融工具创新的金融竞争与其说是反应了市场外部环境的改变,特别是资本市场的迅速发展,不如说是他们内部管理机制方面的金融机构自身的改革。其次,金融创新是发达国家成熟金融产品的模仿,并不是真正意义上的创新。称他们为技术仿真更加确切。第三,就象大规模的竞争一样,工具革新的动机仍然以储蓄再循环为目标,但是公司并没有改善管理或者加强风险控制能力。

Managing risks and obtaining returns from risks were the major orientation of financial institutions to create wealth while good managerial and incentive mechanism was the key factor to ensure it. As long as the competitor had no striking improvement of managerial mechanism, nor fundamental upgrading of risk-control, its services and products would not be sufficient to improve the business efficiency.  

  管理风险和从风险中获得回报是金融机构创造财富的主要方向,而好的管理和激励机制是确保实现目标的关键因素。只要竞争者管理机制没有显著的改善,风险控制就没有根本的升级,其服务和产品就不足以提高企业效率。

 

以上摘自《CHINA:ACCESSION TO THE WTO AND ECONOMIC REFORM》(全英文版)

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