经济翻译资料.docx

1、经济翻译资料Chinas cash crunch中国的现金危机This is not the countrys Lehman moment, but it does herald a change of momentum这不是国家的雷曼时刻，而确实预示着一种动量的变化。MANY commentators, including this newspaper, like to compare Chinas economy with Americas, the worlds biggest, which it is on course to rival in size if not in sophi

2、stication. Recently, however, parallels between the two economies have started to look more ominous. China suddenly seems to be exactly five years behind America. After several years of excessive credit, much of it in the shadows of the banking system, Chinas financial institutions stopped lending t

3、o each other this month; on June 20th interbank interest rates briefly soared to 25%. The crunch seemed horribly reminiscent of Americas financial crisis in 2008, from which it has yet to recover in full.不少评论家、包括新闻报纸，喜欢把中国与美国进行比较。当然，中国和美国是世界上最大的两个国家。最近，这两个经济体的一些相似之处似乎有些不太好的消息。看起来中国仅仅落后美国五年，经过了几年过多的信

4、贷投放、其中大部分是影子银行，6月20日中国同业拆借利率一度飙升至25%，而让人们联想到了美国2008年的金融危机，至今美国都未完全恢复。Two questions emerge from this. Is Chinas economy in as much trouble as Americas was in 2008? And have the authorities done the right thing? The answer to both is: not really. A lot depends on China now pushing through reforms.有两个问

5、题：中国经济会如美国2008年陷入麻烦吗？政府是如何做的呢？答案是：并不如此。很大程度上取决于中国目前正在推行改革。Chinas economy certainly has some worrying excesses. Credit has been rising much faster than GDP, and property prices, especially in coastal cities, have been soaring. That is often a sign of trouble. Sharp rises in lending, accompanied by pr

6、operty booms, set the stage for Americas crisis in 2008 and many others like it. In those cases, when rash investments turned sour banks went bust, lending stalled and confidence evaporated. Governments had to step in, recapitalising some banks and urging others to resume lending.在中国的确有一些令人担忧之处，信贷增长

7、超过了GDP增长，房地产价格一直飙升，尤其是沿海城市。这是一个麻烦的现象。伴随着房地产热潮，贷款急剧上升，这与美国2008年有些类似。在这样情况下，一些运作不良的银行可能会破产、停止房贷或减少信心。政府必须介入，恢复贷款资本重组。Yet Chinas situation is different in important ways. It has an extraordinarily high savings rate. Unlike America in 2008, the country as a whole is living well within its means. Its ban

8、ks are subject to pretty stringent rules: their loans cannot exceed 75% of their deposits, and, unlike many countries, China is already implementing the global prescriptions on bank capital known as Basel 3. And the state already owns the biggest banks. That has its drawbacks (too many loans have go

9、ne to state-favoured firms), but a bonus is that, when those loans turn bad, the state does not need to nationalise anything: it can tell the banks to keep lending while it decides how to allocate the losses and when. In effect, Chinas state can serve as a bankruptcy judge for the economy, keeping c

10、reditors in check, spreading the pain in an orderly fashion and, above all, preserving the value of the economy as a going concern. 然而，中国的情况与2008年美国是不同的，中国有很高的储蓄率。银行受到非常严格的规定，贷款不能超过存款的75%，与许多国家不同，实施巴塞尔协议3并拥有最大的银行。缺点是很多贷款进入了国家支持的企业，优点是当贷款变成坏账时，国家不需要国有化什么的，可以告诉银行贷款如何损失了如何分配。实际上，作为持续经营而保值经济。Chinas cash

11、 crunch also came about for a different reason. In 2008 Americas interbank market froze because banks refused to lend to each other. Chinas froze last week because the central bank itself refused to lend. Despite the need of some banks for cash as the end of the quarter approached, the central bank

12、sat on its hands, allowing rates to spike and signalling its determination to restrain the reckless growth of credit.中国出现现金危机原因与美国不同，2008年美国银行间市场冻结，因为银行拒绝互相借钱。而中国是由于央行拒绝贷款，尽管本季度末临近，一些银行需要现金，央行拒绝放水来抑制信贷增长。Letting interbank rates spike is a brutally effective, if crude, way to punish overstretched len

13、ders; it may also have sent a useful message to profligate local governments. But it risks punishing everyone else, too (see article). As a result of the central banks abstention, rumours swirled about bank defaults and ATMs running out of cash. On June 24th Chinas stockmarkets suffered their worst

14、day in years; the Shanghai composite index fell by 5.3%. The central banks inaction threatened to endanger the confidence that makes banking possible. Fortunately, the authorities eventually woke up to the danger, moving to calm the markets on June 25th.让银行间拆借利率上涨是一个惩罚过度扩张的有效方式，也给地方政府传达信息。央行采取紧缩态度，也

15、有一些关于银行违约的自动取款机提现的传言。6月24日，中国股市遭遇了多年最糟糕的一天，上证综合指数下跌了5.3%，幸运的是，6月25日市场已经平息。The priorities now should be to start cleaning up the financial system and rebalancing the economy. Letting banks raise interest rates on deposits would help them attract funds that are now disappearing into the shadow banking

16、 system. Introducing deposit insurance would also help distinguish protected deposits from unprotected, shadowy alternatives.现在首要任务是开始清理金融系统，调整经济结构。提高银行存款利率以吸引资金。让影子银行消失，引入存款保险制度，区别保护存款与非保护存款，还有替代品之类。The government also needs to cool some overheated industries and liberate others. It should suppress

17、 speculative demand for housing by imposing an annual property tax on the market value of homes, broadening a pilot tax in Chongqing and Shanghai. And it should do more to encourage private investment in industries, from railways to telecoms, that are now dominated by state-owned enterprises. That w

18、ould free Chinas banks to lend to other sources.此外，政府还需要给一些过热行业降温，抑制投机性住房需求，对市场上房屋征收房产税，扩大重庆和上海试点税。还有，鼓励民间资本投资铁路、电信等主导地位的国有企业，释放中国银行的贷款其他来源。Such reforms will take time to work and will slow the economy in the short term. Growth may run at only 6% next year, according to Dragonomics, a research firma

19、 sharp reduction from the double-digit rate that China has become accustomed to, and significantly below the governments target for this year of 7.5%. That may cause a flurry of anxiety in Beijing. Yet the alternative is more wasteful lending and unproductive spending. China is a resilient economy t

20、hat has grown its way out of problems in the past. But if it lets bubbles expand, then comparisons with America may become more apposite.改革需要一段时间，短期内经济增长会放缓，可能只有6%。根据研究公司龙洲经讯，中国之前是两位数增长，现在大幅放缓，低于政府7.5%的目标。然而，如果选择更多浪费和非生产性支出，让泡沫膨胀，那么就很可能与美国更一样了，走出过去的问题，中国是一个有活力的经济。廉价中国的终结The end of cheap China作者：时间：2

21、012年03月21来源：Eco中文论坛已阅读4468次-爱思英语编者按：劳动力成本是指企业(单位)因劳动力、劳动对象、劳动手段、雇佣社会劳动力而支付的费用以及资金等,生产要素的投人构成劳动力成本是劳动核算体系的主要组成部分。劳动力成本是指企业(单位)因雇佣社会劳动力而支付的费用。根据国际劳工组织(ILO)的规定，劳动力成本的范围大于工资，不仅包括以货币形式表现的工资和薪金，还包括以物质或非物质形式表现的福利，如实物发放、社会保障、技术培训等。劳动力成本是劳动者所有报酬之和。研究产业竞争力，除劳动力成本之外，还要考虑劳动生产率。通过计算单位劳动成本(ULC)可以反映一个产业或国家的成本优势。单位

22、劳动成本的定义是平均劳动报酬对劳动生产率的比值。Manufacturing 制造业The end of cheap China廉价中国的终结What do soaring Chinese wages mean for global manufacturing?中国工资飙高对全球制造业意味着什么？TRAVEL by ferry from Hong Kong to Shenzhen, in one of the regions that makes China the workshop of the world, and an enormous billboard greets you: Time

23、 is Money, Efficiency is Life.从香港乘坐渡轮到深圳，你会看到巨大的广告牌欢迎你，上面写着：“时间就是金钱，效率就是生命”，深圳是几个让中国成为世界工厂的地域之一。China is the worlds largest manufacturing power. Its output of televisions, smartphones, steel pipes and other things you can drop on your foot surpassed Americas in 2010. China now accounts for a fifth o

24、f global manufacturing. Its factories have made so much, so cheaply that they have curbed inflation in many of its trading partners. But the era of cheap China may be drawing to a close.中国现在是世界上最大的制造国家。中国生产的电视，智能手机，钢管以及其他实物于2010年超过了美国。中国现在占全球制造业的五分之一。中国的工厂曾经造出了如此众多的，如此廉价的商品，足以抑制中国贸易伙伴国家的通货膨胀。但是便宜中国造

25、的时代也许正渐渐离我们远去。【things you can drop on your foot】看得见摸得着的实物，能拿来砸脚。服务则是things that you cannot drop on your foot.Costs are soaring, starting in the coastal provinces where factories have historically clustered (see map). Increases in land prices, environmental and safety regulations and taxes all play a

26、 part. The biggest factor, though, is labour.成本在飞速上升，这适于沿海诸省，因为历史原因，工厂在沿海省市扎堆。土地价格的上涨，环境安全条例的规范，税收都是成本上升的原因。尽管如此，主要因素是劳动力。On March sth Standard Chartered, an investment bank, released a survey of over 200 Hong Kong-based manufacturers operating in the Pearl River Delta. It found that wages have alre

27、ady risen by 10% this year. Foxconn, a Taiwanese contract manufacturer that makes Apples iPads (and much more besides) in Shenzhen, put up salaries by16-25% last month.三月五日，渣打投资银行公布了一份调查，是关于200家在珠江三角洲地区生产的香港的制造公司的。调查显示，今年工资已经涨了一成。富士康是一家台湾公司，按照合约在深圳为苹果公司制造ipad，上月公司将工资上调了16-25%。Its not cheap like it u

28、sed to be, laments Dale Weathington of Kolcraft, an American firm that uses contract manufacturers to make prams in southern China. Labour costs have surged by 20% a year for the past four years, he grumbles. Chinas coastal provinces are losing their power to suck workers out of the hinterland. Thes

29、e migrant workers often go home during the Chinese New Year break. In previous years 95% of Mr Weathingtons staff returned. This year only 85% did.劳动力没有过去便宜了，美国公司Kolcraft的Dale Weathington叹息道，该公司在中国南方以合约制造公司制造手推车。Dale Weathington抱怨道，劳动力成本在过去四年中每年飙升20%。中国沿海省市正在失去将工人从老家吸引过来的能力。这些农民工经常趁农历新年回家。去年，只有95%的工

30、人回来了。今年只有85%的工人节后返回公司。Kolcrafts experience is typical. When the American Chamber of Commerce in Shanghai asked its members recently about their biggest challenges, 91% mentioned rising costs. Corruption and piracy were far behind. Labour costs (including benefits) for blue-collar workers in Guangdon

31、g rose by 12% a year, in dollar terms, from 2002 to 2009; in Shanghai,l4% a year. Roland Berger, a consultancy, reckons the comparable figure was only 8% in the Philippines and 1% in Mexico.Kolcraft公司的经历是很典型的。当美国驻上海商会询问商会成员什么是他们最大的挑战，91%的公司提到了“上涨的成本”，贪污腐败徇私不透明则不那么构成威胁。广东蓝领工人的劳动力成本以美元计算，从2002年到2009年，

32、每年上涨了12%，上海上涨了14%。咨询顾问Roland Berger认为，可比较的数字在菲律宾仅有8%，在墨西哥仅有1%。Joerg Wuttke, a veteran industrialist with the EU Chamber of Commerce in China, predicts that the cost to manufacture in China could soar twofold or even threefold by 2020. AlixPartners, a consultancy, offers this intriguing extrapolation: if Chinas currency and shipping costs were to rise by 5% annually and wages were to go up by 30% a year, by 2015 it would be just as cheap to make things in North America as to make them in China and ship them there (see chart on next page). In