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What Chinese banks don't know won't hurt them. This seems to be a guiding principle for some provincial government authorities who are compiling lists of lackluster companies and keeping them secret from regulators and banks who might otherwise refuse to lend.
中國的銀行不知者不傷。這似乎成為了某些省政府機(jī)構(gòu)的指導(dǎo)原則，他們正在收集發(fā)展不景氣的公司名單，并且不讓監(jiān)管部門和銀行知道這些名單，否則這些公司就不會再獲得貸款。
About 7.5 percent of China's industrial firms are so-called "zombie companies," according to a 2013 survey of more than 800,000 firms by Renmin University economists. Zombies are firms that have trouble refinancing debts or turning profits. Many of these firms are state-owned enterprises, or SOEs, created after China poured 4 trillion yuan into stimulus spending after the 2008 financial crisis, according to the study.
根據(jù)人民大學(xué)經(jīng)濟(jì)學(xué)家2013年對80萬家公司的調(diào)查，中國大約有7.5%的工業(yè)公司都是所謂的“僵尸公司”。僵尸公司指那些再融資有困難或難以盈利的公司。該研究表明，很多這樣的公司都是國有企業(yè)，即SOE，它們是在2008年經(jīng)濟(jì)危機(jī)后中國投入了4萬億來刺激消費時出現(xiàn)的。
China's state-owned enterprises have benefited from cheap funding. But overcapacity and weak profits at SOEs have driven the country's bad-loan ratios sky-high. The combined non-performing loan ratio of commercial banks rose to 1.81 percent at the end of June, the highest since the 2008 global financial crisis, data from the China Banking Regulatory Commission show.
中國的國有企業(yè)都受益于廉價資金。但是國有企業(yè)生產(chǎn)能力過剩并且利潤微薄，使得我國的不良貸款率極高。中國銀行業(yè)監(jiān)督管理委員會的數(shù)據(jù)顯示，截止六月底，商業(yè)銀行的不良貸款率升至1.81%，是2008年全球經(jīng)濟(jì)危機(jī)以來的最高數(shù)值。
Chinese banks are understandably reluctant to lend to sluggish state-owned enterprises, which worries government authorities pushing for SOE reform. In Jiangxi, where a Bloomberg report said 205 failing coal mines are set to close and the bad-loan ratio is nearly 40 percent higher than the national average, local authorities fear that banks will slam the door on companies discovered to be zombies. The so-called "zombie list" compiled by provincial authorities is kept secret from Jiangxi banks and regulators, including the local branch of the state banking regulator China Banking Regulatory Commission, or CBRC. Representatives from CBRC's Jiangxi branch said at a press conference this month that they compile their own zombie list, which they share with local banks to ensure that promising companies get support.
中國的銀行不愿意貸款給蕭條的國有企業(yè)也是情有可原，這讓推進(jìn)國有企業(yè)改革的政府機(jī)構(gòu)頗為擔(dān)憂。在江西，彭博社報道，205個瀕臨崩潰的煤礦即將關(guān)閉，且不良貸款率比全國平均水平高出近40%，當(dāng)?shù)卣畵?dān)心銀行會將僵尸公司拒于門外。省級機(jī)關(guān)擬定的“僵尸名單”并未向江西銀行和監(jiān)管部門公布，包括國家銀行監(jiān)管者中國銀監(jiān)會在當(dāng)?shù)氐姆中小１驹拢袊y監(jiān)會江西分行的代表在新聞發(fā)布會上稱，他們會收集自己的僵尸名單并告知當(dāng)?shù)劂y行，以確保有發(fā)展前景的公司能夠得到資助。
Not all provincial governments keep zombie lists. CBRC authorities in Zhejiang Province told Bloomberg said they're collaborating with local officials to create a list. Zombie lists can be used to plan "exits" for zombies, mostly through mergers and restructuring.
并不是所有的省政府都有僵尸名單。浙江省的中國銀監(jiān)會機(jī)構(gòu)告訴彭博社，他們在與地方官員合作共同制造一個名單。僵尸名單可用來讓一些僵尸公司通過兼并和重建退出市場。
Zhang Xiwu, vice chairman of the State-owned Assets Supervision and Administration Commission, said in May that the central government plans to reform 345 zombie companies. But in regions where the government refuses to budge, hidden zombie lists could create challenges as banks struggle to simultaneously support SOEs and clamp down on rising bad loan ratios.
國有資產(chǎn)監(jiān)督管理委員會副會長張喜武五月份稱，央行計劃改革345家僵尸公司。但是在一些當(dāng)?shù)卣辉敢夥牡牡貐^(qū)，被隱藏的僵尸名單可能會帶來挑戰(zhàn)，因為銀行既要資助國有企業(yè)，同時又要壓制不斷上升的不良貸款率。
譯文屬可可英語原創(chuàng)，未經(jīng)允許，不得轉(zhuǎn)載。
