China unveiled plans to support struggling private enterprises, including controls on unscrupulous lending practices.

　　中國(guó)政府公布措施支持苦苦掙扎的民營(yíng)企業(yè)，并對(duì)肆無(wú)忌憚的民間借貸進(jìn)行管制。

　　Many smaller private companies, unable to obtain bank loans because of the government's tightening of credit to fight inflation, have turned to so-called shadow lenders for funding. Such lenders often charge exorbitant interest rates, and many smaller enterprises, struggling to repay the debt, have gone under.

　　由于中國(guó)政府收緊信貸以抗擊通脹，許多規(guī)模較小的民營(yíng)企業(yè)無(wú)法獲得銀行貸款，他們只好求助于所謂“影子貸款機(jī)構(gòu)”。這類(lèi)貸款機(jī)構(gòu)往往收取高額利息，許多難以?xún)斶€債務(wù)的中小企業(yè)已經(jīng)破產(chǎn)。

　　The government has become increasingly concerned that bankruptcies in the key private enterprise sector could pose a danger to the financial system.

　　Reuters溫州一家鞋廠(chǎng)的工人。政府越來(lái)越擔(dān)心重點(diǎn)民營(yíng)企業(yè)大量破產(chǎn)可能會(huì)對(duì)金融體系構(gòu)成危險(xiǎn)。

　　After a meeting presided over by Premier Wen Jiabao, the state council said that private, informal financing channels will only be encouraged 'within the bounds of the law.' The council, China's cabinet, said the government will crack down on illegal practices such as pyramid schemes and lending at excessively high interest rates.

　　國(guó)務(wù)院總理溫家寶主持召開(kāi)國(guó)務(wù)院常務(wù)會(huì)議之后，國(guó)務(wù)院說(shuō)，民間非正式融資渠道只能“在法律范圍內(nèi)”加以鼓勵(lì)。國(guó)務(wù)院還說(shuō)，中國(guó)政府將嚴(yán)厲打擊金融傳銷(xiāo)和高利貸等違法行為。

　　The government also will strictly prohibit participation in such informal lending by employees of financial firms, the cabinet said.

　　國(guó)務(wù)院同時(shí)表示將嚴(yán)格禁止金融從業(yè)人員參與民間借貸。

　　With the new government crackdown on underground lending, analysts say there is now a risk that this source of credit could dry up, bringing down even thriving companies, with ripple effects on the formal banking system.

　　分析人士說(shuō)，隨著政府推出新的舉措以打擊地下放貸現(xiàn)象，此類(lèi)信貸來(lái)源存在“干涸”的風(fēng)險(xiǎn)，這甚至?xí)峡宸浅３晒Φ钠髽I(yè)，繼而對(duì)正規(guī)銀行體系產(chǎn)生連鎖反應(yīng)。

　　Shadow finance in China has been around for years, but the recent surge in such lending is unprecedented, analysts say. The lightly regulated underground lenders pool money from property developers, coal miners or other cash-rich individuals hunting for higher returns.

　　分析人士說(shuō)，影子金融在中國(guó)已存在多年，但最近此類(lèi)貸款激增卻是前所未見(jiàn)的。處于監(jiān)管邊緣的地下放貸機(jī)構(gòu)從房地產(chǎn)開(kāi)發(fā)商、煤窯主或其他現(xiàn)金充裕的個(gè)人那里匯聚資金，以追求更高回報(bào)。

　　A significant portion of shadow lenders' funds comes from the banks themselves. Shadow lending has become sizable enough to challenge the government's tight control of credit and interest rates, two critical tools for steering the world's No. 2 economy.

　　影子貸款機(jī)構(gòu)的資金有很大一部分來(lái)自銀行本身。影子貸款的規(guī)模大到足以影響政府收緊信貸和利率的措施。信貸和利率是操控中國(guó)這個(gè)全球第二大經(jīng)濟(jì)體的兩個(gè)重要工具。

　　As a result of the increase in shadow lending, China has an 'unusually high level' of gross debt compared with other developing economies, according to a recent International Monetary Fund report on global financial stability. The IMF calculates that the stock of domestic loans, including those both on and off banks' books, reached 173% of China's gross domestic product as of the end of June.

　　國(guó)際貨幣基金組織（IMF）最近公布的一份有關(guān)全球金融穩(wěn)定的報(bào)告稱(chēng)，影子貸款增加的結(jié)果是，中國(guó)與其它發(fā)展中國(guó)家相比，債務(wù)總量“異常之高”。IMF計(jì)算后發(fā)現(xiàn)，截至今年6月底，中國(guó)國(guó)內(nèi)貸款總量（包括記錄在銀行報(bào)表上的以及表外貸款）占國(guó)內(nèi)生產(chǎn)總值的比重達(dá)到173%。

　　In an indication of how much lending isn't reflected on banks' books, credit extended through banks, but moved off their balance sheets, stands at roughly 12 trillion yuan ($1.9 trillion), UBS economists say. Total loans outstanding , both on and off banks' balances sheets, stood at 55.7 trillion yuan as of August.

　　瑞銀(UBS)經(jīng)濟(jì)學(xué)家說(shuō)，經(jīng)由銀行發(fā)放、但被移出其資產(chǎn)負(fù)債表的信貸目前約為人民幣12萬(wàn)億元(合1.9萬(wàn)億美元)，從中可以看出未反映在銀行報(bào)表上的貸款規(guī)模。截至今年8月，銀行表內(nèi)和表外未償貸款總計(jì)人民幣55.7萬(wàn)億元。

　　Dragonomics, a Beijing-based research and advisory firm, estimates that shadow finance accounted for more than 40% of new loans issued in the first half of this year. Much of this kind of informal lending actually is conducted by, or through, the major state banks.

　　據(jù)北京研究咨詢(xún)公司龍洲經(jīng)訊(Dragonomics)估計(jì)，影子貸款占中國(guó)今年上半年新增貸款的比重超過(guò)40%。這種非正規(guī)貸款中，有很多實(shí)際上是由或通過(guò)中國(guó)大型國(guó)有銀行完成的。

　　According to analysts and banking executives, it has been a common practice among Chinese banks to move parts of their loan portfolios off their books by repackaging those loans into so-called wealth-management products that often promise rates of return higher than buyers can get from savings deposits.

　　據(jù)分析師和銀行業(yè)高管透露，中資銀行把部分貸款業(yè)務(wù)移至表外是司空見(jiàn)慣的做法，具體講就是把那些貸款重新打包成所謂的理財(cái)產(chǎn)品，銀行常常會(huì)承諾，購(gòu)買(mǎi)這些產(chǎn)品的客戶(hù)可獲得高于存款利息的回報(bào)率。

　　The practice allows banks to get around lending quotas set by the government. Banks remain on the hook for those loans, though, as they need to make sure that the investment products sold to their customers pay off as promised, If underlying loans go bad, banks must find ways to pay their customers as promised.

　　這種做法可使銀行避開(kāi)中國(guó)政府設(shè)定的信貸額度。不過(guò)盡管如此，銀行依然因?yàn)檫@些貸款遇到了麻煩，因?yàn)樗鼈円_保賣(mài)給客戶(hù)的投資產(chǎn)品可實(shí)現(xiàn)自己所承諾的回報(bào)。如果那些表外貸款成為壞賬，銀行必須找到可為客戶(hù)兌現(xiàn)其承諾的辦法。

　　The practice could complicate Beijing's fight to tamp down stubbornly high inflation─currently the government's top priority─and potentially make banks' balance sheets look healthier than they really are.

　　銀行的這種做法可能會(huì)讓中國(guó)政府抗通脹的努力復(fù)雜化，也可能讓銀行的資產(chǎn)負(fù)債表表面上看起來(lái)比實(shí)際情況更加健康。抑制居高不下的通脹率目前是中國(guó)政府的首要任務(wù)。

　　“When a loan is put into an investment product, it is repaid with money raised from investors, not by the borrowers themselves, masking true borrower health,” warns Charlene Chu, head of China financial institutions at Fitch Ratings.

　　惠譽(yù)國(guó)際評(píng)級(jí)(Fitch Ratings)負(fù)責(zé)中國(guó)區(qū)金融機(jī)構(gòu)業(yè)務(wù)的朱夏蓮(Charlene Chu)警告說(shuō)，被打包成投資產(chǎn)品的貸款在償還時(shí)，用的是從投資者那里籌來(lái)的資金，而不是由借款人來(lái)直接還，這就掩蓋了借款人的真實(shí)財(cái)務(wù)狀況。

　　The China Banking Regulatory Commission early this month unveiled new rules aimed at improving disclosure about certain investment products sold by banks, noting that problems have appeared along with the robust growth of such products, including banks misleading investors about the risks. The rules will become effective on Jan. 1.

　　中國(guó)銀監(jiān)會(huì)本月初出臺(tái)了旨在加大銀行某些投資產(chǎn)品披露力度的新規(guī)定，并指出隨著這些產(chǎn)品的迅速增長(zhǎng)，銀行就產(chǎn)品風(fēng)險(xiǎn)誤導(dǎo)投資者等問(wèn)題也應(yīng)運(yùn)而生。新規(guī)定將于明年1月1日起生效。

　　The informal credit boom has boosted fee income at China's banks, which have historically been heavily dependent on making loans to generate profit. As China's central bank maintains a fixed margin between deposit and lending rates, making loans to creditworthy state-owned companies─banks' main customers─has been an all but risk-free way for lenders to maximize their returns. In recent years, though, the country's banking regulator has been encouraging banks to find alternative revenue streams as it prepares to liberalize interest rates─a change that would overturn the banks' traditional business model.

　　非正規(guī)信貸的蓬勃興起提高了中資銀行的手續(xù)費(fèi)收入，而這些銀行以前一直嚴(yán)重依賴(lài)貸款服務(wù)來(lái)獲取盈利。由于中國(guó)央行維持的是存貸款固定利差，所以向有良好信譽(yù)的國(guó)有企業(yè)放貸對(duì)銀行來(lái)說(shuō)，始終是個(gè)幾乎沒(méi)有任何風(fēng)險(xiǎn)、回報(bào)又能最大化的方式。不過(guò)，隨著中國(guó)銀行監(jiān)管機(jī)構(gòu)準(zhǔn)備放寬利率，近幾年它一直在鼓勵(lì)銀行尋找替代性收入流。關(guān)于利率自由化的改革將顛覆中資銀行的傳統(tǒng)商業(yè)模式。

　　Most publicly-traded Chinese banks reported growth of more than 30% in fee income in the second quarter, driving their overall profits to record highs, according to Dragonomics.

　　龍洲經(jīng)訊的數(shù)據(jù)顯示，大多數(shù)上市中資銀行第二季度手續(xù)費(fèi)收入增幅超過(guò)30%，將其整體盈利推高至創(chuàng)紀(jì)錄的高位。

　　Ma Weihua, president of China Merchants Bank Co., a large bank in the mainland, said in an interview that Chinese banks should focus more on business that throws off fee income than on traditional lending. China Merchants aims to raise nonlending income to 30% eventually, from the current 21%, Mr. Ma said.

　　中國(guó)內(nèi)地大型銀行中國(guó)招商銀行(China Merchants Bank Co.)行長(zhǎng)馬蔚華接受采訪(fǎng)時(shí)說(shuō)，中資銀行應(yīng)更關(guān)注那些擺脫手續(xù)費(fèi)收入的業(yè)務(wù)，而不是傳統(tǒng)貸款業(yè)務(wù)。馬蔚華說(shuō)，招行的目標(biāo)是最終能將非貸款收入比例從目前的21%增至30%。