BANKS in Westerncountries dragged their economiesinto the great recession. Banks in Chinapulled thecountry out of it. Much of the Chinese governmentsstimulus effortfrom 2008 to 2010 was left to financial institutions, which proved better atshovingmoney out of the door than Americas federal government.
西方国家的银行将经济拉到一个大衰退中,而中国的银行却将这个国家拽出这个泥淖。2008年到2010年间中国政府间的刺激计划都交给金融机构执行,相比美国联邦政府,中国的这一做法在贷款方面要更有效。
The banks lent tothousands of investment corporations set up by local governments, whichcannotborrow in their own name. With the help of some initial capital and collateral,like land,these investment vehicles directed the lending into local bridges,tunnels and real-estateventures. But many of the loans have turned bad,threatening the balance-sheets of the banksthat made them.
银行贷款给地方政府成立的数以千计的投资公司,这是因为地方政府不能以自己的名义贷款。凭借着初始资金和诸如土地之类的抵押物,这些投资机器把这些贷款投资建设当地的桥梁、隧道以及房地产行业。但是很多贷款最后变成了坏账,搞得银行的资产负债表很不好看。
Now the centralgovernment has at last resolved to clean up the mess, according tounnamedofficials cited by Reuters this week. Chinas government will consolidatethousands ofinvestment vehicles and hive off some of their debts into separatecompanies open to privateinvestors. It will force the banks to write offanother slice of the bad debt, and repay a chunk ofit from its own budget.Much of the stimulus lending of 2008-10 may turn out to be publicspending after all.
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