美国的金融体系比较成熟,企业有很多种办法筹到资金。他们可以从银行借款、靠出售股票或债券筹资,或者直接从任意数量的投资者那里筹集资金。
But in China, state-run banks are by far the main source of funding. That helped power the country’s economic rise, but it also led to loans going to politically connected borrowers rather than to where the economy needed it most. That is one reason the Chinese economy is now stuck with more steel, glass, cement and auto factories than it needs.
但在中国,国有银行是迄今为止的主要资金来源。这有助于推动中国的经济增长,但它也使得贷款流入了有政治背景的借款人那里,而不是经济最需要它的地方。这就是中国经济如今陷在供过于求的钢铁、玻璃、水泥和汽车厂里的原因之一。
Particularly in the past two years, China has taken steps to encourage the development of robust stock and bond markets as well as private lenders, needing a way to ensure the flow of money was being directed by profit-minded investors rather than politicians and their allies at state-owned banks.
特别是在过去两年中,中国已采取措施,鼓励股市、债市,以及私人贷款机构的健康发展,它需要一种方式来确保引导资金流向的是重视利润的投资者,而不是政界人士及其在国有银行的盟友。
The stock market crashed last year, and private lending has been slow to take off. But until this past week, the bond market had performed well. The investment arms of local governments and other large borrowers rushed in recent months to issue bonds at low interest rates and to pay off bank loans issued at higher rates — just as the government intended. Bond issuance jumped 47 percent in the first 11 months of this year from the same period last year.
【中国债券市场危机显露 投资人惊慌】相关文章:
★ 英语诗歌:Boats Sail On The Rivers
★ 诚信无价
最新
2019-01-07
2019-01-07
2019-01-07
2019-01-07
2019-01-07
2019-01-05