The worst fears of a collapse in China's banking system are misplaced. But a continued slowdown in profit growth appears inevitable.
过于担心中国银行系统崩溃并无必要,但利润增长的持续放缓似乎不可避免。
Net profit for China Construction Bank, China's second largest by assets, increased by just 12.5% year-on-year in the third quarter. That is down from 20.1% growth in this year's second quarter and 34.1% in 2011's first quarter. Other banks are following a similar trajectory.
资产规模全国第二的中国建设银行(China Construction Bank)第三季度净利润仅同比增长12.5%,低于今年第二季度的20.1%和2011年一季度的34.1%。其他银行也出现了类似的趋势。
The deceleration would have been worse, but for a slowdown in China's economic growth that meant the government allowed more loans to sneak out the door. New loans, the main source of income for the banks, expanded 23.7% year-on-year in the third quarter.
要不是中国经济增长放缓、迫使政府允许银行加大贷款量,利润减速还会更加严重。作为银行主要收入来源的新增贷款在第三季度同比增长23.7%。
The major trends in China's financial sector continue to cut against the banks' interests.
中国金融业的主要趋势仍不利于银行业。
A bigger role for the bond market is eating into profitability. Corporate-bond issuance boomed almost 300% year-on-year in the third quarter. The banks are the major buyers in the bond market, but a 4.2% yield on one-year triple-A-rated bonds is considerably less attractive than a 6% return on a one-year loan.
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