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

　　中國政府公布措施支持苦苦掙扎的民營企業(yè)，并對肆無忌憚的民間借貸進行管制。

　　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.

　　由于中國政府收緊信貸以抗擊通脹，許多規(guī)模較小的民營企業(yè)無法獲得銀行貸款，他們只好求助于所謂“影子貸款機構”。這類貸款機構往往收取高額利息，許多難以償還債務的中小企業(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溫州一家鞋廠的工人。政府越來越擔心重點民營企業(yè)大量破產(chǎn)可能會對金融體系構成危險。

　　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.

　　國務院總理溫家寶主持召開國務院常務會議之后，國務院說，民間非正式融資渠道只能“在法律范圍內(nèi)”加以鼓勵。國務院還說，中國政府將嚴厲打擊金融傳銷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.

　　國務院同時表示將嚴格禁止金融從業(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，隨著政府推出新的舉措以打擊地下放貸現(xiàn)象，此類信貸來源存在“干涸”的風險，這甚至會拖垮非常成功的企業(yè)，繼而對正規(guī)銀行體系產(chǎn)生連鎖反應。

　　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，影子金融在中國已存在多年，但最近此類貸款激增卻是前所未見的。處于監(jiān)管邊緣的地下放貸機構從房地產(chǎn)開發(fā)商、煤窯主或其他現(xiàn)金充裕的個人那里匯聚資金，以追求更高回報。

　　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.

　　影子貸款機構的資金有很大一部分來自銀行本身。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這個全球第二大經(jīng)濟體的兩個重要工具。

　　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.

　　國際貨幣基金組織（IMF）最近公布的一份有關全球金融穩(wěn)定的報告稱，影子貸款增加的結果是，中國與其它發(fā)展中國家相比，債務總量“異常之高”。IMF計算后發(fā)現(xiàn)，截至今年6月底，中國國內(nèi)貸款總量（包括記錄在銀行報表上的以及表外貸款）占國內(nèi)生產(chǎn)總值的比重達到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)濟學家說，經(jīng)由銀行發(fā)放、但被移出其資產(chǎn)負債表的信貸目前約為人民幣12萬億元(合1.9萬億美元)，從中可以看出未反映在銀行報表上的貸款規(guī)模。截至今年8月，銀行表內(nèi)和表外未償貸款總計人民幣55.7萬億元。

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

　　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)務移至表外是司空見慣的做法，具體講就是把那些貸款重新打包成所謂的理財產(chǎn)品，銀行常常會承諾，購買這些產(chǎn)品的客戶可獲得高于存款利息的回報率。

　　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中國政府設定的信貸額度。不過盡管如此，銀行依然因為這些貸款遇到了麻煩，因為它們要確保賣給客戶的投資產(chǎn)品可實現(xiàn)自己所承諾的回報。如果那些表外貸款成為壞賬，銀行必須找到可為客戶兌現(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讓中國政府抗通脹的努力復雜化，也可能讓銀行的資產(chǎn)負債表表面上看起來比實際情況更加健康。抑制居高不下的通脹率目前是中國政府的首要任務。

　　“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.

　　惠譽國際評級(Fitch Ratings)負責中國區(qū)金融機構業(yè)務的朱夏蓮(Charlene Chu)警告說，被打包成投資產(chǎn)品的貸款在償還時，用的是從投資者那里籌來的資金，而不是由借款人來直接還，這就掩蓋了借款人的真實財務狀況。

　　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.

　　中國銀監(jiān)會本月初出臺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，銀行就產(chǎn)品風險誤導投資者等問題也應運而生。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)費收入，而這些銀行以前一直嚴重依賴貸款服務來獲取盈利。由于中國央行維持的是存貸款固定利差，所以向有良好信譽的國有企業(yè)放貸對銀行來說，始終是個幾乎沒有任何風險、回報又能最大化的方式。不過，隨著中國銀行監(jiān)管機構準備放寬利率，近幾年它一直在鼓勵銀行尋找替代性收入流。關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)費收入增幅超過30%，將其整體盈利推高至創(chuàng)紀錄的高位。

　　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.

　　中國內(nèi)地大型銀行中國招商銀行(China Merchants Bank Co.)行長馬蔚華接受采訪時說，中資銀行應更關注那些擺脫手續(xù)費收入的業(yè)務，而不是傳統(tǒng)貸款業(yè)務。馬蔚華說，招行的目標是最終能將非貸款收入比例從目前的21%增至30%。