英文翻译范例 2012.docVIP

江苏大学继续教育学院 英文翻译原文和译文 学 生 姓 名 班 级 、 学 号 工商管理09 指 导 教 师 2012年 05 月 10 日 Bank Size and Small- and Medium-sized Enterprise (SME) Lending: Evidence from China 1. Introduction The discrepancy between China’s economic structure and financial structure is best manifested by the mismatch between the contribution of small- and medium-sized enterprises (SMEs) to economic growth and the amount of credit they have obtained from formal financial institutions. Since China launched its economic reform in 1978, its economy has switched into the fast lane of economic growth. China had achieved 9.75% annual GDP growth during 1979–2007, making it one of the fastest growing economies in the world by any standard. SMEs have played an active role in economic growth. According to the National Bureau of Statistics, 99.6% of enterprises in China are SMEs at the end of 2005. These enterprises account for 59% of GDP, 60% of total sales, 48.2% of taxes, and about 75% of employment in urban areas. SMEs’ participation in international trade and outward investment is also very significant, representing 68.85% of the total import and export values and about 80% of outward investment. ………… 2. Background, data, and methodology (a). Background information about the Chinese financial system China’s current financial system is mainly composed of four state-owned banks, 12 share-holding commercial banks, city commercial banks, and over 2,000 county-level rural credit cooperatives (RCCs). Even though the source of external financing of China’s non-financial firms had changed dramatically in the past 30 years, indirect financing through financial intermediaries dominates direct financing in China. In 2002, the relative shares of financing from bank loans, treasury bonds, corporation bonds, and equity were 80.2%, 14.4%, 1.4%, and 4%, respectively. In indirect financing, loans from state-owned banks are the main sourc