经济翻译资料.docVIP

China’s cash crunch中国的现金危机 This is not the country’s Lehman moment, but it does herald a change of momentum这不是国家的雷曼时刻，而确实预示着一种动量的变化。 MANY commentators, including this newspaper, like to compare China’s economy with America’s, the world’s biggest, which it is on course to rival in size if not in sophistication. Recently, however, parallels between the two economies have started to look more ominous. China suddenly seems to be exactly five years behind America. After several years of excessive credit, much of it in the shadows of the banking system, China’s financial institutions stopped lending to each other this month; on June 20th interbank interest rates briefly soared to 25%. The crunch seemed horribly reminiscent of America’s financial crisis in 2008, from which it has yet to recover in full.?不少评论家、包括新闻报纸，喜欢把中国与美国进行比较。当然，中国和美国是世界上最大的两个国家。最近，这两个经济体的一些相似之处似乎有些不太好的消息。看起来中国仅仅落后美国五年，经过了几年过多的信贷投放、其中大部分是影子银行，6月20日中国同业拆借利率一度飙升至25%，而让人们联想到了美国2008年的金融危机，至今美国都未完全恢复。 Two questions emerge from this. Is China’s economy in as much trouble as America’s was in 2008? And have the authorities done the right thing? The answer to both is: not really. A lot depends on China now pushing through reforms.有两个问题：中国经济会如美国2008年陷入麻烦吗？政府是如何做的呢？答案是：并不如此。很大程度上取决于中国目前正在推行改革。 China’s economy certainly has some worrying excesses. Credit has been rising much faster than GDP, and property prices, especially in coastal cities, have been soaring. That is often a sign of trouble. Sharp rises in lending, accompanied by property booms, set the stage for America’s crisis in 2008 and many others like it. In those cases, when rash investments turned sour banks went bust, lending stalled and confidence evaporated. Governments had to step in, recapitalising some banks and urging others to resume lending.在中国的确有一些令人担忧之处，信贷增长超过了GDP增长，房地产价格一直飙升，尤其是沿海城市。这是一个麻烦的现象。伴随着房地产热潮，贷款急剧上升，这与美国2008年有些类似。在这样情况下，一些运作不良的银行可能会破产、停止房贷或减少信心。政府必须介入，恢复贷款资本重组。 Yet China’s situation is different in important ways. It has an extra