2021年经济学人 中国做大金融开放蛋糕,不再担心"狼来了"(3)

Part of that is a hedge-fund industry with Chinese characteristics. Regulators forbid the short-selling of individual stocks. But scores of big investment managers have emerged, with portfolios¹ that encompass² global and domestic assets as well as private and public markets. Operations at China's hedge funds are increasingly similar to those in global financial centres, says Gokul Laroia of Morgan Stanley, a bank. The biggestis Hillhouse Capital Management, run by Zhang Lei, with about $70bn undermanagement. Some are based offshore³ with a focus on China like Himalaya Capital, run in Seattle by Li Lu, once seen as a potential successor to Warren Buffett. Investors⁴ in China pay close attention to their decisions. When it was revealed last year that Mr Li had upped his stake in Postal⁵ Savings⁶ Bank of China, scores followed his lead. Shares in the bank, long derided⁷ as a stodgy⁸ state lender, have doubled in price since October.

具有中国特色的对冲基金行业是其中的一部分。监管机构禁止做空个股。但中国已出现几十家大型投资管理公司，投资组合覆盖全球和国内资产、私人和公开市场。摩根士丹利的高浩澧（Gokul Laroia）表示，中国对冲基金的运作越来越接近于那些在全球金融中心里的基金。其中规模最大的是张磊管理的高瓴资本，所管理资产约为700亿美元。还有一些总部设在海外但专注中国市场，比如由曾被视为巴菲特接班人的李录在西雅图运营的喜马拉雅资本。中国的投资者密切关注他们的投资决策。去年，李录增持中国邮政储蓄银行股份的消息披露后，很多人随之而动。自去年10月以来，这家一直被嘲讽为古板的国有银行的股价已经翻了一番。

Hello, world

你好，世界

Professional fund management is now approaching a tipping point. Retail⁹ investors still make up about 80% of average daily trading volume in the stockmarket; in America, even with the much ballyhooed rise in day trading, they account for just about a quarter. Yet institutional investors' holdings as a share of China's market capitalisation have increased from 30% in 2012 to about 50%. At this pace, says an executive at a Chinese asset manager, institutions' share of daily trading volume could hit 50% in the next five years. For foreign firms, the professionalisation of the markets could present an opening. Nothing in China comes easily, though.

专业基金管理就要来到一个转捩点。在中国股市，散户仍占日均交易量的80%左右；在美国，即使出现了被大肆渲染的日内交易增长，散户也只占四分之一左右。但机构投资者的持股占中国股市总市值的比例已经从2012年的30%升至50%左右。一家中国资产管理公司的高管表示，按这个速度，机构在日交易量中的占比可能在未来五年内达到50%。对于外国公司来说，市场的专业化可能会带来机遇。不过，在中国，任何事情都不会那么简单。

For years many officials in China feared that wily Western "wolves" would gobble up the banking¹⁰ market. But Xu Zhong, a senior banking official, observed in 2019 that the problem was in fact the opposite. "We are not open enough," he said. This hindered development; competition was needed to help local firms improve. He added a rhetoricalflourish ofthe kind thatwins debates in Beijing: the lack of opening goes against President Xi Jinping's doctrine¹¹ that Chinamust be confidentinits system.China, he concluded, should be bolder.

多年来，中国许多官员担心狡黠的西方“狼”会吞噬掉国内的银行业市场。但银行业高级官员徐忠在2019年观察到，问题恰恰相反。“我们还不够开放。”他说。这阻碍了发展，需要引入竞争来推动本土公司升级。他还加上一句在北京无往不利的那种套话：开放不足违背了习近平的理论，即中国必须对自己的制度充满信心。中国应该再大胆一些，他最后总结说。

Mr Xu's line of reasoning has so far prevailed. There are two separate but related openings that are now drawing Chinese and global finance more closely together. The first is the opening of China's capital markets to foreign investors. Funds allocated¹² to China have risen rapidly since 2018. The inclusion of many onshore stocks into global indices, such as msci's flagship emerging-markets index, has led to tens of billions of dollars in passive fund allocation a year. There has also been a rush into the country's sovereign and policy-bank bonds, a tempting¹³ alternative to ultra-low-yielding bonds elsewhere.

徐忠的想法到现在仍是主流。目前两个独立而又相关的开放行动使中国金融和全球金融更紧密地联系起来。首先是对外国投资者开放中国的资本市场。自2018年以来，配置到中国的资金快速增加。许多大陆股票被纳入全球指数，如MSCI的旗舰新兴市场指数，每年因此有数百亿美元通过被动基金配置到中国市场。此外，人们也纷纷购入中国的主权债券和政策性银行债券，相比其他地区超低收益的债券，它们是诱人的替代选择。

1 portfolios   

n.投资组合( portfolio的名词复数 )；（保险）业务量；（公司或机构提供的）系列产品；纸夹

参考例句：

• Price risk arises in non-trading portfolios, as well as in trading portfolios. 价格风险中出现的非贸易投资，以及在贸易投资组合。 来自互联网
• How do we fatten our portfolios and stay financially healthy? 我们怎样育肥我们的投资结构和维持财政健康呢？ 来自互联网

2 encompass   

vt.围绕，包围；包含，包括；完成

参考例句：

• The course will encompass physics,chemistry and biology.课程将包括物理、化学和生物学。
• The project will encompass rural and underdeveloped areas in China.这项工程将覆盖中国的农村和不发达地区。

3 offshore   

adj.海面的，吹向海面的；adv.向海面

参考例句：

• A big program of oil exploration has begun offshore.一个大规模的石油勘探计划正在近海展开。
• A gentle current carried them slowly offshore.和缓的潮流慢慢地把他们带离了海岸。

4 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

5 postal   

adj.邮政的，邮局的

参考例句：

• A postal network now covers the whole country.邮路遍及全国。
• Remember to use postal code.勿忘使用邮政编码。

6 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

7 derided   

v.取笑，嘲笑( deride的过去式和过去分词 )

参考例句：

• His views were derided as old-fashioned. 他的观点被当作旧思想受到嘲弄。
• Gazing up to the darkness I saw myself as a creature driven and derided by vanity. 我抬头疑视着黑暗，感到自己是一个被虚荣心驱使和拨弄的可怜虫。 来自辞典例句

8 stodgy   

adj.易饱的；笨重的；滞涩的；古板的

参考例句：

• It wasn't easy to lose puppy fat when Mum fed her on stodgy home cooking.母亲给她吃易饱的家常菜，她想减掉婴儿肥可是很难。
• The gateman was a stodgy fellow of 60.看门人是个六十岁的矮胖子。

9 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

10 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

11 doctrine   

n.教义；主义；学说

参考例句：

• He was impelled to proclaim his doctrine.他不得不宣扬他的教义。
• The council met to consider changes to doctrine.宗教议会开会考虑更改教义。

12 allocated   

adj. 分配的 动词allocate的过去式和过去分词

参考例句：

• The Ford Foundation allocated millions of dollars for cancer research. 福特基金会拨款数百万美元用于癌症研究。
• More funds will now be allocated to charitable organizations. 现在会拨更多的资金给慈善组织。

13 tempting   

a.诱人的, 吸引人的

参考例句：

• It is tempting to idealize the past. 人都爱把过去的日子说得那么美好。
• It was a tempting offer. 这是个诱人的提议。