2021年经济学人 中国做大金融开放蛋糕,不再担心"狼来了"(4)

There is still tremendous scope for growth. In the onshore stockmarket foreigners hold nearly 5% of Chinese shares; by comparison, foreigners own about 25% of American shares. Foreigners own just 3% of Chinese bonds, versus¹ about 30% of the American market, and are overwhelmingly concentrated in government bonds. Corporate² debt is still seen as too murky³.

这里面仍有巨大的增长空间。在大陆股市，外资持股近5%，相比之下美股的外资持股比例约为25%。外资持债约占美国债市的30%，而在中国仅为3%，而且绝大多数是政府债券。公司债仍被视为一池浑水。

One obvious concern for foreign investors⁴ is whether they can get their money into and, crucially, out of, China. Doing so is now easier. Hong Kong's stock-connect programme, which allows trading in Chinese stocks, has fuelled a 40-fold increase in daily cross-border trading volumes in China since 2015. Repatriating⁵ profits through a qualified⁶ institutional-investor scheme used to take up to six months. Now it takes a few days. The realtest will come if markets crash, as they did in 2015. Then, the government made it hard for foreigners to take funds out of the country.

外国投资者明显担忧的一个问题是他们的资金能否自由进入和撤出中国大陆，后者尤为关键。这在现在变容易了。沪港通和深港通机制让境外资金可以交易大陆股票，自2015年推出以来已令中国股市每日的跨境交易量增长了40倍。通过合资格的机构投资者机制，现在只要几天就可以把收益取回，而过去要长达六个月。真正的考验将在市场崩溃时出现，就像2015年那样。当时政府设置的障碍让外国人很难把资金撤出中国。

The second dimension of China's opening is to foreign institutions. Investment banks long touted⁷ China's potential yet were granted only glacial increases in their onshore presence. Things are speeding up, thanks in no small partto the deterioration⁸ in relations between America and China. Wall Street banks, the thinking in Beijing goes, are powerful lobbyists in Washington. Goldman Sachs, which set up its joint⁹ venture in China in 2004, is applying to take over 100% of its onshore investment bank. A number of other foreign banks, including Morgan Stanley and UBS, are expanding their domestic businesses.

中国对外开放的第二个层面是向外资金融机构开放。投资银行早就在大谈中国市场的潜力，但它们的在华业务却仅获准以龟速增长。现在开始提速了，这在很大程度上得益于中美关系的恶化。北京的想法是，华尔街投行在华盛顿有很强的游说能力。2004年在中国设立合资公司的高盛正在申请收购其大陆合资公司100%的股权。摩根士丹利和瑞银等一批外资银行也在拓展中国大陆业务。

The optimistic case is that these investments will, in time, pay dividends¹⁰. The oft-repeated line from foreign financiers is that China is a long-term, strategic project. When smic, a semiconductor¹¹ group, listed in Shanghai in July, it raised $6.6bn, the largest offering in China since 2010. "That really got people wanting to do more work on initial public offerings (ipos) and look beyond just secondary trading," says Christina Ma, head of greater China equities¹² at Goldman Sachs. To be a full-service investment bank, a patchwork¹³ of licences is needed: for wealth management, underwriting and trading, to name a few. Some firms are putting them together. The disadvantages of being a foreign operator in the Chinese market are disappearing, says Eugene Qian, the chairman of UBS Securities.

情况乐观的话，这些投资将在日后带来红利。外国金融家总说中国是一个长期战略项目。半导体集团中芯国际去年7月在上海上市，融资66亿美元，是自2010年以来中国最大规模的IPO。“这确实令人们想在IPO上多下功夫，而不只是盯着二级交易。”高盛大中华区股票部主管马智萍说。在大陆开设全业务投资银行需要申请各种牌照，理财、承销和交易牌照只是其中几个。一些公司正把它们一一拿到手。外资机构在中国市场上的劣势正在消失，瑞银证券的董事长钱于军表示。

1 versus   

prep.以…为对手，对；与…相比之下

参考例句：

• The big match tonight is England versus Spain.今晚的大赛是英格兰对西班牙。
• The most exciting game was Harvard versus Yale.最富紧张刺激的球赛是哈佛队对耶鲁队。

2 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

3 murky   

adj.黑暗的，朦胧的；adv.阴暗地，混浊地；n.阴暗；昏暗

参考例句：

• She threw it into the river's murky depths.她把它扔进了混浊的河水深处。
• She had a decidedly murky past.她的历史背景令人捉摸不透。

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 repatriating   

v.把（某人）遣送回国，遣返( repatriate的现在分词 )

参考例句：

• Since banks are reducing overall lending, that means repatriating cash. 由于银行总的借贷额在下降，这就意味着资金必然国内回流。 来自互联网
• US immigration officials have again delayed moves start repatriating six-year-old Cuban shipwreck survivor Elian Gonzalez. 六岁的古巴海难幸存儿童埃利安非常幸运，美国移民局官员已将原本要遣返他的时间再次拖延。 来自互联网

6 qualified   

adj.合格的，有资格的，胜任的，有限制的

参考例句：

• He is qualified as a complete man of letters.他有资格当真正的文学家。
• We must note that we still lack qualified specialists.我们必须看到我们还缺乏有资质的专家。

7 touted   

v.兜售( tout的过去式和过去分词 )；招揽；侦查；探听赛马情报

参考例句：

• She's being touted as the next leader of the party. 她被吹捧为该党的下一任领导人。
• People said that he touted for his mother and sister. 据说，他给母亲和姐姐拉生意。 来自辞典例句

8 deterioration   

n.退化；恶化；变坏

参考例句：

• Mental and physical deterioration both occur naturally with age. 随着年龄的增长，心智和体力自然衰退。
• The car's bodywork was already showing signs of deterioration. 这辆车的车身已经显示出了劣化迹象。

9 joint   

adj.联合的，共同的；n.关节，接合处；v.连接，贴合

参考例句：

• I had a bad fall,which put my shoulder out of joint.我重重地摔了一跤，肩膀脫臼了。
• We wrote a letter in joint names.我们联名写了封信。

10 dividends   

红利( dividend的名词复数 )； 股息； 被除数； （足球彩票的）彩金

参考例句：

• Nothing pays richer dividends than magnanimity. 没有什么比宽宏大量更能得到厚报。
• Their decision five years ago to computerise the company is now paying dividends. 五年前他们作出的使公司电脑化的决定现在正产生出效益。

11 semiconductor   

n.半导体

参考例句：

• In the beginning,engineers hoped to use semiconductor lasers.在开始时，工程师们希望能够利用半导体激光器。
• The main agent of the company brand semiconductor sales.本公司主要代理各品牌半导体销售。

12 equities   

普通股，股票

参考例句：

• These are invested mainly in the OECD bonds and equities. 这些资产主要投资于经济合作及发展组织的债券与股票市场。
• They are also advantage of the global rebound in equities. 它们还在利用全球股市反弹的机会。

13 patchwork   

n.混杂物；拼缝物

参考例句：

• That proposal is nothing else other than a patchwork.那个建议只是一个大杂烩而已。
• She patched new cloth to the old coat,so It'seemed mere patchwork. 她把新布初到那件旧上衣上，所以那件衣服看上去就象拼凑起来的东西。