财经金融新闻 政府该隐藏僵尸公司吗

What Chinese banks don't know won't hurt them. This seems to be a guiding principle for some provincial¹ government authorities who are compiling lists of lackluster companies and keeping them secret from regulators and banks who might otherwise refuse to lend.

中国的银行不知者不伤。这似乎成为了某些省政府机构的指导原则，他们正在收集发展不景气的公司名单，并且不让监管部门和银行知道这些名单，否则这些公司就不会再获得贷款。

About 7.5 percent of China's industrial firms are so-called "zombie companies," according to a 2013 survey of more than 800,000 firms by Renmin University economists². Zombies are firms that have trouble refinancing debts or turning profits. Many of these firms are state-owned enterprises, or SOEs, created after China poured 4 trillion yuan into stimulus³ spending after the 2008 financial crisis, according to the study.

根据人民大学经济学家2013年对80万家公司的调查，中国大约有7.5%的工业公司都是所谓的“僵尸公司”。僵尸公司指那些再融资有困难或难以盈利的公司。该研究表明，很多这样的公司都是国有企业，即SOE，它们是在2008年经济危机后中国投入了4万亿来刺激消费时出现的。

China's state-owned enterprises have benefited from cheap funding. But overcapacity and weak profits at SOEs have driven the country's bad-loan ratios sky-high. The combined non-performing loan ratio of commercial banks rose to 1.81 percent at the end of June, the highest since the 2008 global financial crisis, data from the China Banking⁴ Regulatory Commission show.

中国的国有企业都受益于廉价资金。但是国有企业生产能力过剩并且利润微薄，使得我国的不良贷款率极高。中国银行业监督管理委员会的数据显示，截止六月底，商业银行的不良贷款率升至1.81%，是2008年全球经济危机以来的最高数值。

Chinese banks are understandably reluctant to lend to sluggish⁵ state-owned enterprises, which worries government authorities pushing for SOE reform. In Jiangxi, where a Bloomberg report said 205 failing coal mines are set to close and the bad-loan ratio is nearly 40 percent higher than the national average, local authorities fear that banks will slam the door on companies discovered to be zombies. The so-called "zombie list" compiled by provincial authorities is kept secret from Jiangxi banks and regulators, including the local branch of the state banking regulator China Banking Regulatory Commission, or CBRC. Representatives from CBRC's Jiangxi branch said at a press conference this month that they compile their own zombie list, which they share with local banks to ensure that promising⁶ companies get support.

中国的银行不愿意贷款给萧条的国有企业也是情有可原，这让推进国有企业改革的政府机构颇为担忧。在江西，彭博社报道，205个濒临崩溃的煤矿即将关闭，且不良贷款率比全国平均水平高出近40%，当地政府担心银行会将僵尸公司拒于门外。省级机关拟定的“僵尸名单”并未向江西银行和监管部门公布，包括国家银行监管者中国银监会在当地的分行。本月，中国银监会江西分行的代表在新闻发布会上称，他们会收集自己的僵尸名单并告知当地银行，以确保有发展前景的公司能够得到资助。

Not all provincial governments keep zombie lists. CBRC authorities in Zhejiang Province told Bloomberg said they're collaborating⁷ with local officials to create a list. Zombie lists can be used to plan "exits" for zombies, mostly through mergers⁸ and restructuring.

并不是所有的省政府都有僵尸名单。浙江省的中国银监会机构告诉彭博社，他们在与地方官员合作共同制造一个名单。僵尸名单可用来让一些僵尸公司通过兼并和重建退出市场。

Zhang Xiwu, vice⁹ chairman of the State-owned Assets Supervision¹⁰ and Administration Commission, said in May that the central government plans to reform 345 zombie companies. But in regions where the government refuses to budge¹¹, hidden zombie lists could create challenges as banks struggle to simultaneously¹² support SOEs and clamp down on rising bad loan ratios.

国有资产监督管理委员会副会长张喜武五月份称，央行计划改革345家僵尸公司。但是在一些当地政府不愿意服从的地区，被隐藏的僵尸名单可能会带来挑战，因为银行既要资助国有企业，同时又要压制不断上升的不良贷款率。

1 provincial   

adj.省的，地方的；n．外省人，乡下人

参考例句：

• City dwellers think country folk have provincial attitudes.城里人以为乡下人思想迂腐。
• Two leading cadres came down from the provincial capital yesterday.昨天从省里下来了两位领导干部。

2 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

3 stimulus   

n.刺激，刺激物，促进因素，引起兴奋的事物

参考例句：

• Regard each failure as a stimulus to further efforts.把每次失利看成对进一步努力的激励。
• Light is a stimulus to growth in plants.光是促进植物生长的一个因素。

4 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。

5 sluggish   

adj.懒惰的，迟钝的，无精打采的

参考例句：

• This humid heat makes you feel rather sluggish.这种湿热的天气使人感到懒洋洋的。
• Circulation is much more sluggish in the feet than in the hands.脚部的循环比手部的循环缓慢得多。

6 promising   

adj.有希望的，有前途的

参考例句：

• The results of the experiments are very promising.实验的结果充满了希望。
• We're trying to bring along one or two promising young swimmers.我们正设法培养出一两名有前途的年轻游泳选手。

7 collaborating   

合作( collaborate的现在分词 )； 勾结叛国

参考例句：

• Joe is collaborating on the work with a friend. 乔正与一位朋友合作做那件工作。
• He was not only learning from but also collaborating with Joseph Thomson. 他不仅是在跟约瑟福？汤姆逊学习，而且也是在和他合作。

8 mergers   

n.（两个公司的）合并( merger的名词复数 )

参考例句：

• Mergers fall into three categories: horizontal, vertical, and conglomerate. 合并分为以下三种：横向合并，纵向合并和混合合并。 来自辞典例句
• Many recent mergers are concentrated within specific industries, particularly in retailing, airlines and communications. 现代许多合并企业集中进行某些特定业务，在零售业、民航和通讯业中更是如此。 来自英汉非文学 - 政府文件

9 vice   

n.坏事；恶习；[pl.]台钳，老虎钳；adj.副的

参考例句：

• He guarded himself against vice.他避免染上坏习惯。
• They are sunk in the depth of vice.他们堕入了罪恶的深渊。

10 supervision   

n.监督，管理

参考例句：

• The work was done under my supervision.这项工作是在我的监督之下完成的。
• The old man's will was executed under the personal supervision of the lawyer.老人的遗嘱是在律师的亲自监督下执行的。

11 budge   

v.移动一点儿；改变立场

参考例句：

• We tried to lift the rock but it wouldn't budge.我们试图把大石头抬起来，但它连动都没动一下。
• She wouldn't budge on the issue.她在这个问题上不肯让步。

12 simultaneously   

adv.同时发生地，同时进行地

参考例句：

• The radar beam can track a number of targets almost simultaneously.雷达波几乎可以同时追着多个目标。
• The Windows allow a computer user to execute multiple programs simultaneously.Windows允许计算机用户同时运行多个程序。