您现在的位置: 纽约时报中英文网 >> 纽约时报中英文版 >> 商业 >> 正文

中国官员警告影子银行风险

更新时间:2017-3-20 19:06:49 来源:纽约时报中文网 作者:佚名

Shadow Lending Threatens China’s Economy, Officials Warn
中国官员警告影子银行风险

BEIJING — The chairman of China’s biggest bank and a senior Chinese insurance regulator issued strong warnings on Saturday about the dangers of shadow banking to the Chinese economy, in the latest signs of growing top-level concern here about a rise in highly speculative, poorly regulated lending.

北京——周六,对于影子银行给中国经济带来的危害,中国最大银行的董事长和中国保险监管机构高官发出了严重警告,这是显示中国高层日渐关切投机性强、监管不善的贷款的最新迹象。

Shadow banking, or lending that takes place outside official banking channels, plays a major role in the Chinese economy, where big government-controlled banks are often slow to lend to private businesses and entrepreneurs. But experts worry that untrammeled shadow lending could lead to ticking time bombs that could threaten the financial system of the world’s second-largest economy.

影子银行指的是在官方银行渠道以外发放的贷款,它在中国经济中发挥了重要作用,因为政府控制的大银行往往在借钱给私人企业和创业者时动作迟缓。但专家们担心,野蛮生长的影子贷款可能会是一个滴答作响的定时炸弹,给世界第二大经济体的金融体系造成危害。

Yi Huiman, the chairman of the Industrial and Commercial Bank of China, which is the world’s largest bank as measured by assets, warned about the rapid spread of unregulated investment vehicles, such as wealth management products. Wealth management products are often sold by banks and other Chinese financial institutions to ordinary Chinese investors with the promise of interest rates much higher than what banks offer for deposits, but the obligations are often kept off bank balance sheets.

按资产计算,中国工商银行是世界上最大的银行,其董事长易会满警告说,不受管制的投资工具正在迅速蔓延,比如理财产品。理财产品经常是通过银行和其他金融机构销售给普通中国投资者的,其承诺的利率远高于银行存款,但债务常常没有显示在银行的资产负债表上。

Shadow banking “is not subject to full regulation, or any regulation at all,” Mr. Yi said. “We have to focus. If not, the real economy will suffer.”

影子银行“不受监管,或者监管不到位,”易会满说。“我们应该正视它。如果管制得不好,对实体经济的影响也会非常大。”

Chen Wenhui, the vice chairman of the China Insurance Regulatory Commission, said Chinese regulators were particularly trying to understand the swift expansion of internet lending platforms that are raising huge sums of money from the general public. Many of these lending platforms, which offer big returns and accept minimum contributions low enough to entice common workers, have disclosed fairly little about how they will invest the money they raise.

中国保险监督管理委员会副主席陈文辉说,互联网借贷平台从公众手中筹集了巨资,引起了中国监管机构的特别重视,他们正在试图理解这种平台的迅速扩张。很多平台都承诺提供很高的回报,而且最小贷款额很低,因此对普通人有很大的吸引力,但是对于平台将如何将投资这笔钱,他们披露的信息却相当少。

The general public appears to be pouring large sums into new investment vehicles despite receiving scant disclosure, Mr. Chen said.

陈文辉说,尽管一般公众看到的细节很少,他们似乎还是在把大笔金钱投入到新的投资工具中。

“They just buy the investments,” he added, “They have no idea what the product is.”

“他们只是在买投资产品,”他说,“他们根本不知道产品是什么。”

Mr. Yi and Mr. Chen spoke at a panel on Chinese finance at the China Development Forum, an annual, three-day gathering that started here on Saturday and has mustered a long list of the world’s most famous economists in addition to many top Chinese government and business leaders.

易会满和陈文辉是在中国发展高层论坛的中国金融业小组中发表这番言论的。该论坛每年举办一次,为期三天,今年的会议于周六开幕,很多全球知名的经济学家以及中国政商领袖都参加了这个会议。

Credit has been expanding swiftly in the Chinese economy, as the government has resorted to heavy stimulus to prevent the economy from slowing further. The Chinese economy expanded 6.7 percent last year. But to achieve that, Chinese financial regulators allowed total outstanding credit to expand by the equivalent of about 15 percent of the economy’s annual output.

由于政府采用强刺激方案,以防中国经济进一步放缓,经济中的信贷规模一直在迅速扩大。中国经济去年增长6.7%。但为了实现这一目标,中国的金融监管机构放手让信贷总额扩张到相当于这个经济体15%的年度产出。

Part of that borrowing went to pay for heavy investments in new infrastructure, like high-speed rail lines, and new factories for state-owned enterprises.

这类借贷中的一部分花在了新的基础设施上,比如在高速铁路线和国有企业的新工厂上进行了巨额投资。

But much of the lending appears to represent a speculative frenzy, often involving residential real estate, that has become of increasing concern to some Chinese officials, bankers and economists. Real estate prices in large and medium-size cities climbed 12 percent in the 12 months that ended in February, the National Bureau of Statistics said this week.

但是大量贷款似乎代表了一场疯狂的投机,而且往往涉及住宅房地产,这已经成为了中国官员、银行家和经济学家日益关注的问题。国家统计局本周的数据显示,在今年2月截止的12个月中,大中型城市的房地产价格攀升了12%。

Some kinds of shadow banking have seen spectacular growth, like entrusted loans. Entrusted loans are loans from one company to another, usually done through a bank to get around a ban on Chinese companies lending directly to each other. These loans — which are also kept off the books of banks — jumped 20 percent in the 12 months through the end of January, and now account for 9 percent of overall credit in China, according to a report last month from Natixis, a French-owned financial services firm.

有些种类的影子银行出现了激增,比如委托贷款。委托贷款是一个公司对另一个公司的贷款,通常通过银行进行,以便绕过中国禁止公司直接互相贷款的规定。这些贷款也不显示在银行的账本上,法国独资金融服务公司Natixis上月的一份报告显示,在今年1月底截止的12个月内,这种贷款增加了20%,现在占中国总体信贷的9%。

China’s leaders insist that they understand the risks and contend that they will be able to control them. They say measures such as government and household debt as a percentage of economic output are not alarming by international standards, nor have bad loans as a percentage of overall bank loans reached a worrying level.

中国领导人坚称自己了解风险,并声称有能力控制风险。他们说,按照国际标准来看,一些指标并不是很危险,比如政府债和家庭债占经济产出的百分比等等,而且不良贷款占银行整体贷款的比例也没有达到了令人担忧的水平。

“We are fully aware of potential risks and will take prompt and targeted action,” Premier Li Keqiang said at his annual news conference on Wednesday.

"我们充分认识到潜在的风险,将会采取迅速和有针对性的行动,"总理李克强周三在年度新闻发布会上说。

But as Mr. Yi’s and Mr. Chen’s comments underlined on Saturday, worries in China are focusing on how Chinese financial institutions raise the money that they lend — and what could happen if investors suddenly demand much of that money back.

但是正如上周六易会满和陈文辉的评论所突显的那样,中国人担忧的主要问题是:中国金融机构如何筹集它们贷出去的钱——如果投资者突然要求偿还这么多的钱,会发生什么事。

Mr. Yi’s remarks to some extent represented an unusually blunt criticism of his bank’s smaller competitors. I.C.B.C. is one of the so-called Big Four state-controlled banks that make up nearly half the country’s banking system. Each of the four — the others are the China Construction Bank, the Bank of China and the Agricultural Bank of China — has thousands of branches to collect deposits, a stable source of financing, although the banks also sell some wealth management products.

从一定程度上说,易会满这番话是在对规模较小的银行进行异常直率的批评。工商银行是国有四大银行之一,其他三家是中国建设银行、中国银行和中国农业银行,它们占了国家银行体系的将近一半,其中每一家都有数以千计的分支机构来吸纳公众存款,这是比较稳定的融资来源,虽然四大银行也销售一些理财产品。

Lacking that big deposit base, many smaller banks rely more heavily on the sale of wealth management products. Because banks usually keep those obligations off their books, they have greater flexibility to lend to more speculative projects and use the proceeds to pay higher interest to investors — provided that the more speculative borrowers repay their loans.

很多中小型银行由于缺乏那那么大的存款基础,就会更多地依赖理财产品的销售。因为银行通常把不把这类债务写入账本,它们在向投机性更高的项目发放贷款时有更多灵活性,并用这种收益向投资者支付更高的利息——前提是这些投机性更高的借方可以偿还贷款。

Mr. Yi took aim at all risky forms of borrowing on Saturday. “If we do not deal correctly with shadow banking, the risks could be huge,” he said, adding that the result had been “higher leverage, too many derivatives and too many products with no transparency.”

易会满周六把矛头指向了所有存在风险的借贷形式。“如果管制得不好,‘影子银行’的风险是非常大的。”他说,其结果就是“更高的杠杆、太多的衍生品工具和太多缺乏透明度的产品。”

“全文请访问纽约时报中文网,本文发表于纽约时报中文网(http://cn.nytimes.com),版权归纽约时报公司所有。任何单位及个人未经许可,不得擅自转载或翻译。订阅纽约时报中文网新闻电邮:http://nytcn.me/subscription/”

相关文章列表