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中国国企对中外经济的挑战

原标题:中国国企对中外经济的挑战

坚持阅读20分钟原汁原味的英文报刊文章,看我的原创解析,既涨知识,又涨姿势。持之以恒,不断进步,阅读原版不是梦!

上图是中国国企负债情况,从图中可以看出国企负债(liability)占资产(equity)的比例越来越高,而私营企业的比率越来越低。这个图可以反映中中国国企目前的经营状况和管理水平。这样的经营状况会对中国,乃至世界有什么影响?

原文摘要(经济学人2017.2.22)

Mr Xi remains well aware of the need for reform; on July 15th he repeated warnings about indebtedness at SOEs. But only some of the initiatives rolled out on his watch are aimed at slimming the state sector. Two of them point in another direction entirely. One is the merging of competing SOEs. The arm of the government responsible for looking after these firms has engineered mergers of ports, railway-equipment makers and shipping companies; a vast chemicals combination is planned. Such deals often seem intended to spawn national champions, not to pare overcapacity.

The other disturbing trend is the proliferation of“state capital investment and operation” companies (SCIOs). The state has thus far tended to dominate in heavy industries, transport and energy, leaving private firms to forge ahead in technology. SCIOs will, in part, function like state-run private-equity funds whose remit is to extend the reach of government. Provincial governments have published plans to push funds into areas such as biotechnology and cloud computing.

The entrenchment of state firms brings dangers both for China and for the wider world. Domestically, evidence shows that SOEs underperform private businesses. A bigger role for them will mean more inefficiency and slower growth over the long term. State enterprises are also a principal culprit in the alarming build-up of corporate debt in China (nearly170% of GDP at the end of last year). The IMF estimates that reform of SOEs could bring a $1trn economic dividend over the course of a decade. Their persistence will impose concomitant costs.

SOEs also risk provoking a backlash as they target increased foreign sales. With their opaque finances and domestic privileges, Chinese state enterprises are easily accused of having unfair advantages when they venture abroad. That could nourish protectionist sentiment, or prompt other countries to increase state support for their own firms.

1第一段

Mr Xi remains well aware of the need for reform; on July 15th he repeated warnings about indebtedness at SOEs. But only some of the initiatives rolled out on his watch are aimed at slimming the state sector. Two of them point in another direction entirely. One is the merging of competing SOEs. The arm of the government responsible for looking after these firms has engineered mergers of ports, railway-equipment makers and shipping companies; a vast chemicals combination is planned. Such deals often seem intended to spawn national champions, not to pare overcapacity.

indebtedness 亏欠,债务

SOEs: state-owned enterprises国有企业

initiative倡议,新方案,如最近的一带一路倡议the Belt and Road Initiatives

rolled out on his watch:roll out这里指某项师兄开展,发展,rolled out on his watch在他的监管下发展起来的什么什么

slim变苗条,减肥,slim the state sector精简国有部门

merging of competing SOEs:merge合并;competing 竞争的;merging of competing SOEs竞争国企的合并

arm of the government中的arm是职能部门

engineered mergers:engineer这里动词的意思是策划;merger这里指合并的行为

chemicals combination化工企业联合体,combination联合体,组合体

spawn national champions:spawn 引起,造成;National champion的意思是 is a governmental policy in which large organisations are expected not only to seek profit but also to "advance the interests of the nation"; the government sets policies which favour these organisations.国家基于优惠政策提高国家收入的大型企业。spawn national champions导致国家冠军企业产生

pare overcapacity减少过剩的生产能力,pare 消减,overcapacity生产能力过剩

Mr Xi remains well aware of the need for reform; on July 15th he repeated warnings about indebtedness at SOEs. But only some of the initiatives rolled out on his watch are aimed at slimming the state sector. Two of them point in another direction entirely. One is the merging of competing SOEs. The arm of the government responsible for looking after these firms has engineered mergers of ports, railway-equipment makers and shipping companies; a vast chemicals combination is planned. Such deals often seem intended to spawn national champions, not to pare overcapacity.

习先生意识到改革的必要性;在7月15日他重申了国企亏欠问题的警告。但是仅有一些在他监管下发展的新倡议才注重精简国家部门。他们之中有两个朝向了完全不同的方向发展。其中一个是竞争国企的合并。政府负责看管这些企业的部门策划将港口,铁路装备制造商和运输企业合并起来,计划形成一个大的化工企业联合体。这种交易一般看起来是想要扶持国家冠军企业,而不是去减少过剩的生产能力。

2第二段

The other disturbing trend is the proliferation of“state capital investment and operation” companies (SCIOs). The state has thus far tended to dominate in heavy industries, transport and energy, leaving private firms to forge ahead in technology. SCIOs will, in part, function like state-run private-equity funds whose remit is to extend the reach of government. Provincial governments have published plans to push funds into areas such as biotechnology and cloud computing.

disturbing trend扰乱市场的趋势

proliferation 激增,涌现

state capital investment and operation companies国有资本投资和运营企业

dominate 支配

forge ahead迅猛发展

Forging ahead with innovation and creativity

不断创新,锐意进取

private-equity funds私募股权基金,指从事非上市公司股权投资的基金

remit 职权范围,影响范围

extend the reach of government扩张政府控制范围,extend 扩大,扩张

Provincial governments地方政府,Provincial 非首都的,省的

biotechnology and cloud computing生物技术和云计算

本段大意

The other disturbing trend is the proliferation of“state capital investment and operation” companies (SCIOs). The state has thus far tended to dominate in heavy industries, transport and energy, leaving private firms to forge ahead in technology. SCIOs will, in part, function like state-run private-equity funds whose remit is to extend the reach of government. Provincial governments have published plans to push funds into areas such as biotechnology and cloud computing.

另外一个扰乱的趋势是国家资本投资和运营企业的大量出现(SCIOs),国家目前差不多主导了重工业,运输和能源行业,私人企业只能在技术行业上发展。SCIOs部分的功能类似于国家运营的私募股权基金,它的目的是扩大政府控制范围。地方政府已经发布了向如生物技术和云计算等领域投资的计划。

3第三段

The entrenchment of state firms brings dangers both for China and for the wider world. Domestically, evidence shows that SOEs underperform private businesses. A bigger role for them will mean more inefficiency and slower growth over the long term. State enterprises are also a principal culprit in the alarming build-up of corporate debt in China (nearly170% of GDP at the end of last year). The IMF estimates that reform of SOEs could bring a $1trn economic dividend over the course of a decade. Their persistence will impose concomitant costs.

entrenchment 根深蒂固

Domestically在国内

underperform 表现不佳,表现不如

more inefficiency and slower growthover the long term长期低效率和低增产速度

culprit 罪犯,问题的起因,a principal culprit主要的问题起源

alarming build-up of corporate debt惊人的企业债务增长

IMF:International Monetary Fund货币基金组织

dividend 利息,红利

over the course of a decad在十年期间中,in the couse of在..期间;在...过程中

persistence 持续,坚持不懈,这里的坚持指坚持国企改革

concomitant cost企业合并成本,concomitant并存的,同时发生的

The entrenchment of state firms brings dangers both for China and for the wider world. Domestically, evidence shows that SOEs underperform private businesses. A bigger role for them will mean more inefficiency and slower growth over the long term. State enterprises are also a principal culprit in the alarming build-up of corporate debt in China (nearly170% of GDP at the end of last year). The IMF estimates that reform of SOEs could bring a $1trn economic dividend over the course of a decade. Their persistence will impose concomitant costs.

国企根深蒂固的存在给中国和世界都带来了危机。在国内,有证据显示国企效益并没有私营企业好。让它们担当更大的责任长期来看只会带来更多低效和更低的增长速度。国企也是中国企业负债不断增长主要源头(去年底负债为170%的GDP)。国际货币基金组织预测国企的改革在十年时间里会带来1万亿美元的红利。坚持国企改革会带来合并成本。

4第四段

SOEs also risk provoking a backlash as they target increased foreign sales. With their opaque finances and domestic privileges, Chinese state enterprises are easily accused of having unfair advantages when they venture abroad. That could nourish protectionist sentiment, or prompt other countries to increase state support for their own firms.

provoking a backlash引起反对,backlash强烈反对,抵制

opaque finances and domestic privileges不公开的财政信息和国内特权,opaque 不透明的,不清楚的

accuse指责

venture 冒险

nourish protectionist sentiment助长贸易保护主义情绪;nourish 培养,助长情绪;protectionist 贸易保护主义(的);sentiment情绪,看法

整段大意

SOEs also risk provoking a backlash as they target increased foreign sales. With their opaque finances and domestic privileges, Chinese state enterprises are easily accused of having unfair advantages when they venture abroad. That could nourish protectionist sentiment, or prompt other countries to increase state support for their own firms.

国有企业意图提高出口贸易的时候也冒着被抵制的风险。它们财政不公开,还有着国内的特权,中国国有企业通常被指责向国外发展时,有着不公平的优势。这会助长贸易保护主义情绪的滋生,或者促使其他国家增加对本国企业的支持。

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