China’s private sector misses out on credit boom
中国民营部门错过“信贷热潮期”
广州金融翻译公司：研究称，在难以获得银行贷款的情况下，中国民营企业利用留存利润进行投资，这导致民营部门投资大幅下降。
China’s private sector has missed out on the country’s credit boom over the past eight years, a new study has shown, despite Beijing’s efforts to rebalance the economy away from state-dominated heavy industry.
一项新的研究显示，中国民营部门错过了过去8年期间国内的信贷热潮，尽管北京方面努力推动经济转型，使其降低国家主导的重工业的比重。广州金融翻译公司。
Private sector debt has fallen from 48 per cent of total assets in 2008 to 35 per cent in 2015, according to economists at Beijing University. Over the same period, state sector debt rose slightly to 53 per cent, even though China’s state-owned enterprises are only two-thirds as profitable as their private sector counterparts.
据北京大学经济学家介绍，民营部门债务与总资产之比已从2008年的48%降至2015年的35%。同期，国有部门这一比率小幅上升至53%，尽管中国国有企业的盈利能力只有民营部门水平的三分之二。
“Good leverage is decreasing as bad leverage increases,” said Huang Yiping at Beijing University’s National School of Development.
“好杠杆减少了，坏杠杆增加了，”北京大学国家发展研究院的黄益平表示。广州金融翻译公司。
Prof Huang warned that if the trend was not reversed, “financial resources will further flow from high-efficiency parts of the economy to low-efficiency ones, increasing the misallocation of capital, and increasing China’s economic risks”.
黄教授警告称，如果这种趋势不扭转，“财务资源将进一步从经济的高效率部分流向低效率部分，加剧资本错误配置，增加中国的经济风险。”
SOE investment surged in the first half of this year while investment by private enterprises has continued to fall. In place of bank loans, private companies invest using retained earnings — a strategy that has led to private sector investment dropping off as China’s economy slows.
国企投资在今年上半年飙升，而民营企业的投资继续下降。在难以获得银行贷款的情况下，民营企业利用留存利润进行投资——在中国经济放缓之际，这种战略导致民营部门投资大幅下降。
Private sector SMEs also pay annual interest rates as high as 20 per cent for shadow loans. A study by Jianjun Li and Fengyun Hu referenced in the journal Asia Policy found that almost 60 per cent of surveyed SMEs had used the informal credit market.
民营部门的中小企业还为影子贷款支付高达20%的年息。《亚洲政策》(Asia Policy)期刊援引的由Jianjun Li和Fengyun Hu进行的一项研究发现，受访的中小企业有近60%使用了非正式的信贷市场。广州金融翻译公司。
The Chinese government unleashed a Rmb4tn ($601bn) stimulus in the wake of the global financial crisis, spurring an infrastructure investment drive that consumed vast quantities of steel and other commodities. But as economic growth slows to its lowest level in a quarter of a century, SOEs in heavy industry now suffer from chronic overcapacity and are struggling to pay back their bank loans.
全球金融危机爆发后，中国政府出台了4万亿元人民币（合6010亿美元）的经济刺激方案，引发了一场基础设施投资热潮，消耗了巨大数量的钢材和其它大宗商品。但是，随着经济增长放缓至四分之一个世纪以来最低水平，如今重工业中的国有企业遭遇慢性产能过剩，并在偿还银行贷款方面出现困难。
SOE profits dropped 10 per cent over the first five months of this year, compared with the same period in 2015, according to official data.
官方数据显示，国企利润在今年头五个月同比下降了10%。广州金融翻译公司。
China is attempting to rebalance its economy by culling non-performing SOEs and nurturing smaller, more productive companies in the private sector. But that is the opposite of what has happened since 2008, according to Prof Huang and his research team, who warned that “the state is advancing while the private sector retreats”.
中国正试图通过剔除绩效糟糕的国有企业、培育规模较小但更具效益的民营企业来实现经济再平衡。但是，据黄教授和他的研究团队介绍，自2008年以来实际发生的情况正好与之相反，他们就“国进民退”发出警告。
