hail

篇一：Too big to hail

Too big to hail

From: language.chinadaily.com.cn By: The Economist

abstract

China's banking behemoths are too beholden to the state. It is time to set finance free.

Too big to hail

China's banking behemoths are too beholden to the state. It is time to set finance free.

Aug 31st 2013 |From the print edition

AT FIRST sight, China seems to have a superb banking system. Its state-controlled banks, among the biggest and most profitable in the world, have negligible levels of non-performing loans and are well capitalised. That appears to suggest that the country's approach should be applauded.

Not so. For one thing, though China's banking system is stable, its banks are not as healthy as they seem. The credit binge of recent years has left them with far higher levels of risky loans than they acknowledge. And a profit squeeze is coming. The banks are having to work harder to keep both their biggest depositors, who are tempted by

alternative investment products, and their biggest borrowers, who are turning to the bond market instead. As a consequence, the country's Big Four banks--Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China and China Construction Bank--will no longer make easy money by merely issuing soft loans to state-owned enterpris

es, or SOEs (see article).

What is more, that vaunted stability has come at a high price. China's policy of financial repression, which forces households to endure artificially low interest rates on bank deposits so that subsidised capital can be lent to SOEs, is a cruel tax on ordinary people. The size of China's banks may seem impressive, but in fact it is a sign that the economy is excessively reliant on bank lending. And the incentives encouraging the risk-averse Big Four, whose bosses are leading figures in the Communist Party, to funnel lending to cronies at inefficient SOEs have starved dynamic "bamboo capitalists" of credit.

Excess of caution

China's new leaders have acknowledged that the old approach has led to excesses, notably overcapacity in state industries. They are talking of allowing more private (but not foreign) investment in the financial sector and are urging banks to lend more to private firms. That is not enough.

For a start, China should end financial repression. If deposit rates were gradually freed, banks would be forced to compete with each other for depositors and free to win back customers now lost to the shadow banking system. Most Chinese banks have no clue today about customer service, risk management or credit assessment. That would have to change. Miserable returns on bank deposits encourage punters to plough money into real estate and other riskier investments, so paying decent deposit rates might help prick the property bubble, too.

Second, China needs to go beyond banking. In many developed economies, non-bank firms and financial markets vie with banks to issue credit, but in the Middle Kingdom banks still dominate. In recent years Chinese firms raised nine times as much money from banks as they did on the country's stock exchanges. The corporate bond market has grown quickly of late (and big banks no longer gobble up most of the offerings). This growth should be encouraged. Third, China must separate banking from crony state capitalism. The best way to do this is privatisation. Smaller

banks like China Merchants and China Minsheng, in which private investors have significant stakes, lend much more energetically to small businesses and households than do the state-controlled goliaths. Privatising the Big Four would help, though it would make it harder for the state to manage any future banking crisis. And as long as sheltered, oligopolistic SOEs exist, banks will lend disproportionately to them because they enjoy implicit state backing. So the big SOEs must themselves face greater market discipline.

Finally, China should welcome competition, from abroad and at home. Two Chinese internet giants, Tencent and Alibaba, are starting to provide wealth management, investment funds and other financial services. Banks are

lobbying against them. Regulators worry about the destabilising effect of start-ups with new business models, but for newcomers that do not pose a systemic risk they can afford lighter-touch regulation.

None of these changes should happen overnight. They can be implemented gradually. But a bit of disruptive innovation would be good for China's stodgy banks, and its people.

《经济学人》：大而不强，不值赞扬

译者： ringohan 原作者：The Economist

发表时间：2013-09-08浏览量：58评论数：0挑错数：0

中国金融巨人过于依赖国家。是给金融业松绑的时候了。

大而不强，不值赞扬

中国金融巨人过于依赖国家。是给金融业松绑的时候了。

2013年8月31日 |印刷版

2012年中国四大银行的经营规模

单位：亿美元（全球排行）

坏账可以忽略不计，处于世界规模最大、最赚钱银行之列。这种情况似乎表明，中国的方式应该受到赞扬。

其实并非如此。首先，尽管中国的金融体系尚属稳定，但中国的银行并没有表面看上去那样健康。最近几年的贷款狂潮让这些银行的风险贷款远远超过他们自己承认的程度。利润下降的日子即将来临。各家银行正在不遗余力留住其最大存款人，因为正受到其它投资产品的诱惑。同时，他们还得拼命留住最大的贷款接受人，因为他们正将目光投向债券市场。最终，中国四大银行——中国工商银行、中国建设银行、中国银行和中国农业银行——将不再可以通过向国营企业发放软贷款这种途径，轻松地赚取大钱（见本章）。

此外，这种自夸式稳定代价沉重。中国抑制性的金融政策迫使中国家庭忍受人为制造的银行存款低息，以便受补贴的资金贷给国营公司，实际上对普通民众征收而言，这是征收的税费。中国的银行表面看上去规模惊人，但实际上却表明其经济过分依赖银行贷款。中国四大银行不愿承担风险，老板都是党的高干，因此，鼓励这些银行将资金截留到效益不佳国企中的宠儿这种做法，让充满活力“民间资本家”饱受资金短缺之苦。

极端谨慎

中国新一届领导人承认，旧的做法已经造成产过剩，尤特别是国营行业的产能过剩。他们正在谈论允许更多私营资本（不是外资）进入金融行业，并督促银行向民营企业提供更多的贷款。然而，这种做法是不够的。

首先，中国应该结束金融限制政策。如果存款利率能够逐渐放开，银行相互之间就可以通过竞争重新赢回目前投入影子金融系统的客户。目前，大部分中国银行对客户服务、风险管理或贷款评估知之甚少，这种情况必须改变。目前的银行存款回报低得可怜，所以鼓励玩家将资金大量投入房地产及其它风险更大的投资。因此，支付体面的存款利息也有助于击破房地产泡沫。

其次，中国需要超越金融的界限。在许多发达国家里，非金融企业和金融市场与银行竞争发行贷款，但在“中央王国”里，银行依然占有统治地位。最近几年来，中国企业从银行获得的资金是他们从该国证券市场获得资金的9倍。不过最近以来企业债券市场发展迅速（大银行不再吞噬绝大部分产品）。这种增长应该受到鼓励。

再次，中国必须让金融业脱离权贵资本主义。最好的办法是民营化。中国招商银行和中国民生银行这样的小银行中，私人投资占有较大的股份，他们比与国营银行巨头更积极于向小企业和家庭提供贷款。对四大银行实现民营化肯定会有很大的促进作用，但这样做会让国家在控制未来金融危机方面难度增大。只要受到保护，只要存在寡头垄断的国营企业，银行就会大量地向这些企业提供贷款，因为他们无疑得到国家的支持。因此，大型国营企业自身必须面对更为严厉的市场约束。

最后，中国必须欢迎来自国内外的竞争。中国的两个网络巨人腾讯和阿里巴巴已经开支提供财富管理、投资基金和其它形式的金融服务。银行正在游说反对他们。监管机构担心这些拥有新的经营模式的新来者会产生不稳定的影响，但是对于不会构成系统风险的新来者，监管机构完全可以提供更为宽松的监管。

所有这些变化都不应该在一夜之间发生，但可以逐步实施。然而，具有少许颠覆性的创新对中国呆板的银行和中国的民众都有好处。

篇二：rain and hail 雨和冰雹

Dark clouds were in the sky. The sun went down. The weather got cold. The wind started to blow. Leaves blew off the trees. Paper flew through the air. People buttoned their jackets. The rain started to fall. At first it was quiet. Then it got louder. It was a storm. The rain was very loud. The man couldn't hear his TV. He turned up the volume. Now he could hear his TV. He looked

outside his door. He looked at the rain. It was pouring off his roof. It was a flood. Then he saw lightning. Then he heard thunder. It was a very cold night. The rain changed to hail. The hail was very noisy. He turned up the TV volume again. Now he could hear his TV again. He

watched TV for a while. Then he looked outside again. All the cars were white. The street was white. The ground

was white. The hail covered everything. The hail looked just like snow. He wanted to make a big snowman. But you can't make a snowman out of hail. You can only make a snowman out of snow.

篇三：一场冰雹 A Hailstorm

一场冰雹 A Hailstorm

Last night, I was waked up by a hailstorm at the midnight. The hail was very heavy. It hit heavily on the windows of my house. It was more scared than the lightening. I was afraid. After a long, I fell asleep under my quilt. Next morning, I was sad when I saw my favorite sun flowers were all dead. A day before, they were growing prosperous. I hate hail. 昨天晚上，午夜的时候我被冰雹惊醒了。冰雹很大。它重重地撞在我家里的窗户上。冰雹比闪电还可怕。我很害怕。过了很长的时间，我在被子里面睡着了。第二天早晨，当我看到我最喜欢的向日葵全死了的时候，我非常的伤心。前一天，它们还长得很旺盛。我讨厌死冰雹了。

篇四：一场冰雹 A Hailstorm

一场冰雹 A Hailstorm

Last night, I was waked up by a hailstorm at the midnight. The hail was very heavy. It hit heavily on the windows of my house. It was more scared than the lightening. I was afraid. After a long, I fell asleep under my quilt. Next morning, I was sad when I saw my favorite sun flowers were all dead. A day before, they were growing prosperous. I hate hail. 昨天晚上，午夜的时候我被冰雹惊醒了。冰雹很大。它重重地撞在我家里的窗户上。冰雹比闪电还可怕。我很害怕。过了很长的时间，我在被子里面睡着了。第二天早晨，当我看到我最喜欢的向日葵全死了的时候，我非常的伤心。前一天，它们还长得很旺盛。我讨厌死冰雹了。

篇五：Hail to the Chief

Hail to the Chief: 首长好！

Military parade: 阅兵

Guard of Honor: 仪仗队

To commemorate the 70th anniversary of the end of World War II: 纪念抗战胜利70周年 To review the troops: 阅兵

Military: 军队的、军事的

Armed forces：军队

Army: 军队

Troops: 军人

Soldiers: 军人

To deploy troops: 派遣军队

Support our troops/soldiers: 支持军队

Armament: 重型武器

Weapons: 武器

To display armament: 展示武器

Aircraft: 飞机 （形容比较大型的飞机）

Airplane: 飞机 （最通用的词)

Jet: 飞机 (速度快的飞机)

Fighter jet/bomber: 轰炸机

Aircraft Carrier: 航空母舰

Navy: 海军

POW (prisoner of war): 战俘

Emotional attachment: 情感联系、情感纽带

Marines: 海军陆战队

Respect: 尊重

Navy Seals: 美国海豹突击队

Carry out: 执行

Secret missions: 秘密任务

Infantry/ground troops: 陆军

Infant: 婴儿

Airforce: 空军

Pilot: 飞行员

Submarine: 潜水艇

Men/women in uniform: 军人

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