海外拓展外文翻譯

1、<p>　　Overseas Expansion</p><p>　　China's banks are launching overseas expansion projects while multinational banks vie to start operations in China</p><p>　　By TAN WEI</p><p

2、>　　The Industrial and Commercial Bank of China (ICBC), the world's biggest lender by market value, will acquire a 20-percent stake in South Africa's Standard Bank for $5.5 billion, said ICBC President Yang Kai

3、sheng, at the 4th Annual Conference of International Finance Forum just concluded on November 8.</p><p>　　If the acquisition is closed smoothly, it will be a milestone for China's commercial banks that a

4、re striving to deliver a better performance on the global financial stage. Differing from the small Bank Halim of Indonesia and Seng Heng Bank of Macao which the Chinese bank purchased several months ago, Standard Bank o

5、f South Africa is truly a major international bank. Standard Bank has a presence in 18 African countries and 19 major financial centers in Europe, North America and Asia, and is focus</p><p>　　Besides this r

6、ecent news, China Minsheng Bank Corp. also announced on October 8 that it would pay up to 2.5 billion yuan ($333.3 million) for a 9.9-percent stake in UCBH Holding Inc., the Nasdaq-listed parent company of U.S.-based Uni

7、ted Commercial Bank. This was the first overseas acquisition of the Beijing-based mid-sized lender as well as the first ever acquisition of a U.S. bank by a Chinese bank. On November 8, China Merchants Bank got the green

8、 light from the U.S. Federal Reserve for openi</p><p>　　In recent years, more Chinese banks including the Bank of China (BOC), China Construction Bank (CCB) and China Development Bank (CDB) have concluded ov

9、erseas acquisitions deals.</p><p>　　"The domestic market will remain the major source of profits for Chinese banks for quite a long period of time," said Guo Tianyong, Director of the Research Cent

10、er of the Chinese Banking Industry under the Central University of Finance and Economics. "But confronted with foreign banks keen on securing larger stakes in the Chinese market, Chinese banks have to get stronger t

11、hrough investing overseas, and it's undoubtedly an effective way to lower risks."</p><p>　　Bigger and stronger</p><p>　　The two-way opening up of China's financial industry-allowing

12、 foreign banks to invest in the Chinese market and encouraging domestic banks to seek shares of overseas markets--is a trend of globalization, said Peng Xingyun, a researcher with the Financial Research Center under the

13、Chinese Academy of Social Sciences.</p><p>　　Nobody would have taken Peng's opinion seriously if he had expressed it several years ago when almost all China's commercial banks suffered from non-perfo

14、rming loans (NPLs) accumulated before the 1990s, and extremely low capital adequacy rates which failed to offset any risk.</p><p>　　"Huge changes have taken place in China's banking industry in rece

15、nt years," said Peng. China's banking sector has taken on a new look due to the fact that all major state-owned commercial banks have taken pains to rid themselves of historical burdens, lowering the rate of NPL

16、s and preparing for IPOs through shareholding reform over the past several years. For example, CCB, BOC, ICBC and some regional shareholding banks have been listed on the stock market and attracted overseas strategic inv

17、est</p><p>　　It has been a must choice for Chinese enterprises eager to overcome their development bottleneck to invest overseas in order to obtain resources, energies, brand influence and sales channels, an

18、d the banking sector is no exception.</p><p>　　"It's the right time for Chinese banks to launch overseas expansion," said Luo Zhiheng, General Manager of BOCI Research Ltd. "The great pres

19、sure of renminbi appreciation and excess domestic liquidity needs to be eased by investing overseas, and besides, it will be a good bargain for Chinese banks to purchase international financial assets against the backdro

20、p of China's bullish stock markets and excess foreign exchange reserves."</p><p>　　By the end of the third quarter this year, China's foreign exchange reserves had swelled to $1.43 trillion, rem

21、aining the world's largest. China still faces severe liquidity. The net injection of money was 195.8 billion yuan ($26.1 billion) for the first three quarters of this year, a year-on-year increase of 30.2 billion yua

22、n ($4.0 billion). As a solution, the government has founded the China Investment Corp. to soak up excess liquidity and at the same time moderately released liquidity and inc</p><p>　　"Against this backd

23、rop, Chinese banks could avoid risks in the exchange rate market and help to ease the pressure on the government from its huge forex reserves through overseas assets acquisition," said Guo.</p><p>　　Cai

24、 Esheng, Vice Chairman of the China Banking Regulatory Commission (CBRC), made it explicit that the CBRC would actively encourage and support Chinese financial institutions to seek overseas expansion.</p><p>

25、;　　Stepping stones to success</p><p>　　"Cross-border mergers and acquisitions have been a major method for a majority of Chinese banks to tackle overseas markets in recent years," said Yang. "

26、The world's top 10 banks by market value last year all got bigger through merger and acquisition activities."</p><p>　　According to Xia Bin, Director of the Institute of Finance Research under the D

27、evelopment Research Center of the State Council, overseas acquisition is the most convenient way for banks to implement global expansion strategies as it helps to augment their capital size. "The size of a bank chan

28、ges in direct proportion to customer trust as well as the bank's market share," said Xia. "An impressive size endows a bank with a competitive edge, and acquisition also helps a bank to save resources, opti

29、</p><p>　　Burgeoning markets are the targets of acquisition for many Chinese banks. "ICBC will particularly keep an eye on the emerging markets because of the high growth and development potential there

30、, " said Jiang Jianqing, ICBC's Board Chairman, explaining why they took an interest in South Africa's Standard Bank. "Besides, the banking sector in these markets opens up faster to allow in more and m

31、ore cross-border acquisitions. "</p><p>　　China's banks have seldom gained a foothold in regions enjoying huge business potential such as South Asia, the Middle East, Africa and Latin America, Wang

32、Lijun, General Manager of BOC's Overseas Branch Department, pointed out. But for China's commercial banks, these regions will offer remarkable opportunities for business expansion and growth.</p><p>

33、　　"The Asian market will become a main stage for Chinese banks to carry out their overseas expansion strategies in the coming few years," Guo said. "Compared with the European and American financial market

34、s where the supervision is rigid, the cost is high and the chances are rare for any acquisition, the Asian markets provide huge potential for profits and demand low costs for acquisition. "</p><p>　　Ris

35、ks and uncertainties</p><p>　　Overseas expansion has never been as smooth as ambitious Chinese banks have expected. For instance, China Development Bank and China State Investment Co. are suffering heavy los

36、ses from their overseas investments, respectively in Barclays Bank of England and the U.S. Blackstone Group.</p><p>　　According to Luo, the major problem with Chinese banks' overseas expansion is high bi

37、dding. "Even some large mature banks will make such mistakes," said Luo, citing the famous deal of the Development Bank of Singapore (DBS) acquiring Hong Kong's Dao Heng Bank in 2001. DBS merged Dao Heng at

38、 a price three times higher than its book value, and as a result a term "Singapore premium" was created to refer to acquisitions at a high price in the international financial market. Currently, in other field&

39、lt;/p><p>　　Furthermore, lack of experience will also bring Chinese banks great risks in cross-border acquisitions.</p><p>　　"Apart from economic risks, there are also risks related to politic

40、s and sovereignty," said Peng. "Some Western countries, in fear of China's rapid economic growth and globalization progress, will consolidate their political intentions and foment nationalist agitations in

41、its people."</p><p>　　High-quality services are the only key for Chinese banks to tackle overseas markets, according to Guo. "The biggest risk rests with whether they can adapt their management sty

42、le to the needs of overseas operations," said Guo. Guo also pointed out that China's commercial banks, except for the Bank of China, all lack experience in overseas operations and remain domestic bank in terms o

43、f their management, business concepts, and the competitiveness of their staff.</p><p>　　** Overseas Acquisitions by Chinese Banks **</p><p>　　The Industrial and Commercial Bank of China (ICBC)&l

44、t;/p><p>　　October 2007: The ICBC announced it would acquire a 20-percent stake in South Africa's Standard Bank for $5.5 billion to become its largest shareholder.</p><p>　　August 2007: The ICB

45、C paid $583 million for an 80-percent stake in the Seng Heng Bank of Macao.</p><p>　　December 2006: The ICBC acquired a controlling 90-percent stake of the Bank Halim of Indonesia, which marked the world'

46、;s largest lender's first overseas acquisition.</p><p>　　China Development Bank (CDB)</p><p>　　July-August 2007: The CDB signed a purchase agreement and a cooperation memorandum with Barclay

47、s Bank of England on July 23, and paid $3 billion for a 3.1-percent stake in Barclays' existing share capital in August.</p><p>　　China Construction Bank (CCB)</p><p>　　August 2006: The CCB

48、agreed to buy out the Bank of America's Hong Kong and Macao operations for $1.2 billion.</p><p><b>　　海外拓展</b></p><p>　　中資銀行開展海外擴張項目，而跨國銀行爭先恐后地在中國開始運營 </p><p>　　The I

49、ndustrial and Commercial Bank of China (ICBC), the world's biggest中國工商銀行（ICBC），全球最大lender by market value, will acquire a 20-percent stake in South Africa's Standard Bank for $5.5 billion, said ICBC President Yan

50、g Kaisheng, at the 4th Annual Conference of International Finance Forum just concluded on November 8.市值的貸款人，將以55億美元收購南非標準銀行百分之二十的股份，工商銀行總裁楊凱生在11月8日剛剛結(jié)束第四屆國際金融論壇年會宣稱。 </p><p>　　If the acquisition is closed sm

51、oothly, it will be a milestone for China's commercial banks that are striving to deliver a better performance on the global financial stage.如果收購順利結(jié)束，這將是中國正在努力登上全球金融舞臺更好的證明，中資商業(yè)銀行的一個里程碑。 與數(shù)個月前中資銀行在澳門購買了Differing from

52、the small Bank Halim of Indonesia and Seng Heng Bank of Macao which the Chinese bank purchased several months ago, Standard Bank of South Africa is truly a major international bank.小印尼哈利姆銀行和澳門誠興銀行不同的是，南非標準銀行是一個真正的大型國際銀行。

53、 南非標準Standard Bank has a presence</p><p>　　Besides this recent news, China Minsheng Bank Corp. also announced on October 8 that it would pay up to 2.5 billion yuan ($333.3 million) for a 9.9-percent stake in

54、 UCBH Holding Inc., the Nasdaq-listed parent company of US-based United Commercial Bank.除此之外最新消息，10月8日中國民生銀行公司還宣布，將支付高達以25.00億元（三萬三千三百三十點〇 〇 〇萬美元）收購聯(lián)合銀行控股公司在納斯達克上市的母公司為基礎(chǔ)美國商業(yè)銀行9.9個百分點股份，。 This was the first overseas acqu

55、isition of the Beijing-based mid-sized lender as well as the first ever acquisition of a US bank by a Chinese bank.這</p><p>　　In recent years, more Chinese banks including the Bank of China (BOC), China Cons

56、truction Bank (CCB) and China Development Bank (CDB) have concluded overseas acquisitions deals.近年來，更多的中資銀行包括中國銀行（香港），中國建設(shè)銀行（CCB）和中國開發(fā)銀行（CDB）都已達成的協(xié)議的海外收購。 </p><p>　　"The domestic market will remain the

57、major source of profits for Chinese banks for quite a long period of time," said Guo Tianyong, Director of the Research Center of the Chinese Banking Industry under the Central University of Finance and Economics.

58、 “國內(nèi)市場是中資銀行利潤的主要來源將維持一段頗長時間，”根據(jù)中國銀行業(yè)研究中心主任中央財經(jīng)大學(xué)郭天勇說。 "But confronted with foreign banks keen on securing larger stakes in the Chinese market, Chinese banks have to get stronger through investing overseas, and it&

59、#39;s undoubtedly an effective way to</p><p>　　Bigger and stronger 做大做強 </p><p>　　中國金融業(yè)最新的The two-way opening up of China's financial industry-allowing foreign banks to invest in the Chinese

60、 market and encouraging domestic banks to seek shares of overseas markets--is a trend of globalization, said Peng Xingyun, a researcher with the Financial Research Center under the Chinese Academy of Social Sciences.雙向開放

61、允許外資銀行投資于中國市場，鼓勵國內(nèi)銀行尋求海外市場的股票是一個全球化的趨勢，中國社會科學(xué)院金融研究中心研究員彭興韻說。 </p><p>　　Nobody would have taken Peng's opinion seriously if he had expressed it several years ago when almost all China's commercial ban

62、ks suffered from non-performing loans (NPLs) accumulated before the 1990s, and extremely low capital adequacy rates which failed to offset any risk.沒有人會認真采取彭興韻的意見，如果他曾表示，在數(shù)年前20世紀90年代中國幾乎所有的商業(yè)銀行不是因為不良貸款（NPL）的積累就是因為極低的資本充足

63、率而未能抵消任何風(fēng)險。 </p><p>　　"Huge changes have taken place in China's banking industry in recent years," said Peng. “中國銀行業(yè)在近年來發(fā)生巨大的變化”彭說。 China's banking sector has taken on a new look due to

64、the fact that all major state-owned commercial banks have taken pains to rid themselves of historical burdens, lowering the rate of NPLs and preparing for IPOs through shareholding reform over the past several years.中國銀行

65、業(yè)已煥然一新的原因是，實際上在過去數(shù)年所有主要的國有商業(yè)銀行已盡力擺脫自己的歷史包袱，降低不良貸款率和準備通過股份制改革上市。 For example, CCB, BOC, ICBC and some regional sha</p><p>　　It has been a must choice for Chinese enterprises eager to overcome their developmen

66、t bottleneck to invest overseas in order to obtain resources, energies, brand influence and sales channels, and the banking sector is no exception.這已是中國企業(yè)必須的選擇，渴望克服其發(fā)展的瓶頸到海外投資，以獲取資源，能源，品牌影響力和銷售渠道，在銀行界也不例外。 </p>&l

67、t;p>　　"It's the right time for Chinese banks to launch overseas expansion," said Luo Zhiheng, General Manager of BOCI Research Ltd. "The great pressure of renminbi appreciation and excess domestic l

68、iquidity needs to be eased by investing overseas, and besides, it will be a good bargain for Chinese banks to purchase international financial assets against the backdrop of China's bullish stock markets and excess f

69、oreign exchange reserves." “這是中資銀行推行海外擴張的適當(dāng)時機”羅之珩說，中銀國際有限公司總經(jīng)理說：“人民幣升值，國內(nèi)流動性過剩的巨大壓力需要通過海外投</p><p>　　By the end of the third quarter this year, China's foreign exchange reserves had swelled to $1.4

70、3 trillion, remaining the world's largest.截至第三季度末，今年中國的外匯儲備已膨脹至1.43萬億美元，成為世界上最大的外匯儲備。 China still faces severe liquidity.中國仍然面臨嚴重的流動性過剩。 The net injection of money was 195.8 billion yuan ($26.1 billion) for the first

71、 three quarters of this year, a year-on-year increase of 30.2 billion yuan ($4.0 billion).在今年前三季度貨幣首凈注資1958.0億元（二百六十一萬點零零萬美元），較去年同期為30.2億元人民幣（40億美元）增加。 As a solution, the government has fo</p><p>　　"Aga

72、inst this backdrop, Chinese banks could avoid risks in the exchange rate market and help to ease the pressure on the government from its huge forex reserves through overseas assets acquisition," said Guo.在此背景下“，中國銀行

73、通過收購海外資產(chǎn)可避免匯率的市場風(fēng)險，并有助于緩解政府的巨額外匯儲備的壓力，”郭說。 </p><p>　　Cai Esheng, Vice Chairman of the China Banking Regulatory Commission (CBRC), made it explicit that the CBRC would actively encourage and support Chinese f

74、inancial institutions to seek overseas expansion. 中國銀行業(yè)監(jiān)督管理委員會（銀監(jiān)會）蔡鄂生副主席，作出明確表示，銀監(jiān)會將積極鼓勵和支持中國金融機構(gòu)尋求海外擴張。 </p><p>　　Stepping stones to success成功的基石 </p><p>　　"Cross-border mergers and acq

75、uisitions have been a major method for a majority of Chinese banks to tackle overseas markets in recent years," said Yang. “跨國并購近年來已經(jīng)成為了大部分中資銀行進入海外市場的主要方法”楊揚說道。 "The world's top 10 banks by market value las

76、t year all got bigger through merger and acquisition activitie“世界十大市值銀行去年全年通過了更大的合并和收購活動。” </p><p>　　According to Xia Bin, Director of the Institute of Finance Research under the Development Research Center

77、of the State Council, overseas acquisition is the most convenient way for banks to implement global expansion strategies as it helps to augment their capital size.據(jù)國務(wù)院夏斌發(fā)展研究中心財政研究所所長，海外收購是銀行實施全球擴張戰(zhàn)略最方便的方式，因為它有助于增加其資本規(guī)模。

78、"The size of a bank changes in direct proportion to customer trust as well as the bank's market share," said Xia.他說：“，客戶的信賴銀行改變大小與該銀行的市場份額成正比”。 "An impressive size endows a b</p><p>　　Burg

79、eoning markets are the targets of acquisition for many Chinese banks.新興市場是許多中資銀行的收購目標。 "ICBC will particularly keep an eye on the emerging markets because of the high growth and development potential there, " s

80、aid Jiang Jianqing, ICBC's Board Chairman, explaining why they took an interest in South Africa's Standard Bank.工行的董事會主席姜建清表示“工商銀行將繼續(xù)關(guān)注，特別是高增長和有巨大發(fā)展?jié)摿Φ男屡d市場”，他解釋了為什么他們在南非的標準銀行的興趣。 "Besides, the banking sector

81、 in these markets opens up faster to allow in more and more cross-border acquis</p><p>　　China's banks have seldom gained a foothold in regions enjoying huge business potential such as South Asia, the Mi

82、ddle East, Africa and Latin America, Wang Lijun, General Manager of BOC's Overseas Branch Department, pointed out.中資銀行已經(jīng)很少獲得了如南亞，中東，非洲和拉丁美洲這樣的待遇，，中行的海外分行業(yè)務(wù)部經(jīng)理王立軍秘書長立足巨大潛力的地區(qū)指出。 But for China's commercial banks, t

83、hese regions will offer remarkable opportunities for business expansion and growth.這些地區(qū)將為中資銀行提供業(yè)務(wù)擴展和業(yè)績顯著增長的機會。 </p><p>　　"The Asian market will become a main stage for Chinese banks to carry out their o

84、verseas expansion strategies in the coming few years," Guo said. “在未來數(shù)年亞洲市場將成為中資銀行進行海外擴張戰(zhàn)略的主要階段”郭說。 "Compared with the European and American financial markets where the supervision is rigid, the cost is hig

85、h and the chances are rare for any acquisition, the Asian markets provide huge potential for profits and demand low costs for acquisition. " “相對于歐洲和美國在金融市場嚴格的監(jiān)管，成本高且難得任何的收購機會，亞洲市場提供的利潤需求和收購成本低，潛力巨大。” </p><

86、;p>　　Risks and uncertainties 風(fēng)險和不確定性 </p><p>　　Overseas expansion has never been as smooth as ambitious Chinese banks have expected.海外擴張計劃一直沒有順利達到雄心勃勃的中資銀行的預(yù)期。 For instance, China Development Bank and

87、China State Investment Co. are suffering heavy losses from their overseas investments, respectively in Barclays Bank of England and the US Blackstone Group.例如，中國開發(fā)銀行和中國國家外匯投資公司正分別在英國巴克萊銀行和美國黑石集團的海外投資中遭受慘重損失。 </p>

88、<p>　　根According to Luo, the major problem with Chinese banks' overseas expansion is high bidding.據(jù)羅說，中資銀行海外擴張的主要問題是高競標。 "Even some large mature banks will make such mistakes," said Luo, citing the fam

89、ous deal of the Development Bank of Singapore (DBS) acquiring Hong Kong's Dao Heng Bank in 2001.“即使是一些大型成熟的銀行也會犯這樣的錯誤”他列舉了2001年新加坡發(fā)展銀行（DBS）收購了香港道亨銀行的著名交易。 DBS merged Dao Heng at a price three times higher than its bo

90、ok value, and as a result a term "Singapore premium" was created to refer to acquisitions</p><p>　　Furthermore, lack of experience will also bring Chinese banks great risks in cross-border acquisit

91、ions.此外，缺乏經(jīng)驗也將為中資銀行的跨國收購帶來巨大風(fēng)險。 </p><p>　　“"Apart from economic risks, there are also risks related to politics and sovereignty," said Peng.除了經(jīng)濟風(fēng)險，也有相關(guān)的政治和主權(quán)風(fēng)險”，彭說。 "Some Western countries, in

92、 fear of China's rapid economic growth and globalization progress, will consolidate their political intentions and foment nationalist agitations in its people." “一些西方國家，恐懼中國經(jīng)濟的快速發(fā)展和全球化的進展，將鞏固其政治意圖和煽動民族主義?！?</

93、p><p>　　根據(jù)郭說，High-quality services are the only key for Chinese banks to tackle overseas markets, according to Guo.高品質(zhì)的服務(wù)是解決中資銀行進入海外市場唯一的關(guān)鍵。 "The biggest risk rests with whether they can adapt their manage

94、ment style to the needs of overseas operations," said Guo. “最大的風(fēng)險是能否適應(yīng)海外業(yè)務(wù)的管理風(fēng)格”郭說。 Guo also pointed out that China's commercial banks, except for the Bank of China, all lack experience in overseas operations an

95、d remain domestic bank in terms of their management, business concepts, and the competitiven</p><p>　　** Overseas Acquisitions by Chinese Banks ** **海外收購中資銀行** </p><p>　　The Industrial and Comme

96、rcial Bank of China (ICBC)中國工商銀行（ICBC） </p><p>　　October 2007: The ICBC announced it would acquire a 20-percent stake in South Africa's Standard Bank for $5.5 billion to become its largest shareholder.

97、 2007年10月：工行宣布將以55億美元收購南非標準銀行百分之二十的股份，成為其最大股東。 </p><p>　　August 2007: The ICBC paid $583 million for an 80-percent stake in the Seng Heng Bank of Macao. 2007年8月：工行支付了5.83億美元，收購誠興銀行在澳門80個百分點的股份。 </p&g

98、t;<p>　　December 2006: The ICBC acquired a controlling 90-percent stake of the Bank Halim of Indonesia, which marked the world's largest lender's first overseas acquisition. 2006年12月：工商銀行獲得了一家印度尼西亞Hali

99、m銀行百分之90的控股權(quán)，這標志著世界上最大的銀行的首次海外收購。 </p><p>　　China Development Bank (CDB)中國開發(fā)銀行（CDB） </p><p>　　July-August 2007: The CDB signed a purchase agreement and a cooperation memorandum with Barclays Ban

100、k of England on July 23, and paid $3 billion for a 3.1-percent stake in Barclays' existing share capital in August. 2007年7月至8月：在國家開發(fā)銀行7月23日簽署了購買協(xié)議，并與英國巴克萊銀行的合作備忘錄，并在8月支付了30億美元，收購巴克萊銀行現(xiàn)有股本3.1個百分點的股份，。 </p>