外国企业在中国的金融体系中的机遇与挑战【外文翻译】

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1、外文翻译原文OpportunitiesandChallengesforForeignFirmsinChina’sFinancialSystemMaterialSource:InvestmentBankingandOpportunitiesinChinaAuthor:K.THOMASLIAWChina’sfinancialsystemishighlyregulatedandrelativelyunderdeveloped.ThehigheconomicgrowthrateandtheentryintotheWorldTradeOrganization(WTO)haveledtorefo

2、rmofthefinancialsectorinordertocomplywithWTOcommitmentsandsupporteconomicgrowth.Thereformandopeningofthemarketprovideforeignfinancialinstitutionsaccessintothishugeunderdevelopedmarket.LargeglobalfinancialinstitutionsfromallovertheworldhavetakenstrategicpositionsinChinatooperateinretailbanking,c

3、orporatebanking,assetmanagement,securitiesbrokerage,investmentbanking,andotherfinancialservices.THEFINANCIALSYSTEMTherewasonlyonebankinChina’sfinancialsystemfrom1950to1978.ThePeople’sBankofChina(PBC)servedasthecentralbankforthecountryaswellasacommercialbank.After1979,PBC’scommercialbusinesswast

4、ransferredtostate-ownedcommercialbanks.TheBankofChina(BOC)specializedintransactionsrelatingtoforeigntradeandinvestment.People’sConstructionBankofChina(PCBC)aimedattransactionsinfixedinvestmentinmanufacturing.TheAgriculturalBankofChina(ABC)tookoverbusinessinruralarea.In1984,theIndustrialandComme

5、rcialBankofChina(ICBC)wasestablishedtoassumetheremainderofthecommercialbankingbusinessfromthePBC.In2003,ChinaBankingRegulatoryCommission(CBRC)wasestablishedtoassumetheregulatoryandsupervisionfunctionsofthebankingsector.ThePBChassincefocusedonthemonetarypolicyandtheliquidityofthefinancialsystem.

6、Additionally,therearepolicylendingbanks,citybanks,joint-stockcommercialbanks,andforeignbanks.Therearealsononbankfinancialinstitutions.Trustandinvestmentcorporations(TICs)supportthedevelopmentoftheprivatesectorandprovidefinancingoutsideofthecreditquotasimposedoncommercialbanks.Tobettermanagetheh

7、ugeamountofnonperformingloans,theChinesegovernmentsetupassetmanagementcompanies(AMCs)in1999toassumenonperformingloansfromthestate-ownedcommercialbanks.Disposalofatleastaportionoftheseloanshasresultedinbettercoverageratiosandbetter