美国救市中国出钱

Investors wondering what role China's powerhouse economy might play in restoring health to the world's financial markets need only consider the statement issued at the close of the Communist Party's annual meeting on Sunday:
投资者如果想知道实力强大的中国经济在使世界金融市场恢复健康方面可能扮演何种角色，只需看看周日闭幕的中国共产党十七届三中全会发表的公报即可。


'Most importantly, China needs to handle its own affairs well,' party leaders said.
中共领导人在会议公报中说，“最重要的是要把我国自己的事情办好”。


China is already a significant underwriter of the U.S. government's efforts to bolster financial markets. A majority of China's $1.8 trillion in foreign exchange reserves are held in U.S. government, agency and corporate debt.
中国已经是美国政府救助金融市场努力的重要买单人。中国1.8万亿美元的外汇储备大都购买了美国国债和企业债券。


That's not likely to change soon - provided China doesn't have to divert its resources inwards, to support its own financial system, for example - because Beijing has few other places to put the billions in additional reserves it generates each month. Expectations for a stronger dollar make holding U.S. debt all the more compelling.
这种局面看来不会很快改变，因为北京几乎没有其他渠道安排每月新增的成十上百亿美元外汇资金，除非它要将手头这笔钱用于国内，比如支持自己的金融体系。而市场对美元将会走强的预期也增强了持有美元债券的吸引力。


China isn't suffering from the credit seize-up gripping the rest of the world. Interbank lending there continues, and the domestic bond market remains open for business. Chinese companies have raised $42 billion through yuan-denominated bonds so far this year, more than in the same period last year, according to data from Thomson Reuters.
中国尚未遭受席卷世界许多国家的信贷市场失灵。银行间资金拆借市场仍在正常运行，国内债券市场依然向企业开放。汤森路透(Thomson Reuters)提供的数据显示，今年迄今为止中国企业已通过发行人民币债券筹集了420亿美元资金，超过去年同期的发债额。


But the export-oriented economy is facing headwinds. Growth in exports and industrial production is slowing, and corporate profit growth has slowed sharply - to 16% in the first half of 2008 from nearly 50% in fiscal 2007, according to JP Morgan.
但中国的出口导向型经济也正面临着困难。摩根大通(JP Morgan)称，中国的出口和工业生产增速正在放缓，今年上半年的企业利润增长率已由2007财年的近50%下降至16% 。


Boosting domestic consumption is one way to offset a slowdown in demand elsewhere. So, Beijing has started cutting interest rates and economists expect further stimulus in the months ahead.
提振国内消费是抵消海外需求放缓的一条途径。为此，中国政府开始下调利率，经济学家预计政府未来几个月还将出台更多刺激经济的措施。


When it comes to international markets there are some innovative steps China could take, such as lending the U.S. Treasurys it holds to banks in need of funds - as the Federal Reserve does, says Stephen Green, head of China Research at Standard Chartered. To the benefit of its Southeast Asian neighbors, Beijing is expected to contribute to an $80 billion pool of reserves for the region - along with Japan and South Korea.
说到国际市场，中国还有一些创新性举措可以利用，比如渣打银行(Standard Chartered)中国研究部负责人王志浩(Stephen Green)就建议说，中国可以将手中的美国国债借贷给需要资金的银行，就像美国联邦储备委员会(Federal Reserve)所做的那样。作为一项造福东南亚邻国的举措，中国政府预计会与日本和韩国一道为亚洲出资成立一个规模达800亿美元的储备基金。


Less likely are increased equity holdings in ailing Western financial firms by China's sovereign wealth fund, China Investment Corp., or state-run banks. CIC was in talks to boost its stake in Morgan Stanley last month, but struck no deal. The dismal performance of existing investments has discouraged some Chinese buyers, and cautious Chinese regulators have discouraged others.
而中国主权财富基金中投公司(China Investment Corp.)和中国几大国有银行增加对西方金融企业持股的可能性则比较低。中投公司上个月曾商谈增加其在摩根士丹利(Morgan Stanley)的持股，但最终却未达成协议。中资机构已有的这类投资迄今表现不佳，难免使中国投资者望而却步，而谨慎的中国监管机构也不鼓励再进行此类投资。


So investors around the world may find that they are best served if Beijing sticks to a familiar adage: Charity begins at home.
因此世界各地的投资者可能会发现，如果中国政府坚持按“仁爱自家始”这句著名格言办事，他们将是最大受益者。