2023考研英語閱讀胡主席的錦囊妙計
Hu s coup
胡的精囊妙計
THE price is so trivial it will not have a discernible impact on the buyer, ICBC, the Chinese bank that is the worlds biggest by value. By the time the acquisition is approved, it may well have been forgotten by most outsiders. And yet, it could be a transformative deal whose full implications will take years to emerge.
如此微不足道的價格，對于坐擁世界最大市值的中國工商銀行這種買家來說恐怕沒什么顯而易見的影響。等它的戰(zhàn)略價值被眾所周知的時候，這筆買賣可能早就已經(jīng)被大多數(shù)局外人拋諸腦后了。但它的變革性意義將在數(shù)年之后完整地突顯出來。
Almost lost amid the many transactions signed on January 21st to coincide with the visit of Chinas President Hu Jintao to America was an agreement by ICBC to buy 80% of the Bank of East Asias small, almost profitless, retail-branch network in New York and California for $140m. If approved, the transaction would be significant because for the first time a Chinese mainland bank would have activities operating under Americas regulatory framework. But its importance goes beyond that. A tick in the box by American regulators, expected by the end of the year, would mean that they have endorsed the soundness of Chinas government controlled and politically directed banking system. That has been a barrier to Chinese banks expanding in America.
中國工商銀行將以1億4000萬美元購得東亞銀行于紐約和加利福尼亞的兩家小到幾乎毫無收益可言的零售業(yè)務銀行及其運營網(wǎng)絡。這份于1月21日簽署的合同幾乎被遺忘在隨中國國家主席胡錦濤的美國之行而來的眾多交易之中。然而一旦其獲準生效，這筆交易將是有意義的，因為這是中國大陸銀行首次于美國控制的框架下運營。而且它的重要性遠不止于此。這對于美國的管理者來說是一個標志，這意味著到今年末的時候，他們就等于贊同了中國政府控制，政治導向的銀行系統(tǒng)。而這在過去一直是中國銀行在美國擴展的阻礙。
In recent years American supervisors have stopped short of granting full approval for Chinese firms, instead allowing them only to provide wholesale services to companies. Even then, in at least one case, supervisors have insisted that the permit be contingent on further improvements in the Chinese firms operating procedures. A licence for a retail operation must pass a higher threshold since local branches will be covered by Americas deposit-insurance umbrella. That, in turn, involves approving not only the operations of the bank that is entering America but also its home regulator, to ensure it is shipshapein the jargon, that it can provide consolidated comprehensive supervision. In theory, the Federal Reserves examiners will now need access to the operations not only of Chinas largest bank but of its regulators.
近年來美國監(jiān)管者已經(jīng)停止了對中國公司完整授權許可的短缺控制，取而代之的是僅僅允許他們?yōu)槠渌咎峁┐笠?guī)模金融批發(fā)服務。即使那樣，至少在個案來說，監(jiān)管者們已經(jīng)堅持了頒發(fā)許可證取決于中國企業(yè)自身運營狀況的程序。由于本土銀行分支機構位于美國儲蓄保險的保護傘下，取得零售金融服務的執(zhí)照必須通過更高的門檻。如此一來，獲準進入美國市場不僅關乎銀行自身的運作，還關乎它本國的管理者是否能夠保證它的整潔干凈用行業(yè)術語來說，就是它能夠提供 牢靠并且系統(tǒng)的監(jiān)管。理論上來說，聯(lián)邦儲備審查官員現(xiàn)在需要批準的運營系統(tǒng)不僅屬于中國最大的銀行，還屬于它的母國管理者。
Allowing Chinese banks into America may deepenthe two countries banking links. American firms havebeen able to operate in China and collect depositsfor several yearsCitigroup is one of the largestforeign firms on the mainland. But all suchoperations are strictly limited and usually subduedby red tape. As a result foreign firms market sharein China has long stagnated at under 2%. Somesuggest the ICBC decision may be tied to furtheropening to foreigners by the Chinese, but if so thisquid pro quo will not be part of the formal regulatoryframework, but part of a quiet political bargain.
允許中國銀行進入美國或許會加深兩個國家的金融聯(lián)系。美國公司數(shù)年前就已經(jīng)能夠在中國運營并且收集存款花旗集團是中國大陸最大的外資企業(yè)之一。但所有的這些運作都被嚴格限制而且常常被迫屈服于拖拉費時的繁瑣手續(xù)。其結果就是外資金融企業(yè)在中國的市場份額沉滯在2%以下。一些人士估計工商銀行進入美國的選擇或許意味著中國人對外國人的進一步開放，但如果真是這樣的話，這點補償費顯然不是正式調(diào)整框架的一部分，頂多算是政治上的討價還價。
Chinese banks are not about to conquer the world. ICBC, which has the most expansiveinstincts, has made a few small acquisitions in Asia and is expanding its network of brancheselsewhere, but remains an overwhelmingly domestic outfit. The proposed deal will fit with itsdesire to keep a low profile. The seller, Bank of East Asia, is already foreign, being a HongKong-based firm with close ties to China. Since its American operations are small, with assets ofonly some $700m, and its client base is largely tied to Chinese businesses, the change ofcontrol is unlikely to spark any reaction from customers or competitors. Public comments arebeing minimised to avoid inflaming popular and political passions in America.
中國的銀行并不打算征服世界。即使是最具有擴張本能的中國工商銀行，也只是在亞洲取得了少數(shù)新的市場，并把它的運營網(wǎng)絡分支擴展到了其他地方，但始終保持著壓倒性的國內(nèi)機構配置。這份被提上議程的交易符合了它只希望保持基礎收益的打算。而賣方，東亞銀行，早已經(jīng)外來化，依靠位于香港的母公司與中國保持緊密聯(lián)系。由于它在美國的營運份額小到只有7億美元資產(chǎn)，而它的客戶基礎與中國商業(yè)具有廣泛聯(lián)系，所以這次控制權的交接不大可能激起顧客或者競爭對手的強烈反應。為了避免激起公眾及政治偏見，公開評論已經(jīng)被最小化。
If the deal is approved, ICBCs subsequent role in the American market will largely depend on itsambitions. A big acquisition would place it once again before a regulatory review, and, on thebasis of past experience in other industries, generate a firestorm of controversy in America. Itmay prefer to grow organically, since it would probably enjoy full operating rights, while itshealthy profits give it the resources to expand at will. It should have the same legal standingas any American bank, which is to say the right to do business. Americans can hardly whingethat the biggest bank from the worlds second-biggest economy has a growing presence intheir country. They will hope, though, that if its local operation fails, it wont have to be bailedout by Uncle Sam.
如果這筆生意獲準，中國工商銀行之后在美國市場的角色將很大程度取決于它的野心。如果趕在監(jiān)管審查之前，一個龐大的機構將再一次就被設置，根據(jù)其他產(chǎn)業(yè)的以往經(jīng)驗，這會在美國導致一場論戰(zhàn)的大爆發(fā)。由于想要完整的運作權，它或許更喜歡循序漸進的增長方式，逐步依靠它的良好收益將資源隨意配置增長。它應該會取得像美國其他銀行一樣的合法地位，通俗點說就是做買賣的權利。對于這份來自世界第二大經(jīng)濟體中的最大銀行送上門的禮物，美國人可沒什么好抱怨的。相反，他們會希望當工行的本土運作失敗的時候，山姆大叔不會將它掃地出門。
背景資訊：
2011年1月23日中國工商銀行股份有限公司與東亞銀行有限公司今天聯(lián)合宣布，雙方已就美國東亞銀行股權買賣交易達成協(xié)議，并于2011年1月21日在芝加哥簽署了股份買賣協(xié)議。
根據(jù)雙方簽署的協(xié)議，工商銀行將向東亞銀行支付約1.4億美元的對價，收購美國東亞銀行80%的股權，東亞銀行持有剩余20%的股權。同時，東亞銀行還擁有賣出期權，可在本交易完成后，按雙方協(xié)議約定的條款和日期，將其剩余股份轉讓給工商銀行。雙方將隨后履行監(jiān)管報批手續(xù)。交易完成后，工商銀行將負責美國東亞銀行的營運和管理。
工商銀行董事長姜建清先生表示：此次交易達成協(xié)議，對雙方而言是雙贏的選擇。收購美國東亞銀行的80%股權，將使工商銀行獲得美國商業(yè)銀行牌照，填補工商銀行在美零售銀行牌照的空白，進一步拓展在美國的機構和業(yè)務網(wǎng)絡，提升工商銀行在美機構的經(jīng)營實力。
Hu s coup
胡的精囊妙計
THE price is so trivial it will not have a discernible impact on the buyer, ICBC, the Chinese bank that is the worlds biggest by value. By the time the acquisition is approved, it may well have been forgotten by most outsiders. And yet, it could be a transformative deal whose full implications will take years to emerge.
如此微不足道的價格，對于坐擁世界最大市值的中國工商銀行這種買家來說恐怕沒什么顯而易見的影響。等它的戰(zhàn)略價值被眾所周知的時候，這筆買賣可能早就已經(jīng)被大多數(shù)局外人拋諸腦后了。但它的變革性意義將在數(shù)年之后完整地突顯出來。
Almost lost amid the many transactions signed on January 21st to coincide with the visit of Chinas President Hu Jintao to America was an agreement by ICBC to buy 80% of the Bank of East Asias small, almost profitless, retail-branch network in New York and California for $140m. If approved, the transaction would be significant because for the first time a Chinese mainland bank would have activities operating under Americas regulatory framework. But its importance goes beyond that. A tick in the box by American regulators, expected by the end of the year, would mean that they have endorsed the soundness of Chinas government controlled and politically directed banking system. That has been a barrier to Chinese banks expanding in America.
中國工商銀行將以1億4000萬美元購得東亞銀行于紐約和加利福尼亞的兩家小到幾乎毫無收益可言的零售業(yè)務銀行及其運營網(wǎng)絡。這份于1月21日簽署的合同幾乎被遺忘在隨中國國家主席胡錦濤的美國之行而來的眾多交易之中。然而一旦其獲準生效，這筆交易將是有意義的，因為這是中國大陸銀行首次于美國控制的框架下運營。而且它的重要性遠不止于此。這對于美國的管理者來說是一個標志，這意味著到今年末的時候，他們就等于贊同了中國政府控制，政治導向的銀行系統(tǒng)。而這在過去一直是中國銀行在美國擴展的阻礙。
In recent years American supervisors have stopped short of granting full approval for Chinese firms, instead allowing them only to provide wholesale services to companies. Even then, in at least one case, supervisors have insisted that the permit be contingent on further improvements in the Chinese firms operating procedures. A licence for a retail operation must pass a higher threshold since local branches will be covered by Americas deposit-insurance umbrella. That, in turn, involves approving not only the operations of the bank that is entering America but also its home regulator, to ensure it is shipshapein the jargon, that it can provide consolidated comprehensive supervision. In theory, the Federal Reserves examiners will now need access to the operations not only of Chinas largest bank but of its regulators.
近年來美國監(jiān)管者已經(jīng)停止了對中國公司完整授權許可的短缺控制，取而代之的是僅僅允許他們?yōu)槠渌咎峁┐笠?guī)模金融批發(fā)服務。即使那樣，至少在個案來說，監(jiān)管者們已經(jīng)堅持了頒發(fā)許可證取決于中國企業(yè)自身運營狀況的程序。由于本土銀行分支機構位于美國儲蓄保險的保護傘下，取得零售金融服務的執(zhí)照必須通過更高的門檻。如此一來，獲準進入美國市場不僅關乎銀行自身的運作，還關乎它本國的管理者是否能夠保證它的整潔干凈用行業(yè)術語來說，就是它能夠提供 牢靠并且系統(tǒng)的監(jiān)管。理論上來說，聯(lián)邦儲備審查官員現(xiàn)在需要批準的運營系統(tǒng)不僅屬于中國最大的銀行，還屬于它的母國管理者。
Allowing Chinese banks into America may deepenthe two countries banking links. American firms havebeen able to operate in China and collect depositsfor several yearsCitigroup is one of the largestforeign firms on the mainland. But all suchoperations are strictly limited and usually subduedby red tape. As a result foreign firms market sharein China has long stagnated at under 2%. Somesuggest the ICBC decision may be tied to furtheropening to foreigners by the Chinese, but if so thisquid pro quo will not be part of the formal regulatoryframework, but part of a quiet political bargain.
允許中國銀行進入美國或許會加深兩個國家的金融聯(lián)系。美國公司數(shù)年前就已經(jīng)能夠在中國運營并且收集存款花旗集團是中國大陸最大的外資企業(yè)之一。但所有的這些運作都被嚴格限制而且常常被迫屈服于拖拉費時的繁瑣手續(xù)。其結果就是外資金融企業(yè)在中國的市場份額沉滯在2%以下。一些人士估計工商銀行進入美國的選擇或許意味著中國人對外國人的進一步開放，但如果真是這樣的話，這點補償費顯然不是正式調(diào)整框架的一部分，頂多算是政治上的討價還價。
Chinese banks are not about to conquer the world. ICBC, which has the most expansiveinstincts, has made a few small acquisitions in Asia and is expanding its network of brancheselsewhere, but remains an overwhelmingly domestic outfit. The proposed deal will fit with itsdesire to keep a low profile. The seller, Bank of East Asia, is already foreign, being a HongKong-based firm with close ties to China. Since its American operations are small, with assets ofonly some $700m, and its client base is largely tied to Chinese businesses, the change ofcontrol is unlikely to spark any reaction from customers or competitors. Public comments arebeing minimised to avoid inflaming popular and political passions in America.
中國的銀行并不打算征服世界。即使是最具有擴張本能的中國工商銀行，也只是在亞洲取得了少數(shù)新的市場，并把它的運營網(wǎng)絡分支擴展到了其他地方，但始終保持著壓倒性的國內(nèi)機構配置。這份被提上議程的交易符合了它只希望保持基礎收益的打算。而賣方，東亞銀行，早已經(jīng)外來化，依靠位于香港的母公司與中國保持緊密聯(lián)系。由于它在美國的營運份額小到只有7億美元資產(chǎn)，而它的客戶基礎與中國商業(yè)具有廣泛聯(lián)系，所以這次控制權的交接不大可能激起顧客或者競爭對手的強烈反應。為了避免激起公眾及政治偏見，公開評論已經(jīng)被最小化。
If the deal is approved, ICBCs subsequent role in the American market will largely depend on itsambitions. A big acquisition would place it once again before a regulatory review, and, on thebasis of past experience in other industries, generate a firestorm of controversy in America. Itmay prefer to grow organically, since it would probably enjoy full operating rights, while itshealthy profits give it the resources to expand at will. It should have the same legal standingas any American bank, which is to say the right to do business. Americans can hardly whingethat the biggest bank from the worlds second-biggest economy has a growing presence intheir country. They will hope, though, that if its local operation fails, it wont have to be bailedout by Uncle Sam.
如果這筆生意獲準，中國工商銀行之后在美國市場的角色將很大程度取決于它的野心。如果趕在監(jiān)管審查之前，一個龐大的機構將再一次就被設置，根據(jù)其他產(chǎn)業(yè)的以往經(jīng)驗，這會在美國導致一場論戰(zhàn)的大爆發(fā)。由于想要完整的運作權，它或許更喜歡循序漸進的增長方式，逐步依靠它的良好收益將資源隨意配置增長。它應該會取得像美國其他銀行一樣的合法地位，通俗點說就是做買賣的權利。對于這份來自世界第二大經(jīng)濟體中的最大銀行送上門的禮物，美國人可沒什么好抱怨的。相反，他們會希望當工行的本土運作失敗的時候，山姆大叔不會將它掃地出門。
背景資訊：
2011年1月23日中國工商銀行股份有限公司與東亞銀行有限公司今天聯(lián)合宣布，雙方已就美國東亞銀行股權買賣交易達成協(xié)議，并于2011年1月21日在芝加哥簽署了股份買賣協(xié)議。
根據(jù)雙方簽署的協(xié)議，工商銀行將向東亞銀行支付約1.4億美元的對價，收購美國東亞銀行80%的股權，東亞銀行持有剩余20%的股權。同時，東亞銀行還擁有賣出期權，可在本交易完成后，按雙方協(xié)議約定的條款和日期，將其剩余股份轉讓給工商銀行。雙方將隨后履行監(jiān)管報批手續(xù)。交易完成后，工商銀行將負責美國東亞銀行的營運和管理。
工商銀行董事長姜建清先生表示：此次交易達成協(xié)議，對雙方而言是雙贏的選擇。收購美國東亞銀行的80%股權，將使工商銀行獲得美國商業(yè)銀行牌照，填補工商銀行在美零售銀行牌照的空白，進一步拓展在美國的機構和業(yè)務網(wǎng)絡，提升工商銀行在美機構的經(jīng)營實力。
