第12讲实战口译示范(投资理财专题)
Lesson 12 雷天放 口译教程
12.1 Losing weightLadies, don’t try to lose any more weight, because no matter how hard you try, you’ll never be slim enough!Do you know the official definition for slimness? Remember the following, as it’s going to save you lots of money, time and suffering. Listen:The official definition is: Lose 10 more pounds!So how much do you have to lose till you are called slim?You are skinny. No, I need to lose 10 more pounds.You’ve lost 10 pounds. No, I’ll be slim if I can still lose 10 more pounds. This goes on, until you weigh no more than 30 pounds.Dear friends, do you know that, in order to attune myself to your sense of beauty, I have started training myself to stare at a lamppost each day, because that is what you look like after you have lost all that weight.This is sick, because no man really likes women to be so skinny.So why do you ladies still try to lose more weight?It is because modern women no longer care what men think.What you think is:”I’m not beautiful until all my fellow ladies think I’m beautiful. You men might think I’m slim enough, but if my fellow ladies think I’m not trying hard enough, I’ll lose more.”But, ladies, stop being silly. To your fellow ladies, you’ll never look beautiful. Can’t you see that?12.2 仁者见智我每周三次在UNLV大学教经济。
实战口译 林超伦 教学参考
油气并举 Breaking up the monopoly 打破独家垄断 Extend our capabilities through partnership 扩展自己的能力 A network of 许多 Product reference 产品检索 The time to market 推出时间 Packaged application 成套应用 Along a value-added continuum 增加价值的持续过程 Customer call centers 顾客服务电话中心 On budget delivery 依照预算的送达 Disruptive technology 冲击现有成熟技术的新出现的低成本简单技术 Speed and well-planned progression 快速而又循序渐进的发展 Interactive sharing 互动共享 Frog-leaping 跨越式的 The core competitiveness 核心竞争力 An intrinsic part of …
有目共睹 Ecological and environmental damage 生态环境破坏 Blind development 盲目发展 Maintain the right balance3 掌握分寸 Reduce water shortage 缓解缺水局面 A corruption free government 廉洁政府 Some food for thought 供大家参考 Wholly owned 独资 Ride the wave 乘浪而行 Share ownership 股份制 3improve in their skill 提高自身素质 Knows themselves and their competitor equally well 知己知彼 Experiment 理论上还不清楚，需要进一步探测 Pilot 理论上已经知道怎么做，实际上还需要真的实践检验 Rationalize regulatory system 理顺监管体制 Chancellor of the Exchequer
商务现场口译
商务现场口译Unit1尊敬的各位来宾，女士们，先生们:非常感谢你们热情友好的欢迎词。
中国是最古老的文明发源地之一，访问这个文明古国是我多年梦寐以求的愿望。
这次访问使我有机会重见老朋友，结交新朋友。
我为自己能访问贵国和这座美丽的城市，再次表达我的愉快之情和荣幸之感。
我对你们为我到达贵国后所做的安排深表谢意。
作为在一家中美合资企业工作了两年的美国经理，我认为中国人和美国人在经营管理中存在着差异。
基于不同的文化传统，我们的美国同事比大部分中国同行来得直率。
我无法断言我们美国的经营方式一定在中国之上。
毕竟各有各的优点和弊病。
近年来，越来越多的美国管理人员已经认识到中国人那种更具人情味的管理方式的长处。
很高兴我们能交换意见和信息，并达成共识。
我希望在今后的日子里，我能有机会就此话题与各位交换自己的看法。
谢谢!Coordinating-Field InterpretingInterpreter: 你好!我是Wina公司的销售代表。
你是中安科技公司派来接我们的吗?Interpreter: Hi, Mr. Anderson! Yes, I am. My name is Li Hua from the InternationalBusiness Department of Zhong'an. Welcome to Shenzhen.Interpreter: 谢谢!Interpreter: Have you claimed all your luggage?Interpreter:全取了。
Interpreter: Then this way please. My car is in the parking lot across the street. Shall we gothere now?Interpreter:好的。
Interpreter: Did you have a good flight? Did you fly directly from Vancouver to Shenzhen? Interpreter:谢谢，是的。
谈判英语口语 第12课
谈判英语口语第12课Chapter 4Honesty is the Best Policy诚实是上策Dialog：The following is an example of just how easy it can be. It could be face to face over the phone. Jack is selling speakers made in Taiwan,and Donna works for an American distributor.Jack：Donna!How are you? It's good to hear your voice.Donna：Thank you. Jack,it's always a pleasure doing business with you.Jack：So how are things in the land of the free and the home of brave?Donna：Great! And , how are things in your neck of the woods?好极了!那你的地盘呢?Jack：Things are so great here.好到不能再好了.I almost smiled myself to death last week. One of my cowworkers had to give me CPR.上周我差点高兴得笑死,其中一个同事还帮我做心肺复苏术.Donna：Oh.Jack,I have missed your sense of humor.Ha ha ha! Nobody else sees things quite like you do.It's your gift.Jack：Or a curse.Donna：Nope,it's a gift.Anyway,we need some more of those mid-range speakers you tricked me into buying last time.Jack：That, my dear,was classic sales technique delivered by a professional.Donna：Are you still gouging your customers the same price per unit?Jack：Heck no, we doubled the price,but because it's you, I'll let you have'em at 50% off.Heh,heh,heh!How does that sound?Donna：You silver-tongued devil. Can't you ever just answer a question with a simple yes or no?你这耍嘴皮子的家伙,你回答问题时,难道不能简单地回答"好"或"不好"吗?Jack：I could ,but where's the fun in that?Vocabulary重要词汇bribe贿赂;买通purchase采购recommendation推荐;建议executives执行主管distribution分配mid-range中程gouge欺诈;勒索silver-tongued很会说话的。
关于理财投资的英语口语
关于理财投资的英语口语同学们对英语感到很恐惧吗?不要害怕，小编今天给大家带来的是关于英语情景对话的口语，想更快的提升英语成绩，就要好好努力哦，大家赶紧行动起来吧一我想试着炒炒股 Buying stocksAEveryone wants to be financial lose kill. You must invest your savings if you planed to retire rich. I’m thinking about buying stocks. It can be a good investment if I can manage well. What do you say?每个人都想减少经济损失。
如果你想退休时很富有，你就必须拿你的积蓄去投资。
我想到了买股票。
如果我能很好地管理它，它可能是一种很好的投资方式。
你怎样认为呢?BI partly agree with you. Buying stocks is not difficult, but making money consistently from buying stock is very difficult. Even professionals don’t find it easy,so be careful. Anyway, people like us need help with investing. Why not do some online research? There are data, reports and discussion forums to educate peopleon how to invest. In addition, you need to visit an established website that offersstock charts.我部分同意你，买股票并不难，但是买股票一直赚钱就很难了。
李阳疯狂英语—人生成功12课
人生成功十二课人生成功第 1 课:Be a lifelong learner 做一个终生学习的人Learning doesn 't finish when you leave school.Learning can become a way of life which helps you to achieve your greatest potential.We never stop learning; there is always something new and interesting to discover.Learning new skills can be a bit scary but we all need to do this each time we reach a personal learning plateau.Cross the plateau by actively seeking sup port and advice.Take up some training, further education, night classes –any new interest which will help you todevelop yo ur strengths.Keep looking and listening and keep your brain active. You are never old to learn.离开学校并不意味着学习就结束了. 学习可以成为一种生活方式, 帮助你发挥最大的潜能. 我们从未停止学习,总会有新的,有趣的东西等待我们去发现.学习新的技能可能让人感到有一点恐惧,但每当我们在个人学习上停滞不前时, 我们都需要去学习新的东西.积极地寻求支援和建议,突破停滞期. 参加一些培训,进修,夜校- 任何新的兴趣都将会有助于发展你的优势. 多看, 多听, 让你的头脑保持活跃.活到老, 学到老第二课, 让自己忙起来The secret of being miserable is to have the leisure to bother about whether you are happy or not. So don 't bo ther to think about it!Spit on your hands and get busy. Your blood will start circulating; you mind will start ticking –and pretty soon this whole positive upsurge oflife in your body will drive worry from your mind.Get busy. Keep busy. It 's the cheapes t kind of m edicine there is on this earth –and oneof the best.令自己感到沮丧的秘诀就是用空闲时间去烦恼自己是否快乐. 所以不要费事去想它!摩拳擦掌干起来吧.你将热血沸腾,你会头脑清醒.很快,在你身体中的这种高涨的积极人生观将把烦恼从你的头脑中赶出去.行动起来, 忙碌起来. 这是世界上最便宜的一种药, 也是最好的一种.人生成功第 3 课:Always will I seek the seed of triumph in every adversity 在困境中寻找成功的希望There is no better school than adversity. Every defeat, every heartbreak, every loss, contains its own seed, its own lesson o n how to improve my performance next time. Never again will I contribute to my downfall by refusing to face the truth and l earn from my past mistakes. Because I know: gems cannot shine without polish, and I cannot perfect myself without hardshi p.Now I know that there are no times in life when opportunity, the chance to be and do gathers so richly about my soul wh en it has to suffer cruel adversity. Then everything depends on whether I raise my head or lower it in seeking help. Whenev er I am struck down, in the future, by any terrible defeat, I will inquire of myself, after the first pain has passed, how I can t urn that adve rsity into good. What a great opportunity that momen t may present ⋯to take the bitter root I am holding and tra nsform it into fragrant garden of flowers.Always will I seek the seed of triumph in every adversity.逆境是一所最好的学校.每一次失败,每一次打击,每一次损失,都蕴育着成功的萌芽,都教会我在下一次有更出色的表现.我再也不会逃避现实, 也不会拒绝从以往的错误中获取经验,我不再因此而促成自己的失败.因为我知道,宝玉不经磨砺就不能发光,没有,我也不能完善自我. 现在我知道,灵魂倍受煎熬的时刻,也正是生命中最多选择与机会的时刻. 任何事情的成败取决于我在寻求帮助时是抬起头还是低下头. 无论何时, 当我被可怕的失败击倒,在最初的阵痛过去之后, 我都要想方设法将苦难变成好事 . 伟大的机遇就在这一刻闪现 -这苦涩的根必将迎来满园芬芳 . 我将一 直在困境中寻找成功的希望 .人生成功 4 课:No one can make you feel inferior I choose to feel good about myself. That way I am more open to learning. Ifpeople give me negative feedback or criticize something I do, I don ' t interpret what they are saying as meaning that I am abad ” person. The belief that I control my own self to listen to and hear their feedback in a non-defensive way see if there is something I c an learn.We have two choices every day. Wecan feel good about ourselves, or we can feel lousy about ourselves. Whyw ould anyone choose the latter? 我选择自我感觉良好 , 这样我能更加开放地学 习. 如果人们给我负面的回应或是批评我做的事情 , 我不会认为他们所说的就表明我 是一个“差劲的”人 . 我坚信自尊由我掌控 ,这让我毫无戒心地去听取别人的反馈 , 想看看是否有我可以学习的东西 .我们每天都有两种选择 . 我们可以感到自己很棒 , 也可以感到自己很差劲 . 难道有人会选择后者吗 ?人生成功第 5 课 :Hold fast to dreams 紧紧抓住梦想We all have dreams. We all want to believe deep down in our souls that we have a special gift, that we can make a differ ence, that we can touch others in a special way, and that we can make the world a better place. At one time in our lives, we all had a vision for the quality of life that we desire and deserve. Yet, for many of us, those dreams have become so s没有人可以使你感到自 -esteem permits me –looking tohrouded in the frustrations and routines of daily life that we no longer even make an effort to accomplish them. For far too many, the dream has dissipated –and with it, so has the will to shape our destinies. Many have lost that sense of certainty that creates the winner 's edge.What we should do is to restore the dreams and to make it real, to get each f us to reme mber and use the unlimited power that lies sleeping within us all.我们每个人都有梦想. 我们每个人都希望能发自内心地相信自已有一种特殊的天赋, 相信自己能发挥重要的作用, 相信自己能以一种特殊的方式感动他人, 相信自己能够把世界变得更加美好. 在一生中, 我们都曾经对自己渴望并追求的生活品质抱有憧憬. 然而,对我们大多数人来说, 这些憧憬在日常生活的成规和挫败中已经变得如此渺茫,以到于我们甚至不再努力去实现它们. 对太多人来说,梦想已经远离, 随之远离的还有塑造我们命运的意愿.很多人已经推动了坚定的信念, 而正是坚定的信念为胜利者创造了优势. 我们所要做的就是重拴梦想,并实现梦想,让我们每个人都记住, 并去运用深藏在自己身上的无限潜能.人生成功第 6 课:Nothing can take the place of persistence 毅力无法替代Nothing in the world can take the place of persistence. Talent will not; nothing is more common than unsuccessful individuals with talent. Genius will not; unrewarding genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent.. Perseverance does not always mean sticking to the same thing forever. It means giving full concentration and effort to whatever you are doing, right now! It means doing the tough things first and looking downstream for gratification and rewards. It means being happy in your work, but hungry for more knowledge and progress. It means making more calls, going more miles, pulling more weeds, getting up earlier in the day and always being o n the lookout for a better way of doing what you're doing. Persistence is success thoughtrial and error.世界上没有任何东西可以替代毅力.才干不可以,无所作为的能人十分普遍;天分不可以,碌碌无为的天才尽人皆知;教育不可以,受过良好教育的没落者更是随处可见. 只要有毅力和决心, 就是无所不能的. 毅力并不总是意味着永远坚持做同一件事.它意味着无论你做任何事情, 你都要立刻全心投入, 竭尽全力; 它意味着先做艰苦的工作,再去期待随之而来的满足和回报. 它意味着开心地工作,渴望更多的知识和进步.它意味着多打几个电话,多夏装几里路,多除草,早起床,意味着总是寻求更好的方式去做你在做的事情. 毅力就是经历考验和过失的成功.人生成功第7 课:I am nature's greatest miracle 我是世界上最伟大的奇迹Since the beginning of time never has there been another with my mind, my heart, my eyes, my ears,my hands,my hair,my mouth.I am the end product of thousands of years of evolution; therefore, I am better equipped in both mind and body than all the emperors and wise men who preceded me. I have unlimited potential. I am a unique creature. I am not on this eart h by chance. I am here for a purpose and that purpose is to grow into a mountain, not to shrink to a grain of sand. Hencef orth will I apply all my efforts to become the highest mountain of all and I will strain my potential until it cries for mercy. I will win, and I will become the greatest person, for I am unique. I am nature's greatest miracle.自从上帝创造了天地万物以来,没有一个人和我一样,我的头脑,我的心灵,我的眼睛,我的耳朵, 我的头发,我的嘴都是与众不同的. 我是千万件来进化的终端产物,因此, 我的头脑和身体都超过以往所有的帝王和智者.我有无尽的潜力.我是个独一无二的生命. 我不是偶然间来到这个世界上的. 我是为着一个目的来的,这个目的就是成为一座高山, 而不是变为一料细沙. 我将成功, 我将成为最伟大的人, 因为我是独一无二的. 我是世界上最伟大的奇迹.人生成功第8 课: Stop to smell the flowers 驻足片刻闻花香In the hustle and bustle of modern-day life, people seldom stop to enjoy the beauty of nature.Ask yourself how many times you have listened to the birds sing. And when was the last time you looked at the sparking stars twinkle in the sky?Time files and life is short. So don ' t forget to stop to smell the flowers. In our eagerness to make a living, we often forget a bout our quality of life. Too often you hear people say, “I am too busy, ” forthis or that. What a shame! One day, when the y do find time to stop to smell the flowers, it might be too late.在现代生活的忙忙碌碌中,人们很少会停下来欣赏自然的美.问问自己,你有多少次倾听过鸟儿的歌唱.你最近一次抬头仰望闪耀的星空又是在什么时候?时光飞逝, 人生苦短.不要忘记驻足闻闻花香. 我们在急于谋生的过程中, 往往忽视了我们生活的品质.多少次,你听见人们为这为那说“我忙死了. ”多可惜啊!有一天,当他们真的找到时间能够驻足片刻闻花香时, 可能已经太迟了人生成功第9 课:Join the smile and compliment club 加入到微笑者和赞美者的行列来When you smile at someone and they smile back, you automatically feel better. Even if they d on't smile back, you will feel better because you know the most destitute person in the world is the one without a smile. You immediately become richer by giving that person yours. The same goes for the compliment. When you sincerely compliment a person or extend him a courtesy, he is going to receive a direct benefit and like himself better. It is impossible for you to make someone feel better and no feel better yourself.当你对别人,别人也会对你报以, 你自然会感觉很棒. 即使他有对你报以,你也会感觉很棒, 因为你认识到世界上最贫穷的人就是从不微笑的人, 当你对那个人微笑你立刻变得更加富有. 赞美也是这个道理. 当你真诚地毛病抑或恭维一个人时,他将立刻受益,更喜欢自己.当你让别人感觉更好时,你自己也会感觉更好.人生成功第10 课:Always will I bathe my days in the sea of enthusiasm 我将永远沐浴在热情的海洋里Every memorable act in the history of the world is a triumph of enthusiasm. Nothing great was ever achieved without it. With out enthusiasm I am doomed to a life of mediocrity but with it I can accomplish miracles. Some of us are enthusiastic at tim es and a few even retain their eagerness for a day or a week. All that is good but I must and I will form the habit of straini ng my enthusiasm indefinitely, honestly, and sincerely so that the success I enjoy today can be repeated tomorrow and next week and next month.We first must make our habits and then, good or bad, they make us. Enthusiasm, the love for whate ver it is I am doing at the moment, works in marvelous ways I need not even attempt to understand but I do know that it will give additional vitality to my muscles and my mind. Always will I bathe my days in the sea of enthusiasm.历史上任何伟大的成就都可以称为是热情的胜利. 没有热情, 不可能成就任何伟业.没有热情,我注定要在平庸中度过一生;而有了热情,我将创造奇迹.一些人时不时有点热情, 少数人能够保持一天或一周的热情. 这些都很好, 但我必须也必将养成这样的习惯: 永远地, 诚恳地, 真诚地保持我的热情, 这样我今天所享有的成功便能够在明天,下周及至下个月不断地重复. 首先我们必须养成自己的习惯,然后,无论习惯是好是坏, 这些习惯塑造我们. 热情, 也就是我对自己现在正在做的任何事的热爱, 起着不可思议的作用,我并不需要努力去开弄懂它,但我的确知道,它将给我的身体肌肉和头脑带来额外的活力. 我将永远沐浴在热情的海洋里人生成功第11 课:Allow yourself to be happy 让自己快乐An estimated 70 percent of us are clinically depressed at some time in our lives. Why are we so unhappy when we have s o many opportunities nowadays? People try everything: money, sex, career, marriage, divorce, alcohol, rock and roll and eve n drugs, but most of us only want one thing –happiness. Being happy is a natural part of the human condition; we just ne ed to believe it and allow ourselves to feel it. Make thisaffirmation: I deserve to be happy. Say it, sing it, and shout it. Priori tize happiness; make it your number one thing.调查表明, 我们当中70%的人在生活中时间有临床性的抑郁现象. 如今我们有这么多的机遇, 为什么我们还这么不快乐呢?人们尝试各种东西:金钱, 性爱, 事业,婚姻,离婚,酒精,摇滚甚至毒品,但我们大多数人只是想要得到一样东西-快乐.快乐是人的一种自然的身心状态; 我们只要去相信快乐, 让自己感受快乐. 要宣称: 我应当得到快乐.说出来,唱出来,喊出来.优先考虑快乐,让快乐成为你最重要的事情.对你所拥有的一切抱以感激之情吧.人生成功第12 课:I have unparalleled imagination 我拥有无与伦比的想象力Now I will get what I want by means of this magic power. If my fear is to make a speech, I will imagine myself fearless an d with confidencein public. If I suffer from disease, I will imagine the healthy manner I used to be. If I feel poverty, I will im agine the wealth to come.Now I understand: the only limit of the human being is his imagination. The reason why I have no t reached to the top is that I don 't know how touse my imagination. Now, I am proficient in this technique and will benefit from it. The best reward will be being successful and being happier.I have unparalleled imagination.现在我将通过这种神奇的力量得到我想要的. 如果我害怕发表演讲,我就想象自己在公众场合无所畏惧,充满信心;如果我在病魔的煎熬,我就想象我以前健康的样子;如果我感到贫穷,我就想象我将要富有. 现在我明白了:人类惟一的限制就是想象力.我之所以没有成功, 原因就在于我不知道如何使用我的想象力.现在,我精通这个技巧,我将从中受益. 最大的回报将是成功和愈加快乐. 我拥有无与伦比的想象力。
实战口译中译英
实战口译Unit21.we are meeting our British friends once again by the beautiful rRver Thames, for our third conference. On behalf of the Chinese delegates,I’d like to thank you our British colleagues for your invitation and your excellent programme. Since last year’s conference, China has undergone yet more changes.2.Although the world economy isn’t doing well, the Chinese economy has continued to grow at a relatively high rate. In the first 9 months, industrial output has grew by 10.3%. The rural economy continues to prosper. There is something else that the Chinese people are happy about. Foreign companies continue to come to China in large numbers.3.Form January to September, 18, 580 foreign direct investment projects were approved, with direct investment worth 49.347 billion dollars, of which 32.2 billion dollars has been utilised. This is an increase of 20.66% on last year. In the first 3 quarters of this year, the Chinese economy grew at a rate of 7.6%.4.Increasing domestic demand is the key to maintaining high growth and a healthy economy. After WTO entry, China will bring its own practices in line with the international market and will open up further.5.We believe that a market as big as 1.3 billion people will provide substantial impetus to the world economy. China will continue its large-scale infrastructure programme,upgrade its industrial equipment and improve agricultural production as well as its processing capability.6.All of the above requires an environment of international cooperation. In the next 10 years, China will import about3,000 billion dollars of equipment, technology and products. That is a massive market with huge commercial opportunities.After WTO entry, weaker industries in China will face serious challenges.7.There are still many problems to be solved in environment, in energy, in water resources, in the reform of the economic system, in the development of the northwes t, and in reducing the gap between the rich and the poor. China has thrown its door wide open, andreached out with open arms, welcoming UK as well as other countries in the world to continue to cooperate for our mutual benefit.The development of a partnership between China and the UK requires a healthy and stable political relationship between the two counties.8.Expanding economic and trade cooperation and cooperation in other fields are conducive to the development of a bilateral political relationship. It is beneficial to the interests of our two peoples. I hope all our friends at this conference will make joint efforts, to continue to contribute to the comprehensive development of the Sino-UK relationship.Unit 41.Our economy is doing really well. The internal mechanism for economic growth has been strengthened. We have, to a large extent, struck the right balance between speed, quality and economic benefit. But it isalso clear to us that there are no countries in the world that can perpetuate an economic boom and high-speed growth. China won't be an exception.2.The achievements of the reform have been there for all to see. But, as the economic climate changes, there are now new problems. These include the reform of the state-owned enterprises, substantial unemployment, the polarization of income, corruption, risks in the financial sector and ecological and environmental damage. All of them require our immediate attention and effective solutions in the shortest time possible.3.Personally, I believe China needs to pay attention to the following areas. One, we must provide guidance more forcefully using economic and legal means in the property development market, restrict blind development in up-market properties, and to promote the construction of economical and practical properties. Two, we must monitor international as well as domestic economic development closely so as to be able to respond quickly.4.Three, we must strengthen the regulation of theautomobile and steel industries, reigning in low-grade repetitive construction and disorderly competition. We need to stop overheating in some sectors from spreading while at the same time encouraging rational elements in our economic growth. This is an issue of maintaining the right balance.5.Whilst we need to regulate the overheating of investment in some sectors, we need to take measures to solve the problem of supply falling further behind demand in others. Four, we need to coordinate our efforts to solve the problem of severe shortages of power supply in some regions. We must improve the management of water resources and seek to reduce water shortages in some regions. At the same time, we must accelerate the reform of water pricing in cities and rural areas.6.Five, we must continue our campaign to have a corruption free government. We are starting with the State Council, to set an example of conduct, to ensure that our government is well co-coordinated, fair and transparent, uncorrupted and highly efficient. Thesemeasures demonstrate our determination to clear the road ahead, the road to economic growth.7.China is still poor. Based on the official poverty threshold of 600 yuan, we still have over 20 million people living in poverty. That's using China's criteria. Based on the UN's threshold of one dollar per person per day, we have over 100 million people living in poverty.8.China's total debt is about 13,000 billion yuan, the equivalent of 1.3 times of our GDP. This is a considerable burden. On the other hand, challenges brought by our WTO entry are also difficult tasks. The financial reform in China must speed up to be ready for international competition. On the whole, I'm optimistic about China achieving over 7% growth a year.Unit 61.Today, I'd like to talk about the financial reform in China. China has achieved a great deal in the Ninth Five-Year Plan, but we still have a lot to do. Given that time is short, I won't try to cover everything, but to putforward a few ideas that I feel quite strongly about, some food for thought.2.After WTO entry, the transition period is not much more than 2 years. China, within this short time, must complete its strategic set-up in preparation for the entry of foreign competitors. We must complete the reform of the wholly state-owned commercial banks, and help qualified commercial banks to seek listings in the stock market. We need to ride the wave of financial globalization.3.In my view, during the Tenth Five-Year Plan,China must break up the handful of wholly state-owned commercial banks into a greater number of share-owned commercial banks. The People's Bank of China will remain the central bank. We should begin to consider allowing the establishment of provincial level banks. Each bank will be an independent legal person.4.China must improve the structural reform of its commercial banks. I particularly want to see better training for managers and improvement in their skills. I would suggest here that we learn from banks indeveloped countries and produce a generation of Chinese managers that know themselves and their competitors equally well.5.I recommend early piloting of comprehensive services, allowing pilot financial institutions to operate in areas common among foreign commercial banks, to offer a wide range of services to customers. The selection of pilot banks must be based on their performance in recent years, their strength, and their success in the financial reform.6.The new business areas may include the launch of new loan products, according to the market principle of supply and demand, so as to meet the requirements of economic and social development. Mortgages over recent years are an excellent example.In addition, banks in developed countries offer insurance and personal investment services. That's also worth considering.7.Linked to this, China must establish the market mechanism for interest on loans as soon as possible, to allow commercial banks to decide on their own floatinginterest rates by taking into account the base rate from the central bank, and their own operations in the market as well as their own interests. This is not just an issue of banking reform. It will greatly improve the services banks offer to consumers, stimulating economic growth.8.We must rationalize our regulatory system.The regulator must have the capacity to regulate comprehensive services. It must also be able to recognize the nature of business of each bank and treat them accordingly. That is to say, the regulator must be able to treat different commercial banks differently. Under the current circumstances, I don't think the wholly state-owned commercial banks are ready for comprehensive services.Unit81.first of all, I would like to welcome you to this presentation. As you know, China has become a member of the WTO. In accordance with the agreement, Chinawill gradually lift its restrictions on the telecommunications infrastructure market and the value-adding market, allowing foreign companies to invest directly in China or to set up joint ventures.2.the telecommunications market in China has enormous potentials. The mobile phone market alone will be worth no less than 150 billion yuan. It is estimated that the telecommunications industry, the telecommunications infrastructure network and user equipment, just the three of them combined, will be worth at least 1,500 billion yuan by 2005. The growth potential of the market can be seen in many ways.3. One, the number of telecommunications users continues to grow. Every year, we need to provide a large amount of user equipment for new users. Not only that, existing users need to upgrade their equipment too. The growth of users in turn requires networks and the infrastructure to expand, upgrade and improve, driving the demand for network equipment and the construction of network-related facilities.4. Two, as telecommunications is a very profitablebusiness, some non-telecommunication companies are also itching to have a piece of the action. Companies in the value-adding and computer network business are particularly keen to enter the telecommunications market. Further liberalization will bring opportunities to these companies. This will make it a new area for foreign investment in the very near future.5.three, telecommunication technology is developing fast. New technology and new equipment are introduced all the time. The international telecommunications manufacturing industry is attracted by relatively high quality and yet cheap labor in China. The manufacturing of telecommunications user equipment and network equipment in China is beginning to show its supremacy. As telecom and network facilities continue to develop and upgrade,there will be numerous opportunities in manufacturing.6.four, after several stages of reform, there are now China Unicom, China Railcom, China Telecom, China Netcom, China Mobile and China Satellite, the six main players. They are all keen to become stronger, keen toattract foreign investment, offering foreign capital a fast-track entry into the Chinese market.7.the telecommunications industry in China has accumulated fast capital for over a decade. It's highly profitable and will provide sufficient finance for joint ventures. In 2005, investment in telecommunications infrastructure and network facilities in China will exceed250 billion yuan. That includes not only new equipment and new facilities, but also the maintenance and repair of existing equipment.8.of course, the lifting of control will take place in stages. But there will be fewer and fewer restrictions. Many people are describing the telecommunications market in China as a goldmine for foreign investment. In the past decade, foreign investment in China's telecommunications market has been richly rewarded. So, I hope you won't hold back any more. When the market is completely open, the best opportunities may have been snatched up by others.。
商务现场口译答案 (全部)
Unit 7I.Listen to a short passage "Shopping for Clothes" carefully and note down what you hear. Try to use some symbols and abbreviations when you are taking notes. Then interpret your notes in the target language.Shopping for ClothesShopping for clothes is not the same experience for a man as it is for a woman. A man goes shopping because he needs something. His purpose is settled and decided in advance. He knows what he wants, and his objective is to find it and buy it; the price is a secondary consideration. All men simply walk into a shop and ask the assistant for what they want. If the shop has it in stock, the salesman promptly produces it, and the business of trying it on proceeds at once. All being well, the deal can be and often is completed in less than five minutes, with hardly any chat and to everyone's satisfaction. For a man, slight problems may begin when the shop does not have what he wants, or does not have exactly what he wants.Now how does a woman go about buying clothes? In almost every respect she does so in the opposite way. Her shopping is not often based on needs. She has never fully made up her mind what she wants, and she is only "having a look round". She is always open to persuasion; indeed she sets great store by what the saleswoman tells her, even by what companions tell her. She will try on any number of things. Uppermost in her mind is the thought of finding something that everyone thinks suits her. Contrary to a lot of jokes, most women have an excellent sense of value when they buy clothes. They are always on the lookout for the unexpected bargain. Faced with a roomful of dresses, a woman may easily spend an hour going from one rail to another, to and fro, often retracing her steps before selecting the dresses she wants to try on. It is a laborious process, but apparently an enjoyable one. Most dress shops provide chairs for the waiting husbands.II. Phrase InterpretingA1. screen2. diagram3. vertical axis4. column5. in summary6. consequently7. furthermore 8. to run out of time 9. in a word10. in addition1．屏幕 2．图表 3．纵轴4．圆柱 5．总之 6．因此7．此外 8．没时间 9．总而言之10．另外B．1．商品特性 2．顺序 3．订单4．垄断 5．质量监控 6．利润7．制造业 8．服务业 9．运作10．顾客满意度1. commodity features2. sequence3. order4. monopoly5. quality control6. profit7. manufacturing industry 8. service industry9. operation 10. degree of customer satisfactionIII. Sentence InterpretingA.1. Please proceed with your presentation.2. This morning I'm going to describe sales forecasts for the European computer market over the next five years.3. Good afternoon, everyone. This afternoon I'd like to describe briefly the advantages of using the TEC-NET communication service.4. In summary, ladies and gentlemen, as well as providing extensive after-sales service, Minimax will be happy to custom-design our product to meet the needs of your company.5. At the end of the presentation there will be time for any questions you have.1．请开始你的简要汇报。
专题口译--数字口译口译练习
对话口译（1）情景描述主持人与来自美国的法律专家Smith先生探讨中国企业海外并购的现状、出现的原因及并购的主要形式和特点。
（2）词汇与表达海外并购outbound merger and acquisition (M&A); cross-borderM&A; overseas M&A提供法律咨询服务provide legal consultancy services长江基建集团有限公司Cheung Kong Infrastructure Holdings Ltd李嘉诚基金会the Li Ka Shing Foundation中石化China Petrochemical Corporation (Sinopec Group)戴文能源公司Devon Energy油气开发oil and gas explorationWeichai Group 潍柴集团Ferretti Group 法拉帝集团（欧洲豪华游艇设计制造公司）Fosun 复星国际（中国综合类民营企业集团）Folli Follie Group 芙丽芙丽集团（一家设计、制作和销售首饰、手表及时尚配饰的希腊公司）Bright Dairy & Food Company 光明乳业集团Synlait 新莱特乳业公司（新西兰五大独立牛奶加工商之一）due diligence process 尽职调查execution 执行bid letters 标书term sheets 风险投资协议，投资意向书，投资条款清单风起云涌emerge and flourish; surge股权equity毒资产toxic assetslitigation and arbitration 诉讼与仲裁Global FDI flows（1）情景描述经济合作与发展组织（OECD）的首席经济学家介绍一些国家和地区的外商直接投资流动情况。
（2）词汇与表达preliminary estimates初步估计in aggregate累积，总计disinvestment缩减投资the leading investing economy 主要投资国be offset by... 被……抵消Saudi Arabia沙特阿拉伯几个自贸区的发展（1）情景描述经济学教授在“自贸区投资合作与创新发展论坛”上选择性地比较了几个自贸区的情况，并针对各自贸区的特点进行了分析和讨论。
关于理财的英语口语对话.doc
关于理财的英语口语对话一你买的股票怎么样了AHow are your stocks doing, Jim?吉姆，你股票怎么样了?BOh, all right. I lost a bunch of money in the last two years, but this year has been pretty good.噢，还行。
前两年我输了一大笔钱，但是今年一直都很好。
AYeah, I lost money investing in the internet too.是的。
我在网上投资也输钱了。
BJust goes to show that you should buy companies not ideas.这就说明你买股票要看公司，而不是想法。
AI changed my strategy around too. I invest in good companies now.我也改变了我的战略。
我现在投资业绩良好的公司。
BYeah, me too. Did you hear about Ted?是的，我也一样。
你听说了Ted的事吗?ANo. What happened?没有，发生什么事了吗?BHe lost his kids college money by trading.他玩股票输掉他孩子上大学的钱。
AOh, boy. His wife cant be happy about that.噢，男孩啊!他的妻子一定很不高兴。
二兑换一些旅行支票AHello, may I help you?你好，我可以帮你吗?BYes, I need some more cash for my visit in China. May I cash a travelers check here?是的，我需要一些现金，在中国旅行时可以使用。
我可以在这里兑换旅游支票吗?AOf course. We would be happy to cash it for you.当然。
实战口译原文
China's decision to embrace the dynamism of the private sector brings up the role small firms can play in achieving rapid growth and innovation. They are, and can be, a significantengine for economic development. So we have much work to do in our forum. We want to show our Chinese friends how much of a partner the UK can be but also that as a sign of a mature and true relationship, we can afford to be frank and open in our discussions with one another.
这些机遇必须由人来把握：人们之间互相交谈、旅行、交流看法和经验。这正是我们今天要做的事情。我们这里的讨论将集中于几个很有意思的问题。经济全球化过程中的贸易与环境、面向世界的中国文化、电子学习、电子商务、在媒体的公共责任和商业利益之间保持平衡、中国入世之后等等。
As far as I can see, joining the WTO presents a huge challenge for China. The requirements of joining WTO for corporate governance, for transparency and for reliable and enforceable laws, whilst producing some pain in the short term, will no doubt be part of the way in which economic growth can be encouraged and sustained. I personally am much looking forwardto my own involvement in the discussions on small and medium sized enterprises.
金融英语口语对话
金融英语口语对话以下是一段关于金融英语口语对话的示例：A: Hello, I'm interested in investing in the stock market. What do you recommend?B: First of all, you need to understand the basic principles of the stock market. Are you familiar with the terms "bull market" and "bear market"?A: Yes, I know those terms. What else should I know?B: You should also understand the different types of stocks, such as blue-chip stocks, growth stocks, and value stocks. Do you know the difference between them?A: No, I don't. Please explain.B: Blue-chip stocks are large, well-established companies that are considered to be stable and reliable. Growth stocks are companies that have high potential for growth, but are riskier investments. Value stocks are undervalued stocks that are considered to be good bargains.A: I see. What about diversification? Should I diversify my portfolio? B: Absolutely. Diversification is crucial for reducing risk. You should invest in a range of different industries and companies to ensure that your portfolio is not too dependent on any one particular stock.A: OK, I understand. What about the risks involved? Are there any risksinvolved in investing in the stock market?B: Yes, there are risks involved in investing in the stock market. The value of stocks can fluctuate widely, and there is always the possibility of losing some or all of your investment. However, by diversifying your portfolio and investing for the long term, you can reduce these risks.。
商务英语听力与口译12
Unit 12Section I Listening Skills PromotionA．Listening Strategy：Drawing InferencesThe ability to draw correct inference from what we have heard is an important skill in listening comprehension because sometimes a speaker does not state directly what he/she intends to say but implies it instead. A speaker’s attitude towards what he/she discusses, in particular, often has to be inferred from the hints he/she has dropped. So we must learn to synthesize all these so as to get a whole picture about what is being discussed. In addition, we can rely on the speaker’s choice of words to help us: the use of words of positive, negative or neutral meaning can indicate a positive, negative or neutral attitude respectively.1. Who started the ideal of creating a machine that was later called the “walkman”?2. Why did he want his engineers to make such a machine?3. What did Morita have in mind as the market for his Walkman from the very beginning?4. Why did his engineers object to calling the machine “Walkman”?5. What can you infer about the speaker’s attitude towards the walkman from the passage?B．Practical TrainingFill in the blanks according to the information you get from the tape.1.One of the important principles of insurance management is—to screen out .2.If you want to apply for life insurance, you’ll be asked about:a. your driving record: ;b. the you are insuring;c. some personal matters: .3. If you want to apply for life insurance, you’ll need toa. answer some personal questions about ;b. have a medical evaluation involving taking .4. Insurance companies usually turn down because they pose .Passage IIMake the right choice to answer the question you get from the tape.1. A. The university president. B. The registrar. C. A class officer2. A. Faculty members. B. New university employees. C. New university students.3. A. Buy textbooks. B. Apply for scholarships. C. Buy insurance policy.4. A. The gymnasium. B. The registrar’s office. C. The insurance office.5. A. Out of the student handbookB. On the table near the door.C. Under the Registrar sign.6. The speaker only. B. The speaker and his assistants. C. Their class officers. Interpretation：金融保险（Finance and Insurance）第二部分记录与解释1.试图上市的公司必须通过一个多步骤、严格控制的筛选过程。
英语翻译高级口译：真实场景口译模拟练习经济篇
[导读]⾼级⼝试笔记：真实场景⼝译模拟练习经济篇 真实场景⼝译模拟练习 a：下午好，我能为您做些什么吗? b：well, i’m interested in your new line of business. may i look at your cif price sheet of auto parts? a：当然可以。
我们最近扩⼤了业务范围以便更好地为我们的远东亚洲客户服务，尤其是为中国客户服务。
中国是⼀个⽆⼈敢忽视的巨⼤市场。
我公司愿意同⼀切有兴趣的中国客户建⽴业务关系。
b：that’s very nice to hear. we would like to import auto parts from your company on a regular basis, provided your prices compare favorably with those of others. to be frank with you, your listed prices are indeed among the least competitive. i’d like to hear your most recent quotations. a：我⽅最近作了调价。
当然我不是说我们所报是终结价。
按我们的惯例，为了推动我们将来业务关系的发展，我们愿意给新客户以最公道的价格，即使这样做会使我⽅蒙受相当⼤的损失，我们也在所不惜。
b：but my knowledge of the auto parts market tells me that your offer is very unattractive. besides, i need time to build up my confidence in the quality of your stuff. in any case, i’d rather wait and hunt around, if you were unable to include any reasonable discount. a：我们保证货物的质量。
有关理财英语情景对话
有关理财英语情景对话推荐文章谈论理财英语情景对话热度：有关理财情景对话热度：九年级上英语教学工作总结热度：超级简单的英语儿歌热度：超级好听的英语儿童诗歌热度：理财是生活中很重要的一部分，学会理财才能让生活变得更好。
今天店铺为大家带来有关理财英语情景对话，希望这些英语对话能帮到大家。
理财英语情景对话Dialouge 1A:Can you lend me fifty bucks?A:你可以借我50美元吗?B:What? Again? Why do you keep running out of money?B:什么?又借?你怎么老是缺钱?A:I guess I don't earn enough.A:我想是赚得不够多。
B:No,I think it's how you budget your life, that's the problem.B:不，我想是你没有好好计划开支，这才是问题所在。
A:That's my business, not yours.A:那是我的问题，不关你事。
B:True enough, until the time comes that you need to take my mon-ey.I don't know where you're wasting your money but I think you need to take a look at what's really important.B:你说得对，可是每次你来找我借钱，我不知道你是怎么花掉你的钱的，但是你应该想想什么事情真正值得花钱。
A:So how do you survive from pay day to pay day?A:那你是怎样度过没有发工资的日子呢?B:I don't just survive. I put money away as well.I know when I get paid where most of the cash will go, and I stick to my plan. If I follow a budget I don't have any nasty surprises.B:我不仅仅“度日”，我还存钱，领了工资后，我知道钱该往什么地方花，而且我坚持这种做法，我遵循一个比较固定的预算。
林超论实战口译
在这里，我将举实例介绍我的笔记方法，以及我如何以笔记与大脑短期记忆互动的方式保证译文的精确度。
由于口译条件的限制，其精确度不能以笔译的尺度衡量，也没有必要这样做。
口译的听众与笔译的读者，需求不同，预期也不同。
由于使用实例讲解，无法把口译要点分门别类地举例。
我将顺着例子讲下去。
讲完之后，各项要点也就都包括其中了。
人脑思维速度极快，一闪而过的念头，解说起来会显得繁杂。
不过，我希望你能在开始时，多一点耐心。
很快你就会发现，我的讲解读起来似乎繁杂，但背后的思路，也就是说一旦使用起来，要明快得多。
开始前，提醒一下，不要忘了笔记是必需和记忆互动的。
二者缺一不可。
以下的实例解说，均以此为基础。
讲话原文Following the 1997 election, in which the Labour Party came to power, the macroeconomic policy framework has been reformed.第一层次：一个箭头，加97，再加"选"，足以帮助短期记忆，说出译文："1997年大选之后"。
第二层次：一个"工"加圆圈，提醒"工"字后面还有话。
另外，一条垂直线体现出第二层与第一层有关联。
此后一个箭头，再加"权"，足以帮助短期记忆，说出译文："工党上台掌权"。
第三层次：一个"M"加圆圈，提醒"M"字后面还有话。
从短期记忆中回顾出"宏观经济框架"。
接着，一条横线体现关联，线后一个"改"字，于是补齐译文："对宏观经济框架进行了改革"。
最后划圈，带横杆，表示本段讲话到此结束。
备注：使用的4个汉字都经过"理顺"。
其中2个是一笔成字。
The aim of this reform is to help provide a framework for improved macroeconomic stability and economic growth.承上启下：一划从上段的"改"字左斜拉下来，接着往右一拐弯。
口译教程个人理财译文
口译教程个人理财译文Personal Finance: Past, Present and FutureIntroductionIn recent years, the need for financial education has gained the attention of awide range of entities including banking companies, government agencies, grass -rootsconsumer and community interest groups，universities, schools, and otherorganizations. Numerous factors have led to a complex, specialized financial servicesmarketplace that requires consumers to be actively engaged if they are to manage theirfinances efectively.The forces of technology and market innovation, driven byincreased competition, have resulted in a sophisticated industry in which consumersare offered a broad spectrum of services by a wide array of providers. Other importantdemographic and market trends contributing to concerms include increased diversityof the population, resulting in households that may face language, cultural, or otherbarriers to establishing a banking relationship; expanded access to credit for youngerpopulations; and increased employee responsibility- for directing their owninvestments in employer-sponsored retirement and pension plans.The prevailing concern is that consumers lack a working knowledge of financialconcepts and do not have the tools they need to make decisions most advantageous totheir economic welbeing. Financial decisions made by consumers affect anindividual's or family's curent financial wellbeing and ability to save for long-termgoals such as buying a home, seeking higher education, or financing retirement. Inaddition, the consumer decisions also play an important role in the overall economichealth of the nation, as was experienced through the recent economic crisis.Most recent economic issues such as credit card debt, home foreclosures,reduced savings, declining values of investments, the collapse of the subprime lendingmarket, and escalating numbers of personal bankruptey have focused the nation'sattention on the importance of financial education.Technological advances have transformed nearly every aspect of the marketing,delivery, and processing of financial products and service. The forces of technologyand market innovation, driven by increased competition, have resulted in asophisticated industry in which a wide array of providers offers consumers a broadspectrumof financial products and services. These developments have givenconsumers more options and greater flexibility in creating financial arrangements thatbest suit their needs. However, a complex and specialized financial servicesmarketplace requires consumers to be informed and actively engaged if they are tomanage their finances effctively.While there are many causes to the economic problems facing the country, it isundeniable that a lack of financial education is a contributing factor. Far too manyAmericans entered into home and other loan agreements that they did not understandand ultimately could not afford. More broadly, the lack of basic skills such as how tocreate and maintain a budget, understand credit, or save for the future are preventingmillions of Americans from taking advantage of our vibrant economic system.Financial education is not an issue unique to any one population. It affects everyone-men and women, young and old, across all racial and socioeconomic lines (U.S.Department of the Treasury, Office of Financial Education, 2008).Under these circumstances, there is a renewed attention to personal financeeducation. This subject matter is currently gainingattention from various quarters ofsociety, such as academia, govermment, corporations and nonprofit organizations.There is an increasing recognition of the importance of this area within severalacademic quarters, such as economics and finance，that were traditionally notinvolved in this subject matter.One of the challenges, with increased interest fromdiverse programs, is the loss of focus on the family and more of a concentration onindividual decision making. Financial education programs are now being referred toby a variety of names, the most frequently used name being“financial literacy";however, the term financial literacy means different things to different people. Thereis no national standard that describes the expectations of a course labeled "financialliteracy" regarding the core content, core competencies, assessment of the impact, andprofessional preparation of the teacher.。
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第12讲投资理财专题Passage 1：如何选择理财产品Words and Expressions发行issuance兑现预期收益deliver the promised return本金亏损lose some of the principal; lose money保值增值maintain and increase the value（of assets)具有代客理财性质third-party WMPs in nature被……吓倒be intimidated by…，be deterred by…保本principal-guaranteed性价比更高的投资机会better investment opportunities风险偏好较低with a low risk appetite固定收益类with fixed returns保本承诺promise to guarantee principals到期mature再投资接续invest in new products产品空档期when no products are on sale摊低收益lower returns on capitalPassage 2: 中国影子银行的功与过Words and Expressions影子银行体系shadow banking system金融稳定委员会Financial Stability Board (FSB)信托贷款trust loans; trust lending双轨制方案two-track approach; dual-track solution规避circumvent利率管制restrictions on interest rates钱荒cash crunch; cash squeeze流动性风险liquidity risk期限不匹配，期限错配maturity mismatch银行间市场短期利率short-term interbank rates资金缺口capital shortfall; capital gap信息披露disclosure风险提示risk disclosure; risk prompts; risk statements 不透明opaque利率自由化interest rate liberalization系统性风险systemic risk目前关于中国影子银行体系的规模众说纷纭。
如果按照金融稳定委员会的广义定义，那么2012年底中国影子银行规模总计约36万亿元，占当年GDP的69％或银行总资产的27％。
对于36万亿元是否太高，是个仁者见仁、智者见智的事情。
金融稳定委员会的报告显示，2011年全球影子银行规模占GDP的比例为111％。
从整个金融体系的角度看，中国影子银行体系的规模仍然较小。
//相对而言，更值得警惕的是中国影子银行体系在过去几年的发展速度过快。
根据我们的估算，中国的影子银行规模在2010至2012年短短两年内几乎翻了一番。
其中，信托贷款和理财产品的发展尤其惊人。
//在中国，影子银行的出现是金融改革发展滞后的情况下的一种金融创新，是金融改革过程中的一种特殊产物。
以信托和理财产品为例，它们的兴起主要是为了规避银行业的利率管制。
//在对影子银行的正面作用给予充分肯定的同时，也应重视其快速发展下出现的各种风险。
//最近的钱荒现象首先掀开了影子银行业务的流动性风险。
以理财产品为例，理财产品的管理方面并没有与银行体系类似的风险管理的要求，导致期限不匹配的现象明显。
最近的银行间市场短期利率的飙升，对中小银行无疑敲响了一个警钟，因为中小银行一向依赖银行间市场的低成本资金解决短期资金缺口。
//理财产品面临的另一个问题是，一旦出现投资损失，银行是否应对其出售的理财产品提供补偿。
虽然从法律层面看，这似乎不是一个问题，因为大部分理财产品是不承诺保本的。
但是，投资者显然并不相信合同上所谓的风险自负的条款。
从实际操作而言，银行很难做到完全的信息披露和风险提示。
而即使银行进行了风险提示，个人投资者恐怕也不会给予足够的重视。
//但是，在各类风险中，最主要的是影子银行业务隐含的信贷风险。
由于影子银行业务相对不透明，很难对其信货风险水平作出合理的评估。
但是，我们至少可以判断其信货业务的风险要高于银行货款。
//要解决目前影子银行体系的风险，一方面是从影子银行体系本身入手，监管层应该提高影子银行业务的透明度和风险管理方面的要求。
另一方面是推进利率自由化。
利率自由化如果能够加速推进，将有助于从根本上消除目前影子银行中的一些系统性风险。
//参考译文：Comments on China's shadow banking systemCurrently, people are divided on the scale of China's shadow banking system. According to the broad definition by the Financial Stability Board (FSB), the country's shadow banking amounted to 36 trillion yuan by the end of 2012, equivalent to 69% of GDP of that year or 27% of the total assets of the banking sector. Again views vary on whether 36 trillion yuan is too high a figure. FSB report reveals that on a global scale, the proportion of shadow banking in GDP was 111% in 2011. China's shadow banking system is still rather small considering the whole financial system.Relatively speaking, we should be more wary of the development speed of China's shadow banking system. Based on our estimates, the size of China's shadow banking system almost doubled within just two years from 2010 to 2012, of which trust loans and Wealth Management Products are expanding at an astonishing rate.In China, shadow banks are a kind of financial innovation against the backdrop of stagnating financial reform. They are a special product emerging from the process of financial reform. Take trust loans and WMPs as examples, they came into being and gained popularity mostly as a way of circumventing restrictions on interest rates in the banking sector.While the positive role of shadow banks should be recognized, we also need to pay attention to the various kinds of risks associated with their rapid expansion.The recent cash crunch has exposed the liquidity risk in shadow banking business. Take WMPs as an example, unlike the banking system, there are no rules in place for managing risks of WMPs, and therefore maturity mismatch is commonplace. The recent spike in short-term interbank rates sounded the alarm for medium and small banks, as they have been relying heavily on low-cost capital in interbank markets as a solution to capital shortfalls.Another problem concerning WMPs is the question whether banks shall provide compensation for WMPs they have sold in case of losses. Legally speaking, this may not be a problem at all for most WMPs do not promise to guarantee principals. However, it is obvious that investors do not take the clause seriously about them taking full responsibility for any losses. In practice, it's extremely difficult for banks to implement information disclosure and issue risk prompts to the fullest extent. Even if banks issue risk statements, individual investors may not take them seriously enough.However, of all risks, the biggest one is the credit risk. It is difficult to make a reasonable assessment of the credit risk as the operations of shadow banking business are relatively opaque. Yet, we can at least say that the credit risk is higher than that of the bank loans.Getting rid of the risks in the shadow banking system requires a two-pronged approach. On the one hand, the system itself should be improved. The regulators should promote transparency and risk management. On the other hand, interest rate liberalization should be pushed forward. Acceleration of interest rate liberalization will help eradicate some of the systemic risks.。