Caixin Business English 05 财新商业英语进阶计划 05

重点词汇

Bailout

（n.）财政救助，纾困。对陷入严重财务困境的企业或经济体给予财政支持使其免于破产的过程。

Bailout一词指出面拯救一个企业或国家免于破产，或防止金融危机蔓延的手段。该词在2008年金融危机以后流行。与之相对的是bail-in，指发行应急可转债自救，发行人在陷入金融困境时可有效降低负债、提高资本充足率，无须再由政府动用纳税人金钱救助。

例句：In an effort to tackle looming bond defaults among centrally-controlled state-owned enterprises or SOEs, China has introduced a bailout fund with a fundraising goal of 100 billion yuan. That’s over $14 billion.

翻译：为解决国有企业债券违约的问题，中国推出了一项筹资目标为1,000亿元（超过140亿美元）的救助基金。

To learn how the phrase is used in English reporting, please click here.

Credit rating

（n.）信用评级。由专门信用评估机构针对受评对象的金融状况和有关历史数据进行调查、分析，从而对受评对象的金融信用状况给出一个总体的评价。

资本市场上的信用评估机构，对国家、银行、证券公司、基金、债券及上市公司进行信用评级，国际三大信用评级机构包括标准普尔（Standard & Poor's）、穆迪（Moody's）和惠誉国际（Fitch Rating）。

例句：According to Citic securities analyst, China has close to 5,100 bonds issued by centrally controlled SOEs with the highest issuer credit rating of AAA.

翻译：据中信证券分析员称，中国有近5100支由央企发行的债券，其中发行主体的最高信用评级达AAA。

To learn how the phrase is used in English reporting, please click here.

Brokerage

（n.）证券经纪商。接受客户委托，代客买卖证券并以此收取佣金的中间人。

证券经纪商以代理人的身份从事证券交易，与客户是委托代理关系，遵照客户发出的委托指令进行证券买卖，并尽可能以最有利的价格使委托指令得以执行，但并不承担交易中的价格风险。证券经纪商的报酬来自于向客户提供服务收取的佣金。

例句：Leading brokerage（证券经纪商） Citic Securities Co. Ltd. said it plans to replenish the capital of its Hong Kong arm, whose main asset is global brokerage CLSA Ltd., with up to $1.5 billion to expand its international operations.

翻译：中信证券表示，计划对其香港子公司增资，增资金额不超过15亿美元，主要用于该子公司主要资产——国际证券经纪商中信里昂证券的业务发展

To learn how the phrase is used in English reporting, please click here.

JOSH: Hello and ni hao!

JOSH: This is the Caixin China Biz Roundup broadcast every week day from Beijing with the essential news for everything you need to know about China and the world of business – plus a little bit more.

JOSH: I’m Joshua Dummer

NANDINI: And I’m Nandini Venkata

JOSH: Welcome back to the show. So, Josh, with what stories do we kick off the new week?

JOSH: Well, we’ll be hearing how the country has introduced a 100 billion yuan bailout（救助） fund to keep struggling SOEs above water in these turbulent times. We’ll also be finding out how the US may be tightening visa restrictions once again for international students.

JOSH: But we kick off with some Huawei news.

NANDINI: That’s right. My big story is all about Huawei executive Meng Wanzhou and the latest efforts to block her extradition（引渡） from Canada to the U.S. where she faces fraud（诈骗） charges.

JOSH: For those of our listeners who haven’t kept up with the case, could you tell us a bit more about Meng Wanzhou and how she landed in all this trouble?

NANDINI: Sure. Meng serves as Huawei’s Chief Financial Officer. She is also the daughter of the company’s billionaire founder Ren Zhengfei.

NANDINI: The Huawei executive fell under the scrutiny of U.S. authorities who allege that she violated American sanctions against Iran. And if you want to get into the details of what she is being accused of, it includes bank fraud, wire fraud, conspiracy to commit bank fraud（银行欺诈） and conspiracy to commit wire fraud（电信诈骗）. This prompted her arrest in Vancouver airport in December 2018.

NANDINI: Since then, she has been under house arrest in Vancouver with bail of more than 7 million US dollars. Meng is under close guard all the time and has to wear a GPS monitoring bracelet on her ankle.

JOSH: So, how is the Huawei executive trying to fight her extradition to the US?

NANDINI: Well Meng’s lawyers have maintained their client’s innocence. First they argued that her alleged actions didn’t violate Canadian law because Canada doesn’t have economic sanctions against Iran. However, this argument did not prove very successful because Meng is being accused of fraud, which is a crime in both the U.S. and Canada.

NANDINI: So, now her legal team is arguing that Meng should not be extradited to the U.S. because the country won’t give her a fair trial. In a new court filing, the CFO’s lawyers say that the Trump administration has twisted the facts of the case.

NANDINI: According to a Friday report by the Globe and Mail newspaper, Meng’s legal team said that the court proceedings have become so “poisoned” by the U.S. government that they, quote “can no longer be reasonably regarded as fair, regardless of the undoubted good faith of the court,” end quote.

JOSH: And why should we be paying attention to this story?

NANDINI: Ah! That sneaky “why is this important question?” Well, for me the answer is pretty obvious.

NANDINI: We can’t ignore the fact that this story involves a company which is at the very centre of the tech cold war between China and U.S. As I’m sure many of our listeners already know, Washington has been on a tirade to urge its allies, including Canada, to ban Huawei from next-generation 5G networks. According to the Trump administration, the company’s technology could pose a threat to national security –allegations that Huawei has repeatedly denied. However, the CFO’s lawyers now argue that Washington has essentially tried to turn Meng into a sort of bargaining chip. This raises the question as to whether or not the Huawei executive’s arrest is part of the U.S.’ strategy to target Huawei.

NANDINI: A second reason why this story matters is geopolitical. The case has definitely strained diplomatic relations between Canada and China. Indeed, shortly after Meng’s arrest, not only did Beijing suspend billions of dollars’ worth of imports from the North American nation but it also detained two Canadian, accusing them of espionage. So far, Canadian Prime Minister Justin Trudeau has refused to halt Meng’s extradition proceeding in exchange for the release of the pair of detained Canadians.

JOSH: OK, thanks for that.

JOSH: Now, I want to discuss China’s latest plan to keep struggling state enterprises afloat.

JOSH: In an effort to tackle looming bond defaults（债券违约） among centrally-controlled state-owned enterprises or SOEs, China has introduced a bailout fund with a fundraising（募款） goal of 100 billion yuan. That’s over $14 billion.

NANDINI: Ok, that was a lot of jargon Josh. What does it actually mean?

JOSH: Well, it might sound complicated but it’s actually rather straightforward. The basic purpose of the fund is to supply emergency money to state-owned companies if they ever fall short on cash, so they can avoid default.

NANDINI: Ok, that makes a lot of sense. What else do we need to know about this 100 billion yuan bailout fund?

JOSH: The new fund was established by 32 SOEs, and so far, it has raised a tenth of its fundraising goal. The fund will reportedly be managed by the state-owned investment company, China Reform.

JOSH: According to Citic securities analyst, Ming Ming, China has close to 5,100 bonds issued by centrally controlled SOEs with the highest issuer credit rating（信用评级） of AAA. These securities actually account for over three-quarters of all bonds issued by SOEs, and, therefore, the majority of these centrally controlled companies pose a low credit risk. Nonetheless, analyst Ming maintains that that the bailout fund could further improve the creditworthiness（信誉度） of centrally controlled SOEs.

NANDINI: And why is this your top story?

JOSH: Well, although this may sound like some dry economic policy, it remains significant news, especially given the economic volatility posed by – you’ve guessed it - the coronavirus outbreak.

JOSH: Just like private businesses struggling to make ends meet during the ongoing Covid-19 pandemic, their centrally controlled counterparts have also been hit pretty hard by the virus fallout. For example, in this year’s first quarter alone, total net profits of such entities supervised by the SOE watchdog, took a spectacular nosedive of nearly 60% from the previous year. Twenty-six reported net losses（净亏损）.

JOSH: So it will definitely be interesting to see to what extent this latest policy can safeguard SOEs from going bust and defaulting on their bond repayments.

JOSH: And, of course, bond defaults remain a growing problem in China. Everbright Securities reported that as of July 10th, Chinese issuers had defaulted on 455 bonds with a combined principal（本金） of roughly 380 billion yuan or close to $55 billion. In fact, China’s top court even introduced, for the very first time, guidelines on how creditors should handle bond disputes amid rising default cases. So, this is definitely something to keep an eye on.

NANDINI: Alright, thanks Josh. Now let’s check out what else has been making headlines today.

JOSH: In the latest twist to an evolving policy on foreign students studying in the U.S., the country’s immigration department has issued new rules forbidding visas for new students coming to the country if all of their courses are online. In a Friday statement on its website, U.S. Immigration and Customs Enforcement said that, quote, “Nonimmigrant students in new or initial status after March 9 2020 will not be able to enter the U.S. to enroll in a U.S. school as a nonimmigrant student for the fall term to pursue a full course of study that is 100% online,” end quote.

NANDINI: China’s securities regulatory commission approved the IPO registrations of four companies on Shenzhen’s start-up ChiNext（中国创业板） board following recent regulatory changes aimed at fast-tracking IPOs. The four companies are performing event planner Beijing FengShangShiJi Culture Media, medical instruments manufacturer Contec Medical Systems, electroplated diamond tools maker Yangling Metron New Materials, and measurement instruments maker Anhui Landun Photoelectron. According to the China Securities Regulatory Commission, the companies and their underwriters will coordinate with the Shenzhen Stock Exchange（深圳证券交易所） to determine listing dates.

JOSH: Leading brokerage（证券经纪商） Citic Securities Co. Ltd. said it plans to replenish the capital of its Hong Kong arm, whose main asset is global brokerage CLSA Ltd., with up to $1.5 billion to expand its international operations.

JOSH: The company’s board agreed to Citic Securities International Co. Ltd.’s new funding, which will be carried out in steps starting with an initial round of up to $300 million. That’s according to a filing sent by the parent company to the Shanghai Stock Exchange.

NANDINI: And that completes today’s Caixin China Biz Roundup. Goodbye and Zaijian.

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