Caixin Business English 01 财新商业英语进阶计划 01

重点词汇：

Wealth gap

（n.）贫富差距。又称收入差距、经济不平等，指一个群体内每个人之间的经济资产及收入分配的不均等。

造成贫富差距的影响因素很多，包括不同的社会、历史时期、经济结构或体系，以至个人创造财富能力的差异等。如果一个社会收入差距过大，财富过于集中，会给经济发展和社会稳定造成威胁。衡量收入差距的常用指标是基尼系数。基尼系数最大为1，最小为0，系数越大，说明居民年收入分配越不平均。

例句：Today, we’ll be exploring how the pandemic is contributing to Hong Kong’s widening wealth gap.

翻译：今天我们要探讨新冠疫情是如何拉大香港地区的贫富差距。

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

Recession

（n.）衰退。经济出现停滞或负增长的时期。

当经济体陷入衰退时，经济活动普遍放缓、商业萎缩，GDP、就业率、居民收入、投资支出等各项宏观经济指标下降。一般认为，当一个经济体连续两个季度GDP同比增速为负值时，则该经济体陷入“技术性衰退”。通常会以扩张性经济政策应对衰退，如增加货币供应量、增加政府支出和减少税收等。

例句：My story today focuses on Hong Kong and its most severe recession on record.

翻译：我今天的故事是关于香港有记录以来最严重的经济衰退。

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

Special-purpose bond

（n.）专项债券。一种为筹集资金建设某专项具体工程而发行的地方政府债券。

专项债券与一般债券的区别是，前者是指为筹集资金建设某专项具体工程而发行的债券，纳入政府性基金预算，不计入地方财政赤字，由工程建成后取得的专项收入偿还；后者是指地方政府为了缓解资金紧张或解决临时经费不足而发行的债券，纳入公共财政预算，计入地方财政赤字，由地方财政收入偿还。

例句：China has allowed 18 provincial-level governments to recapitalize some small and midsize banks with money raised from the sale of special-purpose bonds.

翻译：中国已经允许18个省级地方政府运用发行专项债募集的额度为中小银行补充资本金。

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

DOUG: Hello and ni hao!

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

DOUG: I’m Doug Young

HEATHER: And I’m Heather Mowbray

DOUG: Welcome back to the show! Today, we’ll be exploring how the pandemic is contributing to Hong Kong’s widening wealth gap（贫富差距）. And, after 180 days and nights, masses of cinemas across the country are back open for business – but you may want to wait before you get the popcorn out. Plus, find out how Burger King is facing a bit of a PR disaster.

DOUG: But before that, for my top story today I have a big development in the ongoing China-US trade tensions and the idea of the two countries delinking their technology sectors.

HEATHER: OK so what is the latest in this ongoing saga?

DOUG:Well, according to Bloomberg, Luxshare Precision Industry is acquiring Wistron’s iPhone production business in China in a $472 million deal.

DOUG: Wistron is a Taiwan based company and it is one of the few manufacturers in the world that has the contract to assemble iPhones. It has two subsidiaries（子公司） based on the mainland and it has agreed to sell them to Luxshare – a company based in the Chinese mainland.

DOUG: What this means in practice is Luxshare will potentially become the first mainland company with a contract to assemble Apple devices.

HEATHER: So just to clear things up – iPhones have been assembled on the Chinese mainland before but this will be the first time a Chinese mainland company will be in charge. So what exactly are the details?

DOUG: The deal is a seen as a big win for Luxshare, which produces accessories and components from cables and chargers to antennas but is also the world’s biggest manufacturer of Apple’s AirPods — a lucrative business that helped the company become one of 2019’s top Asian stock performers.

DOUG: A Wistron representative told Bloomberg that the site being sold to Luxshare in Kunshan, Jiangsu province, makes smartphones, notebooks and connected devices, and the company will shift production of some of those products elsewhere in China. She declined to comment on the iPhone business. Also, an Apple representative didn’t immediately respond to an emailed request for comment from Bloomberg.

HEATHER: OK so why is this story so important?

DOUG: You have to see it in the context of US- China tensions and how the two countries seem to be delinking their technology sectors.

DOUG: It is a sign that it may be increasingly difficult for companies to use manufacturers and sources that straddle both China and the US. It increasingly looks like you have to pick one or the other – or at least have a business model that ensures you are not subject to possible sanctions and tariffs. For this reason most analysts think Apple has been searching for a Chinese mainland partner in part to broaden local Chinese sources during any trade war（贸易战）.

DOUG: The other reason story is important is the international knock on effect these kind of business strategies have. Wistron isn’t just shutting up shop and handing everything over to Luxshare. Wistron will continue to assemble cheaper iPhones in India. And so tensions between US and China could well impact what is happening in India.

DOUG: Once again it is a case of watch this space.

HEATHER: Ok, thanks Doug. My story today focuses on Hong Kong and its most severe recession（经济衰退） on record.

HEATHER: Bloomberg says the Asian financial hub is emerging as a case study of how the coronavirus pandemic is affecting vulnerable members of society.

DOUG: so what’s the big news?

HEATHER: According to data compiled by Bloomberg from the Hong Kong Census and Statistics Department, 250,000 individuals have lost their jobs since last May. And I am sure many of us can guess what’s behind this dismal trend.

HEATHER: Not only has the city’s economy been stifled by the coronavirus outbreak, but the student protests have also left their mark on local businesses.

HEATHER: To make matters worse, Hong Kong is also one of the most unequal and pricey cities on the planet.

DOUG: And when you say ‘unequal’, I assume you are talking about Hong Kong’s wealth gap?HEATHER: That’s right. The city’s income inequality is just mind-blowing, to the point it has long surpassed that of any G7 nation. So on one side of the spectrum, the Asian hub’s 19 richest billionaires（亿万富翁） cumulatively control 230 billion US dollars’ worth of assets. But, life in the city for the working class is a whole other story. Living costs（生活成本）, especially rent, are notoriously high. In fact, last year, Deutsche Bank estimated the metropolis to be the priciest destination for renters. Any of our listeners who have seen photos of Hong Kongers living in the so-called cage homes, may already be aware of this.

DOUG: And I guess things get more grim if you are a low-income earner who falls out of work

HEATHER: Exactly, and that’s what we are witnessing right now in the city as many working in Hong Kong’s hospitality and catering sectors have been laid off amid the troubled times. Life is especially tough for the jobless because the city offers scant unemployment benefits（失业救济金）. So, in such a scenario, your only way to hope to survive would be to depend on personal savings or turning to family and friends or even charities for financial support.

HEATHER: So, all in all, Hong Kong’s income inequality（收入不平等） is set to get even more dramatic. Or, as one economist put it, the poor are getting poorer.

HEATHER: Those particularly vulnerable in the city are the unemployed working class members in the 65 plus age bracket.

DOUG: Why is this demographic especially at risk?

HEATHER: There are quite a few reasons for this. First of all, the Hong Kong government’s social safety net for elderly people is again insufficient. Many of these people also don’t have adequate savings for their retirement. They also experience a lot more challenges when job-hunting. That’s largely because employers’ have concerns about the physical health of older applicants and they are worried about having to cover expensive medical bills. And, of course, in the wake of the pandemic, elderly people are in generally a lot more at risk from covid-19.

DOUG: How is Hong Kong trying to remedy the situation?

HEATHER: The government has taken some steps like offering a cash handout worth HK$10,000, or about 1,300 dollars. But this seems more of a quick-fix solution. Instead, to really lift these vulnerable people out of poverty, policymakers will need to come up with more longterm solutions. But, of course, that is much easier said than done.

DOUG: Ok, thanks Heather!

DOUG: Well, my final top story is bound to send all the movie enthusiasts into throes of jubilation. The wait is finally over! After a 6-month intermission, scores of cinemas across the Chinese mainland are reopening today. As I am sure you are well aware, the vast majority of the nation’s movie theatres were ordered to close their doors to the public since the domestic covid-19 outbreak began to peak in mid-January.

HEATHER: Great news! That gives me just about enough time to reserve a ticket for tonight’s screening. So what’s brought on this good news?

DOUG: The reopening of cinemas has been signaled in April and May by the film regulator（电影监管机构）. But it was not until Thursday that the China Film Administration gave a multitude of movie theatres nationwide the green light to finally resume business.

DOUG: But, audience members will also find that a trip to the silver screen is a pretty different experience in these post-covid times. The film regulator has also spelled out a long list of requirements and precautions operators must take before and after reopening. That’s of course because authorities want to reduce as far as possible any contagion risks（传染风险） that come with a bunch of strangers sitting together in small, indoor spaces together for hours at a time.

HEATHER: So what can moviegoers expect for their next cinema visit?

DOUG: Well, first of all, I don’t want to raise any hopes about all the country’s cinemas being back in business. The film regulator has only given the go-ahead to venues in low-risk areas. Thankfully, most of China does fall into this category as the domestic outbreak has been largely contained. I should also make clear that the country currently has no high-risk areas, but there are a handful of medium-risk areas, where theatres will remain closed for the time being.

DOUG: The movie theatres which have been cleared to reopen will have to adhere to a number of strict guidelines. As you may have guessed, there will be a number of social distancing（社交距离） measures. For instance, all theaters should only do online ticketing to avoid human-to-human contact. Cinemas have also been told to maintain a seating distance of 1 meter or more between strangers. And, theaters can only be filled to a maximum of 30% capacity.

DOUG: Another striking measure is the no concession rule. Since, moviegoers are expected to wear masks during the screening, cinemas won’t be selling snacks and beverages. Given that operators actually make quite a sizeable profit from selling pretty outrageously priced popcorn and soda, it will be definitely curious how this impacts their business.

HEATHER: Well, that doesn’t sound too bad at all! No need to worry anymore about getting seated next to annoying people chatting mid-movie or loudly munching on popcorn next to me. Now, Doug, as much as I love a trip to the cinema, I do have to ask why picked this story for our business podcast

DOUG: Trust me Heather, this is a huge business story.

DOUG: Let’s face it, this is one of the last major sectors to resume business following massive closures to contain the country’s Covid-19 pandemic. And this 6-month closure of theatres really shook things up for the film industry.

DOUG: For one, the domestic coronavirus crisis signaled the cancelation of theatrical releases for many would-be blockbusters. Some film producers tried to remedy this situation by making their movies available online, though this alternative definitely did not generate as much as compared with having your film screen in a cinema.

DOUG: Furthermore, the timing of China’s covid-19 outbreak could not have been worse for movie theatres since it erupted just before the lunar new year holiday. This is generally a pretty important time for operators as families flock to cinemas during the public holiday. Therefore, the country’s box office（票房） brought in just 2.25 billion yuan or $322 million in the first quarter. That’s a massive drop of 88% from the previous year. In fact, many operators have seen their income for the first half of the year nearly wiped out entirely.

HEATHER: Ok, thanks Doug! Well, but the show must go on! Let’s check out the rest of China’s top headlines.

DOUG: Bloomberg reports that Tesla kept growing in China last month, with registrations of its electric vehicles（电动车） jumping to a record in the world’s largest market as the coronavirus outbreak receded. Last month, close to 15,000 Tesla vehicles were manufactured on Chinese soil, representing 32% jump from May as well as the greatest amount of cars built in a single month for the American company.

HEATHER: China has allowed 18 provincial-level governments（省级政府） to recapitalize（进行资产重组） some small and midsize banks with money raised from the sale of special-purpose bonds（专项债券） or SPBs. According to a banking official, the move reflects on the state’s efforts to boost credit to businesses amid the Covid-19 pandemic.

HEATHER: SPBs are a kind of local government debt（地方公债）that fund infrastructure and public welfare projects that are commercially viable and generally repaid from revenue generated from the specific projects they fund. Unlike general bonds, usually they cannot be repaid from fiscal revenue（财政收入）. This year’s total SPB quota is 3.75 trillion yuan, equivalent to roughly $540 billion, which is almost 75% higher than last year’s allocation.

DOUG: And finally, some food for thought. Burger King has been exposed by state broadcaster CCTV for using expired ingredients to make burgers in China’s Jiangxi province. Undercover journalists visited several of the chain’s stores in the city of Nanchang and discovered a host of food safety（食品安全） and operation problems. Video footage from the investigation was aired on CCTV’s annual consumer rights show on Thursday, making stomachs turn. In response to the exposé, Burger King China apologized on Weibo and said a working group has been assembled to investigate the stores involved, whose business has already been suspended. Shanghai authorities have sprung into action, inspecting all Burger King stores in the city overnight.

HEATHER: And that completes today’s Caixin China Biz Roundup. Be sure to download the next edition for more essential news. And please don’t forget to rate us on your podcast app or better yet write us a review so other people can find us.

Goodbye and Zaijian.

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