20110603 Follow Me 24

11 11
it is time to clean up the mess....

先抢个地坐会，呵呵

This a big challenge to China central government. it is not only to tackle the bad loans, but also  to affect the interest which involves how central government to administrate local government.


BANKS in Western countries dragged their economies into the great recession. Banks in China pulled the country out of it. Much of the Chinese government’s stimulus effort from 2008 to 2010 was left to financial institutions, which proved better at shoving money out of the door than America’s federal government. 在西方国家，银行把他们的经济拖入了大后退。而，在中国，银行把这个国家带出了经济后退（困境）。从2008年到2010年，中国ZF很多刺激努力是留给了金融机构，事实表明，相对于美国联邦ZF，中国ZF更好地打开了（增加）货币之门。
The banks lent to thousands of investment corporations set up by local governments, which cannot borrow in their own name. With the help of some initial capital and collateral, like land, these investment vehicles directed the lending into local bridges, tunnels and real-estate ventures. But many of the loans have turned bad, threatening the balance-sheets of the banks that made them.银行放贷给数千家地由地方ZF组建的投资公司，这些地方ZF是不能一个自己的名义去借款的。在一定创办资本和像土地一样的担保帮助下，这些投资工具直接将贷出的投入到当地的桥梁、隧道和房地产风险之中。但是，大部分贷款已经变成坏账，这些正威胁到给他们贷款的银行资产平衡状况。
Now the central government has at last resolved to clean up the mess, according to unnamed officials cited by Reuters this week. China’s government will consolidate thousands of investment vehicles and hive off some of their debts into separate companies open to private investors. It will force the banks to write off another slice of the bad debt, and repay a chunk of it from its own budget. Much of the stimulus lending of 2008-10 may turn out to be public spending after all. 本周路透社据不透露姓名的官员称，现在中央ZF终于下决心要清理这种混乱状况。中国zf将合并数千家投资工具，同时分离出一些他们的债务给独立公司以开放给私人投资。中国zf将强令银行划去又一块坏账，并从自己的预算中给予大量的补偿。毕竟，2008-10的许多刺激借贷是由公共消费来支出的。



提前预祝大家端午节快乐！
回家吃粽子了哦！哈哈。

4,4
With the government begin to clean up the debt mess, I do believe it will stimulate the public spending.
Besides, the article mentions the "four big worries" that is hunting Chinese economists, including property bubbles and inflation. It reminds me of one article Iv read before. It mainly deals with the difference between China's property bubble and U.S's. Real estate bubble is one severe issue nowadays. Both commercial and residential property is in hot demand. It is estimated that hot money flow into Chinese real estate has reached over 210 billion in 2009.

最后一句的BUT后应该省去

22.22
端午节要吃粽子了。

21,21
The only entities that could trigger a crisis of confidence in government debt are themselves owned by the government
唯一可能引发ZF债务信用危机的事情是，他们本身就属于ZF。
I have never thought that China have such a heavy debt burden---80% of GDP--according to the consultancy refered in the last paragraph. The goverment collects money by three means: debt, tax, and inflation. The increasing debt must be covered by tax, which is known as "Ricardian equivalence". The financial situation drives the goverment or the central bank depending on the former to create more money, which form a pressure on the price.  
I have free time~~

20-20
The hidden debts of  China will be a large number of money。

which proved better at shoving money out of the door than America’s federal government.

4,4
目前水平不济，只能查查单词，还不能用英语评论时事~~

1.consolidate     vt.   巩固，使固定；联合vi. 巩固，加强
2.hive   n. 蜂房，蜂巢；热闹的场所；熙攘喧闹的人群
vi. 群居；入蜂房；生活在蜂房中
vt. 入蜂箱；贮备
hive off   脱离编制；分出,脱离ZF编制,转制
3. a chunk of   一大块
4. opacity   不透明度
5. these hidden liabilities have become one of the four big worries haunting China-watchers, along with the property bubble, inflation and lightly regulated trust companies.
隐性负债已经成为了和楼市泡沫、通货膨胀、信托公司监管不力并驾齐驱的困扰中国观望者的四大隐忧之一。
6. big rock-candy mountain  巨石糖果山
7. accrue  vt. 获得；积累vi. 产生；自然增长或利益增加

16......16
个人认为，这次产生的不良贷款与之前的银行不良资产剥离是不同的。上一次的银行不良资产多产生于“拨转贷”过程中，是拨款变成贷款后产生的历史遗留问题，最后，由国家买单。这次不良贷款的产生则是不同，国家受到金融危机冲击，为刺激经济，需要在短期内放款，对于借款人的审核条件放松，产生不良贷款就再所难免。问题是，无论不良贷款的产生原因是什么，最终买单的始终是国家，进而转嫁到大众身上。