Translation - English G20 Finance Ministers Reach Consensus on the Establishment of Economic Imbalance Indices
Following two days of difficult negotiations, G20 finance ministers finally reached consensus on 19 February local time with regard to the establishment of indices for measuring global economic imbalances. The ministers agreed to formulate guidelines on methods to assess each of the indices, reduce excessive global economic imbalances as well as encourage sustainable development by means of international multilateral cooperation.
This meeting of finance ministers is the first G20 meeting held this year, and is also the first major meeting held since France was appointed the rotating chair of the G20 and the G8.
Christine Lagarde, the French Minister of Economic Affairs, Finance, and Industry, stated at a press conference afterwards that the two day meeting of finance ministers and central banking heads had reached a preliminary agreement with regard to the establishment of indices for measuring global economic imbalances. "Negotiations were far from easy, and quite obviously there were differences of opinion. We still managed to reach a consensus, however."
Chinese to English: Article from People's Daily on Rural Workers
Source text - Chinese “新生代农民工”，主要是指出生于20世纪80年代以后的农民工。目前，在外出打工的1.5亿农民工中，新生代农民工占到60%，大约1亿人。
Translation - English The "New Generation of Rural Workers" refers mainly to rural workers born after 1980. Of the 150 million rural workers who have left their homes to seek employment, the new generation comprises 60%, or approximately 100 million people.
From May to June 2010, the Research Office of the Federation of Trade Unions conducted a survey of 1000 enterprises with established unions in 25 cities and districts throughout the country. The survey obtained 4453 valid responses, of which 2711 were from new generation rural workers, and 1742 were from traditional rural workers. The new generation of rural workers comprise 60.9% of the total. This percentage closely approaches the figure of 61.6% published by the National Bureau of Statistics, indicating that the survey results are highly representative, and provide a basic indication of the objective circumstances of new generation rural workers.
The survey indicates that the new generation of rural workers have generally undergone a longer period of education, yet that their vocational skills are relatively lacking. 67.2% of new generation rural workers have received education to the senior high school level or higher, which is 18.2 percentage points more than the corresponding figure for traditional rural workers. However, with regard to the nature of their education, the absolute majority (62.5%) of the new generation of rural workers have ended their schooling at the mandatory level or the general senior high school stage. The percentage of new generation rural workers who have received vocational training (secondary vocational school, secondary technical school, vocational high school, vocational college or advanced technical college) remains less than forty percent (37.5%).
Over half of the new generation of rural workers remain unmarried, and lead simple, uncomplicated lives compared to traditional rural workers. 59.9% of new rural workers between 20 and 30 years of age have not yet married or started families, and 39.5% are married and have a spouse. However, the percentage of traditional rural workers who are married is 93%, or 53.3 percentage points higher than new generation rural workers.
The survey also indicates that most of the new generation of rural workers are employed in the eastern or coastal parts of the country, and that their motivation for seeking opportunities away from home remains strong. Around seventy percent (70.9%) of new generation rural workers have sought employment in China's eastern region, while more than three quarters (76.2%) work in coastal cities. Both these figures are higher than the overall levels for rural workers.
More than eighty percent (81.7%) of the new generation of rural workers are employed in secondary industries, while nearly twenty percent (18%) are employed in tertiary industries. With regard to the form of registered ownership of their employers, the new generation of rural workers are highly concentrated in non-public enterprises. 84.3% of them work in non-public enterprises, higher than the figure for traditional workers by 12.2 percentage points.
Chinese to English: The People's Republic of China Banking Supervision Administrative Law
Translation - English The People's Republic of China Banking Supervision Administrative Law
(Approved by the Sixth Meeting of the 10th National People's Congress on 27 December 2003, and amended on 31 October 2006 by the "Resolution on the Amendment of the 'People's Republic of China Banking Supervision Administrative Law' by the 20th Meeting of the Standing Committee of the 10th National People's Congress")
Chapter 1: General Provisions
Chapter 2: Supervisory Administrative Organs
Chapter 3: Supervisory Administrative Duties
Chapter 4: Supervisory Administrative Measures
Chapter 5: Legal Responsibilities
Chapter 6: Supplementary Provisions
Chapter 1 General Provisions
This law has been formulated in order to strengthen supervision and administration of the banking industry, standardize supervisory and administrative conduct, prevent and resolve banking risk, protect the legal rights and interests of depositors and other clients, and expedite the healthy development of the banking industry.
The banking supervisory administrative organs of the State Council are responsible for supervisory and administrative work with regard to national banking industry finance organizations and their business activities.
"Banking Industry Finance Organization" as referred to in this law means commercial banks, municipal credit cooperatives, agricultural credit cooperatives and other financial organizations that accept deposits from the public, as well as policy banks, that are established within the national territory of the People's Republic of China.
With regard to the supervision and administration of asset-management companies, trust and investment companies, finance companies, and financial leasing companies that are established within the national territory of the People's Republic of China, and other finance organizations that have received the approval of the State Council's banking industry supervisory administrative organs, the provisions of this law with regard to supervision and administration of banking industry finance organizations shall be applicable.
The State Council's banking industry supervisory administrative organs shall perform supervision and administration of finance organizations that it has approved for establishment overseas, as well as the overseas business activities of the above two categories of finance organization.
The goal of supervision and administration of the banking industry is to expedite the lawful and stable operation of the banking industry and maintain the confidence of the public in the banking industry.
Supervision and administration of the banking industry should protect fair competition within the banking industry, and raise the competitive capability of banks.
Banking industry supervisory administrative organs should abide by the principles of lawfulness, openness, fairness and efficiency in their performance of supervision and administration of the banking industry.
Banking industry supervisory administrative organs and personnel who engage in supervisory and administrative work perform their supervisory and administrative duties in accordance with the law, and are recipients of legal protection. Local governments, government departments at all levels, social collectives and individuals are prohibited from interfering with them.
The banking industry supervisory administrative organs of the State Council shall establish joint mechanisms for sharing supervisory and administrative information with the People's Bank of China and other supervisory and administrative organs of the State Council.
The banking industry supervisory administrative organs of the State Council may establish cooperative supervisory and administrative mechanisms with the banking industry supervisory administrative organs of other countries or regions, and conduct cross-border supervision and administration.
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Keywords: Chinese Mandarin Economics Law Finance Business English Translation China