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Translation - English Deepen Financial Cooperation and Promote Common Development
Economic Globalization and Asia¡¯s Choices: Speech at Shanghai Forum
May 17, 2005 Shanghai
Chen Yuan, President of China Development Bank
Distinguished guests:
Ladies and Gentlemen:
It¡¯s a great pleasure to meet with you in Shanghai. I¡¯d like to discuss with you issues concerning Asia¡¯s financial cooperation.
At present, economic globalization is growing rapidly; science and technology are developing by leaps and bounds; the flow and regrouping of technologies, resources, industries are ever quickening. As a result, regional cooperation is booming, and Asia¡¯s financial cooperation has become the highlight of global cooperation. The exchanges and cooperation in the 1990s, the ASEAN 10 + 3 mechanism, Chiang Mai Initiative, the exchange of currencies, and the establishment of Asian Bond Fund have contributed to the establishment of a mutually beneficial, sound and open Asian financial cooperation pattern. Meanwhile, cooperation is being constantly expanded in scope and depth.
Unlike in some countries in Europe and the Americas, the centerpiece of the financial systems in most Asian countries is credit financing while securities financing is underdeveloped. The weaknesses of such financial systems include long responsibility chains, banks shouldering most of the risks, and weak capacities to fend off risks. Although the Asian Financial Crisis is already history, its systematic causes have not been removed completely; Asia¡¯s ability to address financial risks has yet to be improved. Therefore, developing regional bond market, establishing a robust and sound financial system, and deepening the development of the finance sector are important contents of Asian financial cooperation.
At present, the Asian bond market has made some due achievements. In future, we must expand types of issuers and bonds, enlarge mutual investment, step up integration, enhance mutual trust, cooperation and interdependence, and strengthen the infrastructure for Asian bond market development. It¡¯s important to establish a long-term dialogue mechanism featuring mutual trust and cooperation, thus paving the way for future cooperation.
Meanwhile, countries shall improve financial internal management structure and strengthen micro-systems and financial infrastructure. Micro-systems include legal persons, legal person management structure, ownerships, and property rights. Financial infrastructure includes accounting standards, payments, credit, performance assessment, relevant laws and so on. The former determines the health of every cell in society while the latter determines the operational efficiency of the entire society. The two are independent of each other, mutually supportive; and they both boost sustained and healthy socio-economic development.
As a member of Asia, China¡¯s prosperity and development are closely interrelated with other Asian countries. Inevitably, China¡¯s financial development must be incorporated into the entire Asian financial system. Due to historical reasons, China, like many other Asian countries, does not have a fully-fledged financial system and market.
Weak finance and low currency status have severely affected China's role in the Asian economy. China must establish a robust, sound and highly efficient financial system, constantly improve the international status of RMB, so as to sustain economic and social development, and to further promote the economic prosperity of Asia.
Accelerating the building of the financial system and the market calls for the combined forces of the government and the market. An effective government role is a prerequisite for sustained socio-economic development, and can act as a catalyst for market economy and system building, thus enhancing market efficiency and efficacy. We must take market building as a priority task, and endeavor to boost it and incorporate it into micro-systems and the building of financial infrastructure. One the one hand, the government shall render support to the building of the financial system. On the other hand, governmental participation and promotion shall be market-oriented, with a view to pushing forward market development.
Developmental finance, as a bridge linking the government and the market, is a financial form created against the backdrop of a runaway market and underdeveloped systems, with a view to protecting state financial security and enhancing economic competitiveness; it's also an important medium of financial cooperation. Developmental finance combines the forces of the government, the market and finance, through financing means; it incorporates various resources, pushes forward market development, improves micro-systems and financial infrastructure, and achieves government development goals through market development. Based on the experience of various countries, developmental financial institutions have played a noticeable role in post-war construction and tackling the Asian financial crisis.
As a developmental financial institution of the Chinese government, China Development Bank can play a positive role in Asian financial cooperation. In recent years, we have taken advantage of international and domestic markets and resources, energetically carried out international cooperation, upheld China¡¯s strategy to ¡°go global¡±, and helped Indonesia and other countries in their reconstruction after the tsunami disaster. Since 2002, China Development Bank¡¯s non-performing loan ratio has remained under 2% for three consecutive years, with small fluctuations. Non-performing loan ratio of the first quarter stands at 1.11% this year. Outstanding market achievements have provided important support for our participation in Asian financial cooperation. China Development Bank is willing to work together with you and contribute to the promotion of Asian financial cooperation.
Thank you all!
Chinese to English: 国家开发行行长在财富论坛上的演讲
Source text - Chinese 高效的金融体系是经济发展的重要支撑
（2005年5月18日 北京）
国家开发银行行长 陈元
Translation - English A Highly Efficient Finance System Is a Vital Pillar For Economic Development
May 18, 2005 Beijing
Chen Yuan, President of China Development Bank
Distinguished guests,
Ladies and gentlemen:
First, I¡¯d like to thank Fortune Forum for its gracious invitation. I¡¯m very pleased to discuss with you issues concerning the reform and development of China¡¯s finance sector.
In recent years, China¡¯s economy has been growing rapidly, incorporating into the global economy at an amazing pace.
On the whole, China¡¯s financial international competitiveness is not commensurate with its overall national strength, which ranks sixth in the world. Financial competitiveness underscores the ability to back up sustained socio-economic development and all-round social progress. Finance is the core of modern economy. In a highly open socio-economic environment, what shores up economic and social progress is a robust, sound and highly efficient financial system.
The centerpiece of China¡¯s finance system is credit and financing, with the banking sector as its core. Unlike in developed countries, the banking sector plays a more important role in the finance system in China. However, due to lack of a deep understanding of the financial system and long-standing restrictions by the concepts, methods and frames of fiscal financing, the banking sector failed to establish market-oriented financing concepts, and even ignored risk management.
Allocating and managing market-oriented financial resources the way fiscal financial resources are allocated and managed inevitably gives rise to non-performing assets, shortcomings and inadequacies in the management structure, and disjuncture between economic development and the development of the finance sector.
The banking system is unanimously considered the weakest, the most dangerous component of China¡¯s financial system, and has the biggest impact on economy. However, it must be noted that the problems with the financial sector are not just problems with the banks. Rather, they are the comprehensive reflection of various contradictions in the economic society, and the inevitable results brought about by the precarious financing structure of enterprises and vulnerable microenvironment. Rapid economic growth does not necessarily mean improvement of the financial ecology. These problems are, in essence, the macroeconomic manifestation of backward market building and financing system building, low credibility, underdeveloped systems, and other critical issues.
If China is to establish a robust, sound and highly efficient financial system, to sustain economic and social progress, the key will be to forge fully fledged micro-systems and financial infrastructure, to establish market-oriented financing concepts, methods and systems, and to help form a virtuous circle for economic and financial progress.
Micro-systems include legal persons, legal management institutions, ownerships, and property rights. Financial infrastructure includes accounting standards, payments, credibility, performance assessment, relevant laws and so on. Micro-system is like an automobile, while financial infrastructure is like operational tracks. The former determines the health of every cell of society while the latter determines the operational efficiency of the entire society. The two are independent of each other, mutually supportive, yet not interchangeable.
The roles played by the government and the market shall be combined during this process. It¡¯s a process during which the government and the market interact with each other, target each other, and propel each other; it¡¯s a process during which external and internal forces boost and reinforce each other.
An effective government role is a prerequisite for sustained economic and social progress; it can act as a catalyst for market economy and individual activities, thus enhancing market efficiency and efficacy. Meanwhile, the market, financial institutions and the public can press ahead economic development vigorously, quickly covering many areas that used to be mostly covered by the government. China must make good use of its capabilities and resources in this regard. Driven by the strong momentum in the macro-economy and the high energy of state credibility, China must take market building as an important task, and endeavor to boost it, and incorporate it into micro-systems and the building of financial infrastructure. In the past, development relied solely on the government. Today, development calls for the combined forces of the government and the market; the all-round and sustained economic and social progress is pushed forward through market building. Such methods were not employed in traditional fiscal financing.
Based on the experience of various countries, developmental finance is a bridge linking the government and the market; it's a financial form created against the backdrop of backward systems and a runaway market, with a view to protecting state financial security and enhancing economic competitiveness. China Development Bank is a developmental finance institution of the Chinese government. We achieve government development goals through market building, and improve the management structure, legal person, cash flow and credit systems through practice; we have succeeded in both project and market development. Our market achievements have been on a par with international advanced level for three consecutive years, which greatly enhanced our ability to sustain national socio-economic development.
Ladies and Gentlemen:
China¡¯s socio-economic prosperity and development are inextricably linked with the reforms of the financial sector. We¡¯re convinced that China can give full play to its own advantages and push forward the building of the financial system and the market. We¡¯d like to work together with you and contribute to the development of the finance sector in China.
Thank you!
Chinese to English: 优惠卷条款和细则
Source text - Chinese 条款和细则
1. 此优惠卷有限期至：
2. 与参加商户付帐前，请向店员出示优惠卷。
3. 除非另有订明，否则优惠不使用于减价货品、特别优惠货品。
4.此优惠卷并无现金价值及不能兑换现金。
5.优惠卷影印本无效。
6.此优惠卷适用于任何形式付款。
7.每张优惠卷只使用一次，每次限用一张。
8.个别商户所订的优惠细则如有更改，恕不另行通知。
9.如有争议，参加商户保留最终决定权。
Translation - English Terms & Conditions
1.This coupon is valid until...
2.Present this coupon to the shop clerk before purchasing goods.
3.Unless otherwise stated, offer does not apply to sales items or special offers.
4. This coupon has cash value and cannot be redeemed for cash.
5. Photocopies of this coupon are not valid.
6. The offer is applicable to all purchases regardless of the method of payment.
7. Each coupon can be used once only; only one coupon can be used per transaction and cannot be used in conjunction with other discounts or promotional offers.
8. Benefits are subject to change by participating merchants without prior notice.
9. In case of any dispute, the decision of the participating merchants shall be final.
English to Chinese: 皇家飞利浦电子集团致词
Source text - English
Dear Colleague,
Today we start the external rollout of our Brand Positioning by making public our new promise to our customers and consumers; ¡®Sense and Simplicity¡¯
In an effort to change the public¡¯s perception of Philips , we are starting an advertising campaign in all major markets which will highlight all aspects of our Healthcare, Lifestyle and Technology company. But our new brand promise is more than just an advertising slogan. We are making the commitment to deliver ¡®Sense and Simplicity¡¯ to our customers and consumers.
This implies a change in the way we do business and in the way we create our products. It also implies a change in our own mindsets ¨C how we think about and act on behalf of Philips. Which is why we will take a period of three to four years to deliver on this commitment, in the meantime using existing products that already demonstrate this promise.
The box in front of you is a reminder of the importance of this next step in our transformation to One Philips. It represents our ethos of ¡°Sense and Simplicity¡±. After all, technology should be as simple as the box it comes in.
We know that you will all embrace this way of thinking and look to apply it to everything Philips that you do. Please give it a place in your workplace environment and discuss your ideas with your colleagues and your management. Your ideas matter because we make Philips together into what it is.
I am a professional conference interpreter and translator stationed in Guangzhou, China. I interpret simultaneously and consecutively from Chinese into English and vice versa. My wide experience includes interpreting and translating on a multitude of subjects for international organizations, high-level officials, government agencies, and Fortune500 companies.
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Please e-mail me to make inquiries. Available for trips all over China (Shenzhen, Dongguan, Foshan, Hong Kong, Macau and beyond.
Working languages: English, Chinese (Mandarin, Cantonese)
Services: simultaneous/consecutive/on-site interpreting/business assistance
