投资银行

Around half of this is public debt; a slice of it is direct investment in big firms; but a worryingly large chunk, some 46% of GDP, is funnelled through the banking system.

其中，大约一半是产自于公债，一小部分来自大厂商的直接投资，但极大地一块（GDP总量的46%）是由银行系统从四面八方汇集起来的。

In my opinion , financing leasing is the most efficient method , because the enterprises not only acquire part of the floating capital ,but also acquire the equipments which upgrading of industries need . They also can try to finance by the private equity funds, in this way, the enterprises get the capital and managing experience, more important, it enriches the direct financing system. Consummating the hypothecating organization system could offer a strong safeguard for the enterprises when they are financing. We also could establish some professional small and medium sized bank organizations to solve the current commercial banks are not positive to loan to the small and medium sized enterprises , because the small and medium sized enterprises banks' cost are much lower.

在解决策略中，笔者认为，融资租赁既使企业获得部分流动资金，又使企业获得产业升级所需的生产设备，是最有效的融资手段；私募股权基金投资使企业不但获得资金和管理经验，而且丰富了我国的直接融资体系；完善我国担保机机构体系，可以为中小企业顺利获得融资提供保障；针对现有银行机构对中小企业放贷缺乏积极性的现象，成立专门的中小企业金融机构，发挥其成本优势。

Moving capital between projects is a key efficient means to leverage capital for local developers to produce high profits in real estate development. A JV project's bank loan after foreign investment incepted is not an exception.

资本在项目之间的流动对本地的开发商来说是一个重要且有效的手段，他们可以充分利用资金流动提高房地产开发利润，而接收了外国投资的合资项目的银行贷款也不例外。

WB: Any house represents savings. Home construction comes about through savings. Lending terms have gotten easier as prices have risen. That's the opposite of normal. Mortgages are now intermediated; the buyer of the mortgage doesn't need to look at the particulars of the individual borrower. It just cares about the guarantee.. During the farm bubble in small towns, things got crazy. People began to say that farmland was an appreciation investment, not an income investment. It was just a form of the greater fool theory, and is nothing that banks should engage in. Right now, the rest of the world is our savior in providing credit.

巴菲特：任何房地产都代表是一种储蓄，房屋建筑便是经由储蓄来达成，借款条件随著房地产价格上扬而更优渥，这并不是一种正常的现象，抵押贷款目前已经产生质变，买方不再需要看个别借款人的背景，他们只关心抵押品的品质，当小镇的爆发农场热潮时，情况往往失控，人们开始会说，农地是一种会增值的投资工具，而不是有收益的工具，这实际是在玩谁是最后一只老鼠的游戏，而我不认为银行应该进来凑热闹，目前全世界已经成为我们资金的提供者。

The fact that China's biggest companies are largely state-owned greatly magnifies Beijing's role.

如果需要更多的资金，国有银行和私人股权投资公司将会提供大量的廉价资金。

If a company has plant that has been mothballed because there is no business to service or if a company has a bank of development land or is in the course of developing a site, common sense would suggest that, in the current climate, one would have to question whether the initial investment can be recovered.

如果一间公司因为没有生意而封闭一个工厂，或者在开发区有家银行，又或者正在建设一个工地，在现行的舆论倾向下，人们会凭常识质疑，初始的投资是否能够收回。————————————————————————纯手工翻译。

That the vertiginous rise in mainland share prices accompanied a decline in the rate of growth for money in longer-term time deposits suggests small investors may have shifted from the safety of banks to riskier market punts .

在大陆股价涨得令人眩晕的同时，中长期定期存款的增长率出现了下滑，这表明小投资者可能已经将投资阵地从安全性好的银行转到了更高风险的股票投机市场。

In the last few months, it has become clear to us that we needed to be ready for a major slowdown of capital inflows in many emerging countries, as banks deleverage by repatriating funds, foreign direct investment is dropping, bond issuances and syndicated loans are dwindling.

在过去几个月里，我们越来越清楚地认识到：我们需要减缓在一些新兴国家的资金流入，因为，银行通过把资金调回本国的杠杆操作，使外国直接投资下降，债券发行和联合贷款减少。

Investors will want to know whether they are funding the safe bits of the bank, or riskier ventures.

投资者们会想要知道他们对银行的投资究竟是安全的，还是充满风险的。

Calgary's new high-rise banks and oil-company skyscrapers, sandwiching the towers of investment and insurance compaines, are home base for a flamboyant collection of Canadian millionaires and big consortia and astronomical contracts, all representing incalculable consequences for Canada's political future.

卡尔加里一幢幢新建的银行和石油公司的摩天大厦，把投资公司和保险公司的高楼夹在中间。这里是显赫的加拿大百万富翁的大本营，是庞大的国际财团的总部，是巨额合同的签订地。所有这一切对加拿大政治前途具有不可估量的影响。

But we don't care about Battlegrounds.

但我们并不在乎沙场中的显露。

Ah! don't mention it, the butcher's shop is a horror.

啊！不用提了。提到肉，真是糟透了。