英语翻译In 1978,Chinese state reformers began to implement widespread economic and industrial reforms,including reform of firm finance and the banking system.Part of this reform was an effort to strengthen the central bank and to transform the fo

英语翻译In 1978,Chinese state reformers began to implement widespread economic and industrial reforms,including reform of firm finance and the banking system.Part of this reform was an effort to strengthen the central bank and to transform the fo
英语翻译
In 1978,Chinese state reformers began to implement widespread economic and industrial reforms,including reform of firm finance and the banking system.Part of this reform was an effort to strengthen the central bank and to transform the four specialized banks that reported to the central bank.The People’s Bank of China (PBOC) was separated from the Ministry of Finance and became the central bank in 1984.The PBOC gradually assumed control of the money supply and began to set monetary policy,regulate exchange rates,and otherwise oversee the financial system.Under the central bank,four specialized banks emerged as financial intermediaries.The Industrial and Commercial Bank,the Agricultural Bank,the People’s Bank,and the Construction Bank remained government agencies but they gradually began to accept deposits and to lend capital independent of government intervention.Although their names identified the specialized banks with particular segments of the economy,the banks were free to lend to firms in all industries.Firms applied for funds,and their requests were increasingly evaluated on the merit of the firm and the application,with decreasing regard for government policy.Yet these banks remained government agencies,and their lending at times reflected state policy more than the financial objectives of the bank (Goldie-Scott,1995; Yi,1994).
During reform,firms began to seek non-state sources of funding both because the state was reducing its financial support of the firms and because borrowing from non-state sources was becoming more attractive than state funds.As early as 1980,reformers warned firms that direct transfers of state funds would be reduced and eventually discontinued entirely (Goldie-Scott,1995).Early reductions in state funds signaled that reform was genuine,and a handful of early,visible bankruptcies underscored this message.In even the largest firms,the state began to transform its role from sole owner to that of a shareholder with limited responsibility and limited liability (Jefferson and Xu,1991).While the state did not stop direct transfers completely,managers were increasingly aware that financing the firm was their responsibility.At the same time,financial autonomy was attractive to managers and created incentives for them to voluntarily seek non-state sources of capital.Supply shortages,uncertainty about levels of state funding,the need to bargain for favorable treatment,and the disincentives associated with having profits be redirected to nonprofitable firms increased the appeal of external funding,particularly for firms that were performing relatively well financially.
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英语翻译In 1978,Chinese state reformers began to implement widespread economic and industrial reforms,including reform of firm finance and the banking system.Part of this reform was an effort to strengthen the central bank and to transform the fo
1978年,中国国家改革者开始实施广泛的经济和工业改革,包括改革企业的财
政和银行系统.这一改革的一部分目的,是为了加强中央银行和改造了四个由中央银
行领导的专门银行.中国人民银行（央行）已脱离财政部,于1984年成为中央银
行.中国人民银行逐渐控制了货币供应量,并开始制定货币政策,调节汇率,负
责监督金融体系.根据中央银行,四个专门银行成为金融中介机构.工商银行,
农业银行,人民银行和建设银行仍然是政府机构,但逐渐开始接受存款和贷款、
资本独立于政府的干预.虽然在市场经济下他们的名字确定了他们是专门的银
行,但是银行（他们）可以自由地借钱给所有行业的企业.企业申请资金,他们
的要求是越来越多的企业评估,以减少对政府政策的价值的注重和应用.然而,
这些银行仍然是政府机构,它们的贷款,有时更多的是反映了国家的政策而不是
他们自身的经济目标（利润）（ 1994年 -1995年） .
在改革中,企业开始寻求非国家的资金来源,这是因为国家减少了其财政支持的
企业,所以来自非国家的借款比来源于国家的资金更具吸引力.早在1980年,改
革派警告国家将减少对公司直接的资金支持,并最终完全停止（Goldie-Scott,
1995年） .早期国家减少资金的暗示,是真正的改革,早期少数公司的破产就
明显的映证和强调了这个讯息.即使在最大的企业,国家开始改变自己的作用,
从唯一的所有者,变成股份有限公司和有限责任公司（Goldie-Scott,1995
年）.虽然国家并没有完全停止直接的资金支持,但是经理们已经越来越认识到
为公司融资是他们的责任.与此同时,财政自主权有利地吸引并激励他们（管理
人员）主动寻求非国家资本来源.供应短缺和国家提供资金水平的不确定性,让
企业必须争取有利自己的待遇,经营不好或非盈利的企业需要吸引和增加外部资
金,特别是财政表现相对较好的对公司更是如此.
累…………怎一个累字了得?总算是翻译完了,自我感觉不错,应该能符合你的要求了!