金融英语学习资料16 中英文对照.doc

China is America’s single largest foreign creditor, holding about 8 per cent of the stock of US Treasuries. Most Chinese netizens and opinion makers are not knowledgeable about the country’s budget dispute. But almost all Chinese people understand that the US government has been playing the world economic game to its advantage. 中国是美国最大的单一外国债权人，持有未清偿美国国债的大约8%。中国大多数网民和舆论引导者对美国的预算纠纷不甚了了，但几乎所有中国人都明白，美国政府一贯出于本国利益参与世界经济游戏。 The US issues, at rates of almost zero, Treasuries that are bought by investors all over the world. So long as the federal government increases the debt stock at a pace slower than the US gross domestic product growth rate (usually 2-4 per cent a year) minus the real interest rate (zero, or even negative in recent years), it can roll over the debt almost for ever, never worrying about paying it back. 美国以接近于零的票面利率发行国债，这些国债被世界各地的投资者买下。只要美国联邦政府增加债务总量的速度低于国内生产总值增速（通常为每年2%至4%）减去实际利率（近年为零甚至负数），它就能够几乎永远滚转债务，永远不需要为还债操心。 What is intriguing to most Chinese analysts is that Congress and the White House do not seem to understand the game’s benefits. The evidence is the US budgetary mess. Bitter fights over government budgets are commonplace among politicians all over the world. This is a good thing. But a technical default OF some of the existing Treasury bonds would be the beginning of the end for the wonderful game the US federal government has been playing. 在中国的多数分析人士看来，耐人寻味的是美国国会和白宫似乎不明白这场游戏给美国带来的好处。证据便是美国的预算乱局。举目世界各国，政界人士围绕政府预算展开激烈争斗是相当常见的事。这是一件好事。但是，如果美国的一部分现有国债发生技术性违约，那将标志着美国联邦政府一直在玩的奇妙游戏进入终局。 What is equally difficult to understand, from the perspective of many academic economists, is the Chinese government’s attitude and behaviour regarding the American debt issue. For many years, economists in China have argued that the government should diversify away from Treasuries, anticipating the US government’s continued high large primary budget deficit and political disputes. 从许多经济学者的视角看，中国政府在美国债务问题上的态度和行为同样令人费解。多年来，中国的经济学家一直主张，政府应当减少对美国国债的投资，因为他们担心美国政府的政治争吵和持续高