中國成為發(fā)展融資全球領(lǐng)導(dǎo)者

China is now a bigger presence in internationaldevelopment finance than all of the world’s six majormultilateral financial institutions put together, a newstudy has found.

一項新的研究發(fā)現(xiàn)，中國在國際發(fā)展融資領(lǐng)域的存在現(xiàn)在比全球六大多邊金融機構(gòu)加起來還要大。

The study, conducted by academics from BostonUniversity and the Chinese Academy of SocialSciences, shows that in just over a decade lendingoverseas by Chinese development finance institutionshas doubled the amount of such finance available in the world economy.

由波士頓大學(xué)(Boston University)和中國社科院(Chinese Academy of Social Sciences)學(xué)者進行的這項研究顯示，在10年多一點的時間里，中國發(fā)展融資機構(gòu)向海外放貸使世界經(jīng)濟中可用的此類融資增加了一倍。

“China is emerging as the global leader in development finance,” said the study, which wasauthored jointly by Kevin Gallagher, professor at Boston University and co-director at theGlobal Economic Governance Initiative (GEGI), Rohini Kamal of GEGI and Wang Yongzhong atthe Chinese Academy of Social Sciences.

“中國正成為發(fā)展融資的全球領(lǐng)導(dǎo)者，”這項研究得出結(jié)論稱。研究報告的聯(lián)名作者是波士頓大學(xué)教授、全球經(jīng)濟治理倡議(GEGI)聯(lián)席總監(jiān)凱文•加拉格爾(Kevin Gallagher)、GEGI的羅希尼•卡邁勒(Rohini Kamal)以及中國社科院的王永中。

Two Chinese policy banks — the China Development Bank (CDB) and the Export-Import Bank ofChina — had outstanding loans to overseas borrowers amounting to an estimated $684bn atthe end of 2014, just short of the $700bn owed to the six western-backed multilateraldevelopment institutions (see chart), the study estimates.

據(jù)這項研究估計，兩家中國政策性銀行——中國國家開發(fā)銀行(CDB)和中國進出口銀行(Export-Import Bankof China)——截至2014年底發(fā)放給海外借款人的未償還貸款余額估計達(dá)到6840億美元，僅略低于西方支持的六家多邊發(fā)展機構(gòu)的7000億美元(見圖表)。

In addition, China has in recent years set up two new multilateral development banks — theAsia Infrastructure Investment Bank and the New Development Bank — and at least 13 regionalfunds (see chart below).

此外，中國近年成立了兩家新的多邊發(fā)展銀行——亞洲基礎(chǔ)設(shè)施投資銀行(AIIB)和新開發(fā)銀行(New Devel-opment Bank，即金磚國家開發(fā)銀行——譯者注) ，以及至少13只區(qū)域基金(見以下圖表)。

These funds alone have made available $106bn in development finance — according toestimates in the study — bringing the total of Chinese financing to well above the $700bn inassets of the six western-backed development banks.

據(jù)這項研究估計，僅僅是這些基金就提供了1060億美元的發(fā)展融資，使中國提供的資金總額遠(yuǎn)遠(yuǎn)高于西方支持的六家發(fā)展銀行的7000億美元資產(chǎn)。

In terms of individual lending institutions, the CDB has overtaken the World Bank as the world’sbiggest provider of international development finance with estimated outstanding overseasassets of $375bn at the end of 2014, according to calculations in the study based on bankannual reports. This eclipsed the World Bank as well as smaller multilateral lenders such as theAsian Development Bank and the Inter-American Development Bank, the study found.

就個別貸款機構(gòu)而言，這項研究根據(jù)銀行年報進行的計算顯示，中國國開行已超過世界銀行(World Bank)，成為世界最大的國際發(fā)展融資提供者，截至2014年底的海外未清償資產(chǎn)估計達(dá)到3750億美元。該研究發(fā)現(xiàn)，這不僅超過世界銀行，也超過較小的多邊貸款機構(gòu)，如亞洲開發(fā)銀行(Asian Development Bank)和美洲開發(fā)銀行(Inter-American Development Bank)。

If outstanding loans to domestic borrowers from the two Chinese policy banks are included incalculations, then China’s dominance in global development finance becomes even moreunequivocal. The CDB and Ex-Im Bank have well over $2tn in total combined assets bothinside and outside China, the study estimates.

如果把兩家中國政策性銀行發(fā)放給國內(nèi)借款人的未償還貸款也計算在內(nèi)，那么中國在全球發(fā)展融資領(lǐng)域的霸主地位變得更加明確。這項研究估計，國開行和進出口銀行兩家在境內(nèi)和境外的總資產(chǎn)遠(yuǎn)遠(yuǎn)超過2萬億美元。

“In terms of scale, Chinese finance is a major foot forward,” said Prof Gallagher. “All the talk inthe development world is of the need to move from ‘billions to trillions’ in order to transition toa more low-carbon and equitable world economy.”

“就規(guī)模而言，中方提供的融資是向前邁出的一大步，”加拉格爾教授表示。“在開發(fā)界，目前各方都在談?wù)撔枰獜?lsquo;數(shù)十億增加到數(shù)萬億’，以便轉(zhuǎn)型到一個更為低碳和平等的世界經(jīng)濟。”

However, concerns persist over the environmental and social impact of China’s developmentassistance, which eschews the stringent conditions that are attached to loans from thewestern-backed multilateral institutions.

但是，對于中國發(fā)展援助帶來的環(huán)境和社會影響，外界的擔(dān)憂揮之不去;中國在提供資金時通常不附帶西方支持的多邊機構(gòu)的貸款所附帶的嚴(yán)格條件。

The issue is particularly pronounced in China’s financing of energy projects overseas.Between 2007 and 2014, China’s banks provided upwards of $117bn in energy finance, just shyof the $119bn extended by the multilateral development banks (see chart) over the sameperiod, according to estimates in the study.

這個問題在中國為海外能源項目提供資金時尤為明顯。根據(jù)該研究估計，2007年至2014年期間，中國各銀行提供了逾1170億美元能源融資，僅略低于多邊發(fā)展銀行同期提供的1190億美元(見圖表)。

The social costs of coal projects in particular are considerable. The study estimates that theannual social costs of China’s overseas coal assets are upwards of $27bn.

煤炭項目的社會成本尤其巨大。該研究估計，中國的海外煤炭資產(chǎn)每年造成逾270億美元的社會成本。