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English to Chinese: Prospectors (Overseas Flotation Project for a Chinese Bank)
Source text - English INDUSTRY OVERVIEW
The information set forth below is mainly about the PRC banking sector. It is derived from official sources. While our Directors have exercised reasonable care in compiling and reproducing the information, it has not been independently verified by the Company, the Directors, the Underwriters or any of our or their respective affiliates or advisers. This information may not be consistent with other information compiled within or outside the PRC. In particular (but without limitation), a number of overseas market observers have estimated that the level of the non-performing loans in the PRC banking system may be considerably higher than the figures cited herein, and if such estimates are true, the level of the PRC banking system’s assets and some of the other related figures included in this section may be overstated.
OVERVIEW
The PRC banking market is one of the fastest growing banking markets in the world. According to the Almanac of China’s Finance and Banking, from 1999 to 2004, total Renminbi deposits received by financial institutions in the PRC increased 121.1%, from RMB10,878 billion to RMB24,053 billion, and total Renminbi loans provided by financial institutions in the PRC increased 89.2%, from RMB9,373 billion to RMB17,736 billion. The following table sets forth the total Renminbi loans, total Renminbi deposits and individual savings deposits in the PRC from 1999 to 2004:
XXX
Source: The People’s Bank of China
The expansion of the PRC banking market has benefited primarily from the underlying economic growth and the resulting wealth creation and accumulation since the start of the PRC’s economic modernization in 1978. The following table sets forth GDP and GDP per capita in the PRC from 1999
to 2003:
XXX
DOMESTIC PARTICIPANTS IN THE PRC BANKING SECTOR
The PRC banking sector is comprised of wholly state-owned banks, joint stock commercial banks, policy banks, urban commercial banks, rural commercial banks, rural cooperative banks, urban credit cooperatives, rural credit cooperatives and foreign-invested financial institutions. The table below sets forth the number and market share of each type of banking institution as of December 31, 2003.
Number Market share based on total assets
Big Four (1) . . . . . . . . . . . ..
Joint stock commercial banks (2) . . . .
Policy banks . . . . . . . .
Urban commercial banks . . . .
Rural commercial banks . . .
Urban credit cooperatives . . . .
Rural credit cooperatives . . .
China Post Savings . . . . . . .
Foreign-invested financial institutions . . . .
Source: Almanac of China’s Finance and Banking and the People’s Bank of China.
(1) Includes Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank.
(2) Includes Bank of Communications, Citic Industrial Bank, China Everbright Bank, Hua Xia Bank, China Minsheng Bank, Guangdong Development Bank, Shenzhen Development Bank, China Merchants Bank, Industrial Bank, and Shanghai Pudong Development Bank.
Big Four
The big four commercial banks, namely, Industrial and Commercial Bank of China, or ICBC, Agricultural Bank of China, or ABC, Bank of China, or BOC, and China Construction Bank, or CCB (together, the "Big Four") have traditionally dominated the PRC banking industry. As of December 31, 2004, according to the PBOC, they accounted for 53.6% of total assets of financial institutions in the
PRC.
Joint Stock Commercial Banks
According to the CBRC, as of December 31, 2004, there were 12 joint stock commercial banks in the PRC with a nationwide banking license. As of the same date, we were the largest among these banks in terms of total assets. Joint stock commercial banks generally have diversified shareholders, including, among others, local government entities and state-owned enterprises. Established mostly in the late 1980s and early 1990s, these joint stock commercial banks have gradually increased their collective market share while the market share of the Big Four has gradually decreased. As of December 31, 2004, according to the CBRC, they accounted for approximately 14.9% of total assets of financial institutions in the PRC.
Policy Banks
Three policy banks, China Development Bank, Export-Import Bank of China and Agricultural Development Bank of China, which were established to allow the Big Four to concentrate on commercial lending, are principally mandated to finance government-sponsored projects.
Other Domestic Banking Institutions
Other domestic PRC financial institutions engaged in commercial banking business include urban commercial banks, rural commercial banks, rural cooperative banks, urban credit cooperatives and rural credit cooperatives.
PRC BANKING SECTOR REFORM
Reforming the banking sector is one of the major challenges of economic reform undertaken by the PRC government. These reforms have focused primarily on the improvement of the legal and regulatory framework; the enhancement of asset quality and the capital base; and the liberalization of interest rates.
Improvement of the legal and regulatory framework
The steps taken by the PRC government to improve the legal and regulatory framework include:
--the establishment of an independent central banking system, originally with the PBOC as both the central bank and the banking supervisory authority;
--the establishment of the CBRC in April 2003 to take over the banking supervisory and regulatory functions of the PBOC; and
--the implementation of new corporate governance and management standards across all PRC financial institutions. See the section headed "Supervision and Regulation".
Improvement of asset quality and enhancement of capital base
The PRC banking sector has been historically burdened with large portfolios of non-performing loans. According to the CBRC, outstanding non-performing loans at the Big Four, policy banks and joint stock commercial banks amounted to approximately RMB1.7 trillion at the end of 2004, representing 13.2% of the total loans in the PRC. The following table sets forth certain information regarding the non-performing loans of state-owned and joint stock commercial banks as of the date indicated:
Non-performing loans by category:
Substandard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Doubtful . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-performing loans by types of banks:
Big Four . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Joint stock commercial banks (1) . . . . . . . . . . . . . . . . . . . . .
Source: China Banking Regulatory Commission
(1) Includes Bank of Communications, Citic Industrial Bank, China Everbright Bank, Hua Xia Bank, Minsheng Bank, Guangdong Development Bank, Shenzhen Development Bank, China Merchants Bank, Industrial Bank, Shanghai Pudong Development Bank and Evergrowing Bank.
Due to the large amount of non-performing loans in the PRC banking industry, the PRC government has taken various measures to resolve the non-performing loan problem and improve the capital adequacy levels of PRC banks. In 1999, the PRC government established four asset management companies to assume and resolve the non-performing loans transferred from the Big Four. In 1999, the Big Four transferred an aggregate of RMB1.4 trillion in assets to the four asset management companies. In 2004, CCB, BOC and our Company similarly transferred over RMB330 billion of non-performing loans to Cinda. In an effort to allow banks as well as regulators to better monitor bank asset quality in accordance with international practice, a five-category classification system was formally implemented in 2002.
In conjunction with the transfer of these non-performing loans, regulators also employed capital injection measures to enhance the capital base of commercial banks. In 1998, a total of RMB270 billion was injected into the Big Four. In 2004, another US$45 billion was injected into BOC and CCB for their recapitalization. In 2004, our Company was the recipient of a RMB18 billion capital injection. For details, see the section headed "Our Reorganization and Restructuring - Financial Restructuring".
Interest Rate Reform
PRC commercial banks set the interest rates of their Renminbi deposits and loans in accordance with the benchmark rates published and modified by the PBOC from time to time. However, the PRC government has taken gradual measures to liberalize interest rates by widening the band within which commercial banks may set their Renminbi lending rates around the benchmark rates.
In January 1987, the PBOC for the first time allowed PRC commercial banks to set the interest rates for Renminbi-denominated lending within a range that is 10% lower to 20% higher than the PBOC benchmark rate. After incremental changes in the intervening years, on January 1, 2004, the PBOC further extended the upper limit of Renminbi-denominated lending rates, except for mortgages and policy loans, to no higher than 70% of the benchmark rate. Subsequently, on October 29, 2004, the PBOC removed the upper limit for Renminbi-denominated lending rates while retaining the lower limit for such rates. Effective on the same date, all deposit-taking institutions are now allowed to decrease (but not increase) Renminbi-denominated deposit rates to below the corresponding PBOC benchmark rates. See the section headed "Supervision and Regulation" for further details.
FOREIGN COMPETITION IN THE PRC BANKING SECTOR
Foreign financial institutions can conduct banking business in the PRC by establishing branches in the PRC, forming joint venture financial institutions with PRC financial institutions, or establishing wholly foreign-owned financial institutions. According to the Almanac of China’s Finance and Banking, as of December 31, 2003, the PRC government had given its approval to 64 foreign banks to open 169 branches and sub-branches and to set up 15 wholly foreign-owned commercial banks, joint venture commercial banks and finance companies in the PRC. As of December 31, 2003, according to the PBOC, foreign-invested financial institutions accounted for 1.5% of the total assets of financial institutions in the PRC.
PRC laws and regulations also permit foreign financial institutions to purchase or subscribe for limited equity interests in PRC banks. Currently, a foreign financial institution can purchase or subscribe for up to 20% of the equity interest in a PRC bank. HSBC, for example, purchased a 19.90% stake in our Company in August 2004.
Although the scale of foreign banks’ activities in the PRC remains limited by regulatory constraints, the PRC banking sector has been gradually opening to foreign entities. Upon the PRC’s entry into the WTO, foreign banks were permitted to offer foreign currency-denominated products and services in the PRC without any geographic or client restrictions. Starting December 11, 2004, foreign banks have been permitted to offer Renminbi-denominated services and products to PRC enterprises in 18 major cities including, among others, Beijing and Shanghai. At the end of 2006, the PRC banking sector will be fully opened to foreign banks without any restrictions on business scope or geography. As a result, competition in the PRC banking sector from foreign banks is expected to intensify.
In addition, the Mainland and Hong Kong Closer Economic Partnership Arrangement, a free trade agreement commonly known as the CEPA, became effective on January 1, 2004. The CEPA enables smaller Hong Kong banks to enter the PRC banking sector, which we expect will increase the competition in the PRC banking industry. For example, under the CEPA, commercial banks incorporated in Hong Kong with US$6 billion or more in total assets are qualified to apply for the establishment of branches in the PRC. By comparison, under the relevant PBOC and CBRC regulations, commercial banks incorporated in other jurisdictions must have US$20 billion or more in total assets to be qualified to apply for the establishment of branches.
GROWTH IN RETAIL BANKING
Although corporate banking continues to be the main business for most PRC commercial banks, retail banking products and services have also grown significantly. For example, according to the PBOC, consumer loans outstanding rose from RMB17.2 billion at the end of 1998 to RMB1,573.3 billion at the end of 2003, representing 9.9% of total loans outstanding and 13.5% of GDP. However, the level of consumer lending in the PRC is still significantly below that in other countries.
Bank Cards
While bank card penetration in the PRC remains low in comparison to developed countries, the bank card business experienced rapid growth in recent years. The total cards outstanding increased from 383 million as of December 31, 2001 to 762 million as of December 31, 2004, according to the PBOC. The growth has also been accompanied by an expansion of the electronic banking terminal network.
Debit cards have been the primary type of bank card in the PRC. As of December 31, 2004, debit cards outstanding amounted to 663 million. As of the same date, there were 98 million credit cards issued. The development of the credit card market has so far been limited by a variety of reasons, including strict regulation on licensing, underdevelopment of a national payment infrastructure and the absence of a nationwide consumer credit information system. However, with an increasing number of licences for banks to engage in credit card business being issued, the development of China UnionPay and the establishment of a national personal credit database as promoted by the PBOC, the credit card industry is expected to grow significantly in the future.
Residential Mortgages
Demand for housing in the PRC increased significantly in the 1990s when the PRC government began its housing reform by eliminating housing benefits for employees of state-owned enterprises and civil servants. As of December 31, 2004, the total outstanding balance of residential mortgages reached RMB1.6 trillion, approximately 38 times the balance at the end of 1998. Mortgage lending accounts for a majority of consumer lending by PRC banks. The residential mortgage market has, as a result, become a significant factor for sustained economic growth in the PRC. Although the PRC government has adopted measures to tighten its policies on lending to the real estate industry starting in 2003, residential mortgage loans have continued to grow at a rapid pace. XXX
Source text - Chinese 国储抛铜：隐性库存与隐性空头能平衡吗？国储亮出“家底”已两周了，然而，国际、国内 铜价仍然不为所动，继续上涨或居高不下。11月4日本报第11版《为什么要将秘密公开》一文，提出“国储为何将交割8万吨铜的消息提高到如此高的‘透明度’”的话题。今天，本报再次约请资深分析师诚剔对此解答。
Translation - English Could the unreported stocks and naked short position be possibly balanced
Editor's note:
The China's State Reserve Bureau (SRB) has release copper stocks onto the market for two weeks now, however, such action didn't have a marked effect on prices neither internationally or domestically. Prices continue upward trend and stay high. An article was published on page 11, in the 4th November issue of this newspaper, titled " Show off the secret, Why? " in which the writer wonders what’s the reason made SRB decide to provide such high degree transparency for this 80000 tons copper deal. Today, a senior analyst has been invited to present an explanation regarding to this subject once more.
Two question constantly confusing the market; one is the "unreported stocks", the other is "naked short position". The first one’s existence actually as early as many analyses organizations anticipated, the only matter is where are their sources? The second one is also something the speculators’ headache, But pursuant to the market practices their names have been hold.
A sharp value distinction has grown up in the market regarding to the influence that their actions may possibly lead. The quantum of the aggregate gross position of LME and COMEX stay high constantly, from the transaction’s practical point of view, this shows the investors, either who believe the market will go up or down, will not quit. Therefore, after a new forecasting by LME this week, “How the institutional get rid of the intense tension” became new focus of the copper price in short term. They have massive short position, are able to release some stocks and had put all cards on the table.
While the SRB reveals its ins and outs, some analysts from the state info-centre indicate immediately “The copper price is over high and has affect the sustainable development of the state economy seriously. To calm down the domestic copper price and trying to achieve a better investment climate are the plans of the SRB.”
However, the author considers that the international market’s understanding will be " To see from the front, to comprehend from the other side's perspective. First of all, copper is China’s frequently shorted raw material and foreign investors even believe this more than the Chinese do. On the other side, For the SRB’s stocks status, foreign investors have investigated at an early time already. In the past year, the market kept the thought that " After has sold over 0.3 million ton coppers in 2004, the SRB’s stock is going to be empty, At an appropriate time SRB will take further to cover its stock." the reason is: China lacks copper for a long time, moreover the non-stop price raising gives no opportunity for the coming of ‘the appropriate time’. Especially at present, the SRB seems not going to cover its stock but clearing it out. In Shanghai, the copper futures exchange stock has raise up to 30 thousand tons more for two weeks constantly. But even calculate this matter of fact, the Shanghai copper price has not “calm down”.
So, In the international market, many brokers start to reveal how many "naked short position" that the SRB has internationally. It is estimated that the deeply “covered” low-price short position should be at least 0.3 million tons, it means that, even the SRB has the ability to put in 80 thousand tons copper, It is far away to help anything, plus the time period for these lacks are various and long term, even if their stock return starts right now, it will still be a long process. Pursuant to the current condition, Will the copper price go down?
Will the SRB’s stock release affect the market’s middle to long-term basis? This is a question, which could be answer after a period of time’s wait and see. Although some people say that frome the LME’s weekly activity "the market will be overstock in 2006", but the more common anticipate is: In the next 3 to 6 months (at least), the intense situation of copper supplement won’t sort out basically.
The author thinks the sole goal of the SRB's recent action is to make sort of demanding "shock" atmosphere nationally, even internationally. Because any player in the market believes that China is the mainstay of the demanding for the copper. But the fact is, the copper market is such a domestic futures market that has the international concepts most. Its own steady cross-market manipulation system has been build. It is not wise to mess around.
After the stock been massively released, not only the national copper price has been go downwards but also the un-reasonable price differentials make plenty people, who be able to un-cover, suffering deep nervous. Yesterday morning, many people who be able to uncover started to cover the stock in LME. These short positions in LME have not obtained any comfort from the State Reserve Bureau’s action.
Players in China's market has understood the influence of the Chinese demanding for the international copper, therefore the state storage can not have the same clout as last year to give pressures to the domestic, The speculators has no interest to follow either. The author considers, this reflects that the domestic participators’ desire to join in the international copper market. Under the current situation, that the stock is low, the thinking of " market shock" idea could be childish.
From the author point of view, we could not forget the lesson from" Zhu Ye event" Have we see plenty spot transactions to LME when the so-called short hedges were covered in LME? However the loses has not been reverted. The world has been affected because of the Chinese fast-growing economy. This year, the environment we facing is far more serious than the " Zhu Ye event", How our country’s economy could be developed continually with a "the bottleneck " of raw material supply? In one word, any transaction on behalf of the national interests should stands for the country’s long time development as a basic.
Chinese to English: Franchise Contract(Intangible Assets) 连锁合同
Source text - Chinese 第10条 商号和无形资产的许可使用
甲方的授权
甲方在受托管理本饭店期间，授权乙方在本饭店（仅限于本饭店）使用甲方专有的“XXX”商号商标对外经营，并使用甲方的出品技术、经营理念、管理服务技巧、宣传模式、品牌字号、独特的装饰设计及风格突出的布局陈设，甲方同时允许乙方使用其他由甲方许可的无形资产。如甲乙双方准备于本合同期满后或不论任何原因结束双方的合作关系，乙方必须于双方合作结束后七（7）天内拆除一切在合同期内经甲方书面同意而使用的与甲方有关的任何标志，同时更换相关的印刷品，一切因此而引起的费用由乙方承担。否则每延迟一天，乙方应按日向甲方支付违约金人民币xxx元（￥xxx）整。
10.2 一般许可
乙方在本饭店对甲方的商号、商标和无形资产的使用为一般许可使用，即不影响甲方自己使用和甲方同时许可他人使用，也不论是否与本饭店在同一地区使用。
10.3许可使用的终止
本合同终止，则许可使用同时终止。
Translation - English Article 10 Licensing of registered trademark and Intangible assets
10.1 Delegation of Authority
During the term of entrustment, herein licensed and franchised shall be named “XXX” without any suffix or prefix attached thereto and Party B shall exploit and display such of Party A's Marks and such produce technique, management theory, service skill, advertising mode, slogans, proprietary designs and layouts and other Intangible assets. If the parties agree to terminate this agreement by any reason, Party B shall forthwith discontinue all use of the Trademark and related files 7 days after the termination. All costs may raise by doing so shall be bore on Party B’s own expenses. There will be a default penalty of xxx RMB (￥xxx) from Party B to Party A for every one-day delay.
10.2 General Grant
The use of trademark, logo and Intangible assets by Party B is for general; it will not affect the use of Party A and others no matter if the mere privilege and license is be hold in the same region or not.
10.3 Termination
This privilege and license will be come to an end without notice after the termination of this agreement.
Article 11 Special Clauses for senior management
11.1 Appointment Limitation
The recruitment of senior mangers are in full charge of Party A.
11.2 Term of the position
As the labour agreement defined, the senior management shall be transferred in every two years. Manager shall respect to such position transfer within the enterprise he or she served and such transfer will be a lateral move or promotion. The labor agreement signed between Party B and senior management shall not over the term of this agreement. The labor agreement shall come to end at the termination day of this agreement.
Article 12 Events Of Default
12.1 Liability Clause
In event of any party defaults to take the obligations or liabilities compliance with this agreement, a discontinuance or correction of a breach shall constitute a cure thereof. If the other decide to terminate the agreement and retain the right to repayment of unpaid principal and any interest on all monies loaned by it to the default party. The faultless party shall not reject except such breach is caused by Force majeure.
12.2 Compensation
If any party defaults to take the obligations or liabilities compliance with this agreement and caused any losses or damages to the other as a result, the amount of the compensation shall equal to the loss or damage including the possible profits it should lead to, but not over the faultless party expected or should expected losses or damages before the valuation of this agreement.
Article 13 Applicable laws, Arbitration
13.1 Applicable Laws
The Initialisation, power, right of interpretation and fulfilment of this agreement is in full compliance with all applicable laws of People’s Republic of China.
13.2 Dispute Resolution
In the event of any dispute or difference arising out of or relating to this or the breach thereof, the parties hereto shall use their best effort to settle such disputes or differences in good faith negotiations. All disputes left under solve after consultation /mediation arising in connection with this agreement shall be finally settled under the rules of Local arbitration of the Chinese arbitration association.
Article 14 Force Majeure
14.1 No party shall be liable for any delay or failure of performance caused principally by reason of Acts of God, civil commotion, riot, strike, moratorium, war, revolution or any other cause beyond its control. The beaten party shall contact the other by phone, fax, telegraph, email or others immediately and send a written notice that confirmed by notary public with detail within fifteen days from the date of such force majeure. The parties may delay, partly end or terminate this agreement by conversation upon the condition.
14.2 “Force Majeure” hall mean any act that unexpected, un-avoided and causes beyond the reasonable control.
14.3 As the define of this agreement, conditions as defined below shall be recognized as “Force Majeure”
（1） Earthquake, typhoon, cyclone, flood, fire, drought, insect pest and murrain or other casualty naturally caused.
（2） Act of the state or federal government in its sovereign or agreementual capacity.
（3） War; civil disturbance, labor strikes or lock out, riot or mob violence and others;
（4） Other unexpected, un-avoided and causes beyond the reasonable control.
Article 15 Miscellaneous
15.1 Notification
The parties may contact each other by phone, fax, telegraph, email and letter etc.. It shall be writ down and send by certain person or post as a registered letter if it is important or has sensitive content. If send by person, is shall be sent in the same day; if by post, it shall be received in five days (5) from the send date. Unless one party decides to use a different address, the sending address should be the valid address as registered.
15.2 Validation of the agreement
The agreement come to valid after both parties sign and the full payment made from Party B to Party A received. Any item or clause, which recognized as invalid shall not affect the validation of the rest.
15.3 Modification and supplements
Any modification or supplement shall be carried out in written and become valid after signed by representative or authorized person from both parties.
15.4 Content
15.4.1 This agreement is drawn in Chinese and executed in six counterparts, each of which is an original and all of which collectively constitute one instrument and three for each party.
15.4.2 IN WITNESS WHEREOF, Party A and Party B’s representative or authorized person has hereunto signed this agreement at the date and place first above-written.
15.4.3 The title of each clause is only for easy to read, has no right of interpretation.
15.4.4 The clauses of this agreement were accomplished by the parties’ clarity through conversation.
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