关于“社会融资规模”的英译
[第25届中译英研讨会讨论词汇的第二部分 第109条 适当扩大社会融资(总)规模 expand total nongovernmental financing( 未用private) by an appropriate amount]最后发表的正式文本用的是 “the aggregate financing for the economy” (金融对实体经济资金支持的总量指标)
这个词语首次出现在2011年的政府工作报告:“实施稳健的货币政策。保持合理的社会融资规模,广义货币增长目标为16%。”当时英译用了financing from all sources, 其实只能说是歪打正着,因为译者当时的理解还是把“社会”理解为“各个方面”,不过没有明确讲不包括“政府”方面。We will implement a prudent monetary policy. We will keep financing from all sources at an appropriate level, and we have set a target of a 16% increase in the broad money supply (M2).
2012年政府工作报告再次出现:“综合运用各种货币政策工具,调节好货币信贷供求,保持社会融资规模合理增长。广义货币预期增长14%。”这次用financing from nongovernment sources,明确讲是“非政府方面”,理解有偏差。 We will employ a full range of monetary policy tools, appropriately adjust the supply and demand of money and credit, and maintain proper growth of financing from nongovernment sources. The broad money supply is projected to increase by 14%.
后来在阅读中不经意间碰到这个词语,从上下文看可能不应把“社会融资”理解为“非政府融资”,于是对原来的理解产生怀疑。一调研,果然发现原来这个词是一个宏观调控新概念,不能做普通词语理解--按平常理解,“社会”在很多时候是与“政府”相对而言,如“小政府、大社会”,“社会办学”(除政府外,还动员社会各方面力量发展教育),等等。
这个“社会融资规模”是2010年底2011年初出现的,央行在2012年9月13日专门有解释:
“社会融资规模是全面反映金融与经济关系,以及金融对实体经济资金支持的总量指标。社会融资规模是指一定时期内实体经济从金融体系获得的资金总额。这里的金融体系是整体金融的概念。从机构看,包括银行、证券、保险等金融机构;从市场看,包括信贷市场、债券市场、股票市场、保险市场以及中间业务市场等。具体看,社会融资规模主要包括人民币贷款、外币贷款、委托贷款、信托贷款、未贴现的银行承兑汇票、企业债券、非金融企业境内股票融资、保险公司赔偿、投资性房地产和其他金融工具融资十项指标。随着我国金融市场发展和金融创新深化,实体经济还会增加新的融资渠道,如私募股权基金、对冲基金等。未来条件成熟,可将其计入社会融资规模。”
http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2012/20120913101340033459806/20120913101340033459806_.html
2013年的政府工作报告又一次用了这个词语:“综合运用多种货币政策工具,调节市场流动性,保持货币信贷合理增长,适当扩大社会融资规模。”这次根据央行的解释用了the aggregate financing for the economy, 发表的正式文本是 We will employ a full range of monetary policy tools to control market liquidity, increase the money and credit supply at an appropriate pace, and expand the aggregate financing for the economy by an appropriate amount.
据网上观察,国内译者大多把此词语直译为social financing。问题是,此词语是中国宏观经济调控中产生的新事物,无论是中文还是相应的译文都并不为国际社会所熟悉。我查了国际货币基金组织和英国金融时报网站,“social financing”的用例都不多,而且全部是出现在有关中国的文章中,一般都加了引号并且后面都有解释。因此从目前来看,“社会融资”不宜直译为social financing,否则英语读者难以理解。正是出于这个考虑,今年的政府工作报告英译中不用social一词。当然,用发展的眼光来看,不能排除多少年后social financing这个China English term也许会被国际社会接受。
以下是金融时报的例子和IMF的例子:
"social financing" site:
www.ft.com 10 results
http://www.ft.com/cms/s/0/44351852-75b5-11e0-80d5-00144f May 3, 2011 11:16 pm
China risks credit-fuelled Minsky moment
By George Magnus
But a more immediate worry is the growing credit intensity of China’s economy. What China calls “total social financing” – conventional bank loans and most other external sources of finance – was still 38 per cent of GDP in the first quarter of 2011, almost as high as in 2009 when China implemented a credit-centric stimulus programme. The credit intensity of growth, or the amount of new credit generated for each unit of GDP growth, has risen from 1-1.3 before 2009 to 4.3 in 2011.
http://www.ft.com/cms/s/0/40d00a9a-fbf2-11e1-aef9-00144feabdc0.html#ixzz2R9E3Nvlx September 11, 2012 11:14 am
China bank lending surges in August
Reuters
BEIJING, September 11
China’s total social financing aggregate, a broad measure of liquidity in the economy, rose to Rmb1.24tn in August from Rmb1.04tn in July, central bank data showed.
The central bank has been in recent weeks leaning more on other policy tools – such as reverse repos in its open market operations and corporate debt financing – to support growth.
People's Republic of China: 2011 Article IV Consultation ... - IMF
www.imf.org/external/pubs/ft/scr/2011/cr11192.pdfFile Format: PDF/Adobe Acrobat - Quick View
Jul 20, 2011 – “social financing”—which includes bank loans, off balance sheet lending, as well as funds raised in the equity and bond markets—in order to ...
王平兴 2013.4.22.