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人们通常认为,中国国企是幸运儿。它们资金成本低,面临的竞争压力比私营竞争对手小。国有大型银行总是愿意贷款给它们,就算出了问题,中国政府也会施以援手。然而,事实并非如此。国企的生存环境较10年前,甚至3年前都十分不同。它们面临越来越大的压力,要实现两个矛盾的目标:年收入继续以15%至25%的速度增长,同时不让银行贷款出现明显增长。结果就是,国企将愈发依赖私人资本和证券市场为未来增长提供资金。
People often think that Chinese state-owned enterprises are lucky ones. They have low capital costs and are under less competitive pressure than their private counterparts. The big state-owned banks are always willing to lend to them, and the Chinese government will lend a helping hand if something goes wrong. However, it is not. The living conditions of state-owned enterprises are quite different from those 10 years ago or even three years ago. They are under increasing pressure to achieve two contradictory goals: annual income continues to grow at a rate of 15% to 25% while not allowing any significant increase in bank lending. As a result, state-owned enterprises will increasingly rely on private capital and securities markets to fund future growth.