中国金融机构的境外融资现状及前景

The Present Situation and Outlook of Foreign Funding of Chinese Financial Institutions

自 1 997年第三季度亚洲金融危机以来 ,亚洲借款人的融资活动受到严重冲击。到 1 998年底 1 999年初 ,亚洲各国逐步摆脱危机 ,融资活动有所回升。在周边国家的不利影响及广信事件的负面作用下 ,中国筹资体的境外融资活动受到严重抑制。自 1 999年 1月中旬以来 ,随着外部经济环境的改善和广信事件的妥善处理 ,国际资本市场对中国的信心缓慢恢复 ,中国筹资体的筹资条件有所好转。今后中国筹资体的境外融资活动将同时受到正面和负面因素的影响。综合来看 ,筹资形势将不断改善 ,但所有筹资体全面恢复筹资能力尚待时日。

Since the third quarter 1997 when Asian financial crisis broke out,Asian borrowers suffered severely with respect to their international funding activities.By the end of 1998,Asian economies were on the way to recovery and the funding situation began to improve. Foreign funding activities of Chinese financial institutions were drastically hurt by the unfavorable environment externally and the adverse effects of the “Gitic Event”internally.The economic improvement in neighbouring countries and the proper solution to the “Gitic Event”contributed to the restoration of market confidence in China in early 1999.As a result,the funding situation of Chinese financial institutions turned better. The future funding activities of Chinese institutions will be determined by both favorable and unfavorable factors.The funding situation will continue to improve,but it will atke time for a complete recovery.