Business English Lesson – Advanced Level''''s archiveBanking in China pdf

Business English Lesson – Advanced Level's archive
Banking in China
1. While globalization has sparked a buying in
emerging markets generally, China has been the front-
runner in raising new capital in the banking sector,
explains Keith Pogson of Ernt & Young.

spell
spill
spree
spray
2. China's record-breaking performance in raising more
than US$46bn is all the more stunning given that, just two
years ago, the challenge of cleaning up balance sheets
and non-performing loan portfolios was next to
impossible by the international investment community.

convinced
deemed
evinced
seemed
3. China's financial institutions have historically suffered
the disadvantage of having dual operating roles: the
authorities viewed them not simply as banks, but also as a
major for providing capital to state-run companies.

byway
conductor
factor
vehicle
4. China's banks kicked their structural reforms

ahead of receiving capital injections from the central
government.

off
out
through
up
5. During the past five years, they have streamlined their
organizations through closure of less efficient branches
and scaling back their workforces through and early
retirement, among other factors.

attrition
elimination
liberation
retribution
6. For example, China Construction Bank and ICBC
closed more than 11,500 and 12,900 branches
respectively, and each reduced its workforce by over
100,000 employees; the financial restructuring of these
banks was in China's banking history.

unpreceded
unprecedented
unpreconceived
unpremeditated
7. The initial recapitalization from 2003-2005 amounted to
at least RMB608bn, consisting of an injection of capital
through State Administration of Foreign Exchange (SAFE)
investment, new shares subscribed to by the National

Social Security Fund, and accumulated losses by
the Ministry of Finance.

reconciled
refurbished
renovated
replenished
8. In addition to capital injections by the Chinese
government, restructuring was accomplished in a two-
stage out of non-performing loans; initially,
approximately RMB420bn of Loss-Classified NPLs were
written off from the four banks' accounts.

carve
cut
slash
slice
9. Alliances with foreign banks turned out to be a vital
in the success of the IPOs, as they provided
Chinese banks with technical assistance and, most
importantly, equity stakes that offered additional credibility
and reassurance to other investors when the banks came
to market.

apparatus
concomitant
incorporation
ingredient
10. From a combined outlay of estimated US$500m
at the end of 2003, foreign investors have now committed

as much as US$18bn to the Chinese banking sector in the
past 12 months alone.

neglected
negligent
negligible
negotiable