Wen and Hu have vowed to wean the economy off dependence on exports, smoke-stack industries and government-backed infrastructure, and promote balanced growth that will elevate the incomes and spending of farmers and workers.
Sources had earlier indicated to Reuters that the growth target would be cut to 7.5%. Growth of level would be the lowest since 1990.
In reality, the target acts more as a bar to get over. The 8% target set in the previous eight years was comfortably exceeded each year -- including in the aftermath of the 2008/09 financial crisis.
"In recent years, the GDP target has obviously always been a minimum acceptable floor rather than a ceiling, so I think it is more likely that in the government's heart of hearts, it is leaning on growth of a bit above 8%," said Paul Cavey, an economist with Macquarie Bank in Hong Kong.



从货币政策来看，中国人民银行决定，从2012年2月24日起，下调存款类金融机构人民币存款准备金率0.5个百分点，是今年以来首次下调存准率，再次释放货币政策宽松信号。有专家预测，存款准备金率未来还将有2-3次下调。

3月1日，人民银行、发改委 、财政部、水利部等七部门联合发布了《关于进一步做好水利改革发展金融服务的意见》，鼓励和支持符合条件的地方政府融资平台公司通过直接、间接融资方式拓宽水利融资渠道，积极发展BOT、TOT、BT等新型水利项目融资模式。这两项政策的推出将有效缓解水利建设资金问题。

两会提案中涉及企业层面的财会、税、工商、金融、资本市场等的汇集。本文会根据两会的相关新闻报道，随时增补。
早在2008年5月，中国银行业监督管理委员会、中国人民银行便联合发布了《关于小额贷款公司试点的指导意见》。此后，各级地方政府也相继出台实施细则，小额贷款公司在全国范围内迅速建立起来。但试点至今，小额贷款公司生存与发展面临了许多难题，比如在融资渠道、业务范围和税收优惠等方面都存在着诸多的障碍。

近来人民银行和银监会在机制上进行了一些针对性的改变，在民营企业中小企业的贷款上进行了倾斜，实际效果也有进步，这几年支持的力度比过去稍稍大了一点，不巧的是，情况稍微好一些，却发生了金融危机。“信贷一紧缩，银行从国有企业收不回钱来，最后收谁的？就收到中小企业和民营企业的。”一部分中小企业只好到民间借高利贷。银行缘何不愿贷给中小企业，刘明康认为，还是缺乏诚信和法制。

三．银行、金融相关知识
票据交换
 Every bank must make payment for checks （notes） drawn on funds deposited with it. And every bank must collect payment for checks （notes） deposited with it but drawn on other banks. This is why the checks （notes） clearing becomes necessary.
每家银行必须对本行为付款人的支票（票据）进行支付，还必须对其他行为付款人的支票（票据）收取款项。这就是为何必须进行票据交换的原因。
Checks （notes） Clearing is regarded as an economic operation of clearing funds which are resulted from the checks （notes）,deposited with but drawn on each other among the banks in the same city through the clearing house.
支票（票据）是同一城市中各银行相互贷收、代付的票据，通过交换所进行交换并清算资金的一种经济活动。
The clearing process is as follows: every bank should send the checks （notes） deposited with it but drawn on other banks to the clearing house at a specific time. After offsetting the amount of checks （notes） receivable and that of checks （notes） payable, the banks which have favorable balances will increase their deposits in the People's Bank Of China. On the contrary, the banks which have adverse balances will decrease their deposits in the People's Bank of China.
票据交换的过程如下：每家银行在一规定的时间把代收代付的（支票）票据送到交换所，将应收票据和应付票据的金额抵消以后，有顺差的银行将在人民银行的账户内增加存款。相反，有逆差的银行将在人民银行的账户内减少存款。
Every check （note） sent to the clearing house has a receiving bank and a paying bank. The amount of checks （notes） receivable is, of course, equivalent to that of checks （notes） payable. Therefore, at every time of clearing, the total amounts on both sides of the clearing house's balance sheet are always equal.
送到交换所进行交换的每张支票（票据）都有收款行和付款行。当然，应收支票（票据）金额与应付支票（票据）金额相等。所以，在每次交换时，票据交换所资金平衡表两边的总金额总是相等的。
With the development of computer technology, the clearing houses in some countries have introduced computers to deal with （notes） clearing. It not only saves a great deal of labor, time, and expenses, but also shortens the process of clearing funds and speeds up the circulation of money.
随着计算机技术的发展，一些国家的票据交换所引进计算机来处理票据交换，这不仅节约了大量的劳动、时间，以及费用，而且缩短了清算资金的



商业贷款
Business lending is an important part of banking because it provides small to medium sized businesses the opportunity to grow quicker compared to self-financing. Lending to businesses is a lot more complicated than lending to an individual, because there are many variables that can affect the way a business develops. For example, a personal home loan has two main variables? The first is the borrower's ability to repay the loan and the second is the market value of the property. However, business is affected by supply and demand factors, the business management team, revenue, depreciation, taxes, loan interest, employee expenses, etc. Too much or too little of any one thing can be a problem? Business lending is essentially conducted in the same way as loans to individuals. Often referred to as a business credit line, these short-term financing facilities come in a number of different forms. Some of which include bills of exchange, letters of guarantee, etc.　
商业贷款是银行业务的重要组成部分，因为它为　大中型企业提供了相对自筹资金而言使企业更快发展的机会。企业贷款（商业贷款）要比个人贷款复杂得多，因为它有很多能影响企业发展方向的变数。例如，个人家庭贷款有两个主要变数。首先是借款人偿还贷款的能力，其次是财产的市值。但是企业受供需关系影响，企业管理层、收入、折旧、税务、贷款利率、雇员费用等。任何偏颇都会铸成大错。企业贷款和个人贷款的操作方式基本相同。这些短期贷款，通常称作商业信贷限额，它有多种形式，其中包括汇票、保函等



复式记账法
The basic principle of double entry bookkeeping is that every transaction has a twofold effect. In other words, a value is received and a value is yielded or parted with. Both effects, which are equal in amount, must be entered completely in the bookkeeping records.
复式记账法的基本原理是每笔交易都有借贷双方。换言之，有一项金额收入，就必然有一项金额放弃（支出）。借贷双方金额相等，必须完整地记入账薄。　
According to this principle, all transaction affect at least two accounts. Each transaction must be analyzed to determine which accounts are affected, and whether they should be increased or decreased. An entry made on the left hand side or column of an account is called a debit, while an entry made on the right hand side or column is called a credit. Debit, usually abbreviated DR, at one time meant value received, or literally he owes. Credit, usually abbreviated CR, meant value parted with, or literally he trusts, in modern bookkeeping, debit refers only to the left-hand side of account, whereas credit refers to the right-hand side. Some bookkeepers use a far right-hand column to keep an up-to-date balance of the account.
根据这一原理，所有的交易至少涉及两个账目，要对每笔交易进行分析，以确定哪些账目受到影响，金额是增加，还是减少。在账户左边或左边栏目的分录叫借方，在右边或右边栏目的分录叫贷方。借方，一般缩写成DR，同时意为收到的金额，或者，按照字面意思解释是他所欠的；贷方，一般缩写成CR，意为支出的金额，或者，按照字面意思解释是他的存款。在现代簿记中，借方仅指账户左边；而贷方指右边。有的账薄在右边再加一栏，记载账户的最新余额。　
In double-entry bookkeeping, a book in which both the debit side and the credit side of the transaction are entered is called a journal, while another book used to list all the accounts of an organization is called a ledger. Entries from the journal are transferred to the ledger at regular intervals, usually monthly. This process is called posting.
在复式记账法中，记载交易借贷双方的账薄叫日记账；而另外一本用于记载一个单位所有账目的账薄叫总账。从日记账定期，通常按月，转记到总账上去，这个过程叫过账。





财务报表
 There are two basic financial statements: the balance sheet and the operations statement. The balance sheet shows the firm’s condition on the last day of the accounting period. It shows what the business owns and what it owes to its creditors or its owners. A business is always in a state of equilibrium. In other words, what it owns is equal to what it owes. This is expressed in the fo11owing accounting formula:
基本财务报表有两种：资产负债表和营业状况表。资产负债表显示会计期最后一天的公司财务状况，表明该企业拥有的资产情况和欠债权人或股东的债务情况。一家企业的财务应始终保持平衡状态，换言之，它所拥有的资产与所欠的债务保持相等。这一状况用下列会计公式表示：
Assets = Liabilities + Owner’s Equity　资产=负债+所有者权益
The operations statement is also referred to as a profit and loss statement or an income and expense statement. It shows how much profit or loss was generated by the operations of the firm during the accounting period. In this case, operations may be considered as sales of goods or services. The profit from sales after direct costs for producing the goods or services have been deducted is called gross income or gross profit. While income is produced, however, the business has certain other expenses--indirect costs related to the production of that income, such as general or selling expenses. The balance that is left when these further expenses are deducted is called net income or net profit.
营业状况表是指损益计算书，它表明在该会计期间企业经营所产生的盈利或亏损情况。在这样的情况下，经营被认为是销售产品和劳务。销售减去产品和劳务成本后的收益是毛收入或毛利。可是，企业收入产生的同时，会有一些费用 -- 与产生收入有关的间接成本，如管理或销售费用，在进一步扣减这些费用后剩下的余额就是净收入或净利润。
Another basic financial statement is the statement of changes in financial position. It is compiled to show an increase or decrease in working capital during the accounting period and how the change arose.
另一种基本财务报表是财务状况变动表，编制这一报表是为了说明在该会计期间流动资金的增加或减少，以及产生变化的情况。





金融英语阅读：利息和利率
 Interest is a reward which is paid by the borrower to the lender for a loan. It always coexists with credit. Where there is Credit, there should be interest.
利息是借款人因使用贷款而支付给贷款人的报酬，它总是与信用相伴而生。哪里有信用，哪里就有利息。
Banks in China charge the state-owned enterprises, collective economic firms and foreign investment companies with interest for granting loans to them. On the other hand, banks pay interest to enterprise deposits and individual savings.
中国的银行向国有企业、集体经济实体和外商投资公司提供贷款，并收取利息。另一方面，银行向企业存款和个人储蓄支付利息。
Interest rate, that is the ratio between the amount of the interest and that of the capital of a deposit or a loan in a certain period usually expressed in percent per annum, is formulated in China by the government according to the state’s economic policies and the need of accumulation of funds. It is put under the centralized and unified management by the People’s Bank of China. All the specialized banks and other financial institutions have to implement the interest rate stipulated by the State Council. An appropriate interest rate is always regarded as one of the effective levers in the national economic activities.
利率是在一定时期内利息金额与存款或贷款本金金额的比率，通常按年以百分比表示，它是根据国家经济政策和积累资金的需要由政府统一制订的，由中国人民银行集中统一管理。所有专业银行和其他金融机构必须执行国务院制订的利率。一个适当的利率常常被看作是国民经济活动中有力的杠杆之一。
The interest rate of bank’s loan is higher than that of deposit or savings. The balance between them is commonly called interest difference, which is the primary source of bank’s income.
银行贷款的利率高于存款或储蓄的利率。存贷款之间的差额通常被称为利差，是银行收入的主要来源。




分期付款购物
Installment Plan
In Western countries people have been using the installment plan since the first half of the twentieth century. Today, a large proportion of all the families in Great Britain buy furniture, household goods and cars by installment. In the U.S.A., the proportion is much higher than in Great Britain, and people there spend over 10 percent of their income on the installment plan.
The goods bought on the installment plan are, in almost every case, goods that will last—radios, television sets, washing machines, refrigerators, motorcars, motorcycles, and furniture.
The price of an article bought in this way is always higher than the price that would be paid by cash. There is a charge for interest. The buyer pays a proportion, perhaps one - quarter or one - third, of the price as a down payment when the goods are delivered to him. He then makes regular payments, weekly or monthly, until the full price is paid up. The legal ownership of the goods remains with the seller until the final payment has been made.
Installment buying has advantages and disadvantages. In the past, it was easy to find couples who had been saving for years in order to furnish their homes. Now, they don’t have to do that. Installment buying can help couples with small incomes to furnish their homes and start housekeeping. It increases the demand for goods, and in this way helps business and employment.
There is, however, the danger that when business is bad, installment buying may end suddenly, making business much worse. This may result in a great increase in unemployment. If the people on the installment plan lost their jobs, they would probably not be able to make their payments. If great numbers of people are not able to pay their installment debts, there is a possibility that businessmen cannot collect their debts and will therefore lose money. If businessmen lose money or fail to make a satisfactory profit, the possibilities of having a depression are increased. This is why, in some countries, the government controls the installment plan by fixing the proportion of the down payment and the succeeding installments to discourage people from buying more than they can pay for on the installment plan.



中文：分期付款购物
在西方国家,人们从二十世纪上半叶以来一直用分期付款的方式购物。今天，很大部分的英国家庭用分期付款的方式购买家具、家用电品和气车。在美国，用分期付款购物的比例高于英国。美国人将其百分之十以上的收入用于分期付款购物。
用分期付款方式购买的商品，几乎都是耐用品，——收音机、电视机、洗衣机、冰箱、汽车、摩托车和家具。
用这种办法购买的物品，其价格要比用现金购买的价格要高，因为要加收利息费用。购买者在拿到货物之前须支付一定比例的价款，也许是四分之一或者三分之—作为定金，以后按期付款，如按周或按月付款，直到付清全部货款。货物的所有权归售货商所有，直到付完全部货款为止。
分期付款购物有利有弊。过去，人们经常看到一对夫妇为了购买家具布置房间，需要储蓄好多年。现在，他们不用这样做了。分期付款购物可以帮助收入较低的夫妇购买家具布置房间，维持家计。其结果増加了商品需求，这样做有助于企业发展，有助于提高就业水平。
然而，也伴随一种危险，即当企业不景气时，分期付款购物会突然中断，使企业更难以为继。这可能导致失业者大量增加。如果购物者失业，也就失去了支付货款的能力。如果有许多购物者无力偿付货款，就会出现一种可能性，即商家收不回债务，就会亏损。如果商家亏损或赚不到一定的利润，市面就可能更加萧条。这就是在有些国家，政府要控制分期付款购物的原因，即规定首付款与其后各期付款的比例，劝导人们在分期付款购物时不要超出自己的支付能力。





公司债券的新机会
Opportunities From Corporate Bonds
In recent years, financial markets have become increasingly polarised between growth and security. Investors looking for a medium-to low-risk route to income in-vesting are increasingly turning to the corporate bond market as an alternative to equities and government bonds.

Equities and government bonds are well suited to some investors. Younger in-vestors will benefit from equity capital growth because they are generally invest-ing for the longer term and not unduly concerned at the lack of immediate yield. Investors concerned with avoiding risk will be prepared to accept the relatively low yields now available on government bonds. 　

But many investors fall somewhere be-tween these two extremes. Corporate bonds offer an alternative to equities and government bonds, providing some of the benefits of each. With corporate bonds, an investor can opt for a lower risk exposure than with equities but a higher income yield than with government bonds. In Singapore, for example, a govern-ment bond maturing in 2004 with a cou-pon of 3.5% will currently yield about 3.4%.This is to say, for every S$100 of face value, the bond is currently selling for S$100.50, so that the annual coupon of S$3.50 is worth about 3.4% of the actual price.

By comparison, the Ford Motor Cor-poration's bond issued in Singapore dol-lars and therefore carrying no currency risk for a Singapore investor also matures in 2004. It carries a coupon of 4.5% but currently sells at slightly below its face value, at around S$99.50 per S$100 of nominalvalue. This means that the yield for an investor is a little higher than the coupon, at around 4.6% of the actual price. The difference between two yields is commonly called the 'spread'. At the moment, as we see, the spread between Ford and Singapore gov-ernment bonds is around 1.2%. This rep-resents the reward to the investor for ac-cepting the somewhat higher risk attached to Ford as opposed to the government of Singapore. 　

This is a wider spread than Ford would expect to pay in the US or Europe. Ford may be willing to pay this extra at present as a means of building goodwill among Singapore investors, which it hopes will be to its benefit in later years.

The main disadvantage of corporate bonds is that an investor only indirectly participates in the company's success, through its credit-worthiness, but other- wise willnot benefit from corporate ex-pansion in the way that equity holders will has no participation in the company's suc-cess.On the other hand, absolute risk is lower than for equities because coupon payments cannot be waived and, in the event of a default, bondholders are ranked highly among creditors. However, corporate credit-worthiness is a key factor in assessing the value and risk of corporate bonds. Credit rating a-gencies play an important role in this pro-cess. The two main agencies are Moody's and Standard & Poors. They assign ratings both to entities issuing bonds and to spe-cific corporate bond issues. This gives in-vestors a guide as to their credit quality, which indicates the risk that the terms of the bond will not be fully honoured. Moody's has three levels of prime or investment grade ratings, divided into 10 subsidiary levels, from Aaa, the top Prime-1 rating, to Baa3, the bottom Prime-3 rating. Moody's then has three non-Prime or speculative grade ratings, divided again into 11 subsidiary levels, from Ba1 to C. Standard & Poors uses a very similar system, starting at AAA and ending at D, which indicates an issue in distress.

Liquidity is also an important factor. Investors should be generally aware that corporate bonds, even in mature markets such as the US and Britain, have fairly limited secondary markets. This is to say, unlike equities or government bonds, they cannot always be sold on easily to other investors. Lack of liquidity tends to be more pronounced in a less developed corporate bond market such as Singapore, and this is a further factor in pushing yields higher for corporates, relative both to the government and to other markets.