转多维：纽时关于戴相龙家属敛财的报道（中英对照）

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Chinese Regulator’sRelatives Profited From Stake in Insurer
By DAVID BARBOZA January 01, 2013戴相龙亲属借平安获利
DAVID BARBOZA 报道 2013年01月01日SHANGHAI — Relatives of a top Chinese regulator profitedenormously from the purchase of shares in a once-struggling insurance companythat is now one of China’s biggest financial powerhouses, according tointerviews and a review of regulatory filings.
上海——相关采访以及监管备案文件的查阅结果显示，中国一名高级监管者的亲属通过购买一家保险公司的股票而获得巨额利润，这家保险公司一度深陷困境，如今已成为中国最大的金融巨头之一。
The regulator, Dai Xianglong, was the head of China’s central bank and also hadoversight of the insurance industry in 2002, when a company his relativeshelped control bought a big stake in Ping An Insurance that years later came tobe worth billions of dollars. The insurer was drawing new investors ahead of apublic stock offering after averting insolvency a few years earlier.
这位监管者名为戴相龙，在2002年时任中国的中央银行行长，并对保险行业有监管权。当时，他的亲属协助掌控的一家公司买进了平安保险公司的大量股份，数年后，这些股份的价值达到了数十亿美元。几年前逃脱破产厄运的平安公司当时正在招纳新的投资者，随后举行首次公开募股。
With growing attention on the wealth amassed by families of the politicallypowerful in China, the investments of Mr. Dai’s relatives illustrate that theriches extend beyond the families of the political elites to the families ofregulators with control of the country’s most important business and financiallevers. Mr. Dai, an economist, has since left his post with the central bankand now manages the country’s $150 billion social security fund, one of theworld’s biggest investment funds.
外界越来越关注中国政坛显贵家族积聚的财富，与此同时，戴相龙亲属的投资行为表明，财富已经从政治精英家族延伸到了一些监管者的家族，这些监管者掌握着中国商业和金融领域最重要的权柄。身为经济学家的戴相龙后来不再担任央行行长一职，现在管理着全球最大的投资基金之一，也就是规模高达1500亿美元（约合9348亿元人民币）的中国社会保障基金。

GillesSabrie for The New York Times

深圳正在建设中的平安国际金融中心。平安已经成为世界最大的金融机构之一。

How much therelatives made in the deal is not known, but analysts say the activity raisesfurther doubts about whether the capital markets are sufficiently regulated inChina.
尚不清楚他的亲属通过这笔交易获得了多少利润，但分析人士称，这笔交易使人们更加怀疑，中国资本市场是否得到了有效的监管。
Nicholas C. Howson, an expert in Chinese securities law at the University ofMichigan Law School, said: “While not per se illegal or even evidence ofcorruption, these transactions feed into a problematic perception that iswidespread in the P.R.C.: the relatives of China’s highest officials are givenprivileged access to pre-I.P.O. properties.” He was using the abbreviation forChina’s official name, the People’s Republic of China.
密歇根大学法学院(University ofMichigan Law School)中国证券法方面的专家郝山(Nicholas C. Howson)说：“这些交易本身并不违法，甚至也不能成为腐败的证据，但是它们助长了中国国内一种令人担忧的看法的蔓延，即中国最高层官员的家族拥有特权，能够获得尚未举行首次公开募股的资产。”说到中国的时候，他用的是中国的正式名称中华人民共和国的缩写PRC。
The company that bought the Ping An stake was controlled by a group ofinvestment firms, including two set up by Mr. Dai’s son-in-law, Che Feng, aswell as other firms associated with Mr. Che’s relatives and businessassociates, the regulatory filings show.
监管备案文件显示，购买平安股份的那家公司由多家投资公司控制，包括戴相龙的女婿车峰创办的两家公司，以及其他一些同车峰的亲戚和业务伙伴相关的公司。
The company, Dinghe Venture Capital, got the shares for an extremely goodprice, the records show, paying a small fraction of what a large British bankhad paid per share just two months earlier. The company paid $55 million forits Ping An shares on Dec. 26, 2002. By 2007, the last time the value of theinvestment was made public, the shares were worth $3.1 billion.
记录显示，购买平安股份的时候，这家名为鼎和创业投资有限公司的公司拿到了极其优惠的价格，每股的价格只相当于英国一家大银行短短两个月前买价的一小部分。2002年12月26日，鼎和花费5500万美元购买了平安的股份。到了2007年，这笔投资的价值最后一次得到公开披露的时候，这些股票已经价值31亿美元。
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n its investigation, The New York Times found no indication that Mr. Dai had been aware of his relatives’ activities, or that any law had been broken. But the relatives appeared to have made a fortune by investing in financial services companies over which Mr. Dai had regulatory authority.
调查此事的过程当中，本报发现，没有迹象表明戴相龙知晓自己亲属的行为，也没有迹象表明交易当中存在任何违法行为。但是，看起来，这些亲属确实通过投资处于戴相龙监管之下的金融服务公司发了大财。
In another instance, in November 2002, Dinghe acquired a big stake in Haitong Securities, a brokerage firm that also fell under Mr. Dai’s jurisdiction, according to the brokerage firm’s Shanghai prospectus.
另一个相关事例则是，据海通证券在上海的招股章程显示，鼎和曾于2002年11月收购了该公司的大量股份。海通当时也处于戴相龙的监管权限之内。
By 2007, just after Haitong’s public listing in Shanghai, those shares were worth about $1 billion, according to public filings. Later, between 2007 and 2010, Mr. Dai’s wife, Ke Yongzhen, was chairwoman on Haitong’s board of supervisors.
公开的备案材料显示，到2007年，海通刚刚在上海上市的时候，鼎和所购股票的价值约为10亿美元。此后，戴相龙的妻子柯用珍曾在2007年到2010年之间担任海通监事会主席。
A spokesman for Mr. Dai and the National Social Security Fund did not return phone calls seeking comment. A spokeswoman for Mr. Che, the son-in-law, denied by e-mail that he had ever held a stake in Ping An. The spokeswoman said another businessman had bought the Ping An shares and then, facing financial difficulties, sold them to a group that included Mr. Che’s friends and relatives, but not Mr. Che.
戴相龙和全国社会保障基金(National Social Security Fund)的发言人没有回复要求置评的电话。代表戴相龙女婿车峰发言的一名女士则通过邮件否认车峰曾持有平安公司的股份。该女士称，买下平安股份的是另一名商人，此人又因融资困难而将股份转售给了另一些人，这些人当中包括车峰的亲友，但并不包括车峰本人。
The businessman “could not afford what he has created, so he had to sell his shares all at once,” the spokeswoman, Jenny Lau, wrote in an e-mail.
前述商人“没钱打理他创立的产业，所以就一次性地卖出了全部股份”，这位名叫简妮·刘(Jenny Lau)的女士在一封邮件中说。
The corporate records reviewed by The Times, however, show that Mr. Che, his relatives and longtime business associates set up a complex web of companies that effectively gave him and the others control of Dinghe Venture Capital, which made the investments in Ping An and Haitong Securities. The records show that one of the companies later nominated Mr. Che to serve on the Ping An board of supervisors. His term ran from 2006 to 2009.
然而，本报查阅的公司记录显示，车峰与其亲属及长期商业伙伴一起组建了一个复杂的公司网络，使他和其他人有效地控制了鼎和创业投资公司，后者投资了平安和海通的证券。记录还显示，其中一家公司后来提名车峰为平安监事会监事，任期是2006年到2009年。
The Times reported last month that another investment company had also bought shares in Ping An Insurance at an unusually low price on the same day in 2002 as Dinghe Venture Capital. That company, Tianjin Taihong, was later partly controlled by relatives of Prime Minister Wen Jiabao, then serving as vice premier with oversight of China’s financial institutions. In late 2007, the shares Taihong bought in Ping An were valued at $3.7 billion.
上月，本报曾经报道，2002年，在鼎和公司购买平安股票的同一天，另一家投资公司也以不同寻常的低价购买了平安的股份。这家公司就是天津泰鸿公司 ，后在温家宝担任主管中国金融机构的副总理期间由其亲属部分控制。2007年末，泰鸿公司所购平安股票的价值为37亿美元。
The investments by Dinghe and Taihong are significant in part because by late 2002, Beijing regulators had granted Ping An an unusual waiver to rules that would have forced the insurer to sell off some divisions. Throughout the late 1990s, the company was fighting rules that would have required a breakup, a move that Ping An executives worried could lead to bankruptcy.
鼎和和泰鸿的投资活动意味深长，部分是因为到2002年末，北京的监管者已经对平安公司法外开恩，允许该公司无须按规定出售部分业务。20世纪90年代末期，平安一直在抵制要求分业经营的法规，因为平安高管担心，业务剥离会导致公司破产。
It is unclear whether Mr. Wen or Mr. Dai intervened on behalf of Ping An, but in April 2002 the company was allowed to reorganize and retain its brokerage and trust division. Two years later, Ping An sold shares to the public for the first time in Hong Kong. In 2007, after a second stock listing in Shanghai, the value of the company’s shares skyrocketed. Today, Ping An is one of the world’s biggest financial institutions, worth an estimated $65 billion.
还不清楚温家宝或者戴相龙是否为平安出面干预过此事，但2002年4月，该公司获得了重组和保留证券及信托业务的许可。两年后，平安首次在香港公开发售股票。2007年，平安再度在上海上市之后，公司的股价急剧飙升。现在，平安已经跻身全世界最大金融机构的行列，公司价值估计为650亿美元。
The decision to grant the waiver came after Ping An executives and the insurer’s bankers had aggressively lobbied regulators, including Mr. Dai.
在监管机构决定豁免平安之前，平安的高管及投行股东曾对包括戴相龙在内的监管者进行大力游说。

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The Times reviewed copies of letters written to Mr. Dai. In one, Ma Mingzhe, the chairman of Ping An, pleaded with Mr. Dai to approve an overseas stock offering in 1998, saying, “It would be rather difficult to raise such a huge amount of money in the domestic market.”
本报查阅了一些写给戴相龙的信件复印件。其中一封来自平安董事长马明哲，他在信中请求戴相龙批准平安于1998年在海外上市，强调说，“如此庞大的资金，在国内筹集将相当困难”。
The regulatory filings show that Dinghe, the company partly controlled by Mr. Dai’s relatives, got an extremely good deal on the shares of Ping An it had bought. In December 2002, Dinghe bought 66.5 million shares from Cosco, a Chinese state-owned shipping giant, paying about 40 cents a share, after adjusting for a later stock split, according to public filings and a report in a state-run newspaper. It was the same price paid by Taihong, the company affiliated with the relatives of Mr. Wen.
监管备案文件显示，购买平安股份的时候，由戴相龙的亲戚部分控制的鼎和公司拿到了极其优惠的价格。公开备案文件以及一家官方报纸的报道显示，2002年12月，鼎和从国有运输巨头中国远洋运输（集团）总公司（简称“中远”）手中购买了约6650万股平安股票，拆股之后算下来每股价格0.4美元。与温家宝亲戚有关的泰鸿公司也是以这个价格购买了平安股份。
The price was much lower than what the British bank HSBC paid for a 10 percent stake in Ping An in October of that year. HSBC paid what at today’s exchange rates would be $1.60 a share.
这个价格远远低于英国汇丰银行(HSBC)于同年10月购买平安10％股权的价格。以今天的汇率计算，汇丰支付的价格为每股1.6美元。
It is unclear why Cosco would have sold Ping An shares at such a substantial discount. Cosco did not return calls seeking comment. A spokeswoman for Ping An also did not return calls.
还不清楚中远为什么会以如此低的折扣出售平安股份。中远没有回复要求置评的电话。平安的一名女发言人也没有回电话。
Mr. Dai, 68, has had a long career as a government regulator and an executive at state-owned companies. He held high-level positions at the Agricultural Bank of China, China Pacific Insurance and, in the early 1990s, at the Bank of Communications, where he oversaw Haitong Securities, the bank’s brokerage division.
戴相龙现年68岁，长期担任政府监管人员及国有企业高管。他曾在中国农业银行(Agricultural Bank of China)、中国太平洋保险(China Pacific Insurance)以及于上世纪90年代初在交通银行(Bank of Communications)担任高级职务。当时隶属于该行的海通证券即在他的管辖权限之内。
In 1995, he was appointed head of China’s central bank, one of the nation’s most powerful financial posts. He stepped down in December 2002 to become mayor of Tianjin. Then, in 2008, he became head of the National Council for Social Security Fund. During much of his career, he developed close ties with senior Chinese leaders, including Mr. Wen, who served with him on the powerful Central Financial Work Commission. The commission oversees China’s banking, securities and insurance regulators, and the biggest financial institutions.
1995年，他被任命为中国的中央银行的行长，这是这个国家金融领域最有权力的职位之一。2002年12月，他卸职转任天津市市长。接下来，他于2008年就任全国社会保障基金理事会(National Council for Social Security Fund)理事长。在职业生涯的大部分时间里，他与中国的一些高层领导建立了紧密的关系，其中就包括温家宝，他俩都曾在权力巨大的中央金融工作委员会(Central Financial Work Commission)任职。该委员会负责管辖中国的银行、证券和保险监管机构，以及中国的大型金融机构。
Big financial services companies also sought Mr. Dai’s aid in navigating the state’s tight regulatory environment. For instance, Ping An’s longtime chairman, Mr. Ma, kept a telephone directory with Mr. Dai’s name, as well as the name of his wife and son-in-law, according to records reviewed by The Times and an interview with a former staff assistant to Mr. Ma.
大型金融服务公司也寻求戴相龙的帮助，目的是在中国的严格监管环境当中谋求发展。举例来说，本报查阅的相关记录以及对马明哲一名前助理的采访显示，长期担任平安董事长的马明哲的电话簿中就列有戴相龙以及他的妻子和女婿的名字。
In addition, Li Chunyan, who once ran Ping An’s Beijing office, said last month in a telephone interview that he had set up meetings between Mr. Ma and relatives of Mr. Dai, including his son-in-law, Mr. Che.
除此之外，一度担任平安驻北京代表处主任的李春彦上个月在一次电话采访中说，他曾安排马明哲与戴相龙的亲属包括他的女婿车峰见面。
“I wouldn’t say I introduced them, but I brought them,” he said, declining to give details. “I’m just a small potato, you know.” He added, “I’m very familiar with the family of Mr. Dai.”
“不能说我是介绍人，我只不过是带他们过去见面而已，”他说道，但拒绝透露具体细节。“我只是一个小人物，你知道的。”他又补充道，“我与戴相龙行长的家人都挺熟的。”
Later, at the National Council for Social Security Fund, Mr. Dai began overseeing a huge fund that has acquired stakes in Haitong and Ping An. Last September, the government-controlled social security fund said it would allocate $3.6 billion to a group of 16 Chinese private equity funds, including New Horizon Capital, a fund whose founders include Wen Yunsong, the only son of the prime minister.
之后，在全国社会保障基金理事会，戴相龙开始监管一笔巨大的资金，这一基金曾投资过海通和平安股份。今年9月，这家政府控制的社会保险基金宣布它将投资36亿美元给16家私募股权基金，其中包括新天域资本 (New Horizon Capital)，这家公司的创始人包括温家宝总理的独子温云松。