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2019年08月20日 18:47:53 | 作者:新华解答 | 来源:新华社
When Industrial and Commercial Bank of Chinabought Bank of East Asia US arm last month, the deal demonstrated how the world biggest bank by market value approaches eign acquisitions.中国工商(IC)上月收购了东亚(Bank of East Asia)的美国子公司这笔交易从一个侧面展现出了这家市值计算全球第一大的海外收购模式It is a conservative ;follow the money; strategy: IC is trailing, not leading, the rest of China Inc.这是一种保守的“追随资金流动”策略:工行选择跟随而非引领其他中资企业的海外扩张China petrochemical, mining and industrial giants have been aggressive in recent years in buying resources around the world and making strategic investments, from deepwater oil assets in Brazil to iron ore mines in Australia.近年来,中国的石化、矿业和制造业巨头们在世界各地积极进行资源收购和战略投资,从巴西的深海石油资产到澳大利亚的铁矿石开采都有涉猎China banks, by contrast, have been far more reserved. IC has been the boldest in expanding abroad. Yet its acquisitions have all been bite-sized, such that its non-China holdings less than 5 per cent of its overall revenues.相比之下,中国业对海外扩张的态度非常保守工行已经是其中最为大胆的了但工行的海外收购规模一直较小,其非本土业务的营收仅占该行总营收的5%Critics say that IC has been cautious to a fault, missing some potentially good opporties. But Chinese investors were burned by a couple of mega-deals bee the financial crisis (the sovereign wealth fund invested in Morgan Stanley and Blackstone just months bee their stock prices plummeted), and neither banks nor regulators have any appetite risky acquisitions.批评人士指出,工行谨慎过度,错失了一些有潜力的优秀投资机会但中国投资者从金融危机前进行的数笔巨额海外投资中汲取了惨痛教训(中国主权财富基金对根士丹利(Morgan Stanley)和黑石(Blackstone)投资后仅数月,两者股价即大幅跳水),现在无论是自身还是监管当局对于有一定风险的收购机会都提不起兴趣If the size of IC eign ays have been small, the pace at which it has completed acquisitions and the global sp of these deals have been far more impressive. Over the past two years it has bought banks in Argentina, Thailand and Canada.虽然工行的海外投资规模一直较小,但其完成收购的速度以及收购标的全球分布的地域广度令人印象深刻近两年中,工行已收购了阿根廷、泰国和加拿大等地的数家IC game plan has been straightward. It wants to establish a footprint wherever Chinese companies are most active, hence its focus on resource-rich countries and southeast Asia, China near abroad.工行的发展计划非常明确该行希望自身业务网络能够覆盖到中国企业较为活跃的所有地区,将海外扩张的重点放在了资源密集型国家以及临近中国的东南亚地区The deal Bank of East Asia US operation was, in one respect, groundbreaking: it was the first time that a Chinese bank had acquired full control of a US bank.工行收购东亚美国子公司具有突破性意义:这是中资首次获得一家美国的控股权But on a strategic level, it was consistent with IC previous deals. First, it was an ultra-cautious move. Bank of East Asia US had just 0m in assets, pocket change IC.但该交易在战略层面与工行此前的收购是一致的首先,交易本身极为谨慎东亚美国子公司的资产规模仅为7.8亿美元,对于工行来说这不过是九牛一毛Second, the move into the US was a simple reflection of the fact that more and more Chinese companies are operating there and they want to be served by their own bank. In explaining its rationale, IC said that it was aly serving large corporate clients in the US and that the acquisition would give it ;an entry into the middle and small business lending markets;.其次,工行进军美国是为了应对越来越多的中国企业赴美开展业务并希望继续得到本国务的发展趋势工行对收购原因的解释是,该行已在美国面向大型企业客户提供务,此次收购使其“得以进入美国中小企业贷款市场”Because they are expanding abroad so slowly, Chinese banks do not pose any sort of competitive threat to the Citigroups or JPMorgans of this world the time being. Yet in following the money, IC and its peers are, little by little, turning themselves into institutions with true global reach.由于海外扩张速度较慢,中资短期内不会对花旗集团(Citigroup)、根大通(JPMorgan)等国际巨头构成任何竞争威胁但通过跟随资金流动的策略,以工行为代表的中资正一点一滴地向真正意义上的全球化金融机构转型 1887According to the Daily Telegraph on November , a team of engineers, physicists and mathematicians conducted a three and a half year study to find out exactly how cats manage to move the milk from saucer to mouth, while keeping their chins dry in the process.据英国《每日电讯报月日报道,一个由工程师、物理学家和科学家组成的研究小组进行为期三年半的研究,发现猫是如何将碟子中的牛奶饮到嘴里,同时在这一过程中又能保持不弄湿自己的下巴And far from simply slurping at the bowl, researchers at MIT, Virginia Tech and Princeton University say the technique exhibits "a perfect balance between two physical ces". The tip of the cat's tongue scarcely brushes the liquid's surface bee it is rapidly drawn back. This ms a column of milk between the tongue and the surface, which the cat captures by closing its mouth.麻省理工学院、弗吉尼亚理工大学和普林斯顿大学研究人员表示,猫喝奶不仅仅是吮吸碗中牛奶,它们喝奶动作简直就是在进行"两种物理作用力的完美平衡"表演猫的舌尖刚刚刷到牛奶的表面就迅速收回,这样猫的舌头和牛奶表面就形成一个"牛奶圆柱",猫闭上嘴巴就可以喝到牛奶This column is created by a balance between gravity pulling the liquid back to the bowl, and inertia - the tendency of a substance to move in a given direction until another ce intervenes. Cats instinctively know how to strike this balance in order to time the lapping and to capture the liquid in their mouths, according to journal Science.重力将牛奶重新吸回碗里,而惯性将牛奶继续推向原来运动的方向,直到在重力的干预下回落,它们之间的平衡形成了"牛奶圆柱"《科学杂志说,猫本能地知道如何保持这两种力的平衡,以测算吮吸一次的时间,确保喝到牛奶Domestic cats average about four laps per second, with each lap bringing in about 0.1 milliliters of liquid, while big cats naturally lap more slowly to maintain the balance of gravity and inertia.家猫每秒钟吮吸四次奶,每次大约能喝到0.1毫升的牛奶,而体型大的猫会自然放慢吮吸速度,以保持重力和惯性之间的平衡Mathematician Jeffrey Aristoff said: "Our research — the experimental measurements and theoretical predictions — suggests that the cat chooses the speed in order to maximize the amount of liquid ingested per lap. This suggests that cats are smarter than many people think, at least when it comes to hydrodynamics."数学家Jeffrey Aristoff表示:"我们根据试验测算和理论预测进行的研究表明,猫会选择吮吸牛奶的速度,保每次都能喝到最多的奶这充分说明它们比人们想象中更聪明,至少在流体力学方面" 7一个在大学创造了三个学期修完双学位的大学生的成功秘诀!After writing the time management “Do It Now,” which was based on my experience of graduating college in three semesters with two degrees, I received many follow-up questions from students asking more advice. Here are tips to help you create a productive and memorable college experience… and most of all, to deeply enjoy this time in your life. 在给《时代杂志写了一篇基于我自己在大学学习了三学期获得了两个学位就毕业了的真是经验的稿件以后,我从想要获得更多建议的大学生朋友们那里得到了更多的问题我自己总结了以下经验,给你们,希望借此你们能够享受更加富有创造性和记忆深刻的大学生活,更为重要的是,能够尽情的享受这个一生中最为美好的时光 630

Here his wife is injured and the condition is fatal.下图中,他的妻子受伤了,情况很严重She was hit by a car as she swooped low across the road. 她是在低空飞掠过道路时被车撞了 79

新华社英文推出习近平系列旧照月3日,新华英文推出习近平系列新老照片,题目为《Profile photos: Xi Jinping: Man of the people, statesman of vision图为197年,插队回京探亲时的习近平 77

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