中国的保险行业 确保安全还是留有遗憾

Finance and economics: Insurance in China Safe or sorry?

Regulators try to tame the unruly parts of an important industry.
EVEN for a country used to rapid growth, the expansion of China’s insurance industry has been something to behold.
Assets managed by insurers have doubled in less than four years to 13.9 trillion yuan ($2.1 trillion) .

Their revenues from selling policies have accelerated, climbing 42% year-on-year in the first quarter of 2016.

Most remarkable has been the increase in their workforce.
Over the past six months alone, they have added 2m to their sales force.
They now employ some 7.2m people, up 120% since the start of last year.
Put another way, roughly one in every 50 workers in Chinese cities is selling insurance products.
Fast growth is, in one respect, just what China’s insurance industry needs.
The population will get much older in the coming decades, but the public pension scheme is still in its infancy.
By supplementing public coverage with private policies, the government hopes that people may just manage to escape penury in their old age.
At the moment the government covers roughly a third of medical expenses and insurance companies less than a tenth, leaving individuals to pick up more than half the tab themselves, according to Enhance International, an insurance consultancy.
据一家保险咨询公司Enhance International提供的数据显示,目前在医疗开支上,政府需要支付其中大概1/3,保险公司负责其中不到1/10,而个人则要自行支付账单上剩下超过一半的费用。
That is an especially heavy burden, naturally, for the elderly.
But excessively rapid growth, built on flimsy business models, risks doing more harm than good.
There have been plenty of worrying signs.
The most aggressive firms have scaled up by offering guaranteed returns of 6% or more on short-term investment products, an extremely risky strategy for what is supposed to be a sober and reliable industry.
To deliver these returns despite a lacklustre stockmarket, they have piled on debt and cut into their own margins.
Moreover, these short-term products do not necessarily help investors through retirement: people are free to cash out when their policies mature, leaving them with no coverage against death, illness or accidents.
Regulators appear to have had enough.
In March they announced their strictest rules yet to curb speculative behaviour.
They barred insurers from selling products with maturities of less than one year and began to phase out those with maturities of less than three years.
These measures, though somewhat crude, should help prevent mismatches between long-term assets and short-term liabilities.
This month regulators turned their attention to some of the insurers that have been among the boldest in expanding.
First they sent inspectors to Sino Life Insurance Co, which has run down its capital in recent quarters.
Then they went to Anbang, which has increased its assets some 50-fold over the past two years.
That inspection was a particularly important signal about the clout of regulators.
Many observers had assumed that Anbang would receive preferential treatment, thanks to strong political connections (its chairman is married to the granddaughter of Deng Xiaoping, a revered former leader) .
But regulators blocked its $14 billion bid earlier this year for Starwood, a big international hotel chain, and now seem to be clipping its wings at home.
More fundamentally, China has also overhauled solvency rules, which should force insurers to change the way they operate.
Capital requirements had been based on simple gauges of size.
Now they are much closer to the norm in developed markets, varying in line with how quickly policies turn over and how premiums are invested.
Firms that rely excessively on short policies or that invest heavily in the stockmarket must hold a much bigger cushion.
The heyday of rapid expansion by opportunistic firms is over, predicts Lee Yuan Siong of Ping An Insurance, one of China’s biggest providers.
“The government saw the danger early enough before it got out of control.”
If the new rules work, insurers will need to focus on persuading people to buy their policies for protection rather than as an investment.
That is a safer bet, but a harder sell.


Hi, everybody. This week, we continued our mission to destroy ISIL. This remains a difficult fight, and the situation in Syria and Iraq is incredibly complex. ISIL is entrenched, including in urban areas. It uses innocent civilians as human shields. Despite these challenges, I can report that we’re making progress. And this week, I directed my team to continue accelerating our campaign on all fronts.

Our 66-member coalition, including Arab partners, continues to grow stronger. More nations are making more contributions. Every day, our air campaign—more than 10,000 strikes so far—continues to destroy ISIL forces. And we continue to go after ISIL leaders and commanders—taking them out, day in, day out, one after another after another.
In Iraq, ISIL has now lost more than 40 percent of the areas it once controlled. In Syria, a coalition of local forces is tightening the squeeze on ISIL’s stronghold of Raqqa. As we bomb its oil infrastructure, ISIL’s been forced to slash the salaries of its fighters. Thanks to the work of many nations, the flow of foreign terrorist fighters into Syria finally appears to be slowing. In short, in Syria and Iraq, ISIL’s territory is shrinking, there are fewer ISIL fighters on the battlefield, and it’s harder for them to recruit and replenish their ranks.
Still, the only way to deal ISIL a lasting defeat is to end the civil war and chaos in Syria upon which ISIL thrives. A cessation of hostilities in the civil war is scheduled to take effect this weekend. We’re not under any illusions. There are plenty of reasons for skepticism. Even under the best of circumstances, the violence will not end right away. But everyone knows what needs to happen. All parties must end attacks, including aerial bombardment. Humanitarian aid must be allowed to reach areas under siege. Much will depend on whether the Syrian regime, Russia and their allies live up to their commitments. The coming hours and days will be critical, and the world is watching.
That said, there will be absolutely no cease-fire in our fight against ISIL. We’ll remain relentless. Beyond Syria and Iraq, we continue to use the full range of our tools to go after ISIL wherever it tries to take root, as we showed with our recent strike on an ISIL training camp in Libya. With partners around the world, we’ll continue discrediting the ideology that ISIL uses to radicalize, recruit and inspire people to violence, especially online.
Finally, we’ll continue to stay vigilant here at home, including for lone actors or small groups of terrorists like those in San Bernardino, which are harder to detect. Our homeland security and law enforcement professionals are hard at work—24/7. At the same time, we’ll keep working to build partnerships of trust and respect with communities to help them stay strong and resilient. That includes upholding our values—including freedom of religion—so that we stay united as one American family.
Again, this fight against ISIL will remain difficult. But we’ll continue to draw on all elements of our national power, including the strength of our communities and our values as Americans. And I’m confident that we will prevail. We will destroy this barbaric terrorist organization and continue to stand with those around the world who seek a better, safer future.


put back on the camouflage of everyday life in America, becoming small business people, teachers and coaches,

our first responders and city council members and neighborhood role models,
all still serving this country we love with the same sense of duty and valor.
Our veterans don’t always go around telling stories of their heroism.
So it is up to us to ask, to listen, to tell those stories for them,
and to live in our own lives the values for which they were prepared to give theirs.
It’s up to us to summon some of the courage and humility our veterans,
and to acknowledge that we can never serve them in quite the same they serve us.
But we can try.
We need to keep working to make sure they always get the care and benefits they’ve earned.
We can practice kindness.
We can volunteer, serve, and respect one another.
We can always get each other’s backs.
And we can show how much we love our country by loving our neighbors as ourselves.
To all of you who served and who still do: thank you. And have a great weekend.

外汇业务 代理债券业务

A: Good afternoon. Can I be of service?

B: I don’t know. Can I purchase Treasury Certificates here at this counter?
A: Yes, of course. We have Treasury Notes with two, three- and five-year terms available.
B: Two years is fine, with a value of 1,000 RMB.
A: OK, could I take a look at some ID please, like a passport?
B: Here you go. By the way, is it possible to cash them before the maturity comes up?
A: No, I’m afraid that isn’t possible. You must wait until maturity before you cash them.


At the drugstore

Is there anything I can do for you?

Do you have Chinese medicine here?

Yes. We have herb medicine and ready-made medicine.

Can I have this prescription filled here?
Sorry, sir. The angelica is out of stock now.


We take great pains to come to this world not to be sad for those unhappy things we see every day, because we have cried enough since we were born.

And for us, nobody can survive when the time comes.
So don’t waste time feeling disappointed.

On the contrary, we should go to believe, to be alone, to love, to hate, to idle away time, to take risk, to dream and to regret.

You must believe that there is no tomorrow where we can’t arrive.


A new study revealed that almost one third of cancer deaths among Americans over 35 are due to smoking cigarettes.


The rate is a lot higher in the South, perhaps due to their lax smoking laws.


Patricia Folan of the Center for Tobacco Control at Northwell Health said, “States with underfunded tobacco-control programs have the highest prevalence of smoking, as well as the highest proportion of cancer deaths attributable to cigarette smoking.”



The study found that cancer deaths affected men more than women.


Dr. Len Horovitz said, “Smoking continues to be the biggest threat to health in this’s time to help people quit.”



We were just talking in the break,you look fanstastic by the way,you’re looking fantastic.Thanks,I’m not draining much,what are you doing

刚在广告时间里我们还说了话 不过你看起来真好看 你看起来很棒 谢谢 我其实没那么瘦 你是怎么做的

I,literally,I’m not draining much.It’s really the dress

我说实在的 没怎么瘦 是裙子的关系

It’s zoning it all,No,it just adventures me and I sucks in

裙子把什么都包住了 也没 我挑战了一下 把自己塞了进去

It just sucks all I got in.I did,I started doing yoga,more because a therapist told me to start it

我就是全都塞进去了 实际上我在做瑜伽 更大程度上是因为我的医师让我这么做的

So it was like,I just feel like I have really hard time slowing down

这就像 我感觉自己很难放慢节奏

So she told me to do a few meditation proper this,so you’re going,if you’ve ever done yaga



you go into the class and that’s like these 70-years-old and older women,just with the legs above their heads

我参加了一个课程 然后好多七老八十的老太太们 就这样把腿抬到头上

and doing these like tree pose,animal pose,whatever the poses and I’m like sitting there,just trying to get one of my legs up like feeling very hot,so

摆出树式或者什么动物式之类的 然后我还只能坐在那 光试着抬一条腿就惹得不行

I don’t know what kind of class you’re going to,’s a different kind to go.No,it’s just hard,yoga’s hard

我不懂 你这都上的是什么课啊 这种比较不一样 没有啦 只是高级的 瑜伽高级班

It will,you can go with your own pace though,you don’t have to have your legs wrap on your head so

是嘛 你其实可以按自己的节奏来 你不用一定要把腿绕在头上什么的

But even sitting there is hard for me,just like a downward dog and there’ll like “breathe” and then focus on your breath and I’m just like “Lord”.Oh,really

不过光坐在那儿就已经够难的了 像小狗一样趴在那儿 他们会说“深呼吸”集中注意力于呼吸上 我心里一直说“我的天啊” 真的么

I can’t focus,it’s so hard for me to just,I have no off botton and I’m just like,all the time

我没法集中精神 对我来说太难了 我身上没有停止键 我会一直胡思乱想

Me too,and I started meditating recently and it helps me tremendously

我也是 我最近也在做冥想 超级有用

Me too,my happiness level.Yeah.Skyrocket it,I know.I don’t konw

我也是 是《我的幸福标准》么 是啊 最近很火 我知道 其实我不了解

That’s good,the meditation is very very nice,especially for people like us that’re always thinking

那挺好的 做冥想非常好 特别是像我们这种总是在思考的人

Like my mind is always,hard to shut off,very hard to shut up.and I want to read something that came from your mind and then into a tweet.Uh-oh

我的脑子总是 没法停下来 很难让它停止 我想读一段你最近在想还写到推特里的东西 啊哦


Like complete idiots from the commercial break.We have a great show tonight.Amy Schumer will be out here in a few minutes.She will?

广告的时候我像个白痴一样 今晚节目很棒 艾米·舒默待会就上场了 是吗

I wanted to mention something.You know,something earlier about how I like to watch TV.

我想提件事 我之前提到了我喜欢看电视

My other hobby,I have two is watching a lot of television.

我得另一个喜好 我有两个喜好 其中一个是看电视

I also like to sometimes check out in book stores and see if they have any coffee table books.

我有时候还喜欢逛书店 看他们是不是出售咖啡桌书

You know,coffee table books?We all konw coffee table books.They are really popular.

知道吗 我们都知道那是什么 都很受欢迎

What I’m fascinated with is the ones that don’t sell,that nobody wants.

但我喜欢的 是那些卖不出去的 没人想要的

The lousy ones.The lousy ones and they pile up on a desk and you can go in there and for ten bucks I can get all of them.

不怎么样的那些 他们都摞了一摞 你可以进书店 10块钱就全部买下


That’s one of my favorite thing to do,that’s how cool this character is right here.

这是我最喜欢做的事之一 我就是这么酷炫

We’re going to do a litte thing right now called “Coffee table books that didn’t sell.”

我们现在要做一节 《卖不出去的咖啡桌书》

I went into Los Angeles to a book store and I bought a whole bunch of these and some of them I guess you can tell why they didn’t do well.

我去洛杉矶一家书店 买了这些书 有些书不难看出为什么卖不动

This one right here is called “The big book of people who never found Waldo.”

比如这个 《那些一直没能找到沃尔多的人》

It’s just a whole,these people are really depressed.Look at that guy.Never found Waldo.They are just really depressed,kid.well,yeah,there’s a guy.

全部都是 非常郁闷的人 看他啊 一直没找到沃尔多 他们好郁闷啊 这孩子 他们都好伤心啊 这人

That’s just a cheap joke.I can’t believe we did it.But the book,we didn’t do it.A book did it.

真是低俗的笑话 我们居然真这么做了 那是书 跟我们无关 不是我们 是书里的

Here’s one.It’s called “product placement in old movies.”I don’t know if you remember in Casablanca when they were promoting footlocker.

这里有本 《老电影中的植入广告》 不知道大家是否记得《卡萨布兰卡》中对军用提箱的推销

Of course in “Gone with the wind.” you have that nice little Starbucks promotion right there everybody talked about.Then of course down here.

《飘》里 人人热议的星巴克植入广告 还有这里

I’m surprised they got away with that.But they did.They did.

居然毫无违和感 他们做到了 是啊


Desiree: Hey, what happened to the lights?

Chris: I think you have a short or maybe a loose wire.
Desiree: My guests are going to arrive any minute. What am I going to do?

Chris: Don’t worry. In an emergency, I’m your man. Whatever the problem is, I can probably find a stopgap solution.

Desiree: Are you sure? I don’t want you to get electrocuted.
Chris: When I was growing up, we lived in the middle of nowhere and my parents had to make do. They improvised all the time, using what was on hand to make repairs.
Desiree: They both sound very handy.
Chris: They did what they had to do. Whatever the problem was, they were able to cobble together something, even if it was a little makeshift. I like to think I learned a thing or two from them.
Desiree: So do you think you can fix this?
Chris: Well, it’s not going to be done properly, but I’ll jury-rig something so the lights will work temporarily until you can get it repaired professionally.
Desiree: That’s great, but just in case, I think I’ll run to the store for some candles.