投资特写 ——中国互联网巨头率领在线金融外文翻译资料

投资特写

——中国互联网巨头率领在线金融

作者：John Watling

摘要：中国互联网金融迅速发展，对传统的金融业产生巨大的冲击。其中以支付宝和财付通作为主要代表，促进中国的互联网金融发展。

关键词：金融业 互联网 支付宝

正文：

从一定程度上讲，中国的互联网发展就像其他方面一样，通常遵循“两步走”进程：等待美国的先行者出现，然后推出自己的版本；比如中国亚马逊，阿里巴巴。以及随谷歌出现的百度。然而当谈及互联网金融服务时，中国又是另一种轨迹。传统的金融市场服务者诸如银行和经纪商到目前为止还没有抓住中国迅速发展的中产阶级。与此同时，中国的互联网巨头倒是很乐意给银行一记重拳。

当然，在电子商务这一点上，电子商务已成为美国或西欧的商业代名词。大多数美国人喜欢在互联网上使用信用卡，借记卡或者是贝宝购买商品，而在五年前的中国，消费者并没有便捷的方法在互联网上购买商品。与世界最大的电子商务市场相比中国的电子商务发展之路是别具一格的，就像一位分析中国信贷的瑞士分析师最近在报告中指出：“互联网金融是一种创造性的毁灭力量。”

在2004年，仅有约百分之一的中国人拥有信用卡，尽管这一数字增长十分迅猛，在2008年依然只有不足百分之十的中国人拥有信用卡。当美国人很谨慎的在网上给出他们的信用卡卡号时，大部分的潜在中国网购者甚至都没有信用卡。中国的互联网巨头阿里巴巴在2004年利用这种差距建立了一个线上支付公司——支付宝。

支付宝已经取得了非常了不起的成功，在2009年2月已经拥有1.5亿用户并且目前已有超过3亿用户。但它并不是在简单的模仿贝宝：迅速地完成资金从买家到卖家的转移。究其原因是因为中国的消费者从以前到现在都有点担心会被企业或个人诈骗。为消除用户的疑虑，支付宝建立一种新制度，将买家的钱放在一个专有的账户直到买家确认商品已经送达并且商品和广告描述的一样好。根据瑞士信贷看来这一举措使沉寂的线上支付市场火爆起来并使原本为零的总体网络交易价值在2012年达到人民币4万亿（6600亿美元）。

同时大批的竞争者包括财付通（互联网巨头腾讯的子公司）和百度钱包（由中文搜索引擎领导者百度发起）也涌现出来。一些保守的金融机构如银联——一种极其类似于Visa卡的支付方式——也采取了行动，但是市场份额已被线上支付占据大半江山。支付宝占据近一半的线上支付市场，财富通约占领市场的百分之二十，而银联约不足百分之十（中国银联依然是线下的主要支付手段，但在线上份额很少）。这三者都聚焦于定期在网上购物或支付的消费者，同时也有其他竞争对手如汇付天下（代理客户代理旅游业务，帮客户垫付门票并在旅行者付款时得到补偿）在较小的市场中求生。

尽管电子商务增长迅猛，但是许多的中国消费者并没有完全信任信用卡或其他支付服务，瑞士信贷预估约有百分之三十到四十的网上交易是用当面现金交易的方式付款。但那样的交易比重正在下降，随着越来越多的中国人已经习惯便捷的线上支付服务来帮助他们交电费，甚至是信用卡还贷，仅用一只手机就可以随时完成以上业务。分析家们预测线上支付的交易份额在2016年将会是2012年的四倍，达到人民币16万亿（2.64万亿美元）。

或许在线上支付市场成熟后，真正的价格也会随之而来。数以万计的中国新生中产阶级都想要获得金融服务，不管是简单的银行账户借贷服务还是更加复杂的金融产品服务，例如保险业务和代理业务。同样，中国互联网公司将自己置于与传统银行，股票经纪以及保险公司对立的位置。就好像亚马逊已经开始提供支票账户服务。

阿里巴巴也已经开始了，在经过11年的等待后，阿里巴巴的旗下子公司支付宝终于在2011年5月份拿到了中国政府颁发的第三方支付许可证。在过去的三年，阿里巴巴已经在三个小的借贷公司获得利润，并且已经推出线上市场的保险业务。2013年6月这家公司有了一个大胆的举措，推出名为余额宝的货币基金服务。余额宝从字面理解就是余下的财富，截止到6月15号这个基金已经管理了约4900万个账户，资产达到人民币2500亿（410亿美元）。

值得注意的是，电子商务公司好像会成为改变中国金融业的最强大的推动力。截止2013年11月，中国的处于管理之下的货币基金市场已经达到人民币5750亿（950亿美元）。瑞士信贷预测这一数值将在2020年达到人民币5.4万亿（8910亿美元），或者说是GDP的十分之一。那将意味着，GDP的一部分将比货币市场经历更快的增长，就如同美国20世纪70年代末期的景象一般.。瑞士信贷的分析家说，包括股票基金在内的其他金融产品，将会同样迅速增长。最大的问题是谁将提供这些东西，老派的金融公司或者说是日益多元化的互联网巨头？

人们和自己所信任的金融服务机构很难分离开来，这也就是为什么在美国有许多传统的股票经纪和银行力图紧握住自己的客户.。但是当客户从一天24小时，一周七天都提供服务的线上金融产品供应商处得到便利，并且可以获得比传统的机构更多甚至是数倍的收益时局势改变了。中国就是这种情况，新兴的支付方就是这种强有力的竞争对手。银行还有必要存在吗？客户已经不需要在银行支行进行投资，线上的花费其实更低。也许你还在想哪一个品牌更值得你放心的交出你的钱。百度拥有庞大的市场平台。由于难以置信的流量（每天约有60亿搜索需求）以及4.6万个广告商，任何银行都想将其名字呈现在人们面前。当谈及当人们很年轻时就与这些投资平台建立联系时。阿里巴巴表示余额宝账户持有者的平均年龄是26岁。吸引这些年轻客户的是：相对低的风险，低门槛，账户关联——余额宝的基金可以拿去在网上购买商品和服务。去年，阿里巴巴的联合创始人马云似乎做出了一个预测：“如果银行不改变，那我们将改变银行。”但他紧张错了，因为一切改变已经发生。

外文文献出处：

http://www.thefinancialist.com/not-just-a-paypal-clone-chinas-internet-giants-chart-their-own-course/

附外文文献原文

In many ways, the development of the Internet in China was the same two-step process as it has been elsewhere: wait for American winner to emerge, launch Chinese version of same. First came the Chinese Amazon, Alibaba. That was followed by a Sino-Google called Baidu. When it comes to online financial services, however, the Chinese are following a different trajectory. Traditional financial market players such as banks and brokerage houses have not yet captured Chinarsquo;s rapidly expanding middle class, and the countryrsquo;s Internet giants are angling to beat them to the punch. At this point, of course, e-commerce in the U.S. or Western Europe is pretty much synonymous with commerce itself. Most Americans purchase goods online using a credit card, a debit card, or the likes of PayPal. But as recently as five years ago, Chinese consumers had no easy way to purchase goods over the Internet. Thatrsquo;s changing in ways that are unique to the worldrsquo;s largest e-commerce market, as a team of China-based Credit Suisse analysts write in a recent report called, “Internet Finance: A Force For Creative Destruction?” In 2004, only about 1 percent of Chinese citizens had credit cards, and while that number grew quickly, by 2008 it was still less than 10 percent of the population. While Americans used to be wary of giving their credit card numbers out online, most would-be online shoppers in China didnrsquo;t even have credit card numbers. Chinese Internet giant Alibaba capitalized on that disconnect with the 2004 launch of its online payment arm, AliPay. AliPay has been a smashing success, amassing 150 million users by February 2009 and 300 million today. But it wasnrsquo;t just a PayPal clone, simply transferring money immediately from buyers to sellers. Why? Because Chinese consumers were, and still are, somewhat wary about being fleeced by local businesses and individuals. To allay that fear, Alipay developed an escrow model that holds the payment in a dedicated account until the customer confirms that the purchased goods have been delivered and were as advertised. That simple wrinkle set what was a dormant Internet payment market on fire, and the total value of online transactions swelled from nearly nothing in 2008 to around RMB 4 trillion ($660 billion) in 2012, according to Credit Suisse. At that point, a number of competitors quickly sprang up, including Tenpay (a subsidiary of the Internet giant Tencent) and BaiPay (launched by Baidu, the company behind the premier Chinese-language search engine). A few old-line financial institutions, such as China UnionPay – which is a payment system very similar to Visa – also got in on the action, but the majority of the market has gone to the Internet players. Alipay controls just under half of the online payment market, Tenpay around 20 percent, and China UnionPay just over 10 percent. (China UnionPay is still the dominant system for processing offline transactions, but has a much smaller piece of the online payments market.) All three focus on regular consumers looking to shop or pay bills online, while smaller competitors have sought out niche markets. China PnR, for example, targets travel agents by fronting them money to purchase tickets. (It gets reimbursed when the traveler pays.) Despite the ra

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Investing: Features

——Chinarsquo;s Internet Giants Lead in Online Finance

John Watling

In many ways, the development of the Internet in China was the same two-step process as it has been elsewhere: wait for American winner to emerge, launch Chinese version of same. First came the Chinese Amazon, Alibaba. That was followed by a Sino-Google called Baidu. When it comes to online financial services, however, the Chinese are following a different trajectory. Traditional financial market players such as banks and brokerage houses have not yet captured Chinarsquo;s rapidly expanding middle class, and the countryrsquo;s Internet giants are angling to beat them to the punch. At this point, of course, e-commerce in the U.S. or Western Europe is pretty much synonymous with commerce itself. Most Americans purchase goods online using a credit card, a debit card, or the likes of PayPal. But as recently as five years ago, Chinese consumers had no easy way to purchase goods over the Internet. Thatrsquo;s changing in ways that are unique to the worldrsquo;s largest e-commerce market, as a team of China-based Credit Suisse analysts write in a recent report called, “Internet Finance: A Force For Creative Destruction?” In 2004, only about 1 percent of Chinese citizens had credit cards, and while that number grew quickly, by 2008 it was still less than 10 percent of the population. While Americans used to be wary of giving their credit card numbers out online, most would-be online shoppers in China didnrsquo;t even have credit card numbers. Chinese Internet giant Alibaba capitalized on that disconnect with the 2004 launch of its online payment arm, AliPay. AliPay has been a smashing success, amassing 150 million users by February 2009 and 300 million today. But it wasnrsquo;t just a PayPal clone, simply transferring money immediately from buyers to sellers. Why? Because Chinese consumers were, and still are, somewhat wary about being fleeced by local businesses and individuals. To allay that fear, Alipay developed an escrow model that holds the payment in a dedicated account until the customer confirms that the purchased goods have been delivered and were as advertised. That simple wrinkle set what was a dormant Internet payment market on fire, and the total value of online transactions swelled from nearly nothing in 2008 to around RMB 4 trillion ($660 billion) in 2012, according to Credit Suisse. At that point, a number of competitors quickly sprang up, including Tenpay (a subsidiary of the Internet giant Tencent) and BaiPay (launched by Baidu, the company behind the premier Chinese-language search engine). A few old-line financial institutions, such as China UnionPay – which is a payment system very similar to Visa – also got in on the action, but the majority of the market has gone to the Internet players. Alipay controls just under half of the online payment market, Tenpay around 20 percent, and China UnionPay just over 10 percent. (China UnionPay is still the dominant system for processing offline transactions, but has a much smaller piece of the online payments market.) All three focus on regular consumers looking to shop or pay bills online, while smaller competitors have sought out niche markets. China PnR, for example, targets travel agents by fronting them money to purchase tickets. (It gets reimbursed when the traveler pays.) Despite the rapid growth of e-commerce, many Chinese consumers still donrsquo;t fully trust credit or payment services, and Credit Suisse estimates that between 30 and 40 percent of all online transactions are still handled via cash on delivery. But that proportion is declining, as more Chinese embrace the convenience of using online services to settle their utility bills, top up pay-as-you go cell phone accounts, and even pay off their credit cards. The analysts predict that total online payment transactions could quadruple from 2012 levels to RMB 16 trillion ($2.64 trillion) by 2016. The real prize, however, could be what comes after the online payment market matures. Millions of newly minted middle-class Chinese are keen to access financial services ranging from simple bank accounts and loans to more complex financial products such as insurance or brokerage accounts. And once again, Chinese Internet companies are positioning themselves to compete with traditional banks, brokers, and insurance companies in the space. Itrsquo;s as if Amazon started offering checking accounts. Alibaba has already dived in. Its subsidiary, Alipay, finally received a third-party payment license from the Chinese government in May 2011 after 11 years of waiting. Over the past three years, Alibaba has also acquired interests in three small loan companies and launched an online market place for insurance products. The companyrsquo;s boldest move came with the June 2013 launch of a money market fund called Yursquo;E Bao, which literally translates to “leftover treasure.” As of Jan. 15, the fund had around RMB 250 billion ($41 billion) in assets under management, and some 49 million accounts. Remarkably, it seems as if e-commerce companies might be the driving force behind wholesale changes in Chinese finance itself. Chinese money market funds had RMB 575 billion ($95 billion) under management in November 2013 and Credit Suisse estimates that figure could grow as high as RMB 5.4 trillion ($891 billion), or 10 percent of GDP, by 2020. That would represent faster growth as a proportion of GDP than money markets experienced after arriving on the scene in the United States in the late 1970s. Other financial products, including equity funds, could enjoy the same kind of rapid growth, Credit Suissersquo;s analysts say. The big question is whorsquo;s going to provide them: old-school financial firms or the increasingly diversified Internet giants. It can be tough to separate people from their trusted financial services providers, which is why many traditional brokers and banks have managed to hang on to so man

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