China's central bank said Tuesday that certain high-risk financial products should be allowed to fail and fast-growing Internet banking products need tighter supervision as part of reforms to foster a more competitive, efficient financial system.

中国央行周二称，应该允许某些高风险金融产品出现违约，央行还指出，需要加强对快速增长的互联网金融产品的监管，这是深化改革、构建更具竞争性和高效金融体系的组成部分。

In an annual report on the nation's financial stability, the People's Bank of China said greater competition and innovation in the state-dominated banking sector would ultimately make the industry more responsive to consumer needs.

中国央行在年度金融稳定报告中表示•，国有银行占主导的金融体系竞争加剧和创新步伐加快，最终将推动金融业更适应消费者的需求。

Stress tests were carried out on 17 major banks based on financial information from the end of 2013 and found the banking system's ability to withstand shocks 'relatively strong,' the central bank said. The tests, however, showed the need to pay attention to risks from the property sector, wealth management products and local government debt, it said, and the public needs to be alert to investment risk.

央行称，对17家主要商业银行、基于2013年末财务信息进行的压力测试显示，银行体系对信用风险的抗冲击能力较强。不过央行表示，压力测试显示出，房地产贷款、理财产品和地方政府债务的风险应当引起关注，公众需要警惕投资风险。

The central bank called for removing what has been seen as a cast-iron guarantee for so-called 'wealth-management products.' The investment products are often sold through banks and offer higher returns than traditional deposits as investors' money are loaned onward to property developers, steel mills and other companies.

央行表示，应有序打破理财产品的刚性兑付。这类投资产品通常通过银行销售，提供的回报率高于传统的存款利率。通过此类产品筹集的资金会贷给房地产发展商、钢铁企业和其他公司。

The wealth-management products have become hugely popular with the public because they sidestep interest rate controls and because in instances of threatened default, investors have mostly been bailed out. But as the economy slows and the prospect of defaults rises, the government and its central bank have signaled that banks, borrowers and ordinary investors need a more disciplined approach to risk.

理财产品变得非常受公众欢迎，因为它不仅绕开了利率管制，而且在之前理财产品面临违约风险时，投资者大多得到了兑付。不过随着经济增长放缓，违约风险上升，中国政府及央行已经暗示，银行、借款人和普通投资者需要强化风险意识。

'To encourage the healthy development of the country's wealth-management market...and strengthen market discipline, some defaults should be allowed to happen naturally,' the central bank said.

央行表示，为了促进理财产品市场的健康发展，强化市场纪律约束，应该让一些违约事件在市场的自发作用下“自然发生”。

Chinese policy makers are trying to chart a shift toward an economy more responsive to consumer demand and less driven by investment. As part of that, the government has called for opening up the financial sector to greater competition, including allowing a greater role for the private sector and gradually rolling back controls on deposit interest rates. The central bank repeated previous pledges to push ahead with interest-rate liberalization and other financial reforms.

中国决策者正力图让内需成为推动经济增长的主要力量，减少对投资的依赖。为此，中国政府呼吁开放金融行业、加大竞争，措施包括允许民营部门发挥更大作用以及逐步放开对银行的存款利率控制等。中国央行重申了此前推进利率市场化和其它金融改革的承诺。

While Internet banking services such as online investment funds have brought innovation to the financial sector, the central bank said they needed to be subject to more supervision, including 'capital constraints.'

尽管互联网投资基金等互联网金融服务为金融行业带来了创新，不过中国央行表示，互联网金融必须接受包括资本约束在内的更多监督。

The online investment funds have become wildly popular with the public but they are drawing deposits away from the banking system, posing a potential challenge.

互联网理财产品在中国广受欢迎，但这类产品从银行系统抽走了存款，对银行业构成潜在威胁。

Chinese Internet companies such as Tencent Holdings Ltd. and an affiliate of Alibaba Group Holding Ltd. have started offering deposit-like services, which offer higher returns than banks.

中国互联网公司已纷纷推出类似存款但收益率高于银行的理财服务，例如腾讯控股有限公司(Tencent Holdings Ltd., 简称：腾讯控股)以及阿里巴巴集团(Alibaba Group Holding Ltd.)旗下的一家公司。

A spokeswoman for Small and Micro Financial Services Group, an affiliate of Alibaba Group that runs the popular investment product Yu'E Bao--the biggest of the online investment funds--declined to comment on the announcement.

阿里巴巴旗下的阿里小微金融服务集团(Small and Micro Financial Services Group)的发言人不愿就央行的最新报告置评。阿里小微金融服务集团运营着广受欢迎的投资产品余额宝(Yu'E Bao)，余额宝是规模最大的互联网理财产品之一。

The financial stability report also used particularly harsh words to describe the virtual currency bitcoin, calling it a 'tool for speculation.'

中国央行的金融稳定报告还用尖锐字眼描述了虚拟货币比特币(Bitcoin)，称比特币是“投机工具”。

China's regulators have been slowly tightening the noose around bitcoin, which has become popular partly as a way to evade the strict controls on money entering and leaving the country. In December, the central bank banned Chinese financial institutions from dealing with bitcoin. Bitcoin exchanges have gradually begun to stop taking deposits in Chinese currency.

在收紧比特币监管方面，中国监管部门动作缓慢。比特币之所以日趋盛行，部分原因是一些人利用比特币交易绕开中国对资金跨境流动的限制。去年12月份，中国央行宣布禁止国内金融机构开展与比特币相关的业务。比特币交易平台已逐渐停止接受人民币存款。