总部设在巴黎的国际能源署(International Energy Agency, 简称IEA)周四表示，全球石油消费量急剧下滑之势或许已接近触底。但该机构警告称，原油需求仍需要很多个月才能复苏，而且过程将较为缓慢。
IEA在其广受关注的月度石油报告中将2009年全球日均石油需求预期下调了20万桶，幅度相对较小。其中10万桶是历史数据变动造成的。
该报告的编辑David Fyfe表示，虽然IEA预计需求萎缩趋势将逐步减缓，但需求已经大幅下滑；IEA认为，到2010年后需求才会真正开始复苏。
IEA称，预计今年世界日均原油需求量将较上年水平下降260万桶，至8,320万桶，降幅为3%。
IEA的上述预期显示，目前的原油需求下滑是大约25年以来最严重的，也是石油业最悲观的预期之一。
市场人士早已预言铁矿石谈判定价机制的瓦解，但今年或许不会有任何变化。
但即使外界对2009-2010年度价格谈判终将结束的呼声越来越高，私下里经纪商、交易员和清算所却仍在为铁矿石将来成为可上市交易的商品打基础。
从年度价格谈判到自由透明定价的转变取得了重大进展，这在很大程度上归功于中国主要钢铁产地铁矿石现货市场的繁荣。
目前，形成铁矿石价格远期曲线的要素已经具备，包括钢铁生产商、矿产商和航运公司在内的市场参与者可以利用这个曲线来对冲价格波动的风险。
这意味着铁矿石协议定价机制即将退场，尽管未必是在今年。
铁矿石远期曲线是从铁矿石掉期价格中得来的，而铁矿石掉期是一种基于现货市场的现金交割衍生品。
嘉吉公司(Cargill)铁矿石交易员Helen Guo上周在新加坡举行的FIS铁矿石掉期研讨会上说，把现货市场上定价的铁矿石及钢铁与远期合约相结合，这意味着无论是钢铁生产商还是矿产商，都可以通过这种方式锁定价格和利润。
由德意志银行(Deutsche Bank)和瑞士信贷(Credit Suisse于2008年年中推出的铁矿石掉期尚处于起步阶段，过去一年的成交量只有1,000万吨左右。
但市场人士表示，最近的一些进展、例如新加坡交易所(Singapore Exchange Ltd., S68.SG)于4月27日推出清算服务等、都为铁矿石掉期成交量猛增创造了条件。
由于清算服务消除了对手信用风险，应该会有更多的钢铁企业和航运公司参与进来。
另一家清算机构LCH.Clearnet也打算推出铁矿石掉期合约清算服务，目前正与同业经纪公司Freight Investor Services（简称FIS）研究合约构成的细节。
在开发场外衍生品市场方面，FIS并不是初来乍到。该公司曾在干散货远期运费协议(FFA)的推广中扮演过关键角色。
德意志银行在接受道琼斯通讯社(Dow Jones Newswires)采访时预计，明年铁矿石掉期市场的成交量将超过4,000万吨。
铁矿石掉期羽翼未丰
虽然有越来越多的金融市场玩家参与进来，但铁矿石掉期市场仍只是刚刚起步。关注这一市场的金融机构包括高盛集团(Goldman Sachs)、Barclays Capital和摩根士丹利(Morgan Stanley)。
其中一家银行的消息人士称，他们还没有指定铁矿石掉期的交易平台，所以说他们的兴趣还只限于研究阶段。
但无论如何，其潜在交易规模仍有望吸引越来越多的人加入，例如最近参与进来的同业经纪公司毅联汇业(ICAP)。
矿业公司对掉期市场的反应也比较积极，他们正形成一种共识，那就是年度协商定价机制虽然还可能维系一段时间，但最终将让位于更加透明而且灵活的定价机制。
2008年铁矿石海上贸易量为8.4亿吨，其中通过合同谈判定价的铁矿石占70%左右，但由于中国的钢铁企业越来越多地从现货市场采购铁矿石，该比例预计将在今年下降。
力拓股份有限公司(Rio Tinto Plc., RTP)、必和必拓(BHP Billiton Ltd., BHP)以及淡水河谷公司(Companhia Vale do Rio Doce, RIO)最近几周都对合约定价机制的未来提出质疑。
年度合约定价机制确实也能起到对冲风险的作用，因为交易双方根据商定的价格、能够大致确定来年的成本结构。
但是，这种定价机制会使交易一方占据较大的市场优势，而这具体取决于市场状况。
在需求水平正常时，年度合约定价机制对矿产公司有利，来自欧洲、日本、韩国和中国的钢铁企业相互争夺资源会让矿产公司坐收渔利，并在一定程度上支配铁矿石价格。
在可预见的未来，中国钢铁企业是铁矿石的主要需求来源。在这股力量化零为整、实施联合采购后，情况发生了逆转，因此矿产公司对于放弃合约定价机制的态度也更加开放了。
James Campbell
China's Reforms Stumble At The Pump
中国成品油定价机制改革遭遇两难
In China, reform never comes easy.
在中国，改革从来都不是件容易的事。
Under Beijing's own rules, an increase in gasoline and diesel prices is several weeks overdue.
按照中国政府的价格管理办法，汽油和柴油价格的上调已经晚了几个星期。
Reforms enacted in January mean China's domestic fuel prices should move more in line with global crude oil. Specifically, a more than 4% increase in crude-oil prices over 22 days should trigger an increase at the pump.
今年1月份实施的石油价格管理办法规定，中国国内成品油价格将进一步和全球原油价格走势同步。具体而言，如果国际原油价格连续22个工作日移动平均价格上涨4%，国内成品油价格将作相应调整。
Since Beijing last raised fuel prices, in March, the new standard has been easily met. Jet-fuel prices were raised on Tuesday, but gasoline and diesel prices remain unchanged.
自北京3月份最后一次上调成品油价格以来，国际油价波动已经轻松达到了新规定的要求。中国于周二上调了航空燃油价格，但汽油和柴油价格尚未调整。
The delay points to Beijing's dilemma with market-based reforms in sectors like oil. Moving on from the old fuel-price-cap system should help China's refiners, and mitigate the need for Beijing to subsidize their loss-making activities. But higher fuel costs could hurt China's manufacturers, hindering the economy's nascent recovery.
延迟调整油价折射出了北京对石油等行业进行市场化改革方面所面临的两难困境。改革原有的成品油限价机制应有助于提高中国炼油商的业绩，降低北京给这些公司亏损业务提供补贴的需求。但成品油价格上涨可能会冲击到中国的制造业，阻碍中国经济初露萌芽的复苏。
China Petroleum & Chemical, or Sinopec, the country's top refiner, saw profits drop 47% in 2008, with the cost of its oil imports remaining above its state-capped selling prices for much of the year.
作为中国最大的炼油商，中国石油化工股份有限公司2008年利润下滑了47%，因为去年很多时候原油进口价格都高于国家设定的销售价上限。
Its shares have done better in 2009 on hopes Beijing will stick to its reforms. Properly implemented, the system should give companies like Sinopec a more reliable margin for refining.
中国石化的股价今年表现不错，因为市场预计中国政府会坚持定价机制改革。如果实施得当，该机制应能给中国石化等公司带来更为可靠的炼油利润。
Beijing's retreat into opacity is setting back such hopes.
但随着北京的政策重新回到不透明度状态，此类预期也遭受了挫折。
Andrew Peaple
2009年 05月 07日 19:18
中国国内能源信息网站息旺能源(C1 Energy)周四晚间称，中国政府午夜将把汽油和柴油价格每吨分别提高人民币520元和人民币500元。
一位知情人士上月曾对道琼斯通讯社(Dow Jones Newswires)表示，今年年初开始实施的成品油定价改革机制规定，当一篮子原油移动平均价格在22个工作日的变化超过4%时，理论上可以调整国内成品油价格。
他表示，中国目前使用布伦特(Brent)、迪拜(Dubai)及印尼辛塔(Cinta)三种原油的一篮子价格来评估国际油价波动。
息旺能源称，上述一篮子原油价格20天内已累计上涨13.7%。
分析师们称，此次价格调整将有利于中国石油化工股份有限公司(China Petroleum & Chemical Co.)、中国石油天然气股份有限公司(PetroChina Co.)等国内主要成品油供应商。中国政府藉此也将显示其遵守承诺，即只要国际原油价格低于每桶80美元，政府将确保炼油商能够维持5%的利润率。
Toyota, In Lapse, Sputters In China
反应迟缓令丰田在华业绩受挫
Toyota Motor Corp. has hit a pothole in China, where its failure to anticipate booming demand for small cars is depressing sales as rivals like General Motors Corp. report sharp gains.
丰田汽车(Motor Corp.)在中国遭遇挫折。由于未能预见到小型车需求旺盛，其销售业绩受到抑制，而通用汽车(General Motors)等竞争对手同期销量却大幅上升。
The sales slump is a blow to the world's biggest auto maker because China is the only major global auto market still growing. The problem adds to weakness in other markets for Toyota, which is expected Friday to report big losses for the year through March 31.
销售下滑对这家世界最大的汽车制造商来说是一个打击，因为中国是全球目前唯一一个还在增长的主要汽车市场。在中国市场遭遇的问题加剧了丰田在其他市场的疲软。预计该公司周五将公布，在截至3月31日的财政年度发生重大亏损。
Toyota's China sales in the first quarter of 2009 fell 17% from a year earlier to 125,743 vehicles, even as the total Chinese market, fueled by rising demand for small cars, grew 4% to 2.7 million vehicles. GM's sales gained 17% to 363,317 vehicles, including commercial microminivans made by SAIC GM Wuling Automobile Co., in which GM holds a minority stake. Other big producers, like Japanese rival Nissan Motor Co., also reported strong first-quarter sales. GM on Tuesday said its China sales rose an even-faster 50% in April. Toyota is expected to report April sales for China early next week.
丰田今年一季度在中国市场的销售量较上年同期下降17%，为125,743辆，而同期中国汽车市场总销量在小型车需求上升的带动下增长4%，达到270万辆。该季度通用汽车(GM)销量增长17%至363,317辆，其中包括上汽通用五菱(SAIC GM Wuling Automobile Co.)生产的微型商用车。通用在该公司持有少数股份。其他大型汽车制造商同样也宣布一季度在华销售业绩强劲，比如日本的日产汽车(Nissan)。通用汽车周二称，其4月份在华销量升幅高达50%。预计丰田将于下周初公布4月份在华销量。
The root of Toyota's China problem is a slow response to increasing demand outside China's biggest cities for small, affordable cars -- an unexpected lapse by a company known for its fuel-efficient vehicles and generally seen as adept at grasping changes in customer desires.
丰田在中国的根本问题是，对中小城市小型经济型轿车需求上升的形势反应迟缓。对于丰田这样一家以节能型车而闻名、而且通常被认为很善于抓住客户需求变化的企业来说，这实在是一个意想不到的失误。
Chinese consumers have been snapping up such cars, especially after the government in January announced stimulus measures that cut sales taxes on cars with engines of 1.6 liters or smaller and offered rebates for rural residents buying new cars. Meanwhile, the sweet spot of China's market has been shifting inland, a trend that accelerated last year when coastal manufacturing hubs were hit by slumping demand for Chinese exports.
中国消费者一直在踊跃购买这样的车，特别是今年1月份之后，政府当时宣布了刺激汽车消费政策，对发动机排量在1.6升以下的车下调购置税，并对农村居民购买新车提供折扣。与此同时，中国市场的“甜蜜点”一直在向内陆地区转移，去年，随着沿海制造业基地受到中国出口商品需求下滑的冲击，这一趋势开始加速。
Nissan, whose first-quarter China sales rose 29%, and GM have been opening showrooms in smaller cities and rural areas, rolling out no-frills small cars for farmers and other less-well-off residents.
日产汽车一季度在中国的销量上升29%。该公司及通用一直在中国中小城市和农村地区设立车辆销售展示厅，面向农村人口和其他不太富裕的居民推出基本配置的小型车。
Toyota's lineup in China is short on affordable, fuel-efficient small cars. The company 'found themselves without appropriate products and enough retail outlets in [inland] markets to meet the shift,' says Yale Zhang, a Shanghai-based analyst at U.S. consulting firm CSM Worldwide. Toyota's 'product mix is skewed and more focused on larger cars,' like its Camry and Crown models, he says. 'They're paying a high price for that.'
而丰田在中国推出的车型中缺乏既经济又节油的小型车。美国咨询公司CSM Worldwide驻上海分析师张豫(Yale Zhang)说，丰田发现，他们没有适当的产品，在内地城市也没有足够的销售点以适应这一市场变化。他说，丰田的产品组合不够均衡，更侧重于大排量车，比如凯美瑞和皇冠。张豫说，他们为这一点付出了高昂的代价。
Toyota's stumble in China follows a banner 2008, when its sales rose 17% to 585,000 vehicles.
在中国遭遇此番挫折之前，丰田2008年取得了辉煌业绩，销量上升了17% ，达到585,000辆。
'Demand for small cars is surging. But in the longer run, we believe China's auto market will see continued demand growth for all kinds of cars, from SUVs to family cars to luxury models,' says Hitoshi Yokoyama, a Toyota spokesman. 'We intend to continue with our full product-lineup strategy.'
丰田发言人Hitoshi Yokoyama说，小型车需求在迅速上升。但从较长时期来看，我们相信在中国汽车市场上，各种类型的车都将继续实现需求增长，不论是运动型多用途车、家用轿车，还是豪华车。我们打算继续执行我们的全系列产品战略。
To prevent further declines, Toyota is scrambling to boost output of 1.6-liter engines for the Corolla lineup by about 65% at its plant in Tianjin, China, people familiar with the matter say. But they say it may take three months or more to achieve the target.
据知情人士说，为防止销量出现进一步下滑，丰田急忙将在天津工厂花冠系列1.6升发动机的产量目标提高大约65%。但他们表示，可能需要3个月甚至更长时间才能实现生产目标。
Toyota does offer a small car in China, the Yaris subcompact. But the model has sold slowly since its introduction last May because the car is seen as being too expensive for its size. A base version of GM's subcompact Chevrolet Aveo costs about $10,500, while the Yaris starts around $13,500.
丰田在中国其实有一款小型车：雅力士微型轿车。但从去年5月登陆中国市场以来，这款车一直销售缓慢，原因是其售价相对其车型大小来说显得太昂贵。同为微型轿车的通用雪佛兰乐骋基本款售价大约10,500美元，而雅力士起价在13,500美元左右。
Toyota also has a commercialmicrominivan affiliate. But it only started selling the vehicles in 2007 and sold just 1,400 or so in the first quarter of this year. GM's Wuling affiliate sold 230,000 microminivans in the quarter, nearly two-thirds of the company's total sales in China.
丰田同样也有微型商用车。但该公司从2007年才开始销售这类车，今一季度只售出1,400辆左右。而该季度通用五菱的微型车销量为23万辆，占该公司在华总销量近三分之二。
Only about 25% of all passenger cars Toyota sold in the first quarter in China came equipped with engines of 1.6 liters or smaller, the cars that benefit from the tax cut. Nearly 60% of GM's passenger cars fit that bill, and including the Wuling microminivans, GM's figure was 80%. For Nissan, such vehicles accounted for 64% of first-quarter sales.
今年一季度，丰田在中国售出的全部乘用车中，只有大约25%的车发动机排量在享受购置税优惠所要求的1.6升或1.6升以下。而通用有接近60%的乘用车满足税收优惠条件，如果把通用五菱微型车也计算在内，则这个比例是80%。日产汽车一季度的这个数字是64%。
'People are coming in to take advantage of the government incentives to buy 1.6-liter cars, but we don't have much to offer,' says a Toyota dealer in the southern city of Shenzhen. 'The problem is Toyota isn't ramping up production of 1.6-liter engines fast enough.'
位于广东深圳的一家丰田经销商说，消费者想来买1.6升的车型，以便能享受政府的优惠政策，但我们没有多少可以提供给他们的。问题在于，丰田没能足够迅速地开始增产1.6升发动机车型。
Toyota aims to increase the share of Corollas, its most popular model in China, that have 1.6-liter engines to 50% from about 30%, Toyota executives say. They hope to reach that target by summer. Most Corollas now are built with 1.8-liter engines. But even with the change, the portion of tax-cut-eligible Toyotas would only rise to about 30% from 25%. The Corolla's first-quarter sales fell 10% from a year earlier.
丰田汽车管理人士透露，公司计划将花冠车中1.6以下排量的比例从30%左右提高到50%。花冠是该公司在中国最畅销的车型。他们希望这个夏天能达到这一目标。目前大部分花冠车都是1.8升排量。但即使作出上述调整后，符合优惠条件的丰田车比例也只是从25%上升到30%。花冠一季度的销量较上年同期下降了 10%。
The Toyota executives admit they were caught off guard. 'We didn't expect demand for small cars and the overall market to recover so fast,' one says.
丰田管理人士承认，他们的确是疏忽了。一位管理人士称，我们没有预见到小型车需求和总体市场复苏得这么快。
Norihiko Shirouzu
美国4月份汽车销量比预期更为糟糕，这让汽车市场可能复苏的乐观情绪烟消云散。
车市困境无庸置疑，汽车制造商认为，是通用汽车公司(General Motors Corp., GM)和克莱斯勒(Chrysler LLC)的问题拖累了4月份整个汽车行业的销量。克莱斯勒已在上周四申请了破产。
通用汽车销售主管Mark LaNeve表示，他们一直在忙着辟谣，但无济于事。他认为他们的销售情况本可以更好。
消费者信心动摇、失业率居高不下等因素也抵消了信贷量增加、汽车价格大打折扣以及美国政府为通用汽车和克莱斯勒车辆保修提供支持等利好因素的作用。
根据市场调查公司Autodata Corp.的数据，美国4月份轿车和轻型卡车的总销量为819,540辆，较上年同期下降34%。经季节性因素调整后，汽车销量折合成年率为932万辆，低于3月份的986万辆。
宝马汽车公司(BMW AG, 简称：宝马汽车)北美区业务总裁Jim O'Donnell在一份书面声明中说，对整个汽车行业的新车销售而言，4月份只有风沙肆虐，哪有什么春意可言。
各大型汽车制造商纷纷公布销量较上年同期大幅下滑。丰田(Toyota Motor Co.)销量下滑了42%，在2008年年初以来的月度调查中首次落后于福特汽车公司(Ford Motor Co., F)，而福特的销量也下降了32%。通用汽车和克莱斯勒的销量则分别下降了33%和48%。本田汽车(Honda Motor Co., 7267.TO)美国销量下降了25%，日产汽车(Nissan Motor Co., 7201.TO)下降38%。
4月份汽车销量本来开局良好，但围绕克莱斯勒破产的忧虑情绪加重，通用汽车为求得生存而忍痛削减更多成本的计划也加剧了购车者的不安。
奥巴马(Obama)政府已要求通用汽车在6月1日之前拿出令人信服的重组计划，否则申请破产；而克莱斯勒则正争取在两个月之内结束破产保护。
克莱斯勒销售主管Steven Landry表示，公司计划下周在报纸上刊登整版广告以恢复消费者信心，让消费者知道克莱斯勒依然存在。
根据购车网站Edmunds.com提供的数据，汽车制造商上个月大举促销，折扣率比上年同期提高了29%，每辆车大约折价680美元。
但促销手段甚至未能帮助较健康的外国汽车制造商扭转销量下滑势头。年内迄今，丰田汽车销量下降38%。该公司预计2009年汽车销量将降至1,000万辆左右，比上年同期下滑24%，创15年低点。
丰田上周五表示，公司计划提高特定车型产量，因此前库存已降至一定水平，经销商开始追加订单。
丰田部门负责人Bob Carter在电话会议上说，汽车行业销量萎缩的局面正接近结束，几个预示经济温和复苏的经济指标也令人鼓舞。
虽然企业称他们已看到了经济复苏的迹象，但随着通用汽车和克莱斯勒还在竞相重组，未来还会出现更多动荡。为降低库存，这两家汽车制造商最近宣布了今年夏季将多数制造厂关闭两个月的计划。
GM Presses For Gains In China
通用汽车大力发展在华业务
General Motors Corp. is intensifying its focus on China as it edges closer to a bankruptcy filing in the U.S. and other international units sputter.
通用汽车(General Motors Corp.)在美国濒临申请破产保护的境地，全球其他部门也危机四伏，在这样的情况下，它正在对中国投入更多关注。
The auto maker, until recently the world's biggest by output, has remained a relative powerhouse in China thanks to a pair of partnerships: a joint venture with Shanghai Automotive Industry Corp. and a minority interest in microminivan maker Liuzhou Wuling Motors Co.
由于与两家中国企业建立了合作关系──一是与上海汽车工业（集团）总公司的合资企业，另一个是持有微型客车厂商柳州五菱汽车有限责任公司的少数股权，相对来说，通用汽车在中国依然是一个高速增长的公司。直到前不久，该公司一直是世界汽车产量最大的生产商。
GM Chief Financial Officer Ray Young last week said that Wuling will eventually begin developing its own brand of ultrainexpensive passenger cars, representing a major step for a brand whose decades-old design primarily caters to Chinese farmers and other rural customers. Wuling's push into more consumer-oriented products also presents a considerable opportunity for GM, which has thus far relied on its mainstream Chevrolet brand as its low-cost car division in emerging markets.
通用汽车首席财务长扬(Ray Young)上周说，五菱最终将开始开发自主品牌的超低价位轿车，标志着这家设计仍处于几十年前的水平、主要迎合中国农民等农村客户的品牌将迈出重要一步。五菱进入以客户为导向的产品也为通用汽车带来了相当大的机会。目前为止，在新兴市场低成本汽车领域，通用汽车一直依赖其主流品牌雪佛兰 (Chevrolet)。
Mr. Young said that even without a legitimate passenger car, Wuling's sales have increased tenfold in recent years and now represent more than a half-million sales annually, or more than all of GM's other brands combined in China. Wuling has a contract to build small Chevrolet vehicles for the Chinese market.
扬说，就算没有正统的轿车，几年来五菱的销量仍增长了10倍，如今的年销量在50万辆以上，超过了通用汽车在华所有其他品牌的总和。五菱与通用汽车签有合同，为中国市场生产小型雪佛兰汽车。
Mr. Young also said the auto maker is looking to expand its GM China operations beyond the nation's borders in order to boost its presence in the entire Asian-Pacific region. GM Asia Pacific President Nick Reilly in an interview Saturday said Wuling's plan to build passenger cars, which hasn't been announced officially, could be the key to making this happen.
扬还说，公司也正在考虑将通用汽车中国业务扩展到中国以外的亚太国家，以扩大在整个亚太地区的业务。通用汽车亚太区总裁雷利(Nick Reilly)上周六接受采访时说，五菱的轿车生产计划有可能是实现这个目标的关键。这一计划尚未正式公布。
Shanghai Automotive also owns a stake in Wuling, and Mr. Reilly said that the three-way venture could be how GM plays a leading role in the government's mandate for its indigenous auto companies to become players on the global scene. 'We'd rather it be us than someone else,' Mr. Reilly said.
上汽也持有五菱的部分股权，雷利说这家三方合资企业可能显示出，在中国政府要求本土汽车厂商参与全球市场的过程中，通用汽车如何扮演了主角。他说，我们宁可主角是我们，而不是别人。
China hosts a complex web of indigenous car companies and outside auto makers. Historically, in order for outsiders to penetrate that market, they had to enter a partnership with a Chinese company. This arrangement has led to better quality and technology for Chinese auto makers and an inside track into the country's rapidly growing market for non-Chinese auto companies, such as GM, Volkswagen AG and Toyota Motor Corp., Mr. Young said.
中国有着一个由本土汽车厂商和外国汽车企业组成的复杂网络。从历史上看，外国厂商要想进入中国市场，就必须与中国企业达成合作协议。扬说，这种安排提升了中国汽车厂商的质量和技术水平，也使外国汽车生产商获得了进入中国快速增长的市场的有利地位，比如通用汽车、大众汽车(Volkswagen AG)和丰田汽车(Toyota Motor Corp.)。
Buzz concerning GM's China operations has faded in recent months as the auto maker has been forced to rely on $15.4 billion in U.S. loans and billions more from other governments to stay afloat. GM's once-thriving Daewoo Motor Sales Corp. operation in South Korea and its businesses in Russia and Latin America have fallen on hard times because of a global downturn in the auto industry. The auto maker is likely to report continued losses in each of these operations when it reports first-quarter earnings in May.
由于通用汽车被迫依赖于美国政府提供的154亿美元贷款和其他国家政府提供的数十亿美元贷款维持运营，近几个月来，有关通用汽车中国业务沸沸扬扬的传言渐渐消退。鉴于全球汽车业的低迷，通用汽车旗下曾经生机勃勃的韩国大宇汽车销售公司(Daewoo Motor Sales Corp.)以及俄罗斯和拉美业务均陷入了困境。通用汽车将于5月份公布一季度收益，届时很可能会公布这些业务均继续下滑。
Given the hardships of GM's other units and the rapid evolution of the Chinese auto industry, GM China is now considered to be among the company's most important ventures and one of the few units in the company that could survive the current economic crisis without major damage. GM's Opel division in Europe and its Latin America operation are being considered for partnership with Fiat SpA and other suitors, and GM Daewoo's once-blistering growth has been stunted by downturns in most of the major markets where its exports are shipped to.
鉴于通用汽车其他部门遭遇的困境，以及中国汽车业的迅速发展，通用汽车中国公司如今被视为公司最重要的企业之一，也是为数不多的几个有望在不遭受严重损失的情况下，渡过当前经济危机的部门之一。通用汽车在欧洲和拉美的欧宝(Opel)部门正考虑与菲亚特(Fiat SpA)等潜在买家达成收购协议，由于主要出口市场的不景气，通用汽车大宇公司曾经的快速增长势头受挫。
While other global operations struggle, GM China, in existence for little more than a decade, is growing. It is adding plant capacity, plans to increase its stake in Wuling from about a third to nearly a half and is seeking other partnerships. The company plans dozens of vehicle introductions over the next five years, and eventually aims to introduce a version of the Chevrolet Volt electric car in the country.
在其他全球业务疲于挣扎之际，成立时间只有10年多的通用汽车中国公司却在增长。它正着手扩大工厂产能，计划将持有的五菱股份从约三分之一增加至近一半，同时也在寻求其他合作机会。公司计划在未来5年中推出十几款车，最终的目标是在中国推出一款雪佛兰Volt电动汽车。
While GM doesn't own a controlling stake in Wuling, underestimating the unit's importance to the Detroit auto maker would be a mistake. Mr. Young said the Wuling operation is GM's 'lowest-cost operation in the world' and it has become the company's global benchmark on production costs.
尽管通用汽车并不控股五菱，但若低估这部分业务对该公司的重要性可谓大错特错。扬说，五菱的业务是通用汽车在全球成本最低的业务，已经成为公司在全球的生产成本基准。
'To win globally, we must win in China,' Mr. Young told a small audience at the Chinese business luncheon in Detroit last week. His comments came as other GM executives and leaders from dozens of other global auto makers were assembled in Shanghai for an annual auto show.
扬上周在底特律的中国业务午餐会上对不多的听众说，要取得全球胜利，我们必须在中国获胜。在他说此番话之际，通用汽车其他高管和数十家全球汽车厂商的领导正聚首上海，参加每年一度的上海车展。
China is expected to become the world's No. 1 vehicle producer this year, surpassing Japan. Mr. Young said he is starting to think China could outmuscle the U.S. this year as the No. 1 market for vehicle sales. GM had been predicting China would surpass the U.S. in 2015, but Chinese sales leapfrogged those in the U.S. in the first quarter.
预计中国今年将超过日本，成为世界第一大汽车生产国。扬说，他开始认为中国今年可能会超越美国，成为世界汽车销量最大的国家。通用汽车一直预测中国将在2015年超过美国，不过一季度中国销量已经超过了美国。
Copyright (c) 2009 Dow Jones & Company, Inc.
