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| 个人信息 |
| 姓 名： |
纪译员 [编号]:3001 |
性 别： |
男 |
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| 擅长专业： |
商业，贸易，金融 |
出生年月： |
1979/11/1 |
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| 民 族： |
汉族 |
所在地区： |
北京 北京 |
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| 文化程度： |
本科 |
所学专业： |
英语 |
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| 毕业时间： |
2004 |
毕业学校： |
河北经贸大学 |
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| 第一外语： |
英语 |
等级水平： |
专八 |
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| 口译等级： |
中级 |
工作经历： |
5 年 |
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| 翻译库信息 |
| 可翻译语种： |
英语 |
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| 目前所在地： |
北京 北京 |
| 可提供服务类型： |
笔译 |
| 每周可提供服务时间： |
晚上 周末 |
| 证书信息 |
| 证书名称： |
专八证书 |
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| 获证时间： |
2004/3/1 |
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| 获得分数： |
合格 |
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| 工作经历 |
| 工作时期： |
2009/7/1--2010/11/1 |
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| 公司名称： |
北京睿讯网联信息咨询有限公司 |
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| 公司性质： |
民营企业 |
| 所属行业： |
咨询/顾问 |
| 所在部门： |
翻译部 |
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| 职位： |
翻译 |
| 自我评价： |
主要负责剪报及新闻稿翻译，进一步提高自身的翻译素养。 |
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| 工作时期： |
2007/4/1--2009/4/1 |
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| 公司名称： |
新华信国际信息咨询（北京）有限公司 |
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| 公司性质： |
合资企业 |
| 所属行业： |
咨询/顾问 |
| 所在部门： |
翻译部 |
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| 职位： |
翻译 |
| 自我评价： |
主要翻译信用报告，涉及内容广泛。进一步增加了对翻译的认识，提高了个人翻译能力，培养了认真仔细的品质，丰富了专业词汇和知识。 |
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| 工作时期： |
2005/3/1--2007/3/1 |
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| 公司名称： |
北京中融鑫源商务投资顾问有限公司 |
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| 公司性质： |
民营企业 |
| 所属行业： |
咨询/顾问 |
| 所在部门： |
翻译部 |
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| 职位： |
翻译 |
| 自我评价： |
主要从事商业计划书的翻译工作，内容涉及金融，贸易，化工，医药，机械，养殖，美容，教育等，在工作中能按时高质量的完成本职工作。 |
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| 工作时期： |
2004/7/1--2005/2/1 |
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| 公司名称： |
山东华宇职业技术学院 |
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| 公司性质： |
民营企业 |
| 所属行业： |
教育/培训 |
| 所在部门： |
英语系 |
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| 职位： |
教师 |
| 自我评价： |
在职期间担任中职英语教师，期末及格率达到百分九十以上；担任班主任，在全校月考评中两次名列第一。 |
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| 笔译案例信息 |
| 案例标题： |
关于环境（部分） |
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| 原文： |
Instead of dumping wastes into steadily decreasing landfills – the number of landfills dropped from 8,000 in 1988 to 1,654 in 2005 - many local governments and states have created materials exchange programs to assist businesses to find outlets for unwanted materials. Materials exchange programs put into practice the saying, “one man’s trash is another man’s treasure.” They are an effective and economical way to find new uses for wastes for free or less than the cost of purchasing new materials. For example, Company A manufactures furniture and a by-product is sawdust. Company B needs sawdust for producing compost. Materials exchanges help these companies connect. “Throwing away any type of waste is money lost,” said Stephen Greene, chairman of the board of WasteCap of Massachusetts. His group, a statewide, non-profit organization, works with the business community to develop and implement cost-effective programs that promote recycling and waste reduction. These programs help save landfill space, conserve resources, and help businesses reduce waste disposal costs and even earn money. |
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| 译文： |
为了帮助企业处理废料，很多地方政府和州推出了许多物料交换方案，而不是把垃圾倒入不断减少的垃圾掩埋场--垃圾掩埋场的数量已经从1988年的8,000个减少到2005年的1,654个。这些方案践行了 “你的垃圾，我的宝”这一说法，是一种有效的经济的方式，旨在免费地或者用比采购新材料低的成本变废为宝。比如，A公司生产家具，其副产品是锯末；而B公司需要锯末堆肥。这时候物料交换就可以帮助他们建立联系。马萨诸塞州WasteCap的董事长斯蒂芬•格林说“扔掉任何一种废物都意味着财富的流失”。他的团体是一个遍及全州的非盈利组织，与商界共同开发和实施高效的方案以促进废物回收和减量。这些方案有助于节省垃圾填埋场的空间，节约资源，帮助企业减少废物处理成本，甚至帮他们赚钱。 |
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| 案例标题： |
China tightens bank lending to real estate sector |
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| 原文： |
China tightens bank lending to real estate sector
To tighten bank credit to real estate sector, China has issued new rules that stipulate that financial institutions shall not grant loans to projects whose developers fail to raise 35 per cent of the investment from their own resources.
The new policy, issued by the China Banking Regulatory Commission (CBRC), also tightens lending to developers who are suspected of acquiring land and property.
The Chinese government has for some time been trying to rein in rocketing property investment by tightening land and credit supply, without obvious success. The government is increasingly concerned that commercial banks might become the scapegoats if a real estate bubble were to burst.
For personal housing mortgage loans, the new policy suggests that banks will decide how much a borrower will have to put down based on their credit worthiness, instead of using a unified standard.
The CBRC said it would crack down on fraudulent mortgage loans, which have been employed by some developers to shift huge risks to banks. Earlier, CBRC chairman Liu Mingkang said the regulatory body will launch a review of mortgage loans and lending to land reserve projects.
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| 译文： |
中国出台房贷紧缩新政
为紧缩房产信贷，中国出台新政, 规定金融机构不得对开发商自筹资金比例低于35%的项目发放贷款。
这项由银监会颁布的新政也收紧了对有囤地囤房嫌疑的开发商的放贷。
一段时间以来，中国政府试图通过减少土地供应和紧缩信贷以遏制房地产过快增长，但收效甚微。政府越来越担心商业银行会成为地产泡沫破灭的受害者。
在个人住房按揭贷款方面，新政提出银行将依据个人偿还能力来决定放贷额度，而不是按照某单一标准。
银监会表示其将打击欺诈性按揭贷款。一些开发商已经利用按揭贷款将巨大的风险转嫁给银行。 此前，银监会主席刘明康表示该部门将审查按揭贷款及土地储备项目贷款。
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| 案例标题： |
嘉吉的全产业链模式:头号农企低利润率生存 |
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| 原文： |
嘉吉的全产业链模式:头号农企低利润率生存
2010-09-01
《英才》杂志2010年9月刊 记者 罗影
究竟，哪项指标是衡量一家企业成功的标志？
来自全球最大的农业综合企业嘉吉公司（Cargill）的最新数字显示，在2009财年，其年销售收入达到了1166亿美元。但是，净利润数字却只有33.3亿美元，利润率仅为2.8%.这一比例还不是最低--1991年，嘉吉公司的利润仅为3.5亿美元，不到其当年销售收入的1%.
如此微薄的利润率能支撑这家世界第一的农业综合企业吗？
一个不争的事实是：在食品行业的产业链上，越往终端，毛利率越高。东方艾格农业行业分析师马文峰告诉《英才》记者一组估算数字：“以面粉产业链为例，在面粉加工环节，毛利率大约是10%;做成挂面，就能达到20%;方便面，30%;面包，40%.”而与此相对应的是：越往终端，市场需求量越小。
其实，嘉吉也有一些毛利率较高的业务，比如武汉嘉吉烯王生物工程公司生产的花生四烯酸（ARA）。这种产品一般被添加到奶粉中，能够促进婴儿脑部发育，其毛利率较高。
头号农企低利润率生存在2009财年，嘉吉的利润率仅为2.8%,如此微薄的利润率能支撑这家世界第一的农业综合企业吗？
那么，嘉吉未来是否会减少低毛利率业务、增加高毛利率业务？年初刚刚上任的嘉吉中国区总裁安博泰的回答是“绝对不会”:“有些业务虽然毛利率高，但需求量很小。而像大宗商品贸易这样的业务，毛利率虽然相对较低，但靠的是走量，这在发展过程中始终是我们业务的重要组成部分。”
嘉吉的大宗商品贸易以粮食贸易为主，也有钢材等干散货的贸易。虽然与嘉吉同时从事的物流、食品深加工、金融等业务相比，大宗粮食贸易是一个公认“高风险、低利润”的行业，但嘉吉始终坚守这一阵地。
在农业领域，对风险的控制是企业能够长期稳定发展的关键。为了应对风险，嘉吉的风险管理部门分散在各个业务单位里。上千个风险控制团队每天24小时研究市场，研究的内容包括天气、供需、农民种植情况、石油价格、运输风险等等，及时提供研究结果和应对策略，并将自己业务单位的风险管理数据提交给公司层面20多人的风险管理团队。
全产业链
以大宗粮食贸易为依托，如今嘉吉在农产品行业的产业链上已经覆盖了从物流、贸易到深加工等各个环节。这种对全产业链的覆盖正在成为一些中国企业学习的榜样。
中国最大的农业和食品企业之一中粮集团董事长宁高宁曾表示：“嘉吉已经形成了自己的比较成熟、也比较有效的商业模式，对中粮而言，可师夷之长。”
业界的看法也趋于统一。“包括嘉吉在内的几大粮商（ADM、邦吉、嘉吉、路易•达孚）在全产业链方面已经做了很长时间，中粮与他们相比，无论在产业链的长度上，还是在各个细分子行业的切入上，都有一定的差距。”国信证券农业行业分析师张如在接受《英才》记者采访时如此评价。
中粮的“全产业链”战略已实施两年。但很明显，此“全产业链”与彼“全产业链”并不相同。中粮的产业链以贸易为开端，涉及之后的诸多环节，而嘉吉在全球的业务则向上延伸到化肥、粮食收储（嘉吉在中国没有该项业务）等环节；在产业链下游，中粮在近两年内全力打造了数十个终端品牌，而嘉吉很少自己做终端品牌，它的客户都是肯德基、麦当劳、可口可乐、美赞臣、卡夫、雀巢等企业客户。两者的区别在于：以贸易为分野，一个重点发力前端，一个重点打造后端。
而在单个产业的发展上，嘉吉则利用其全球经验和技术，尽可能使产业链丰富，如增加食品深加工产品品类、提升食品安全管理标准、提升技术含量，精耕细作。
马文峰认为，中粮很难进一步往上游拓展产业链了。一方面，上游涉及到资源和技术，不是短期内可以做起来的；另一方面，2000年成立的中储粮执行了国内市场80%的粮食收储任务，中粮几乎没有发挥余地。因此，向下做终端品牌，更容易达成延伸产业链的目标。
似乎，这正是中粮的“全产业链”有别于国际粮商的重要原因。中储粮有粮源，但却少有粮食加工业务；中粮有粮食加工业务，但却不控制粮源。那么，中粮+中储粮=嘉吉模式？张如表示：“可以这么理解。但两家企业没那么容易加起来，也就很难形成完整的全产业链。”
坚持B2B
除了极小部分B2C业务之外，嘉吉的业务大多数是B2B.虽然有一些嘉吉的产品，只需由经销商简单包装后，就可以直接销售给普通消费者，但嘉吉似乎对这块附加利润并不感兴趣。
在嘉吉全球CEO彭国瑞看来，做B2B和B2C需要完全不同的思维：“股东对你的期望值，以及你所拥有的技巧都是完全两样的。嘉吉之所以选择B2B业务，是由企业的能力决定的，嘉吉公司的专业技能更适合做B2B.如果一边想保持自己深厚的农业基础，同时又试图拓展B2C业务，那是很难两全的。”
事实上，只做B2B,就不需要在包装、市场和广告上花太多的钱，而这部分成本则被“转嫁”给了可口可乐和麦当劳们。
马文峰认为这样的做法很明智：“嘉吉给麦当劳和可口可乐供应原料，麦当劳多开几家店、可口可乐多卖出几瓶，嘉吉的销售也能随之上升。如果这些终端市场都靠自己去铺，太耗精力了。”
而在这一点上，中粮选择了靠自己。在短短几年间，中粮打造、整合了众多品牌，从福临门食用油到长城葡萄酒，从神象面粉到山萃蜂蜜，从金帝巧克力到悦活果汁……但都做得不温不火。在品牌专家、五谷道场品牌创始人任立看来，宁高宁是一个资本运作高手，但不
是品牌运作高手。“做品牌必须删除掉做贸易的思想，不能批量生产，不是有钱就成。做品牌对于中粮和宁高宁来说，是一个真正的全新课题，这个课题与中粮以往解决的问题最大的不同是，做品牌不是自己说了算，必须洞察市场和消费者的心智，消费者认同了，品牌才算做成了。”有媒体评论道。
这从另一个侧面印证了嘉吉坚持B2B的理由。
操控粮价？
对国际粮商操纵粮食价格的争议从来没有停止过。美国前国务卿基辛格说：“如果你控制了石油，你就控制了所有国家；如果你控制了粮食，你就控制了所有的人”.
但安博泰否认了有哪家公司可以控制粮食的可能性：“这个市场很大，每天有数百、数千亿美元的交易，没有哪一家公司能够控制什么。”
“以主要交易所，像芝加哥期货交易所和大连商品交易所的豆粕交易为例，每天10多亿美元的交易量，如果做成饼图，嘉吉所占的位置充其量就是一条线。事实上，据我所知，没有哪一家占很大份额。在国外，参与交易的机构非常多，像榨油公司、农民合作社、经销商、饲料公司、贸易公司、投机商等等。农产品市场相当开放，比如在一个爱荷华州，就有四五十家粮食收购公司，大家必须通过激烈竞争，才能成为农民的买家。根本不可能有哪一家公司垄断。”嘉吉公关总监郑泽群向《英才》记者介绍道。
据了解，在美国，最大的粮食收购公司是来自日本的企业伊藤忠和三菱。
从上世纪70年代起，嘉吉开始进入中国，那时候，中国的农产品出口量和进口量都非常小，在国际农业市场上，中国像是一个封闭的孤岛。但嘉吉最不缺乏的就是耐心。每到一个地方，它就扎扎实实在那里长期发展。曾经，嘉吉的一家工厂连续亏损7年，嘉吉却在此期间付给员工相当于当地最低工资标准6倍的薪水，以等待业绩回转。
嘉吉还善于把从一个国家学到的经验谨慎地用到另一个国家。1965年，嘉吉以900万美元投资进入巴西，此后几年，它耐心地把赚到的每一分钱都用于再投资。30年后，嘉吉已经在巴西拥有10条大规模生产线，总值2.5亿美元。同样的故事也在中国上演。1987年，嘉吉开始投资中国的农产品加工行业。到今天，嘉吉在中国已经有了37家独资合资企业，年销售额达到12亿美元。
虽然安博泰表示，目前嘉吉中国的销售额还不到全球的5%,但谈到中国对全球的影响时，他随即说道：“以前我们在讨论全球农产品贸易时，很少谈到中国；但现在，我们会经常性的提到中国。因为中国已经成为全球农产品贸易中的重要组成部分，中国现在已经能够影响到全球很多农产品的价格，影响到北美和欧洲。”
●独家高端对话--安博泰：“ABCD垄断价格很荒谬”
《英才》：近两年来，有很多资金开始进入中国的农业领域炒作，比如近期的粮食价格暴涨。你怎么看待这种现象？
安博泰：过去两年来，大连商品交易所的交易量有很大提升，其中一部分原因也是很多热钱的参与。热钱大量参与会导致价格波动，加大市场的风险。但另一方面，热钱的参与也在一定程度上加快了资金的流动性，对于对冲风险来说，这是一个比较好的方面。
《英才》：风险管理是嘉吉的重要业务之一。在风险管理方面，中国与西方发达国家的差别是否很大？
安博泰：基本原则是一样的，比如大连商品交易所与芝加哥交易所，可能会有一些不同的操作方法，但运作风险管理的基本原则是一样的。二者的区别在于金融产品的成熟度不同--中国市场没有国外那么成熟。此外，在中国，风险对冲的整个链条相对比较长，如果在巴西做铁矿石，因为靠近淡水河谷，每天还可以做一些现货的变动。而在中国，从开始做合同到装船发货，可能需要3个月，在这么长的时间里，价格肯定会有很多波动。
《英才》：这是否意味着，在中国做风险管理更难？
安博泰：并不是更难，而是因为整个供应链拉得很长，所以需要更大的头寸。
《英才》：ABCD四大粮商，都是有着百年历史的家族企业，是否这个行业特别适合家族企业来经营？
安博泰：虽然最初是家族企业，但现在ADM和邦吉都已经上市了。这个行业并没有固定的模式，并不一定是家族企业或一定要有很长的历史。有很多中国、东南亚的企业，很年轻，也做得很好。
《英才》：很多媒体报道，ABCD四大粮商在全球粮食贸易中垄断了价格，这种说法是否确切？
安博泰：这种说法是很荒谬的。媒体很聪明，把ABCD结合在一起，这个词组听起来很好玩，似乎是一个有趣的故事。但其实这几家没有任何联系，是竞争对手的关系。而且，这个行业里有很多企业每天进进出出，我们并不是影响最大的几家。
《英才》：中粮董事长宁高宁曾说过，嘉吉有很多地方值得中粮学习。在你看来，中粮有值得嘉吉学习的地方吗？
安博泰：嘉吉跟中粮的合作历史很悠久，从上世纪70年代末我们就开始有贸易上的合作。我们是平等的，相互尊重，相互学习。嘉吉和中粮的关系是多元化的，在有些领域是竞争关系，有些领域是合作伙伴关系，有些领域是贸易关系……但一直比较和谐。中粮自然也有很多地方值得我们学习。我与宁高宁也有过交流。我们也曾邀请宁高宁来讲座，我们的员工都挺喜欢他。
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Cargill’s whole industry chain mode: No. 1 agricultural company survives at low profit margin
What index on earth can measure the success of a company?
The latest data from Cargill show that it registered a sales income up to US$116.6 billion in fiscal year 2009. But the net profit was only US$3.33 billion with a profit margin of 2.8%, not the lowest one yet as its profit in 1991 was only US$350 million, less than 1% of its sales then.
How can the world’s No.1 comprehensive agricultural company survive on such a small profit?
An indisputable fact is that the very end of the food industry chain usually sees the highest gross profit margin. The analyst from Dongfang Aige Agricultural Consultancy Co., Ltd. provided some data to the reporter of Talents: Take the flour industry chain as an example. The gross profit margin at the flour processing is about 10%; it can reach 20% after the flour is made into dried noodles, 30% when it becomes instant noodles and up to 40% when it becomes bread. But the market demand is the smallest at the very end of the final.
In effect, Cargill also runs some businesses with high profit margins, such as the ARA made by Cabio. The product is usually added into milk powder and can enhance the development of babies’ brain with high gross profit margin.
The world-leading agricultural company is surviving at a low profit margin. In fiscal year 2009, Cargill’s net profit margin was 2.8% only. Can the slim margin support the world No. 1 agricultural giant?
Then, whether Cargill would reduce businesses featuring low gross profit margin yet increase businesses with high gross profit margin. Mr. Robert Aspell who was appointed as Cargill China President early this year said “absolutely not”. “Although the gross profit margin of some businesses is high, but the demand for them is very small. The bulk commodity trade with relatively low profit has huge demand. Therefore, it always stays at the center of our businesses.
Cargill’s bulk commodity trade focuses on grain, also covering dry bulks including steel. Although, it is widely known that bulk grain trade is a business of high risk but low profit, compared with logistics, food deep processing and finance in which Cargill has been engaged, Cargill has persisted in the trade.
In agricultural field, risk control is a key for a company’s long-term stable development. In order to cope with risks, Cargill has set up risk control departments in each business unit. Over 1,000 risk control teams study the market in 24 hours each day. Their researches concern weather, supply and demand, farmer’s planting situation, oil price, transport risk, etc. The research results and relevant measures are provided in time. The risk control data of its business units are submitted to a risk control team consisting of over 20 managerial clerks.
Whole Industry Chain
Relying on bulk grain trading, Cargill now has built up an agricultural product industry chain covering logistics, trading and deep processing. Chinese companies are following suit of Cargill in this regard.
“Cargill has formed its own mature and effective business mode, which COFCO can learn from”, said Ning Gaogning, Chairman of the Board of COFCO, one of the largest agricultural and food companies in China.
The industry is forming an increasingly unified view. “Large grain companies such as ADM, Bunge, Cargill and Louis Dreyfus (ABCD) have been building whole industry chain for a quite long time, and compared with them, COFCO has a certain way to go regarding the length of industry chain and segmentation”, said Zhang Ru, an analyst of agricultural industry with Guosen Security, at an interview with Talents.
COFCO has implemented its whole industry chain strategy for two years. But, its mode differs from that of ABCD. Beginning from trade, COFCO’s industry chain involves lots of aspects. While Cargill’s global businesses extend to fertilizer and grain reserve (Cargill has no such kind of business in China). COFCO has forged dozens of terminal brands at the downstream of industry in the past two years, but Cargill rarely develops its own terminal brands by itself and its clients are primarily KFC, McDonalds, Coca-Cola, MJN, Kraft and Nestle. Cargill centers on the beginning while COFCO lays more emphasis on the final.
In terms of the development of some specific industry, Cargill is utilizing its global experience and know-how to add as more elements as possible to its industry chain, for example, increasing the variety of foods for deep processing, lifting food good safety management standards, improving technical content, hankering for the best.
Ma Wenfeng holds that it is hard for COFCO to further expand industry chain upwards. On the one hand, it can’t gain the resources and technologies involved in upstream industry chain in a short period; on the other hand, Sinograin established in 2000 has fulfilled 80% of grain procurements and reserves on domestic market, and there is no space for COFCO. So, it is easier for COFCO to extend the industry chain by developing terminal brands.
It seems that this is the main reason for COFCO’s whole industry chain different from that of international players. Sinograin has grain sources but seldom deals with grain processing business. COFCO handles grain processing without the control on grain sources. Then, COFCO + Sinograin = Cargill’s Mode? “We can put it this way. It is not easy to combine the two companies, and so is forming the complete industry chain,” said Zhang Ru.
Persist in B2B
Except a tiny part of B2C, Cargill has been overwhelmingly engaged in B2B. Although some products of Cargill can be directly sold to ordinary consumers only after simple packaging, it seems that Cargill is not interested in the additional profit of this part.
According to Greg Page, Cargill’s Global CEO, B2B and B2C have totally different mindsets. “Shareholders’ expectations on you and your skills are quite different. The reason why Cargill selected B2B is because of its capacities. The professional know-how of Cargill is more suitable for B2B. , and it is hard for Cargill to maintain its deep agricultural foundation while trying to expand B2C.”
In fact, focusing on B2B means less cost on packaging, market and advertising, and this part of the cost is "passed on" to Coca-Cola and McDonalds.
Ma Wenfeng thought this is wise, "Cargill provides raw materials for McDonalds and Coca-Cola, and if McDonalds opens more restaurants and Coca-Cola sells more drink, Cargill’s sales will rise too. If Cargill taps these finals by itself, it will be much more difficult and energy-consuming”.
On this point, COFCO decides to rely on itself. In just several years, COFCO has forged and integrated lots of brands, including Fulinmen edible oil, Great Wall wine, Shengxiang flour, Shancui honey, Leconte chocolate and Lohas fruit juice. These brands have been advancing in a mild way. Ren Li, a brand expert and founder of Wugu Daochang, holds that Ning Gaoning is not as good at brand operation as at capital operation. “The concept on trading should be avoided in brand development, and large-scale production and large amount of money do not mean a successful brand. Forging brand is a real brand new task for COFCO and Ning Gaoning. The task quite differs from the problems solved before, since forging brand needs to have insight into the market and minds of consumers, and only consumers’ acceptance means the success of a brand”, media commented.
This confirms the reason why Cargill insists on B2B for another aspect.
Controlling Grain Prices?
The dispute over international grain companies controlling grain prices never has stopped. Former US State Secretary Kissinger said that if you control the oil, you control all the country; if you control food, you control all the people."
But, Cargill China President Mr. Robert Aspell denied the possibility that a company is able to control grain. “The agricultural product market is very big, and several hundreds of and several trillion dollars worth of trades happen each day, no company is able to control everything.”
“Take major bourses such as CBOT and Dalian Commodity Exchange as examples. Cargill has a tiny part in the daily trading volume of more than US$1 billion. In fact, as far as I know, no company has a very big share. There are lots of institutions involved in trading overseas, including oil crushing companies, farmers’ cooperatives, dealers, feed companies, trading companies and speculators. The oversea agricultural product markets are quite open. For instance, there are 40 to 50 grain purchasing companies in Iowa only, and every company must survive ferocious competition to win orders from farmers. No company is able to monopolize agricultural product market”, Zheng Zequn, the Corporate Communications & CSR Director of Cargill Investments (China) Ltd., told Talent’s reporter.
According to source, the largest grain purchasers in the USA are Itochu and Mitsubishi from Japan.
Starting from 1970s, Cargill started entering China, and at that time, the volume of export and import of China agricultural products was very few, so in international agricultural market, China was like a closed island, but Cargill never lacked patience, and it prepared long-term development step by step. Once, a factory of Cargill kept in loss for consecutive 7 years, but Cargill paid the salary six times the local lowest salary standards for employees, expecting a turnaround.
Cargill is also good at prudently using the experience learnt in a country to another country. In 1965, Cargill invested US$9 million in Brazil and thus entered the market, and after several years, it patiently used every penny of earnings for reinvestment. After 30 years, Cargill has possessed ten large-scale production lines in Brazil, with total value up to US$250 million. And the same story also unfolded in China. In 1987, Cargill started investing in China agricultural products manufacturing industry, and till today, Cargill has been in possession of 37 wholly-owned companies or joint ventures in China, with annual sales amount up to US$1.2 billion.
Cargill China President Mr. Robert Aspell said that the sale of Cargill China is less than 5% of its world total. But when it comes to the clout of China in the world, he said at once: when discussing the global agricultural products trade previously, we rarely talked about China, but now, we frequently mentioned China, for China has become the important component in global agricultural products trade and China has been able to influence the price of many agricultural products in the world now, as well as North America and Europe.
● Exclusive high-rank dialogue with Cargill China President Mr. Robert Aspell: “ABCD manipulating price is very ridiculous”
Talents: In recent two years, much capital has been used in the speculation of China agricultural field, like the recent grain price soaring. What’s your take on such a phenomenon?
Mr. Robert Aspell: Over past two years, there was remarkable improvement in the turnover of Dalian Commodity Exchange, of which, a part of causes lies in hot money. The participation of a great deal of hot money caused the fluctuation of price and increased the market risks, but on the other hand, the participation of hot money also accelerated the liquidity of capital to some extent, and to risk hedging, this is a good aspect.
Talents: Risk management is one of the important businesses of Cargill, and in the aspect of risk management, is there a big difference between China and developed countries?
Mr. Robert Aspell: It is the same in basic principles, like Dalian Commodity Exchange and Chicago Exchange, there may be some different operation methods, but the basic principle of operating risk management is the same. The difference of the two sides lies in the different maturity of financial products – China market not that mature as foreign market. In addition, in China, the whole chain of risk hedging is relatively quite long. For example, if making iron ore in Brazil nearby Companhia Vale do Rio Doce, you can make some spot changes every day, while in China, it may take three months starting from making contract to shipping dispatch, and during so long time, the price is bound to see many fluctuations.
Talents: Does it mean risk management is more difficult in China?
Mr. Robert Aspell: It is not more difficult, but the whole supply chain was drawn quite long, so it needs larger cash position.
Talents: Four grain traders ADM, Bunge, Cargill and Louis Dreyfus are all family firms with 100-year history, so whether the industry is especially fit for family firms.
Mr. Robert Aspell: Though they are family firms initially, ADM and Bunge have been listed in the market now. The industry has no fixed mode, not necessarily family firms or with very long history. There are many companies in China and Southeast Asia, very young, but they have done very well.
Talents: Many media reported that ABCD monopolized the price in global grain trade, whether it is accurate to say so?
Mr. Robert Aspell: It is ridiculous to say so. The media is quite smart, for the phrase united with ABCD sounds fun, seemingly like a fun story, but in fact, the four grain traders have no connection, and they are rivals, besides, there are many companies in and out in the industry, we are not the most influential ones.
Talents: COFCO Preisent Ning Gaoning once said that Cargill has many aspects worth studying for COFCO, and in your eyes, whether COFCO has some worth learning to Cargill?
Mr. Robert Aspell: Cargill has been in cooperation with COFCO for a quite long time, and trade cooperation began in late 1970s. We are equal, in mutual respect and learning from each other. The relation between Cargill and COFCO is diverse, and in some fields, they are rivals, or cooperative partners, or in trade relation in some fields, etc, but in relatively harmonious relation at all times. Naturally, COFCO has many places worth learning to Cargill, and I also once had communications with Ning Gaoning. We once invited Ning Gaoning to give a lecture, and our employees all came to like him.
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