The first factor driving up funding costs is the outsize profitability of China’s commercial banks – more than 23%, on average, for the top five last year – which account for some 35% of total profits earned by the 500 largest Chinese companies. Indeed, the average for banks is nearly four times that for Chinese companies as a whole, for which the average profit is just over 6%.
推高融资成本的第一个因素是中国商业银行利润率过高——过去五年平均为23%以上——占中国最大五百家公司总利润的35%。事实上，银行平均水平是中国全部公司平均水平（大约6%）的近四倍。