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Foreword前言
More than two decades after establishingitself as the “world’s factory,” China isonce again in the midst of a remarkable transformation. 在确立了自己作为“世界工厂”地位之后的二十多年来，中国再一次的在中间面临着一个显着的转变。Years of investment inheavy industry, infrastructure and anexport-led economic model have laid thefoundation for the next phase in China’sextraordinary growth story — the rise of theconsumer. With per capita income rising,traditionally high savings rates are poisedto give way to increasing domestic demandfor a vast array of goods and services. Years of investment inheavy industry, infrastructure and anexport-led economic model have laid thefoundation for the next phase in China’sextraordinary growth story — the rise of theconsumer. With per capita income rising,traditionally high savings rates are poisedto give way to increasing domestic demandfor a vast array of goods and services.随着人均收入的上升，传统的高储蓄率有望让位给增加内需繁多的商品和服务。
China’s unprecedented economicexpansion in a historically short period ofupside potential, is attracting private equityopportunities that are largely unavailablein more developed economies. Over thelast several years, dozens of globallytheir presence in China, driven by greaterregulatory openness and the expectationthat PE opportunities will rise concurrentlywith China’s economy.
in many ways a blank slate regarding PE.Overall PE penetration remains extremelylow relative to most developed economies.the Emerging Markets Private Equityamounts to just 0.16% of GDP in China.compared with 0.9% in the US and 1.13% inthe UK. PE penetration is low even relativeto many other developing economies — lessthan half of its BRIC counterpart India,for example, and likewise less for Israel1. http://www.ukassignment.org/fxgllw/ That PE plays such a limited role in such asubstantial and rapidly growing economyprovides the industry with a substantial setof opportunities with which to work.在这样的商业关系中，PE起着的作用有限，经济快速增长为业界提供了大量的工作机会。
Of course, investors’ desire for inroadsto the Chinese market would mean littlewithout the increasing willingness of local working actively to create and promotea domestic pool of capital comprised ofpension funds, provincial governments,insurance companies and otherinstitutional investors that are interested intaking an active role in shaping the China ofthe next century.
in this report, we examine the current trends at work in China’s burgeoning PE market -new funds being raised ,profiles of PE deals, the evolving regulatorylandscape and the gradual opening of avast new market for the PE asset class.
在这份报告中，我们检查和分析了目前的趋势，在中国蓬勃发展的PE市场，以及新基金募集，私募股权交易的概况，和不断变化的监管环境以及PE资产类在新市场的逐步开放情况。
Economic overview经济概况
Growth rates set to outpace global averages forforeseeable future可预见的将来，增长率高于全球平均水平。
Just a decade ago, China’s economy was the seventh largest in theworld. While most developed nations have experienced moderateto sluggish growth over the last 10 years, China has grown at astaggering rate, averaging more than 9% over the last 20 years,recently superseding Japan to become the world’s second-largesteconomy. China’s share in world trade has increased nearly tenfoldover the last three decades, to about 9%, while its share in worldGDP has risen to 13% from less than 3% (purchasing power-paritybasis)2. Many economists project China could overtake the USwithin the next 20 years.许多经济学家预测在中国的项目，在未来20年内将超越美国。
It’s no secret that the means through which China is achievingthis tremendous transformation are an export-led economyfounded upon manufacturing expertise and a deep pool of laboroperating at a cost advantage relative to developed markets.These factors have laid the foundation for the emergence of anew consumer class more than a billion strong, which, at currentgrowth trajectories, could easily surpass the Japanese to becomethe world’s second-largest consumer market sometime within thenext 10 years.
Expanding consumer markets and an increasinglyfavorable regulatory environment driving growth
扩大消费市场和日趋有利的监管环境，都将会推动经济的增长。
1. Favorable demographics1。有利的人口结构
Much of China’s population of 1.3 billion is entering prime workingyears, as evidenced by the country’s declining dependency ratio,a measure showing the ratio of dependents (aged 0–14 and overthe age of 65) to the total working population (aged 15–64).From approximately 50% in the early 1990s, the ratio has steadilydeclined to less than 40% currently, and is not expected to riseuntil at least 20153.
2. Future shift aimed for a consumption-driven economy未来的转变，旨在为消费驱动型经济
China’s high savings rate has been an historical hurdle forper capita income rises — tenfold since 1990 — and consumershave increasing amounts of discretionary income, China’s privateconsumption rate is expected to grow from 35% of GDP closerentirely new class of consumers4.
3. Continued reforms持续的改革
China’s strong central government has a history of robusteconomic planning and execution of necessary economic reforms.social development targets and greater emphasis on householdincome growth with the aim of boosting consumer demand. Theseeking to invest in China.
4. Rural development农村发展
Some of China’s most exciting opportunities are to be foundfar from the more densely populated coastal regions. Rapidurbanization and government stimulus designed to advance ruraldevelopment are leading to opportunities for investment in theinland regions — everything from infrastructure and agriculture, toconsumer products. Over the last 20 years, rural households have faced a steady decline in their importance to the Chinese economy,and are now working to catch up with their urban counterparts interms of ownership of household and other durable goods.
Going forward未来展望
Authorities' increasing openness to working with PE is a testament to the value that PE can bring. Far more than just anothersource of capital, PE effects operational changes that cannotonly improve single companies, but enrich entire industries.Through comprehensive assessments of market opportunities,strategic positioning, sector expertise and a keen eye towardcan implement a level of professionalization in the companies itacquires and owns. These positive results can ripple throughout teh economy ,from which china as a whole stands to benefit.这些积极的结果可以波及整个经济领域，中国作为一个整体也将受益。
As china enters the next phase of its groeth story -as more consumers enter the middle class, as China’s technology, healthcare, energy and other critical industries mature and as the ecomomy continues to grow and evolve -pe firms active and einterested in the region will themselves also grow and evolve. While obstacles clearly remain, PE will continue to advance as an activepartner taking an ever-greater role in China’s economic success.
虽然清楚障碍仍然存在，PE将继续在推进中国的经济成功上来发挥越来越大的作用。
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