双语新闻：保险资本助推中国芯片产业发展

It has become hard to imagine life without digital devices, especially smartphones.
很难想象没有数字设备，尤其是智能手机的生活会是什么样子。

While gadgets are becoming more intelligent, chips, their very backbones that make connectivity easier, are becoming smaller in size though larger in terms of importance.
在小工具变得越来越智能的同时，它们的主心骨--让连接变得更容易的芯片--的体积却越来越小，但重要性却越来越大。 

A nail-sized chip used in smartphones now contains more than 10 billion transistors, and each transistor needs to be produced by high-end equipment such as photolithography machines, laser etching machines and thin film equipment, according to Hu Xiao, director of the securities business department of Shanghai-based Advanced Micro-Fabrication Equipment Inc China.
总部位于上海的Advanced Micro-Fabrication Equipment Inc China证券业务部总监胡晓表示，智能手机中使用的指甲盖大小的芯片现在包含100多亿个晶体管，而每个晶体管都需要光刻机、激光蚀刻机和薄膜设备等高端设备来生产。 

"It is extremely difficult to make major technology breakthroughs in the chip industry. Investment in chipmaking can be stratospheric. Investing in an advanced chip production line requires tens of billions of dollars, which is far beyond the ability of ordinary enterprises. The capital market is thus needed," said Hu.
“芯片行业要想取得重大技术突破是非常困难的。芯片制造的投资可能是巨大的。投资一条先进的芯片生产线需要数百亿美元，这远远超出了一般企业的能力。因此需要资本市场的支持。

Yang Fu, executive vice-president of chip design company UNISOC, said continued capital injection is indispensable for technology-intensive industries like integrated circuits. Meanwhile, a market more tolerant of the ups and downs of technology advancement is crucial, she said.
芯片设计公司联芯科技执行副总裁杨福说，对于集成电路这样的技术密集型产业来说，持续的资本注入不可或缺。同时，一个更能容忍技术进步起伏的市场也至关重要，她说。

In this sense, insurance capital can fit into the scenario as it is "highly patient" and an advocate of long-term and value investment, said Liu Fan, vice-president of China Life Asset Management Co Ltd, an investment arm of the country's largest insurance group China Life Group.
中国最大的保险集团中国人寿集团的投资部门--中国人寿资产管理有限公司副总裁刘凡说，从这个意义上讲，保险资金可以融入这一方案，因为它 “极具耐心”，是长期投资和价值投资的倡导者。

Late last year, the insurer set up an 11.8-billion-yuan ($1.6 billion) S fund to purchase equities from the government-backed Shanghai Integrated Circuit Industry Investment Fund. Shanghai Advanced Silicon Technology Co Ltd, UNISOC and Advanced Micro-Fabrication Equipment Inc China have all benefited from this newly established fund.
去年年底，该保险公司成立了一个118亿元（16亿美元）的S基金，从政府支持的上海集成电路产业投资基金购买股票。上海先进硅技术股份有限公司、联芯科技股份有限公司和中国先进微细加工设备有限公司都从这一新成立的基金中获益。 

S fund purchases existing interests or assets from primary private equity fund investors. This can be considered PE trading in the secondary market, facilitating capital liquidity.
S基金从一级私募股权基金投资者手中购买现有权益或资产。这可以被视为二级市场上的私募股权交易，有利于资本的流动性。

CLAMC has used diversified investment tools beyond S fund to direct more capital to emerging industries.
除S基金外，中国林业投资公司还利用多元化的投资工具，引导更多资金投向新兴产业。

In mid-April, the National Financial Regulatory Administration, Ministry of Industry and Information Technology and National Development and Reform Commission jointly announced a plan to deepen financial services in the manufacturing industry and advance new type industrialization.
4月中旬，国家金融监督管理总局、工业和信息化部、国家发展和改革委员会联合发布了《深化制造业金融服务推进新型工业化规划》。 

Insurance capital, with risks under control, should provide long-term and stable support for strategic emerging industries via bonds, direct equity investment, PE funds, venture capital and asset management products.
保险资金应在风险可控的前提下，通过债券、直接股权投资、私募股权投资基金、创业投资、资产管理产品等方式，为战略性新兴产业提供长期稳定的支持。