The new zero
A second example is finding English terms for concepts derived from unique characteristics of Chinese markets, such as the non-tradable share reform (믈홈롸零맣몌), literally translated as “split share structure reform.” This was a critical capital market reform implemented in 2005/06 to eliminate legacy problems in China’s stock market, where different liquidity rights were given to the holders of state-owned shares, Legal Person shares, and tradable shares, resulting in differential pricing of each category. The inherent flaws in the system hampered the development of China’s capital markets and the overall management of state-owned assets. The reform aimed to eliminate differences between the various types of shares purchased and traded, and to balance the interests of shareholders owning non-tradable and tradable shares. Issues were resolved through negotiation at general shareholding meetings. The existence and importance of this reform was well known in China, but was often left unexplained or not expressed openly to a western audience.
There are perils, therefore, in believing that translating words actually translates the underlying reality. And this is important, because the way in which cultures “think” is increasingly driving changes in our ambient reality.
Our finance book could not have come into being without the focused attention of three Editors-in-Chief who have spent their lives in the practice of cross-cultural communication. Our experience has also led us to the view that translating from one culture to another ought to be more of a science than the art form it is at the moment. Cultural diversity, like biodiversity, is critical to the planet’s future: it preserves more options for the human race and heads off the threat of homogenization. One could therefore imagine a conceptual toolbox that would facilitate more reliability in this area.
One of the greatest tools invented by mankind has been the concept of zero. The invention of zero became a turning point in the development of culture and civilization, without which the progress of modern science, industry and commerce is inconceivable. A tool of similar versatility would be helpful for translation between cultures and might revolutionize the way we exchange ideas. After all, we were working on our book just as the global financial system went into meltdown – an episode that highlighted, as few others have done, the imperative to find common solutions across different cultures.