翻译原文：

The Chinese government is spending 3 billion dollars to buy just under 10% of the influential American private equity firm Blackstone. It’s the first major deal by the new state investment agency set up to make better use of China’s massive foreign exchange reserves. Andrew Walker reports

China has the largest foreign exchange reserves in the world, worth over a trillion dollars. Much of it has been invested in US bonds, essentially loans to the American government and business. The return on those is quite low and China has for some time been thought to want to put its reserves to more profitable use. The investment in the private equity company should meet that objective. These are companies that buy businesses and remove them from the stock market, and try to make them much more profitable, sometimes, though not always, by slashing jobs and costs.

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