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发表于 2012-3-20 16:17:51
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本帖最后由 helloyep 于 2012-3-20 16:20 编辑
China details local debt rollover plan (中国地方政府债务展期细节出台)
China’s banking regulator has issued guidelines telling banks how to roll over the loans issued to local governments in recent years, local media has reported. (中国国内媒体报道,中国银监会下发了指导意见,指示中国的银行如何对近年来发放给地方政府的贷款进行展期)
The move, which is aimed at averting a wave of defaults that could have dealt a harsh blow to the Chinese economy, provides detail on how a plan, reported in the Financial Times last month, will be implemented.(该指导意见为一份计划(见英国《金融时报》上个月的报道)制定了详细的执行方法,旨在防止可能沉重打击中国经济的违约潮发生)
China Business News, a financial newspaper, said banks would be expected to present reports on how they will address local government loans that are maturing this year before the end of April.(财经类报纸《第一财经日报》(China Business News)称,银监会要求银行于4月底之前提交报告,提出年内到期的地方政府债务的还款方案)
The loans to local governments amount to Rmb9.1tn ($1.4tn), or almost a quarter of China’s gross domestic product. Most were issued during the global financial crisis, when Beijing called on its banks to pump out loans to fuel the economy’s recovery.(地方政府平台贷款高达9.1万亿元人民币(合1.4万亿美元),相当于中国GDP的四分之一。这些贷款多数是在全球金融危机期间发放的,当时中国政府要求各大银行大力放贷以推动经济复苏)
About 35 per cent of the loans to local governments are due over the next three years, but many of them went to infrastructure investments that have not yet started to generate revenues, raising the risk of defaults.(35%左右的平台贷款将于未来三年内到期,但这些贷款大多投资于基础设施,尚未开始产生收益,因此违约风险增大)
China’s official debt burden is very low by international standards, at less than 20 per cent of GDP. But this understates the true debt level, since it only counts central government debt and overlooks the local debts as well as other liabilities, such as borrowing by the railway ministry.(按照国际标准,中国官方的债务负担很低,仅为GDP的不到20%。但这一数字低估了真实的债务水平,因为它只包括中央政府债务,忽略了地方债务和中国铁道部的借款等其他负债)
By devising a plan to clean up the local government debts, the government has in effect acknowledged that the problem is more serious than the official figures suggest, but it has also taken a step that analysts believe is needed to prevent bigger financial troubles down the road.(中国政府制定计划清理地方政府债务的举措表明,政府实际上承认了地方债务问题远比官方数据显示的更加严重。不过,分析人士认为,中国政府采取了必要措施以防止未来发生更严重的金融问题)
To get around regulatory restrictions on government debt, the loans to local authorities were issued to government-backed investment vehicles. The banking regulator has now divided these loans into five different categories, China Business News reported.(当时为了绕开对政府债务的监管限制,平台贷款发放给了政府支持的投资实体。据《第一财经日报》报道,银监会现在已经把这些贷款划分成了五类).
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