财经金融新闻 以债换劵

Local government debt has been a major problem for China's economy in recent years.

近些年，地方政府债务一直是个大问题。

The favored way of dealing¹ with high-interest debt has been to swap² them for low-cost bonds.

对于高利息债务，人们的解决办法是置换低额度债券。

So far, the central government has allowed local governments to sell bonds worth 3.2 trillion yuan to banks so they can repay old debt.

到目前为止，中央政府已下达3.2万亿置换债券额度，从而支付地方债。

Finance Minister Lou Jiwei told the Standing³ Committee of the National People's Congress that the State Council wants local governments to convert existing loans into bonds by the end of 2017.

财政部部长楼继伟在全国人大上表示，国务院希望当地政府能够在2017年年底将债务置换成债券。

As of now, total outstanding debt of local governments across the country stands at 15.4 trillion yuan, including 1.06 trillion yuan in bonds.

目前，全国地方政府债务达15.4万亿，包括1.06万亿债券。

That's a hefty sum, many of you might think, but it's not totally out of control just yet.

你或许会认为这是一笔巨额数字，但债务风险总体可控。

The ratio of total outstanding local government debt to annual income stood at around 86 percent in December, which is still lower than the red line of 100 percent.

12月，全国地方债务率约86%，低于100%警戒线。

But still, there are around 100 cities and 400 counties with ratios over 100 percent, according to Lou.

根据楼继伟所说，仍有约100座城市，400个区县债务率超过100%。

Critics say the bond-for-loan swap amounts to merely postponing⁴ rather than solving the problem of local government debt.

有批评人士认为，以债换劵只能延缓，而未能真正解决地方债务问题。

Since most bonds were sold to banks, the arrangement, critics say, does not reduce banks'exposure to risk.

有评论家指出，由于多数债券被银行购买，这一举措并没有降低银行风险。

However, if a bond goes sour, the provincial⁵ government will be responsible for repayment⁶ and "the risk will not infect the bank", Lou said.

楼以为：“一旦债务出现问题，省政府应出面还清，银行不会遭遇风险。

Wu Xiaoling, a former central bank who is now a lawmaker, is among experts saying the central government should share local governments'burden by paying for more infrastructure⁷ projects, so that local governments can cut deficit⁸.

前中央银行副行长，人大代表吴晓灵认为，中央银行需要与当地政府共担重担，为基础设施项目注资，帮助当地政府减少赤字。

Lou said that local governments were also being urged to cut public spending and introduce private investors⁹ into projects in the hopes that this would help them repay outstanding debts.

据楼表示，中央正在敦促当地政府减少公共开支，引进外资，偿还债务。

But only time can tell whether these will work.

就让时间证明一切。

1 dealing   

n.经商方法，待人态度

参考例句：

• This store has an excellent reputation for fair dealing.该商店因买卖公道而享有极高的声誉。
• His fair dealing earned our confidence.他的诚实的行为获得我们的信任。

2 swap   

n.交换；vt.交换，用...作交易

参考例句：

• I will swap you my bicycle for your radio.我想拿我的自行车换你的收音机。
• This comic was a swap that I got from Nick.这本漫画书是我从尼克那里换来的。

3 standing   

n.持续，地位；adj.永久的，不动的，直立的，不流动的

参考例句：

• After the earthquake only a few houses were left standing.地震过后只有几幢房屋还立着。
• They're standing out against any change in the law.他们坚决反对对法律做任何修改。

4 postponing   

v.延期，推迟( postpone的现在分词 )

参考例句：

• He tried to gain time by postponing his decision. 他想以迟迟不作决定的手段来争取时间。 来自辞典例句
• I don't hold with the idea of postponing further discussion of the matter. 我不赞成推迟进一步讨论这件事的想法。 来自辞典例句

5 provincial   

adj.省的，地方的；n．外省人，乡下人

参考例句：

• City dwellers think country folk have provincial attitudes.城里人以为乡下人思想迂腐。
• Two leading cadres came down from the provincial capital yesterday.昨天从省里下来了两位领导干部。

6 repayment   

n.偿还，偿还款；报酬

参考例句：

• I am entitled to a repayment for the damaged goods.我有权利索取货物损坏赔偿金。
• The tax authorities have been harrying her for repayment.税务局一直在催她补交税款。

7 infrastructure   

n.下部构造，下部组织，基础结构，基础设施

参考例句：

• We should step up the development of infrastructure for research.加强科学基础设施建设。
• We should strengthen cultural infrastructure and boost various types of popular culture.加强文化基础设施建设，发展各类群众文化。

8 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

9 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会