经济学人下载:中国公债,勇敢面对

Chinese public debt
中国公债

Coming clean
快要清零了

China faces up to the hidden debts of itslocal governments
中国勇敢面对地方政府的隐藏债务

BANKS in Westerncountries dragged their economies into the great recession. Banks in Chinapulled the country out of it. Much of the Chinese government’s stimulus effortfrom 2008 to 2010 was left to financial institutions, which proved better at shovingmoney out of the door than America’s federal government.

西方国家的银行将经济拉到一个大衰退中，而中国的银行却将这个国家拽出这个泥淖。2008年到2010年间中国政府间的刺激计划都交给金融机构执行，相比美国联邦政府，中国的这一做法在贷款方面要更有效。

The banks lent tothousands of investment corporations set up by local governments, which cannotborrow in their own name. With the help of some initial capital and collateral,like land, these investment vehicles directed the lending into local bridges,tunnels and real-estate ventures. But many of the loans have turned bad,threatening the balance-sheets of the banks that made them.

银行贷款给地方政府成立的数以千计的投资公司，这是因为地方政府不能以自己的名义贷款。凭借着初始资金和诸如土地之类的抵押物，这些投资机器把这些贷款投资建设当地的桥梁、隧道以及房地产行业。但是很多贷款最后变成了坏账，搞得银行的资产负债表很不好看。

Now the centralgovernment has at last resolved to clean up the mess, according to unnamedofficials cited by Reuters this week. China’s government will consolidatethousands of investment vehicles and hive off some of their debts into separatecompanies open to private investors. It will force the banks to write offanother slice of the bad debt, and repay a chunk of it from its own budget.Much of the stimulus lending of 2008-10 may turn out to be public spending after all.

据路透社报道，一名不愿意透露姓名的官员说，中央政府终于下定决心收拾这个烂摊子。中国政府将合并数以千计的投资公司，将一部分债务分离到独立公司，并且对私人投资商开放。当局将强迫银行注销另一部分坏账，并用银行自身的预算填补这个大缺口。2008年到2010年间的多数刺激性贷款最终可能会变成公共事务支出。