中国将发行1万亿人民币债券投资基建

China has authorised its policy banks to issue new bonds in order to plough money into infrastructure spending, state media has reported, as planners fret over slumping economic indicators.

据官方媒体报道称，中国已批准政策性银行发行新债，旨在为基础设施支出融资，原因在于中国的经济规划者对不断下滑的经济指标感到担忧。

A month-long stock market rout plus weak manufacturing performance has spooked Beijing. The aggressive move to push money into the real economy comes after the final reading of the Caixin/Markit purchasing managers’ index, published earlier this week, showed growth in China’s manufacturing sector slowed more than previously thought.

长达一个月的股市暴跌以及疲弱的制造业表现令中国政府感到恐慌。在中国决定大举向实体经济注入资金之前，本周早些时候公布的财新/Market采购经理人指数(PMI)显示，中国制造业增速逊于预期。

A first batch of Rmb300bn ($48bn) out of a planned Rmb1tn will be issued soon by policy banks that were recapitalised this spring, the Economic Information Daily, a newspaper run by the official Xinhua news agency, said.

官方通讯社新华社旗下的《经济参考报》(Economic Information Daily)报道称，首批发债规模为3000亿元人民币(合480亿美元)，将很快由政策性银行发行。今年春季，这些银行获得注资。

The money raised will be invested in housing, pipeline infrastructure and other domestic projects, the report said. That is in line with the central bank’s efforts to develop more targeted monetary policy tools to stimulate the economy as capital inflows dry up.

报道称，筹集的资金将投资于保障房、城市管廊以及其他国内项目。在资金流入枯竭之际，央行正努力开发更多有针对性的货币政策工具，来刺激经济，这笔资金符合央行的这些举措。

The move represents a shift towards direct central government backing of infrastructure investment, after years of investment at the local level resulted in excessive local government debts. Beijing’s efforts to rein in local government debt reduced the money available for infrastructure spending while many state-owned enterprises are also tapped out.

此举代表着央行直接支持基础设施投资政策的转变，前几年，地方投资导致地方政府债务负担过于沉重。中国政府控制地方政府债务的举措，减少了基础设施支出，很多国有企业也资金紧张。

“Infrastructure investment in China has been mainly financed by local governments and we all know that the way they’ve been doing it is not very sustainable and not very desirable,” said Andrew Batson, of Gavekal Dragonomics. “They can either give up on constraining local government debt or the central government can step into the breach.”

“中国的基础设施投资主要由地方政府融资，我们都知道他们这么做非常不可持续，而且非常不理想，”龙洲经讯(Gavekal Dragonomics)的白安儒(Andrew Batson)表示，“他们要么可能会放弃限制地方政府债券，要么中央政府可能会救场。”

The bond issues follow the $64bn recapitalisation in April of China Development Bank, Export-Import Bank of China and Agricultural Development Bank of China, which was also intended to allow more investment in neighbouring countries through the “One Belt, One Road” policy. That was followed by another $109bn round in July, according to Reuters and Chinese financial publication Caixin.

在此次发债之前，今年4月，中国国家开发银行(CDB)、中国进出口银行(Export-Import Bank of China)以及中国农业发展银行(ADB)获得640亿美元注资，这也是为了通过“一带一路”政策加大对邻国的投资。据路透(Reuters)和中国的金融媒体财新(Caixin)称，今年7月，这些银行获得另外一轮1090亿美元的注资。

Strengthening the banks’ capital base allows them to take on more debt. Most bonds issued by the policy banks are purchased by state-owned commercial banks.

增强这些银行的资本金基础将让它们承担更多债务。政策性银行发行的多数债券由国有商业银行购买。

The policy banks themselves, especially CDB, are already heavily exposed to domestic infrastructure projects and local housing developments.

这些政策性银行（特别是国开行）已将大量资金投资于国内基础设施项目和地方房地产开发项目。