2015考研英语阅读中国公债即将清零_大学英语阅读

2015考研英语阅读中国公债即将清零

　　但根据那名官员向路透社透露的信息，中央政府自己预测的债务是10万亿人民币GDP的四分之一。这一数字超过了美国各州及地方政府的债务比例，与同样是25%的印度持平。

　　Not all of this 10 trillion yuan will go bad. Somelocal-government investments will prove bankable in the strict sense that theborrower captures a big enough return to repay the loan. An analysis by the

　　21stCentury Business Herald, a Chinese newspaper, suggests that only28% of the loans have failed to generate much cashflow. In other cases, the social benefits of a project might exceed the costs, even though the benefits do not accrue to the local government itselfespecially if the people employed would otherwise have stood idle.

　　这10万亿人民币并不全是坏账。一些地方政府将证明自己的投资是可盈利的，也就是说严格意义上，借款人可以锁定一个足够多的收益用于还贷。中国的一份报纸《21世纪经济报道》所做的分析按时，只有28%的贷款没能产生足够的现金流。另一方面，即使这些收益并不能让地方政府收益特别如果政府人浮于事，效率低下，项目的社会效益仍有可能会大于投入。

　　But could Chinaafford the stimulus? The official public debt of the central government wasonly 19% of GDP at the end of 2010. Adding the debts of local governments, thenon-performing loans of the banks and other liabilities, such as central-bankbills, the public debt amounts to about 80% of GDP according to Andrew Batsonand Janet Zhang of GaveKalDragonomics, a consultancy in Beijing. That sounds high for a developingcountry. But like Indiassimilar debt burden , the liabilities are mostly denominated in thecountrys own currency and held domestically, often by docile institutions,such as state banks. The only entities that could trigger a crisis ofconfidence in government debt are themselves owned by the government, theysay. Chinaspublic finances may not be as sweet as they appeared, but they are not sour.