中国中小企业融资新招_时事_双语阅读-查字典英语网

中国中小企业融资新招

So would bond investors lending to SMEs, and in turn local governments, be throwing good money after bad? That depends on your view of China’s debt chain. Local governments largely owe money to big state-backed banks, which in turn are tools of the central government.

如此说来，债券投资者借钱给中小企业、进而借钱给地方政府，这是在没完没了地把钱往水里扔吗？这要取决于你如何看待中国的债务链。地方政府的主要债权人是大型国有银行，而国有银行又是中央政府的政策工具。

Many economists believe China’s banks will need some kind of recapitalisation as bad debts surface and non-performing loans rise. If managed correctly, that needn’t be a cause for alarm. At the moment, things don’t look too troubling. NPL ratios are low, and indeed falling.

许多经济学家都认为，随着坏账浮出水面以及不良贷款的增加，中国的银行需要进行某种形式的资本重组。如果处理得当，这无需成为拉响警报的理由。当前，情况看上去并没有那么糟糕。不良贷款率较低，实际上正在下降。

China’s SMEs need cash to keep going – they’ve been frozen out of normal credit channels for months. This method of funding helps spread the credit risks to investors, with a government backstop. So, economically, it is good news. And so long as China’s debt problem looks manageable, there’s no reason to believe that these triple A rated bonds are any different to any others. Investors got their cash back following a “credit event on a similar bond this year.