A more long-term approach involves relieving the debt mountains that have piled up on thebooks of local governments, which are the main agents of infrastructure investments. In March,the finance ministry said it would allow local governments to refinance Rmb1tn in off-balance-sheet debt as official government debt by selling bonds to state banks. Banks initially gave theplan a less than enthusiastic reception, but Beijing has reinforced its support by ordering thatbanks keep up lending to infrastructure projects that are ongoing.
更长远的对策包括减少地方政府账面上堆积的巨额债务,地方政府是基础设施投资的主体。3月份,中国财政部表示,将允许地方政府以向国有银行发债的方式将1万亿元人民币表外债务置换为正式的政府债务。起初,银行对这一计划并不热情,但北京方面以命令银行继续向进行当中的基建项目发放贷款的方式,强化了对该计划的支持。
The situation that China faces is an unenviable one. But amid all the pressure, Beijing’s policymakers are adopting the right priorities. Forced to choose between deleveraging andmaintaining a rapid clip of gross domestic product growth, they have opted for the latter. Acredit crunch would risk an economic crisis from which it might take years to recover.
中国当前面临的形势是不值得羡慕的。但在众压之下,北京的政策制定者遵从了正确的政策优先次序。当不得不在去杠杆化与保持国内生产总值(GDP)快速增长之间做出选择时,他们选择了后者。信贷危机可能导致经济危机,而一旦发生经济危机,中国可能要花数年时间才能复苏。
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