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Local government debt has been a major problem for China's economy in recent years.
近些年，地方政府債務(wù)一直是個大問題。
The favored way of dealing with high-interest debt has been to swap them for low-cost bonds.
對于高利息債務(wù)，人們的解決辦法是置換低額度債券。
So far, the central government has allowed local governments to sell bonds worth 3.2 trillion yuan to banks so they can repay old debt.
到目前為止，中央政府已下達(dá)3.2萬億置換債券額度，從而支付地方債。
Finance Minister Lou Jiwei told the Standing Committee of the National People’s Congress that the State Council wants local governments to convert existing loans into bonds by the end of 2017.
財政部部長樓繼偉在全國人大上表示，國務(wù)院希望當(dāng)?shù)卣軌蛟?017年年底將債務(wù)置換成債券。
As of now, total outstanding debt of local governments across the country stands at 15.4 trillion yuan, including 1.06 trillion yuan in bonds.
目前，全國地方政府債務(wù)達(dá)15.4萬億，包括1.06萬億債券。
That’s a hefty sum, many of you might think, but it’s not totally out of control just yet.
你或許會認(rèn)為這是一筆巨額數(shù)字，但債務(wù)風(fēng)險總體可控。
The ratio of total outstanding local government debt to annual income stood at around 86 percent in December, which is still lower than the red line of 100 percent.
12月，全國地方債務(wù)率約86%，低于100%警戒線。
But still, there are around 100 cities and 400 counties with ratios over 100 percent, according to Lou.
根據(jù)樓繼偉所說，仍有約100座城市，400個區(qū)縣債務(wù)率超過100%。
Critics say the bond-for-loan swap amounts to merely postponing rather than solving the problem of local government debt.
有批評人士認(rèn)為，以債換劵只能延緩，而未能真正解決地方債務(wù)問題。
Since most bonds were sold to banks, the arrangement, critics say, does not reduce banks’ exposure to risk.
有評論家指出，由于多數(shù)債券被銀行購買，這一舉措并沒有降低銀行風(fēng)險。
However, if a bond goes sour, the provincial government will be responsible for repayment and “the risk will not infect the bank”, Lou said.
樓以為：“一旦債務(wù)出現(xiàn)問題，省政府應(yīng)出面還清，銀行不會遭遇風(fēng)險。
Wu Xiaoling, a former central bank who is now a lawmaker, is among experts saying the central government should share local governments'burden by paying for more infrastructure projects, so that local governments can cut deficit.
前中央銀行副行長，人大代表吳曉靈認(rèn)為，中央銀行需要與當(dāng)?shù)卣矒?dān)重?fù)?dān)，為基礎(chǔ)設(shè)施項目注資，幫助當(dāng)?shù)卣疁p少赤字。
Lou said that local governments were also being urged to cut public spending and introduce private investors into projects in the hopes that this would help them repay outstanding debts.
據(jù)樓表示，中央正在敦促當(dāng)?shù)卣疁p少公共開支，引進(jìn)外資，償還債務(wù)。
But only time can tell whether these will work.
就讓時間證明一切。
譯文屬可可英語原創(chuàng)，未經(jīng)允許，不得轉(zhuǎn)載。
