中國將發行1萬億人民幣債券投資基建

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.

據官方媒體報道稱，中國已批准政策性銀行發行新債，旨在爲基礎設施支出融資，原因在於中國的經濟規劃者對不斷下滑的經濟指標感到擔憂。

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.

長達一個月的股市暴跌以及疲弱的製造業表現令中國政府感到恐慌。在中國決定大舉向實體經濟注入資金之前，本週早些時候公佈的財新/Market採購經理人指數(PMI)顯示，中國製造業增速遜於預期。

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.

官方通訊社新華社旗下的《經濟參考報》(Economic Information Daily)報道稱，首批發債規模爲3000億元人民幣(合480億美元)，將很快由政策性銀行發行。今年春季，這些銀行獲得注資。

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.

報道稱，籌集的資金將投資於保障房、城市管廊以及其他國內項目。在資金流入枯竭之際，央行正努力開發更多有針對性的貨幣政策工具，來刺激經濟，這筆資金符合央行的這些舉措。

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.

此舉代表着央行直接支持基礎設施投資政策的轉變，前幾年，地方投資導致地方政府債務負擔過於沉重。中國政府控制地方政府債務的舉措，減少了基礎設施支出，很多國有企業也資金緊張。

“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.”

“中國的基礎設施投資主要由地方政府融資，我們都知道他們這麼做非常不可持續，而且非常不理想，”龍洲經訊(Gavekal Dragonomics)的白安儒(Andrew Batson)表示，“他們要麼可能會放棄限制地方政府債券，要麼中央政府可能會救場。”

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.

在此次發債之前，今年4月，中國國家開發銀行(CDB)、中國進出口銀行(Export-Import Bank of China)以及中國農業發展銀行(ADB)獲得640億美元注資，這也是爲了通過“一帶一路”政策加大對鄰國的投資。據路透(Reuters)和中國的金融媒體財新(Caixin)稱，今年7月，這些銀行獲得另外一輪1090億美元的注資。

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.

增強這些銀行的資本金基礎將讓它們承擔更多債務。政策性銀行發行的多數債券由國有商業銀行購買。

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

這些政策性銀行（特別是國開行）已將大量資金投資於國內基礎設施項目和地方房地產開發項目。