China promises to borrow more to shore up economy and boost banks


No details of amount of fiscal stimulus as Beijing says it will help regions buy back idle land and property. 6park.com
市场正在等待中国政府将增加财政支出以辅助货币刺激计划的信号，目前对全球第二大经济体坚挺程度的疑虑仍持续存在。



China said on Saturday it would issue more debt to boost the property market, recapitalise banks and help cash-strapped local governments, as Beijing seeks to reassure investors over its efforts to lift the economy. 6park.com
中国周六表示将发行更多债券，以提振房地产市场、充实银行资本金，并支持资金紧张的地方政府。北京方面正试图消除投资者对其提振经济努力的疑虑。 6park.com
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Announcing the measures at a briefing in Beijing, Minister of Finance Lan Fo’an gave few details on the amount of funding but suggested that the government plans more stimulus measures to shore up growth. 6park.com
财政部长蓝佛安在北京的一场新闻发布会上宣布了这些措施，他没有细说会提供多少数额的资金，但表示政府计划推出更多刺激措施来支撑增长。 6park.com
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“Our countercyclical adjustment goes far beyond what I have mentioned,” Lan told reporters, adding that more steps were under discussion. “The central government, when it comes to increasing the deficit and increasing debt, we have significant room.” 6park.com
蓝佛安在新闻发布会上说，“逆周期调节绝不仅仅是以上的四点”，补充说还有其他政策工具也正在研究中。“比如中央财政还有较大的举债空间和赤字提升空间。” 6park.com
Markets are waiting for signs that Beijing will increase fiscal spending to back up monetary stimulus plans, amid persistent doubts over the strength of the world’s second-largest economy. 6park.com
市场正在等待北京方面将增加财政支出以辅助货币刺激计划的信号，目前对全球第二大经济体坚挺程度的疑虑仍持续存在。 6park.com
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Stocks in China plunged this week after state planners held a press conference on the economy but failed to give details of stronger fiscal support. 6park.com
中国股市本周大幅回落，此前国家规划部门官员召开了关于经济形势的新闻发布会，但没有就如何加强财政支持给出细节。 6park.com
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Lan said Beijing would issue bonds to enable local governments to buy back idle land from developers as well as some of China’s millions of unsold new homes. The government will also issue a special-purpose bond to help large banks replenish their capital, which would enhance their ability to lend. 6park.com
蓝佛安表示，北京方面将发行债券，允许地方政府运用专项债从开发商手中回收闲置未开发土地，以及将数量庞大的已建待售住房收购一部分。政府还将发行特别国债，支持大型银行补充资本，提升这些银行的信贷投放能力。 6park.com
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Beijing would also give more help to groups such as students and low-income earners, Lan said. 6park.com
蓝佛安表示，北京方面还将加大对学生、困难群众等群体的支持保障力度。 6park.com
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The Ministry of Finance cannot announce specific amounts of extra fiscal stimulus until these are rubber-stamped by China’s parliament, the National People’s Congress. Its next standing committee is expected in the coming weeks. 6park.com
在中国的议会——全国人民代表大会(NPC)批准之前，财政部不能宣布额外财政刺激的具体数额。下一次人大常委会会议预计将在未来几周召开。 6park.com
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The government’s stimulus efforts follow declining household and stock market confidence on the back of a prolonged property sector slowdown and state crackdowns on sectors such as ecommerce and finance. 6park.com
中国政府出台刺激措施的背景是，由于房地产行业长期放缓以及政府对电商和金融等行业的打击，家庭和股市信心不断下滑。 6park.com
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After months of incremental measures to shore up flagging domestic demand, Beijing suddenly changed tack in late September, with the central bank launching China’s biggest monetary stimulus since the pandemic. 6park.com
在过去数月推出步伐不大的措施提振疲弱的国内需求之后，北京方面突然在9月下旬调整策略——央行推出了疫情以来中国最大规模的货币刺激计划。 6park.com
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The measures, which included extensive support for the stock and property markets, drove the benchmark CSI 300 index up 24 per cent before a week-long holiday. But markets tumbled again on reopening this week after disappointment with the state planners’ briefing. 6park.com
这些措施——包括对股市和楼市的广泛支持——推动基准沪深300指数(CSI 300)在为期一周的假期休市前上涨24%。但股市在本周复市后再次暴跌，原因是国家规划部门官员在发布会上的表态令人失望。 6park.com
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Alicia García-Herrero, chief Asia-Pacific economist at Natixis, said it was difficult to understand why Beijing was not acting more forcefully or providing more clarity on the spending plans. “I don’t think it will lift the market massively,” she said after Lan spoke on Saturday. 6park.com
法国贸易银行(Natixis)亚太区首席经济学家艾西亚(Alicia García-Herrero)表示，很难理解北京方面为何没有采取更强力的行动，或就支出计划提供更清晰的信息。“我不认为这（次发布会）将大幅提振市场。”她在周六蓝佛安的发布会后表示。 6park.com
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The finance ministry’s policies on reducing local government debt and stabilising the property market were sound from a macroeconomic viewpoint but the market was seeking more, said Raymond Yeung, chief economist for Greater China with ANZ. 6park.com
澳新银行(ANZ)大中华区首席经济学家杨宇霆(Raymond Yeung)表示，从宏观经济角度来看，财政部关于减少地方政府债务和稳定房地产市场的政策是靠谱的，但市场原本期待会有更有力的措施。 6park.com
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“I think the market will be disappointed,” Yeung said. “Everyone was looking for a number but the finance minister did not give us one.” 6park.com
“我认为市场将会失望，”杨宇霆说，“每个人都在寻找一个数字，但财政部长没有给出一个数字。” 6park.com
He said the ministry could have offered a proposed expenditure figure to be confirmed by the NPC. 6park.com
他表示，财政部本可以提供一个拟议的、有待全国人大批准的支出数字。 6park.com
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Heron Lim, an economist at Moody’s Analytics, said bailing out local governments would help them to increase spending, boosting the economy. 6park.com
穆迪分析(Moody's Analytics)经济学家林师顺(Heron Lim)表示，救助地方政府将有助于它们增加支出，从而提振经济。 6park.com
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But without a figure for the central government’s stimulus package, investors might take “a step back until they are absolutely certain of the direction fiscal support is taking”, he said. 6park.com
但他表示，如果中央政府刺激计划没有一个具体的数字，投资者可能会“先退后一步，等待他们完全确定财政支持的走向”。 6park.com
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However, Andy Rothman, an investment strategist at the Matthews Asia fund, said the series of press conferences from economic planners indicated a “fundamental shift” on the economy by China’s leader Xi Jinping. 6park.com
铭基亚洲基金(Matthews Asia fund)投资策略师罗福万(Andy Rothman)表示，经济规划官员在一系列新闻发布会上的表态暗示，中国领导人习近平对经济的立场发生了“根本转变”。 6park.com
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“Xi understands that the policy response must be significant if it is to restore confidence among consumers and entrepreneurs . . . It will take time [but] a turnaround in confidence is likely on the horizon,” Rothman said. 6park.com
罗福万说：“习近平明白，要重振消费者和企业家的信心，必须拿出大手笔的政策回应……这不是一蹴而就的事情（但）信心好转已经有眉目了。” 6park.com
Lan said one of the most significant areas of new spending would be easing the debt burden of local governments. Many relied heavily on property and related industries for their revenue. 6park.com
蓝佛安表示，新增支出最显着的领域之一将是减轻地方政府的债务负担。许多地方政府的收入此前严重依赖房地产和房地产相关行业。 6park.com
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“This upcoming policy will be one of the largest in recent years in addressing debt risks,” Lan said, adding it would boost confidence by helping local governments to pay salaries and other bills. 6park.com
蓝佛安说，“即将出台的政策将是近年来应对债务风险的最大手笔的行动之一”，还说该政策将通过帮助地方政府支付工资和其他账单来提振人们的信心。 6park.com
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Economists have estimated that China needs to spend up to Rmb10tn ($1.4tn) over two years on additional stimulus measures to reflate the economy, adding that much of it needed to be directed at households to shore up domestic demand. 6park.com
经济学家估计，中国需要在未来两年花费至多10万亿元人民币（合1.4万亿美元）对经济进行额外刺激，以推动经济再膨胀。他们补充称，其中很大一部分资金需要直接流向家庭，以提振内需。