Chinese local governments owe Rmb10,700bn ($1,650bn) in debt, according to the first national audit of regional finances published by Beijing.

　　根據(jù)中國(guó)官方發(fā)表的首次針對(duì)地方財(cái)政收支的全國(guó)審計(jì)結(jié)果，中國(guó)各地方政府的債務(wù)總額達(dá)到10.7萬(wàn)億元人民幣（合1.65萬(wàn)億美元）。

　　That amount is equivalent to around 27 per cent of China’s economy and easily outstrips central government’s officially declared debt balance of less than 20 per cent of GDP.

　　這個(gè)數(shù)字大約相當(dāng)于中國(guó)經(jīng)濟(jì)的27%，而且顯著高于官方公布的中央政府不到國(guó)內(nèi)生產(chǎn)總值(GDP) 20%的債務(wù)余額。

　　The new audit provides the most authoritative estimate to date of provincial and city governments’ explicit debts and suggests the problem, although large, is manageable.

　　此項(xiàng)最新審計(jì)是迄今有關(guān)各省市政府顯性債務(wù)的最權(quán)威估算，它似乎表明，問(wèn)題雖然很大，但仍處于可控范圍。

　　“I don’t think government is super-scared this problem is unmanageably large and the amount of loans outstanding is going to cause big problems for the economy,” said Paul Cavey, head of China economics at Macquarie Securities. “The main concern for the government is to make sure the scale of lending doesn’t continue to grow.”

　　“我不認(rèn)為政府會(huì)太驚恐，擔(dān)心這個(gè)問(wèn)題大得失控，未償還的貸款余額將給經(jīng)濟(jì)帶來(lái)大問(wèn)題，”麥格理證券(Macquarie Securities)中國(guó)經(jīng)濟(jì)研究主管許保羅(Paul Cavey)表示，“政府主要關(guān)心的是確保放貸規(guī)模不致繼續(xù)增長(zhǎng)。”

　　Local governments have accumulated an unprecedented mountain of debt in the wake of the 2008 financial crisis after Beijing opened credit floodgates, backing state-owned banks to lend to state-backed infrastructure projects.

　　2008年全球金融危機(jī)過(guò)后，北京方面打開信貸閘門，支持國(guó)有控股銀行向政府支持的基建項(xiàng)目放貸，最終導(dǎo)致地方政府積累了金額空前的債務(wù)。

　　With Rmb9,600bn pumped into the economy in 2009 alone, the move succeeded in jump-starting flagging growth but left serious concerns over the viability of many projects and the indebtedness of local governments nationwide.

　　僅在2009年一年，中國(guó)就向經(jīng)濟(jì)注入了9.6萬(wàn)億元人民幣，此舉成功地提振了本來(lái)陷入低迷的增長(zhǎng)，但令人對(duì)許多項(xiàng)目的可行性以及全國(guó)各地方政府的債務(wù)水平產(chǎn)生嚴(yán)重?fù)?dān)憂。

　　The audit confirmed an explosion in borrowing in 2009 when outstanding local debt rose 62 per cent. But it also showed that the government began to get a grip on the problem last year, with debt growth slowing sharply to 19 per cent.

　　此次官方審計(jì)證實(shí)2009年借貸呈現(xiàn)爆炸式增長(zhǎng)，該年未償還地方債務(wù)大增62%。但此次審計(jì)也顯示，政府從去年起開始遏制這個(gè)問(wèn)題，債務(wù)增長(zhǎng)大幅放緩至19%。

　　Combined with central government debt and other liabilities such as bad bank loans, analysts estimate China’s overall explicit debt load is about 70 per cent of gross domestic product.

　　據(jù)分析師們估算，若算上中央政府債務(wù)和銀行壞債等其它債務(wù)，中國(guó)的顯性債務(wù)總負(fù)擔(dān)達(dá)到GDP的70%上下。

　　But some analysts believe the contingent liabilities of the government are much higher, once debts on the books of state-owned enterprises and other entities implicitly backed by the state are included.

　　但一些分析師相信，一旦納入國(guó)有企業(yè)及國(guó)家隱性支持的其它實(shí)體賬目上的債務(wù)，政府背負(fù)的或有債務(wù)將高得多。

　　“If you take a very broad view of the Chinese government’s contingent liabilities rather than explicit debt on the books then the number comes to well over 150 per cent of China’s GDP in 2010,” according to Victor Shih, a political economist at Northwestern University in the US. The US has a debt-to-GDP ratio of 93 per cent, while Japan’s ratio is over 225 per cent.

　　“如果你以非常寬泛的眼光來(lái)看待中國(guó)政府的‘或有債務(wù)’，而不僅僅關(guān)注賬目上的顯性債務(wù)，那么債務(wù)余額將顯著高出2010年中國(guó)GDP的150%，”美國(guó)西北大學(xué)(Northwestern University)政治經(jīng)濟(jì)學(xué)家史宗瀚(Victor Shih)表示。美國(guó)的債務(wù)與GDP之比為93%，而日本的債務(wù)與GDP之比超過(guò)225%。

　　Barred from borrowing money, Chinese local governments have set up arms-length financing vehicles in record numbers to circumvent rules. The national audit office said there were 6,576 such vehicles, holding debts of Rmb4,971bn but previous estimates put the total debt load at closer to Rmb14,000bn.

　　按規(guī)定不得借貸的中國(guó)各地方政府，近年設(shè)立了創(chuàng)紀(jì)錄數(shù)目的獨(dú)立融資平臺(tái)，以繞開相關(guān)規(guī)則。中國(guó)國(guó)家審計(jì)署表示，全國(guó)共有6576家融資平臺(tái)公司，它們的債務(wù)總額為4.971萬(wàn)億元人民幣，但此前估算顯示，這些融資平臺(tái)的債務(wù)總負(fù)擔(dān)更接近14萬(wàn)億元人民幣。

　　Mr Shih said the discrepancy was due to the latest audit taking into account loans to these vehicles that were explicitly guaranteed by local governments. Many loans taken by them are backed by state land or other collateral rather than direct guarantees from local governments.

　　史宗翰表示，兩個(gè)數(shù)據(jù)之所以存在差異，是因?yàn)樽钚聦徲?jì)僅考慮到了這些融資平臺(tái)獲得的有地方政府明確擔(dān)保的貸款。而這些融資平臺(tái)獲得的許多貸款，是以國(guó)有土地或其它抵押品——而非地方政府的直接擔(dān)保——為抵押的。

　　“This audit doesn’t present the full scale of local governments’ debt because it narrowly focuses on loans that are explicitly guaranteed,” Mr Shih said.

　　“這次審計(jì)并沒有展現(xiàn)地方政府債務(wù)的完整規(guī)模，因?yàn)樗M義地聚焦于得到明確擔(dān)保的貸款，”史宗翰表示。

　　Highlighting problems, the audit office noted that some local governments had illegally invested borrowed funds in the stock and property markets, and that some debt was going unpaid or being covered only through new loans.

　　在介紹當(dāng)前存在的各種問(wèn)題時(shí)，國(guó)家審計(jì)署指出，一些地方政府將借來(lái)的資金非法投資于股市和樓市，同時(shí)一些債務(wù)逾期未得到償還，或只是通過(guò)借新債還舊債。