China is to pump almost Rmb5tn ($770bn) into transport infrastructure over the next three years, in a sign of its determination to use state investment to keep the economy humming.
中國(guó)將在未來(lái)三年期間投入近5萬(wàn)億元人民幣（合7700億美元）建設(shè)交通基礎(chǔ)設(shè)施，這個(gè)跡象表明政府決心動(dòng)用國(guó)家投資來(lái)保持經(jīng)濟(jì)“轟鳴”。
However, analysts said the announcement by the transport ministry added to a sense of confusion about the direction of economic policy. Infrastructure spending served China well when it was growing rapidly and seeking to build a modern economy, but in recent years it has resulted in white elephants, industrial overcapacity, economic distortions and debt.
不過(guò)，分析師們表示，交通運(yùn)輸部的宣布令人對(duì)中國(guó)經(jīng)濟(jì)政策的走向更加困惑。在中國(guó)經(jīng)濟(jì)高速增長(zhǎng)和尋求打造現(xiàn)代化經(jīng)濟(jì)的年代，基建支出對(duì)國(guó)家十分有用，但近年這類支出帶來(lái)了大而無(wú)當(dāng)?shù)墓こ獭⒐I(yè)產(chǎn)能過(guò)剩、經(jīng)濟(jì)扭曲以及債務(wù)。
The announcement yesterday of the spending programme — Rmb5tn is equivalent to 6.9 per cent of China’s 2015 gross domestic product — comes despite other influential voices warning this week of the alarming degree of leverage in the Chinese economy.
與昨日宣布這一支出計(jì)劃（5萬(wàn)億元人民幣相當(dāng)于中國(guó)2015年國(guó)內(nèi)生產(chǎn)總值的6.9%）似乎矛盾的是，本周一些有影響力的聲音警告稱，中國(guó)經(jīng)濟(jì)的杠桿高得令人震驚。
On Monday, Communist party mouthpiece the People’s Daily carried a front-page interview with an “authoritative figure”, who said the country’s soaring debt levels could lead to “systemic financial risks”.
周一，中共機(jī)關(guān)報(bào)《人民日?qǐng)?bào)》頭版發(fā)表對(duì)“權(quán)威人士”的采訪，稱中國(guó)不斷飆升的債務(wù)水平可能導(dǎo)致“系統(tǒng)性金融風(fēng)險(xiǎn)”。
“This week is a week of mixed signals,” said Andrew Batson, an economist at Gavekal Dragonomics in Beijing. “They’re swinging between poles of emphasising support for growth and emphasising structural reform. It’s not clear what message they are trying to send.”
“本周是各種信號(hào)混雜的一個(gè)星期，”北京龍洲經(jīng)訊(Gavekal Dragonomics)的白安儒(Andrew Batson)表示， “他們?cè)趶?qiáng)調(diào)支持增長(zhǎng)與強(qiáng)調(diào)結(jié)構(gòu)改革的兩極之間搖擺。不清楚他們想要傳遞什么信息?！?/p>
It is unclear to what extent the funding targets acknowledged this week are new or previously budgeted and approved projects. Many are likely to have been flagged in the five-year plan, approved in March at the annual legislative meeting.
目前尚不清楚最新宣布的支出目標(biāo)在多大程度上涉及新資金，在多大程度上涉及已編列預(yù)算且審批通過(guò)的項(xiàng)目。很有可能的是，不少項(xiàng)目已被列入3月全國(guó)人大年度會(huì)議批準(zhǔn)的五年規(guī)劃。
Under a joint action plan from the ministry and the National Development and Reform Commission, Rmb4.7tn will be provided for 303 projects, including railways, roads, waterways, airports and metro systems.
根據(jù)中國(guó)國(guó)家發(fā)展改革委(NDRC)和交通運(yùn)輸部聯(lián)合印發(fā)的《交通基礎(chǔ)設(shè)施重大工程建設(shè)三年行動(dòng)計(jì)劃》，未來(lái)三年擬重點(diǎn)推進(jìn)303個(gè)項(xiàng)目（包括鐵路、公路、水路、機(jī)場(chǎng)和城市軌道交通項(xiàng)目），涉及項(xiàng)目總投資4.7萬(wàn)億元人民幣。
“The question is how that amount is financed. So it’s ultimately about monetary policy, because ultimately most infrastructure spending is financed by debt,” Mr Batson said.
“現(xiàn)在的問(wèn)題是這些資金將從哪里籌集。因此，最終而言關(guān)鍵在于貨幣政策，因?yàn)榇蟛糠只ㄖС龅馁Y金歸根結(jié)底將通過(guò)債務(wù)籌集，”白安儒表示。
The figure, in an article from the official transportation news service republished yesterday on the ministry’s website, has refocused attention on the scale of China’s continuing infrastructure investment.
4.7萬(wàn)億元人民幣的數(shù)字最初來(lái)自官方的中國(guó)交通新聞網(wǎng)的一篇文章，該文昨日被交通運(yùn)輸部官網(wǎng)轉(zhuǎn)載。它再度令人關(guān)注中國(guó)基礎(chǔ)設(shè)施投資所保持的規(guī)模。
The article asserts that transportation infrastructure has failed to keep pace with the requirements of China’s social and economic development in terms of coverage and quality.
該文斷言，與中國(guó)的經(jīng)濟(jì)社會(huì)發(fā)展需求相比，交通基礎(chǔ)設(shè)施在覆蓋范圍和質(zhì)量水平等方面還存在較大差距。
It calls for a concerted drive to enhance and maintain the national network.
文章呼吁做出全方位努力，完善和維護(hù)覆蓋全國(guó)的交通網(wǎng)絡(luò)。
The latest round of funding is likely to benefit the flagging heavy industry and construction sectors and follows an announcement from the NDRC on Tuesday that Rmb1.6tn would be ploughed into 130 projects in the ailing rust belt of the north-eastern provinces.
最新一輪的資金很可能造福于低迷的重工業(yè)和建筑業(yè)。此前國(guó)家發(fā)改委周二宣布，將向東北三省困境中的“銹帶”的130個(gè)項(xiàng)目投入1.6萬(wàn)億元人民幣。
Zhou Jianping, the NDRC official in charge of reviving the north-east, said on Tuesday that the funds could not be considered a subsidy from Beijing to the struggling region. Rather, he said, funds would be allocated by project.
發(fā)改委東北等老工業(yè)基地振興司司長(zhǎng)周建平周二表示，這些資金不能被視為北京方面對(duì)困境中的東北地區(qū)的“補(bǔ)貼”。他表示，資金將根據(jù)項(xiàng)目進(jìn)行分配。
“If it is appropriate, then we will give some money,” he said.
“只要項(xiàng)目是適當(dāng)?shù)模覀兙蜁?huì)撥出資金，”他說(shuō)。
Additional reporting by Gloria Cheung
摘自http://www.ftchinese.com/story/001067508/ce
