中國(guó)央行定向降準(zhǔn)，支持小微和負(fù)債沉重企業(yè)

SHANGHAI — China gave its economy a shot in the arm on Sunday amid signs of a slowdown, as it freed up more than $100 billion for banks to use to help small businesses and heavily indebted companies.

上海——隨著經(jīng)濟(jì)出現(xiàn)放緩跡象，中國(guó)在周日注入了一針強(qiáng)心劑，讓銀行釋出了超過(guò)1000億美元的資金，用于幫助小微企業(yè)和負(fù)債沉重的公司。

The money is intended to help Beijing dance a complicated two-step. China is trying to curb the country’s addiction to borrowing, which over the past decade has mired vast areas of the economy in debt. But that effort is showing signs of hurting growth. China is hoping it can help spur growth by steering loans where they are needed and blocking them where they are not.

這筆錢(qián)旨在幫助北京跳出一支復(fù)雜的兩步舞。中國(guó)正在試圖遏制對(duì)借貸的依賴(lài)，在過(guò)去十年，這種依賴(lài)令其眾多經(jīng)濟(jì)領(lǐng)域陷入債務(wù)困境。但是這種努力正在顯示出傷害增長(zhǎng)的跡象。中國(guó)希望能通過(guò)在需要的地方引導(dǎo)貸款，在不需要的地方阻止貸款，以刺激增長(zhǎng)。

Beijing’s balancing act could soon get more difficult. President Trump is ratcheting up his threats to impose more tariffs on Chinese-made goods. While China’s economy is more than big enough to absorb the blows, Beijing could be forced to reopen the lending spigots if the threats devolve into an all-out trade war.

北京的平衡舉措可能很快會(huì)變得更加困難。特朗普總統(tǒng)正加緊威脅對(duì)中國(guó)制造的商品征收更多關(guān)稅。盡管中國(guó)龐大的經(jīng)濟(jì)規(guī)模足以應(yīng)對(duì)這些打擊，但如果他的威脅升級(jí)為全面貿(mào)易戰(zhàn)，北京可能會(huì)被迫重新開(kāi)放貸款閥門(mén)。

China in essence told the country’s banks on Sunday that they do not have to sock away as much for a rainy day, allowing them to lend the money instead. The central bank said that, effective July 5, it would reduce by half a percentage point the share of overall deposits that commercial banks and other savings institutions are required to deposit at the central bank, a measure known as the reserve requirement ratio.

中國(guó)在周日實(shí)質(zhì)上是在告訴其銀行，它們不必儲(chǔ)備太多的錢(qián)以應(yīng)對(duì)不時(shí)之需，并允許它們發(fā)放貸款。央行表示，從7月5日起，它將把商業(yè)銀行和其他儲(chǔ)蓄機(jī)構(gòu)需要存入中央銀行的整體存款份額下調(diào)半個(gè)百分點(diǎn)，這一措施名為調(diào)整存款準(zhǔn)備金率。

It came with a catch: The banks must use the money to help heavily indebted companies or lend more to small businesses with little or no collateral to offer. It is the second time in just over two months that China has freed up money but given banks specific instructions on how to lend it.

這是有條件的：銀行必須用這筆錢(qián)來(lái)幫助那些負(fù)債沉重的公司，或是向沒(méi)有或幾乎沒(méi)有抵押物可提供的小微企業(yè)發(fā)放更多貸款。這是中國(guó)在短短兩個(gè)多月內(nèi)第二次釋放資金，同時(shí)向銀行提供關(guān)于如何借貸的具體指示。

China’s debt has soared over the past decade, particularly at state-owned companies but more recently among households, threatening the country’s financial future and imperiling one of the world’s most powerful economic engines. That makes it difficult for China to lend more to see the economy through a slowdown.

過(guò)去十年來(lái)，中國(guó)的債務(wù)出現(xiàn)飆升，尤其是在國(guó)有企業(yè)中，但最近在私有企業(yè)中也出現(xiàn)了急劇上升，威脅到中國(guó)的金融未來(lái)，并危及世界上最強(qiáng)大的經(jīng)濟(jì)引擎之一。這使得中國(guó)很難發(fā)放更多貸款以應(yīng)對(duì)經(jīng)濟(jì)放緩。

A further expansion of credit now could weaken confidence in China’s currency, which has already slid in value against the dollar over the past week because of worries about a possible trade war with the United States.

現(xiàn)在進(jìn)一步擴(kuò)大信貸可能會(huì)削弱人們對(duì)中國(guó)貨幣的信心，在過(guò)去一周，因?yàn)閾?dān)心可能同美國(guó)發(fā)生貿(mào)易戰(zhàn)，人民幣兌換美元的匯率已經(jīng)在下跌。

China has been cautious in the past about cutting the reserve ratio during times when its currency appears to be under strain. The move on Sunday “means the People’s Bank of China has put internal economic development as the priority,” said Deng Haiqing, an economist at the China Finance 40 Forum, a Beijing research group.

在貨幣面臨壓力時(shí)降低儲(chǔ)蓄準(zhǔn)備金率，這在過(guò)去是中國(guó)頗為忌憚的舉措。周日的舉動(dòng)“意味著央行的內(nèi)部經(jīng)濟(jì)發(fā)展優(yōu)先策略”，北京研究組織中國(guó)金融四十人論壇的一位經(jīng)濟(jì)學(xué)家鄧海清說(shuō)。

For 17 of the country’s biggest banks, the rules announced on Sunday will free up $77 billion for lending. But the central bank said that this money had to be used as part of programs in which banks obtain shares in deeply troubled companies in exchange for writing off some of these companies’ debts.

對(duì)于中國(guó)最大的17家銀行來(lái)說(shuō)，周日宣布的規(guī)定相當(dāng)于釋放770億美元(合5000億人民幣)的貸款。但央行表示，銀行必須將這筆資金用于債轉(zhuǎn)股計(jì)劃，即通過(guò)獲取陷入困境的公司的股份來(lái)勾銷(xiāo)它們的部分債務(wù)。

Banks have been cautious about entering into these debt-for-equity programs, to the annoyance of government regulators. The regulators see the programs as a way to stabilize the balance sheets of heavily indebted companies.

銀行對(duì)加入這些債轉(zhuǎn)股計(jì)劃一直持謹(jǐn)慎態(tài)度，這讓監(jiān)管機(jī)構(gòu)很是惱火。在政府看來(lái)，這些計(jì)劃可以穩(wěn)定那些高負(fù)債企業(yè)的資產(chǎn)負(fù)債表。

But the big banks have been wary of holding very large blocks of stock in troubled companies. They have tended to keep lending to these companies, often in the hope that government agencies might bail out the companies and help them pay off their bank debts.

但大銀行一直不愿意大量持有陷入困境的公司的股票。它們傾向于繼續(xù)向這些公司貸款，往往是指望政府機(jī)構(gòu)能夠拯救這些公司，并幫助它們還清銀行債務(wù)。

For the rest of the banking system — a hodgepodge of smaller commercial banks, postal savings banks and other savings institutions — the central bank’s move frees up $31 billion. They were instructed to lend more to small businesses.

對(duì)于銀行系統(tǒng)的其他機(jī)構(gòu)——小型商業(yè)銀行、郵政儲(chǔ)蓄銀行和其他各種儲(chǔ)蓄機(jī)構(gòu)等——央行的舉措釋放了310億美元(合2000億人民幣)。它們被指示為更多小微企業(yè)提供貸款。

Chinese-owned banks hold more than 98 percent of the Chinese banking market, and they operate under tight government control. But just in case any might not be inclined to follow closely the instructions on how to use the money from the reserves being freed up, the central bank also included a warning in its statement on Sunday evening: Government bank examiners would include compliance with Sunday’s instructions in their compliance assessments.

國(guó)有銀行占中國(guó)銀行業(yè)市場(chǎng)份額的98%以上，并且在政府嚴(yán)格控制下運(yùn)營(yíng)。但為防止有機(jī)構(gòu)不愿嚴(yán)格遵守關(guān)于如何使用被釋放儲(chǔ)備金的指示，央行在周日晚的聲明中還提出了警告：政府的銀行審查員將把遵守周日的指示納入合規(guī)評(píng)估中。

Officials in Beijing have taken other steps in recent months to tackle China’s mountain of debt. They ordered bank auditors to use tougher standards by June 30 in labeling loans as overdue and nonperforming. Those instructions have put pressure on the banks to find solutions for deeply indebted borrowers instead of continuing to wait and hope that the government will offer bailouts.

北京官員近幾個(gè)月采取了其他種種措施來(lái)解決中國(guó)的債務(wù)問(wèn)題。他們要求銀行審計(jì)師在6月30日之前使用更嚴(yán)格的標(biāo)準(zhǔn)甄別貸款中的逾期貸款和不良貸款。這些指示向銀行施加了壓力，為深陷債務(wù)的借款者尋求解決方案，而不是繼續(xù)等待并希望政府提供救助。