中国银行业将为煤企钢企债务重组买单

 　　China’s banks are set to be the biggest losers in the sweeping¹ bailouts of the country’s steel and coal industries.

　　中国的银行将成为对国内钢铁、煤炭行业全面纾困的最大牺牲品。

　　Local governments hoping to save their steel mills and coal miners have announced a series of restructuring plans, enlisting² the banks to take the hit by improving the terms of the loans or swapping⁴ them for bonds or equity⁵ in the struggling groups.

　　希望挽救本地钢厂、煤矿的中国地方政府已经宣布了一系列重组计划，拟向这些苦苦挣扎的集团提供更优惠的贷款条件，或将贷款转换成债券或股权，让银行来承担后果。

　　The reliance on the banking⁶ system to shoulder the burden comes at an inopportune moment, with China’s banks already mired⁷ in bad debt — about Rmb15tn ($2.25tn), or 19 per cent of total commercial lending by some accounts.

　　现在依靠银行系统负起这一重担并不是时候，因为中国的银行早已深陷坏账泥潭——根据一些计算，坏账约为15万亿元人民币（合2.25万亿美元），即商业贷款总额的19%。

　　Profit growth at the banks has also fallen over the past two years and could deteriorate⁸ further as many of the country’s largest industrial players renege on loans for better state-brokered deals.

　　过去两年，银行的利润增速也有所下滑，而且可能进一步恶化，因为中国许多大型工业企业都出现了贷款违约，以期由政府出面斡旋达成条件更优的交易。

　　With the finances of local governments being weak, the China Banking Regulatory Commission has been ordering Chinese banks to ‘rescue’ these companies, and we believe that banks are likely to suffer from the government’s plans, said Chua Han Teng, a senior analyst⁹ at Fitch Group’s BMI Research.

　　惠誉(Fitch)旗下研究机构BMI Research的高级分析师Chua Han Teng表示：鉴于地方政府脆弱的财政状况，中国银监会一直在要求中国的银行‘救助’这些企业，而我们认为，政府的计划很可能让银行遭受巨大损失。

　　Not only do banks have to restructure the debt at the discretion¹⁰ of the government, these banks also purchase the bonds issued by these poor performing companies.

　　银行不仅不得不根据政府的意志重组债务，还得购买这些业绩不佳的公司发行的债券。

　　China’s State Council outlined in February that it would cut 500m tonnes of annual coal output over the next three to five years and 100m-150m tonnes of steel output over the next five years.

　　今年2月，中国国务院提出，在未来3至5年削减煤炭产能5亿吨，并在未来5年削减1亿至1.5亿吨的钢产能。

　　Progress, however, has been stunted¹¹.

　　然而，这一进程受到了阻碍。

　　Two of the country’s top industry regulators said recently that steel mills had hit just 47 per cent of the cutback target for the year by the end of July, while coal miners had achieved only 38 per cent.

　　中国两家最高工业监管机构最近表示，截至7月底，钢厂只实现了今年削减产能目标的47%，而煤矿减产只实现了38%。

　　The cutbacks to production have led to a series of government-brokered bailouts.

　　产能削减已经使得各地政府纷纷出面斡旋纾困计划。

　　In the biggest restructuring deal to surface since the global financial crisis, Bohai Steel is reported to be in talks with local government on restructuring $29bn in bank and trust loans.

　　渤海钢铁集团(Bohai Steel)据报道正在与当地政府就重组其290亿美元的银行和信托贷款进行商谈，这是自全球金融危机以来最大的一笔重组协议。

　　The municipal government of Tianjin will establish a fund to help work out the debt to 105 creditors¹², according to Caixin, the financial magazine.

　　据财经媒体财新网(Caixin)报道，天津市政府将设立一个基金，帮助解决涉及105家债权人的债务问题。

　　I suspect there will be a haircut on the debt and also a debt-for-equity swap³, Christopher Lee, an analyst at S&P Global, said on the Bohai restructuring plan, although he noted¹³ that few details were yet available.

　　针对渤钢的债务重组计划，标普全球(S&P Global)分析师李国宜(Christopher Lee)说：我猜测可能会对债务进行减记，也会进行债转股。不过他指出，很多细节还不得而知。

　　There’s no way for the banks to not take a hit here.

　　在这一点上，银行不可能不受到冲击。

　　There’s no going back to the good old days when growth was 8-10 per cent.

　　再也回不到过去保持8%至10%利润增速的好日子了。

　　The contentious¹⁴ debt-for-equity programme announced earlier this year, in which banks will be asked to swap debt in exchange for equity in ailing¹⁵ companies, would help the banks remove bad debt from their loan books in the near term, Mr Lee noted.

　　李国宜表示，今年早些时候宣布的引发争议的债转股计划——银行将被要求把债权转换成境况不佳的公司的股权——将有助于银行在短期内消除账上的不良贷款。

　　But the plan would only prolong the recognition of toxic¹⁶ assets and eventually surface at banks when the companies in which they hold equity began to falter¹⁷, he said.

　　但该计划只会延缓对有毒资产的确认，当银行持有股权的公司开始崩溃时，这些有毒资产最终将在银行浮出水面，他说。

　　Bohai Steel was just one example of how a local government was calling on its lenders to avoid the collapse¹⁸ of a state-owned industrial group.

　　渤钢只是地方政府要求银行防止国有工业集团倒闭的实例之一。

　　Earlier this month, the government of Shanxi, China’s most coal-dependent province, said it planned to extend the maturity¹⁹ on as much as Rmb400bn in loans to the region’s seven biggest coal groups.

　　本月早些时候，经济极其依赖煤炭的山西省的政府表示，计划展期该省七大煤炭集团高达4000亿元人民币的贷款。

　　Distress²⁰ in the coal sector²¹ in Shanxi was set to take a heavy toll²² on the province’s economy.

　　山西煤炭行业的惨状将令该省经济遭受重创。

　　At the end of last year, Shanxi’s seven largest coal groups had Rmb1.18tn in debt, almost matching the province’s Rmb1.28tn gross domestic product in 2015, according to analysts²³ at Everbright Securities.

　　光大证券(Everbright Securities)分析师表示，截至去年底，山西七家最大的煤炭集团已经负债1.18万亿元人民币，几乎与该省2015年1.28万亿元人民币的GDP相当。

　　Baosteel Group and Wuhan Iron & Steel Group, China second and sixth-largest steelmakers, announced in June that they were partnering on a restructuring plan.

　　今年6月，中国第二与第六大钢铁企业——宝钢集团(Baosteel Group)、武汉钢铁集团(Wuhan Iron & Steel Group)——宣布正在合作筹划重组计划。

　　The following month, three big coal groups including the world’s largest coal producer, Shenhua Group, set up a joint²⁴ coal asset management company to help consolidate²⁵ state-owned coal resources.

　　次月，包括世界最大煤炭企业神华集团(Shenhua Group)在内的三家中国大型煤炭集团成立了一家联合煤炭资产管理公司，以帮助整合国有煤炭资源。

1 sweeping   

adj.范围广大的，一扫无遗的

参考例句：

• The citizens voted for sweeping reforms.公民投票支持全面的改革。
• Can you hear the wind sweeping through the branches?你能听到风掠过树枝的声音吗？

2 enlisting   

v.（使）入伍， （使）参军( enlist的现在分词 )；获得（帮助或支持）

参考例句：

• He thought about enlisting-about the Spanish legion-about a profession. 他想去打仗，想参加西班牙军团，想找个职业。 来自辞典例句
• They are not enlisting men over thirty-five. 他们不召超过35岁的人入伍。 来自辞典例句

3 swap   

n.交换；vt.交换，用...作交易

参考例句：

• I will swap you my bicycle for your radio.我想拿我的自行车换你的收音机。
• This comic was a swap that I got from Nick.这本漫画书是我从尼克那里换来的。

4 swapping   

交换，交换技术

参考例句：

• The slow swapping and buying of horses went on. 马匹的买卖和交换就是这样慢慢地进行着。
• He was quite keen on swapping books with friends. 他非常热衷于和朋友们交换书籍。

5 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

6 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

7 mired   

abbr.microreciprocal degree 迈尔德（色温单位）v.深陷( mire的过去式和过去分词 )

参考例句：

• The country was mired in recession. 这个国家陷入了经济衰退的困境。
• The most brilliant leadership can be mired in detail. 最有才干的领导也会陷于拘泥琐事的困境中。 来自《现代汉英综合大词典》

8 deteriorate   

v.变坏；恶化；退化

参考例句：

• Do you think relations between China and Japan will continue to deteriorate?你认为中日关系会继续恶化吗？
• He held that this would only cause the situation to deteriorate further.他认为，这只会使局势更加恶化。

9 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

10 discretion   

n.谨慎；随意处理

参考例句：

• You must show discretion in choosing your friend.你择友时必须慎重。
• Please use your best discretion to handle the matter.请慎重处理此事。

11 stunted   

adj.矮小的；发育迟缓的

参考例句：

• the stunted lives of children deprived of education 未受教育的孩子所过的局限生活
• But the landed oligarchy had stunted the country's democratic development for generations. 但是好几代以来土地寡头的统治阻碍了这个国家民主的发展。

12 creditors   

n.债权人，债主( creditor的名词复数 )

参考例句：

• They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
• Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》

13 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。

14 contentious   

adj.好辩的，善争吵的

参考例句：

• She was really not of the contentious fighting sort.她委实不是好吵好闹的人。
• Since then they have tended to steer clear of contentious issues.从那时起，他们总想方设法避开有争议的问题。

15 ailing   

v.生病

参考例句：

• They discussed the problems ailing the steel industry. 他们讨论了困扰钢铁工业的问题。
• She looked after her ailing father. 她照顾有病的父亲。

16 toxic   

adj.有毒的，因中毒引起的

参考例句：

• The factory had accidentally released a quantity of toxic waste into the sea.这家工厂意外泄漏大量有毒废物到海中。
• There is a risk that toxic chemicals might be blasted into the atmosphere.爆炸后有毒化学物质可能会进入大气层。

17 falter   

vi.(嗓音)颤抖，结巴地说；犹豫；蹒跚

参考例句：

• His voice began to falter.他的声音开始发颤。
• As he neared the house his steps faltered.当他走近房子时，脚步迟疑了起来。

18 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

19 maturity   

n.成熟；完成；(支票、债券等)到期

参考例句：

• These plants ought to reach maturity after five years.这些植物五年后就该长成了。
• This is the period at which the body attains maturity.这是身体发育成熟的时期。

20 distress   

n.苦恼，痛苦，不舒适；不幸；vt.使悲痛

参考例句：

• Nothing could alleviate his distress.什么都不能减轻他的痛苦。
• Please don't distress yourself.请你不要忧愁了。

21 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

22 toll   

n.过路(桥)费；损失，伤亡人数；v.敲(钟)

参考例句：

• The hailstone took a heavy toll of the crops in our village last night.昨晚那场冰雹损坏了我们村的庄稼。
• The war took a heavy toll of human life.这次战争夺去了许多人的生命。

23 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

24 joint   

adj.联合的，共同的；n.关节，接合处；v.连接，贴合

参考例句：

• I had a bad fall,which put my shoulder out of joint.我重重地摔了一跤，肩膀脫臼了。
• We wrote a letter in joint names.我们联名写了封信。

25 consolidate   

v.使加固，使加强；(把...)联为一体，合并

参考例句：

• The two banks will consolidate in July next year. 这两家银行明年7月将合并。
• The government hoped to consolidate ten states to form three new ones.政府希望把十个州合并成三个新的州。