广东的偿债能力与房地产市场休戚相关.pptxVIP

Chinas southern province of Guangdong was the first beneficiary of Beijings policy of opening up the economy to the outside world, becoming an export powerhouse and a magnet for foreign investment. It was also among the first local governments given a chance to issue bonds on its own -- without Bei jing holding its hand -- as part of the central governments plan to expand the financing channels of better-managed provinces and cities. 地处中国南方的广东省是中 国改革开放政策的首个受益者，并逐渐成为一个重要的出口基地和吸引外商投资的磁石。广东也是首批获准在不依靠中央的情况下自主发债的地方政府之一，这是中央为治理较好的省市扩大融资渠道的方案之一。 But a credit rating report on Guangdong shows that even this relatively well-to-do province is heavily dependent on land and property sales, and that could make it vulnerable to financial stress in the curr ent real-estate market downturn. 但一份对广东的信用评级报告显示，尽管是个相对富裕的省份，广东也严重依赖土地出让和房地产销售，在当前房地产市场低迷的情况下，可能很容易面临金融压力。 The credit report, issued by Shanghai Brill iance Credit Rating Investors Service Co., was released publicly on Tuesday thanks to the requirement that local governments need to make their finan cial position transparent before they can sell bonds. The financial data show that in 2012 -- the most recent year for which full figures are availabl e -- more than half of the provinces revenue came from land sales. Moreover, that relatively high dependence was actually below the national average. 由于有关规定要求地方政府在发行债券前必须公示地方财政状况，上海新世纪资信评估投资服务有限公司(Shanghai Brilliance Credit Rating Investors Service Co., 简称：上海新世纪)的这份信用评级报告在周二得以公开发布。财政数据显示，2012年（有完整数 据可供参考的最近年份）广东省财政收入的一半以上来自土地出让；不过，这种较高的依赖程度实际上低于全国平均水平。 Most local governments still rely on the central government to issue debt on their behalf. But Guangdong is one of the privileged few that can issue bonds directly, and it plans to sell 14.8 billion yuan ($2.4 billion) worth of debt this year. 目 前，中国的多数地方政府仍依靠中央代为发行债券。但广东是享有直接发行地方债特权的为数不多的地方政府之一。广东省计划今年发行价值人民币148亿元的债券。 Shanghai Briliance gave Guangdong an overall rating of AAA, the highest lev el possible, reflecting what it said