中國(guó)去年新增房地產(chǎn)開發(fā)用地減少25%

The amount of land used for new propertydevelopments in China fell more than 25 per centlast year, reflecting sluggish demand that couldexacerbate local governments’ debt burdens.

中國(guó)去年新增房地產(chǎn)開發(fā)用地?cái)?shù)量下降了逾25%，這反映出需求疲軟，進(jìn)而可能加劇地方政府的債務(wù)負(fù)擔(dān)。

Citing data from the ministry of land and resources,the official Xinhua news agency reported that151,000 hectares had been allocated for new realestate, down more than a quarter from 2013.

官方的新華社援引中國(guó)國(guó)土資源部的數(shù)據(jù)，報(bào)道說，2014年15.1萬公頃土地被用于新的房地產(chǎn)開發(fā)，同比下降超過四分之一。

China’s property sector is a key contributor to overall investment, which accounts for abouthalf of the country’s gross domestic product and feeds demand for commodities.

中國(guó)的房地產(chǎn)業(yè)是總投資的關(guān)鍵推動(dòng)者，投資占中國(guó)國(guó)內(nèi)生產(chǎn)總值(GDP)的大約一半，并推動(dòng)對(duì)大宗商品的需求。

 

 

While urban home prices in China have fallen for nine months, the full impact of thecorrection has yet to hit the broader economy and will probably cause a lot more pain when itdoes. Property investment increased more than 10 per cent last year to Rmb9.5tn ($1.5tn),according to the National Bureau of Statistics, compared with an 8 per cent fall in sales asmeasured by gross floor area.

雖然中國(guó)城市房?jī)r(jià)已連續(xù)9個(gè)月下跌，但這一價(jià)格回落的全面影響尚未沖擊整體經(jīng)濟(jì)，一旦這種沖擊到來，很可能會(huì)導(dǎo)致更多陣痛。中國(guó)國(guó)家統(tǒng)計(jì)局的數(shù)據(jù)顯示，去年房地產(chǎn)投資增加了超過10%，至9.5萬億元人民幣(合1.5萬億美元)，而總建筑面積的銷量卻下跌了8%。

Property sales in big cities in the week before the Chinese new year holiday, which officiallybegan on February 18, fell by about 20 per cent from the corresponding week a year earlier.

中國(guó)農(nóng)歷新年假期(正式開始于2月18日)前一周，大城市房地產(chǎn)銷售比去年同期下降了約20%。

Power production and sales of cars and consumer items such as fridges and washing machinesalso fell from the same period last year in the run-up to the country’s most important nationalholiday, according to a report from Haitong Securities, the Chinese brokerage.

中國(guó)券商海通證券(Haitong Securities)的一份報(bào)告稱，中國(guó)最重要的全國(guó)假期前夕，發(fā)電量以及汽車和消費(fèi)者產(chǎn)品(如冰箱和洗衣機(jī)等)的銷售也比去年同期有所下滑。

With consumer price inflation expected to come in at less than 1 per cent in February, after anincrease of just 0.8 per cent in January, a growing number of analysts are calling for Beijing tocut interest rates again to boost growth. “The time is now ripe for another cut,” Haitong said.

鑒于2月份消費(fèi)價(jià)格指數(shù)(CPI)漲幅預(yù)計(jì)將低于1%(1月份僅上漲0.8%)，越來越多的分析師呼吁中國(guó)政府再次降息以刺激經(jīng)濟(jì)增長(zhǎng)。“再次降息的時(shí)機(jī)已經(jīng)成熟，”海通證券稱。

In November China cut benchmark interest rates for the first time in more than two years in theface of the country’s weakest annual growth in nearly a quarter of a century.

面對(duì)近25年來最低速的年度經(jīng)濟(jì)增長(zhǎng)，去年11月中國(guó)在兩年多來首次下調(diào)了基準(zhǔn)利率。

Already indebted local governments rely heavily on land sales for revenue. According to thelatest estimate from China’s national auditor, local government debts stood at Rmb18tn as ofJune 2013.

債臺(tái)高筑的地方政府本已嚴(yán)重依賴土地出讓獲得財(cái)政收入。中國(guó)國(guó)家審計(jì)署最近的數(shù)據(jù)顯示，截至2013年6月，地方政府債務(wù)達(dá)18萬億元人民幣。

Since then only one provincial government has revealed updated debt figures. Hainan said thatlocal debt had increased by more than 20 per cent in the 18 months to last December, reachingRmb170bn, according to Caixin magazine. This included Rmb145bn in direct debts, withguarantees or contingent liabilities accounting for the rest.

自那以來，只有一個(gè)省級(jí)政府公布了更新的債務(wù)數(shù)據(jù)。據(jù)《財(cái)新》(Caixin)雜志報(bào)道，海南省政府稱，該省地方債務(wù)在截至去年12月的18個(gè)月內(nèi)增長(zhǎng)逾20%，達(dá)到1700億元人民幣。這包括1450億元人民幣的直接債務(wù)，其余是債務(wù)擔(dān)保和或有債務(wù)。

The rest of China’s 30 provinces are supposed to report updated debt figures to the financeministry by March 8. The ministry wants to rein in local government borrowing through specialpurpose financing vehicles and instead raise funds by selling bonds.

中國(guó)其它30個(gè)省級(jí)行政區(qū)應(yīng)該在3月8日之前向財(cái)政部報(bào)告更新的債務(wù)數(shù)據(jù)。財(cái)政部希望遏制地方政府通過特殊目的融資工具的借貸行為，轉(zhuǎn)向通過發(fā)債籌集資金。

Despite their financial squeeze, provincial governments have pledged to increase fixed assetinvestment this year to bolster growth. Hunan, Hubei and Shaanxi provinces recently revealedplans to invest a combined Rmb6bn in infrastructure and other fixed assets in 2015, a 20 percent increase over last year.

盡管財(cái)政困難，但一些省級(jí)政府已承諾，今年將增加固定資產(chǎn)投資以支撐增長(zhǎng)。湖南、湖北和陜西最近出臺(tái)計(jì)劃，擬在2015年在基礎(chǔ)設(shè)施和其它固定資產(chǎn)上投資共計(jì)60億元人民幣，比去年增加20%。