中国铁道部债券发行看准了信号？（双语）

　　China's Ministry of Railways has had trouble keeping track of its trains and its money. In July, rail officials tragically failed to detect a stalled bullet train, allowing another to plow into it, killing 40 people. In February, the rail minister was sacked and placed under investigation for possible corruption. In March, auditors said embezzlers had made off with 187 million yuan ($29.2 million) from just the Beijing-Shanghai portion of China's ambitious high-speed rail network.

　　中国铁道部过去在掌握列车和资金情况方面遇到了麻烦。今年7月，铁路工作人员因未能察觉到一列停在半道的抛锚动车，从而造成它与另一列动车相撞，酿成40人死亡的悲剧。2月，中国铁道部长被革职，并因可能的腐败问题接受调查。3月，审计人员说，京沪高铁项目1.87亿元人民币资金被挪用，而该项目只是中国建设宏伟高速铁路网的一部分。

　　It remains to be seen whether the ministry has overcome the safety problems, said to be linked to faulty signaling. But the ministry may have had some improvement in sorting out other signals, particularly when it comes to managing its money.

　　铁道部是否解决了安全问题还有待观察。据说这些事故与信号系统故障有关。不过，铁道部在处理其他“信号”问题、特别是资金管理方面，可能已经有了些许长进。

　　The rail ministry has had a huge appetite for funds as it builds out the world's largest high-speed rail network -- now sprawling over 8,000 kilometers. To help pay for it, the ministry is a frequent issuer in the nation's bond market. It had some 2.09 trillion yuan in debt outstanding as of June, and it plans to offer 100 billion yuan of just one kind of debt this year.

　　随着中国建设全球规模最大的高速铁路网工程的推进，中国铁道部有着巨大的资金需求。中国高速铁路的通车里程目前已超过8,000公里。为帮助偿还自己的建设贷款，铁道部频繁在中国国内债券市场上融资。截至今年6月，铁道部的未偿债务大约是2.09万亿元。今年，铁道部计划只发行一种债券，融资总额为1,000亿元。

　　But the fatal accident in July has shaken investor confidence in the ministry and its ability to repay on time. That has forced it to pay higher interest rates on new bond offers to convince investors to buy its debt.

　　然而，7月发生的灾难性动车追尾事故动摇了投资者对中国铁道部及其按时偿还贷款能力的信心。无奈之下，铁道部只能增加新发债券的利率，目的就是劝说投资者购买其债券。

　　State banks have also restricted its access to lower-cost funds, forcing it to borrow at higher rates. It also needed some help from Beijing, which called on local governments to step up financing for rail projects in their districts.

　　中国国有银行也对铁道部获取较低利率贷款的能力进行了限制，这迫使铁道部只能以更高利率筹资。另外，铁道部还需要来自中国政府的一些帮助。中国政府曾呼吁地方政府提高对其辖区内铁路项目的融资力度。

　　Shortly before the National Day holiday, the rail ministry had been scheduled to issue 20 billion yuan in bonds. But at the last minute it put the brakes on those plans. There was no official explanation, but market analysts suggested the decision was an adept shift in the ministry's financial gears, avoiding a pre-holiday spike in interest rates as other borrowers rushed to raise funds.

　　就在国庆假期前夕，铁道部曾计划发行200亿元债券，但在最后一刻却推迟了发行计划，并且没有对此提供官方解释。不过，市场分析人士表示，放弃之举是铁道部融资安排的一个巧妙安排，可避过节前因其他借款人纷纷举债而出现的利率飙升现象。

　　But perhaps there was more to the unexplained move, with the ministry able to see a little bit further down the track than other market participants.

　　但或许铁道部未作解释的举动还有更多含义，因为它有能力比市场上的其他参与者看得更远一点。

　　On Monday, the Ministry of Finance helpfully announced a plan to cut in half the tax rate on interest on some types of bonds issued by the rail ministry through 2013. That made railway bonds suddenly more attractive to investors -- and no doubt less costly to the ministry. Today, the ministry has said it will offer 10 billion yuan of seven-year bonds and 10 billion yuan of 20-year paper on Wednesday.

　　中国财政部周一称，计划对铁道部今年至2013年发行的某些债券的利息收入减半征税。突然之间，铁道部债券对投资者的吸引力增强了，而铁道部的成本无疑也就减少了。铁道部周二说，将于周三发行100亿元的七年期债券和100亿的20年期债券。

　　Coincidence? Perhaps, but maybe the ministry just sees some kinds of signals better than others.

　　这是巧合吗？也许是，也许不是──可能只是铁道部比别人更清楚地看到了某种信号也说不定。