青島希尼爾翻譯公司（www.googlemapbuilder.com）整理發(fā)布2016-03-09

希尼爾翻譯公司（www.googlemapbuilder.com）2016年3月09日了解到：Moody's has warned it may downgrade China’s sovereign rating, a sign of increasing investor concern over the country’s rising debt and dwindling foreign exchange reserves.

穆迪(Moody's)警告稱，它可能會調(diào)降中國主權(quán)債務(wù)的評級。這一跡象表明，投資者對中國日益增加的債務(wù)負(fù)擔(dān)和不斷縮水的外匯儲備越來越擔(dān)憂。

The US rating agency revised its outlook on China from stable to negative, the first major step on the country by a rating agency since Fitch downgraded its rating three years ago, the first cut since 1999.

這家美國評級機(jī)構(gòu)將其對中國政府債券的評級展望由穩(wěn)定調(diào)整為負(fù)面，這是自3年前惠譽(yù)(Fitch)下調(diào)中國主權(quán)信用評級（是自1999年以來的首次）以來，信用評級機(jī)構(gòu)對中國采取的首個重大舉措。

Moody’s rates China’s government at Aa3, its fourth highest rating. That is in line with Standard & Poor’s double A minus rating, although S&P maintains a stable outlook. Fitch assesses China at A plus, one notch lower than its two peers, also with a stable outlook.

穆迪對中國政府債券的評級為Aa3，這是其第四高評級，與標(biāo)準(zhǔn)普爾(Standard & Poor's)的AA-評級相當(dāng)，不過標(biāo)普對中國政府債券評級的展望仍維持在穩(wěn)定?；葑u(yù)對中國的評級為A+，比另兩家機(jī)構(gòu)低一檔，展望也是穩(wěn)定。

In addition to rising debt and falling reserves, Moody’s attributed its move to “uncertainty about the authorities’ capacity to implement reforms — given the scale of reform challenges — to address imbalances in the economy”.

除了不斷上升的債務(wù)水平以及下滑的外匯儲備外，穆迪還將此舉歸因于“鑒于改革面臨艱巨挑戰(zhàn)，政府為解決經(jīng)濟(jì)失衡而實施改革的能力存在不確定性”。

China’s top leaders are trying to steer growth away from heavy industry and debt-fuelled investment towards consumption and services. Recent data indicates mild progress towards rebalancing but analysts warn that policymakers need to accelerate structural reforms to arrest the economic slowdown.

中國最高領(lǐng)導(dǎo)層正努力使經(jīng)濟(jì)增長不再依賴重工業(yè)和由債務(wù)推動的投資，而是依靠消費(fèi)和服務(wù)業(yè)。最新數(shù)據(jù)表明中國的經(jīng)濟(jì)再平衡取得了一定進(jìn)展，但分析師警告稱，政策制定者需要加快結(jié)構(gòu)改革以抑制經(jīng)濟(jì)放緩。

Recent policy moves, including record bank lending in January and a cut to banks’ required reserve ratio on Monday, suggest policymakers are prioritising short-term stimulus over structural reforms, including efforts to rein in debt.

最近的政策舉動——包括1月新增人民幣貸款創(chuàng)下紀(jì)錄以及本周一宣布的下調(diào)銀行準(zhǔn)備金率——表明，政策制定者正把短期刺激置于結(jié)構(gòu)改革（包括努力控制債務(wù)水平）之上。

“It is a matter of balance. Reforms could indeed slow growth in the short term. [But] if they were reforms that pointed toward a levelling off of leverage and more efficient allocation of capital, then we would see that as a positive," Marie Diron, senior vice-president for sovereign ratings at Moody’s, said in an interview.

“這是個把握平衡的問題。改革確實有可能在短期內(nèi)抑制增長。（但）如果改革指向的是去杠桿和提高資本配置效率，那么我們就會視其為正面因素，”穆迪主權(quán)風(fēng)險部高級副總裁瑪麗?迪龍(Marie Diron)在接受采訪時稱。

“There will be significant further fiscal and monetary stimulus to maintain growth at robust levels. If that stimulus then delays reform, then we think it’s a negative signal.”

“未來中國還會推出更多重大財政和貨幣刺激措施來維持穩(wěn)健的經(jīng)濟(jì)增長。如果這些刺激措施使得改革延后，那么我們便認(rèn)為這是負(fù)面信號?！眮碓?可可英語