<p>[北京] 中國正在收緊海外借款的審批，導致一些公司急於籌集現金，因為今年約有 1000 億美元的債券到期。</p>
<p>根據知情人士的説法，國家發展和改革委員會（NDRC）對期限為一年或更長的債券和貸款的配額審批需要四到六個月，這大約是之前的兩倍。在某些情況下，審批過程甚至延長至九個月，他們表示，因未獲授權公開發言而要求匿名。</p>
<p>知情人士補充説，審批過程的延長源於監管機構要求提供更多關於還款和資金用途的細節，尤其是針對 2025 年底之後的項目。</p>
<p>為了避免違約，中國公司不得不出售短期債券，這使得他們在投資需求與現金流之間的平衡變得更加困難。更高的門檻表明，NDRC 正在加大力度控制弱勢企業和地方政府融資平台（LGFVs）所產生的膨脹債務。</p>
<p>對於一些借款人來説，審批可能會在現有債券到期前一個月才獲得，知情人士表示，這給投資者帶來了重大不確定性。</p>
<p>NDRC 未對此請求作出回應。</p>
<h3>在新的全球秩序中導航亞洲</h3>
<p>獲取洞察，直接送達您的郵箱。</p>
<p>由於更嚴格的審查，迄今為止，中國公司通過出售到期在 12 個月內的海外債券籌集了至少 23 億美元，這些債券不需要 NDRC 的批准。這一金額創下了該時期的記錄。</p>
<p>“NDRC 現在要求的細節水平和問題遠比一年前要嚴格得多，” 摩根大通亞太區股權聯動資本市場負責人 Mahesh Ahlawat 表示，他負責該銀行在該地區的可轉換債券業務。“現在，有時公司獲得該審批需要四到五個月。”</p>
<p>知情人士表示，更嚴格的監管和審批延遲影響了 LGFVs 和其他公司。除了這些短期的離岸債券，借款人還轉向了不在 NDRC 管轄範圍內的在岸銀行貸款。</p>
<p>另見</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/5c42368721df82d202f80b2bb8c0a11fd11557c7a0b401321593f7baa6465343/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/5c42368721df82d202f80b2bb8c0a11fd11557c7a0b401321593f7baa6465343/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>中國 51 萬億美元的儲蓄幫助債券在戰爭期間表現優於其他投資</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/a27f3b02ffad7e76bc875398c92ce0035ef524412d3f95b29d62e978655ac8b8/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/a27f3b02ffad7e76bc875398c92ce0035ef524412d3f95b29d62e978655ac8b8/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>尋求避風港以應對戰爭和滯脹？看看中國的債券市場</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/4f54ff871bf9bf2772437cdd6ac107c577e280a94989f7b0dd85fe0d7abf7ecb/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/4f54ff871bf9bf2772437cdd6ac107c577e280a94989f7b0dd85fe0d7abf7ecb/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>菲律賓債券面臨的油價風險在亞洲最高，中國則相對獨立</h3>
<p>過去十年左右，中國領導層開展了一項運動，以遏制地方政府的表外債務快速增長，這些債務主要以 LGFV 債券和貸款的形式存在。這些融資工具在北京為緩解 2008 年全球金融危機衝擊而進行的基礎設施建設熱潮中發揮了關鍵作用。</p>
<p>當然，一些信用狀況較強或受到國家支持的行業的公司仍然能夠在大約三個月內獲得 NDRC 的外債批准，知情人士表示。</p>
<p>更長的配額申請過程也促使一些借款人和貸款人提前做出再融資決策。</p>
<p>例如，一家全球銀行的香港分行選擇在客户的離岸貸款到期前很久就進行展期，因為他們看到 NDRC 的審批有時需要八到九個月，知情人士之一表示。</p>
<p>在中國公司面臨約 1000 億美元的離岸債券到期之際，監管不確定性加劇，根據彭博社彙編的數據，明年再融資壓力將進一步加大，到期高峰將達到 1310 億美元。BLOOMBERG</p>
<p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊這裏註冊以獲取解碼亞洲通訊，直接送達您的郵箱，免費。</p>

安碩中國國債

人民幣債券 ETF - Market Vectors華夏

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A股 MSCI ETF - iShares

<p>中國正在收緊海外借款的審批，導致企業尋求現金，因為今年有 1000 億美元的債券到期。國家發展和改革委員會（NDRC）的審批時間延長至四到六個月，是之前時間的兩倍，某些案例甚至延長至九個月。這一延遲是由於對還款細節的審查加強。企業轉向短期債券以避免違約，這使得它們的現金流管理變得更加複雜。NDRC 的嚴格措施旨在控制來自弱勢企業和地方政府融資平台（LGFVs）上升的債務</p>

<p>[BEIJING] China is tightening approvals for overseas borrowings, leading some companies to scurry for cash with around US$100 billion of bonds coming due this year.</p>
<div class="lb-trans"><p>[北京] 中國正在收緊海外借款的審批，導致一些公司急於籌集現金，因為今年約有 1000 億美元的債券到期。</p>
</div><p>The National Development and Reform Commission (NDRC) is taking four to six months to approve quotas for bonds and loans with tenors of one-year or longer, according to sources familiar with the matter, which is about twice as long as before. In some cases, the process stretches to nine months, they said, asking not to be identified as they’re not authorised to speak publicly.</p>
<div class="lb-trans"><p>根據知情人士的説法，國家發展和改革委員會（NDRC）對期限為一年或更長的債券和貸款的配額審批需要四到六個月，這大約是之前的兩倍。在某些情況下，審批過程甚至延長至九個月，他們表示，因未獲授權公開發言而要求匿名。</p>
</div><p>The lengthened process comes from the regulator asking for more details about repayment and use of proceeds from late 2025, the sources added.</p>
<div class="lb-trans"><p>知情人士補充説，審批過程的延長源於監管機構要求提供更多關於還款和資金用途的細節，尤其是針對 2025 年底之後的項目。</p>
</div><p>To avoid defaulting on their overseas debt, Chinese companies are resorting to selling short-term bonds, making it harder for them to balance investment needs with cash flows. The higher bar suggests the NDRC is escalating its efforts to rein in ballooning debt incurred by weaker enterprises and local government financing vehicles, or LGFVs.</p>
<div class="lb-trans"><p>為了避免違約，中國公司不得不出售短期債券，這使得他們在投資需求與現金流之間的平衡變得更加困難。更高的門檻表明，NDRC 正在加大力度控制弱勢企業和地方政府融資平台（LGFVs）所產生的膨脹債務。</p>
</div><p>For some borrowers, approval can come as late as one-month before existing bonds are due, the sources said, leading to significant uncertainty for investors.</p>
<div class="lb-trans"><p>對於一些借款人來説，審批可能會在現有債券到期前一個月才獲得，知情人士表示，這給投資者帶來了重大不確定性。</p>
</div><p>The NDRC did not respond to a request seeking comment.</p>
<div class="lb-trans"><p>NDRC 未對此請求作出回應。</p>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
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<div class="lb-trans"><p>獲取洞察，直接送達您的郵箱。</p>
</div><p>The spillover from the tighter scrutiny can be seen in how Chinese firms have raised at least US$2.3 billion so far this year from selling overseas bonds maturing in less than 12 months, which does not require the NDRC’s approval. The amount is a record for the period.</p>
<div class="lb-trans"><p>由於更嚴格的審查，迄今為止，中國公司通過出售到期在 12 個月內的海外債券籌集了至少 23 億美元，這些債券不需要 NDRC 的批准。這一金額創下了該時期的記錄。</p>
</div><p>“The level of detail and the questions the NDRC is asking are far more intensive now than they were one-year ago,” said Mahesh Ahlawat, head of Asia-Pacific Equity-Linked Capital Markets at JPMorgan Chase, who is in charge of the bank’s convertible bond business in the region. “It now sometimes takes four to five months for a company to obtain that approval.”</p>
<div class="lb-trans"><p>“NDRC 現在要求的細節水平和問題遠比一年前要嚴格得多，” 摩根大通亞太區股權聯動資本市場負責人 Mahesh Ahlawat 表示，他負責該銀行在該地區的可轉換債券業務。“現在，有時公司獲得該審批需要四到五個月。”</p>
</div><p>The tighter oversight and approval delays have affected both LGFVs and other firms, said the sources familiar with the matter. In addition to those short-dated offshore bonds, borrowers have also turned to onshore bank loans that are outside NDRC’s jurisdiction, they added.</p>
<div class="lb-trans"><p>知情人士表示，更嚴格的監管和審批延遲影響了 LGFVs 和其他公司。除了這些短期的離岸債券，借款人還轉向了不在 NDRC 管轄範圍內的在岸銀行貸款。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/5c42368721df82d202f80b2bb8c0a11fd11557c7a0b401321593f7baa6465343/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/5c42368721df82d202f80b2bb8c0a11fd11557c7a0b401321593f7baa6465343?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>China’s US$51 trillion savings help bonds to outperform during war</h3>
<div class="lb-trans"><h3>中國 51 萬億美元的儲蓄幫助債券在戰爭期間表現優於其他投資</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/a27f3b02ffad7e76bc875398c92ce0035ef524412d3f95b29d62e978655ac8b8/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/a27f3b02ffad7e76bc875398c92ce0035ef524412d3f95b29d62e978655ac8b8?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Seeking shelter from war and stagflation? Take a look at China’s bond market</h3>
<div class="lb-trans"><h3>尋求避風港以應對戰爭和滯脹？看看中國的債券市場</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/4f54ff871bf9bf2772437cdd6ac107c577e280a94989f7b0dd85fe0d7abf7ecb/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/4f54ff871bf9bf2772437cdd6ac107c577e280a94989f7b0dd85fe0d7abf7ecb?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Oil risk highest for Philippine bonds in Asia, China insulated</h3>
<div class="lb-trans"><h3>菲律賓債券面臨的油價風險在亞洲最高，中國則相對獨立</h3>
</div><p>China’s leadership has embarked on a campaign over the past decade or so to arrest a rapid buildup of off-balance-sheet debt by local governments, which mostly exists in the form of LGFV bonds and loans. The financing vehicles played a pivotal role in Beijing’s funding of an infrastructure boom to cushion the blow of the 2008 global financial crisis.</p>
<div class="lb-trans"><p>過去十年左右，中國領導層開展了一項運動，以遏制地方政府的表外債務快速增長，這些債務主要以 LGFV 債券和貸款的形式存在。這些融資工具在北京為緩解 2008 年全球金融危機衝擊而進行的基礎設施建設熱潮中發揮了關鍵作用。</p>
</div><p>To be sure, some companies with stronger credit profiles or in industries backed by the state have continued to receive foreign-debt approvals from the NDRC within about three months, according to the sources familiar with the matter.</p>
<div class="lb-trans"><p>當然，一些信用狀況較強或受到國家支持的行業的公司仍然能夠在大約三個月內獲得 NDRC 的外債批准，知情人士表示。</p>
</div><p>The longer quota application process also prompted some borrowers and lenders to bring forward refinancing decisions.</p>
<div class="lb-trans"><p>更長的配額申請過程也促使一些借款人和貸款人提前做出再融資決策。</p>
</div><p>One global bank’s Hong Kong unit, for example, chose to roll over an onshore client’s offshore loan well ahead of its year-end maturity, as they have seen cases in which the NDRC’s approval took eight to nine months, said one of the sources.</p>
<div class="lb-trans"><p>例如，一家全球銀行的香港分行選擇在客户的離岸貸款到期前很久就進行展期，因為他們看到 NDRC 的審批有時需要八到九個月，知情人士之一表示。</p>
</div><p>The regulatory uncertainties come at a time when Chinese companies are staring at about US$100 billion of offshore bonds due later this year, based on data compiled by Bloomberg. The refinancing pressures will intensify further next year, when the maturity wall peaks at US$131 billion. BLOOMBERG</p>
<div class="lb-trans"><p>在中國公司面臨約 1000 億美元的離岸債券到期之際，監管不確定性加劇，根據彭博社彙編的數據，明年再融資壓力將進一步加大，到期高峰將達到 1310 億美元。BLOOMBERG</p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊這裏註冊以獲取解碼亞洲通訊，直接送達您的郵箱，免費。</p>
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China delays foreign debt sales with US$100 billion of bonds due

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中國推遲外債銷售，面臨 1000 億美元債券到期的壓力