根据彭博新闻的报道，中国政府允许各省动用往年未使用的5500亿元人民币（约合820亿美元）债券额度，以进一步实施刺激措施，助力实现今年的增长目标。
China has allowed its provinces to tap 550 billion yuan ($82 billion) in unspent bond quotas saved from previous years, as Beijing adds to a stimulus effort aimed at meeting this year’s growth target.
财政部表示，其中3000亿元人民币用于满足县级政府的日常支出需求，2500亿元人民币则用于支持有实际项目需求的地区，尤其是那些需要推动投资的项目（如‘六网工程’）。这一举措优先考虑经济较为发达的省份。
The allowance includes 300 billion yuan in general bond quota to help county-level authorities meet their daily spending needs, the Ministry of Finance said in a statement on Friday. The other 250 billion yuan in special bond quota is granted to regions “with actual project funding needs” to support existing programs and major initiatives like the Six Networks to drive investment in October-December, it said, adding that stronger provincial economies will be favored.
此前经济学家预计追加额度约为5000亿元人民币，与2024年和2025年的发放额度相当。
Before the announcement, economists broadly expected the additional allowance to be at 500 billion yuan, roughly half the total still available and similar to what was granted in 2024 and 2025.
财政部对债券使用方式的说明反映了县级及更低层级政府所面临的财政压力。更多的借贷机会将有助于地方政府增加投资并减轻债务负担。
The ministry’s clarification on the use of some of the bonds to meet general needs on the local level highlights the financial stress faced by counties and lower-level governments. Greater access to borrowing will enable local governments to fund more investment and give room to cope with their debt burdens.
这是中国政府在9月底推出的刺激计划中的最新举措，旨在提振经济增长（目前增速低于4.5%-5%的目标）。
It’s the latest installment of the stimulus package unveiled by Beijing in late September to shore up economic growth that had slipped below this year’s target of 4.5%-5%.
作为该计划的一部分，政府已提供抵押贷款补贴，并加强了中央银行对重点行业的支持。国务院（中国内阁）也承诺采取新措施以实现经济社会发展目标。
As part of that effort, the government has already started providing mortgage subsidies and expanded central bank support for targeted sectors. It acted soon after the State Council, the country’s cabinet, vowed new measures to meet economic and social development goals.
分析人士认为，使用未使用的本地债券额度是推动经济增长的有效手段。
Among the newly announced steps, some analysts view the use of unspent local bond quotas as the most effective lever at Beijing’s disposal to get growth back on track.
BNP Paribas SA的Jacqueline Rong及其团队认为，这将成为‘第四季度小型刺激计划’的核心内容。
BNP Paribas SA economists led by Jacqueline Rong expected it to become “the backbone of the fourth-quarter mini-stimulus package.”