China is to pump almost Rmb5tn ($770bn) into transport infrastructure¹ over the next three years, in a sign of its determination to use state investment to keep the economy humming.

中国将在未来三年期间投入近5万亿元人民币（合7700亿美元）建设交通基础设施，这个迹象表明政府决心动用国家投资来保持经济“轰鸣”。

However, analysts² said the announcement by the transport ministry³ added to a sense of confusion about the direction of economic policy. Infrastructure spending served China well when it was growing rapidly and seeking to build a modern economy, but in recent years it has resulted in white elephants, industrial overcapacity, economic distortions and debt.

不过，分析师们表示，交通运输部的宣布令人对中国经济政策的走向更加困惑。在中国经济高速增长和寻求打造现代化经济的年代，基建支出对国家十分有用，但近年这类支出带来了大而无当的工程、工业产能过剩、经济扭曲以及债务。

The announcement yesterday of the spending programme — Rmb5tn is equivalent to 6.9 per cent of China’s 2015 gross domestic product — comes despite other influential⁴ voices warning this week of the alarming degree of leverage⁵ in the Chinese economy.

与昨日宣布这一支出计划（5万亿元人民币相当于中国2015年国内生产总值的6.9%）似乎矛盾的是，本周一些有影响力的声音警告称，中国经济的杠杆高得令人震惊。

On Monday, Communist party mouthpiece the People’s Daily carried a front-page interview with an “authoritative⁶ figure”, who said the country’s soaring debt levels could lead to “systemic financial risks”.

周一，中共机关报《人民日报》头版发表对“权威人士”的采访，称中国不断飙升的债务水平可能导致“系统性金融风险”。

“This week is a week of mixed signals,” said Andrew Batson, an economist⁷ at Gavekal Dragonomics in Beijing. “They’re swinging between poles of emphasising support for growth and emphasising structural⁸ reform. It’s not clear what message they are trying to send.”

“本周是各种信号混杂的一个星期，”北京龙洲经讯(Gavekal Dragonomics)的白安儒(Andrew Batson)表示， “他们在强调支持增长与强调结构改革的两极之间摇摆。不清楚他们想要传递什么信息。”

It is unclear to what extent the funding targets acknowledged this week are new or previously⁹ budgeted and approved projects. Many are likely to have been flagged in the five-year plan, approved in March at the annual legislative¹⁰ meeting.

目前尚不清楚最新宣布的支出目标在多大程度上涉及新资金，在多大程度上涉及已编列预算且审批通过的项目。很有可能的是，不少项目已被列入3月全国人大年度会议批准的五年规划。

Under a joint action plan from the ministry and the National Development and Reform Commission, Rmb4.7tn will be provided for 303 projects, including railways, roads, waterways, airports and metro¹¹ systems.

根据中国国家发展改革委(NDRC)和交通运输部联合印发的《交通基础设施重大工程建设三年行动计划》，未来三年拟重点推进303个项目（包括铁路、公路、水路、机场和城市轨道交通项目），涉及项目总投资4.7万亿元人民币。

“The question is how that amount is financed. So it’s ultimately about monetary¹² policy, because ultimately most infrastructure spending is financed by debt,” Mr Batson said.

“现在的问题是这些资金将从哪里筹集。因此，最终而言关键在于货币政策，因为大部分基建支出的资金归根结底将通过债务筹集，”白安儒表示。

The figure, in an article from the official transportation¹³ news service republished yesterday on the ministry’s website, has refocused attention on the scale of China’s continuing infrastructure investment.

4.7万亿元人民币的数字最初来自官方的中国交通新闻网的一篇文章，该文昨日被交通运输部官网转载。它再度令人关注中国基础设施投资所保持的规模。

The article asserts that transportation infrastructure has failed to keep pace with the requirements of China’s social and economic development in terms of coverage¹⁴ and quality.

该文断言，与中国的经济社会发展需求相比，交通基础设施在覆盖范围和质量水平等方面还存在较大差距。

It calls for a concerted drive to enhance and maintain the national network.

文章呼吁做出全方位努力，完善和维护覆盖全国的交通网络。

The latest round of funding is likely to benefit the flagging heavy industry and construction sectors¹⁵ and follows an announcement from the NDRC on Tuesday that Rmb1.6tn would be ploughed into 130 projects in the ailing¹⁶ rust¹⁷ belt of the north-eastern provinces.

最新一轮的资金很可能造福于低迷的重工业和建筑业。此前国家发改委周二宣布，将向东北三省困境中的“锈带”的130个项目投入1.6万亿元人民币。

Zhou Jianping, the NDRC official in charge of reviving the north-east, said on Tuesday that the funds could not be considered a subsidy¹⁸ from Beijing to the struggling region. Rather, he said, funds would be allocated¹⁹ by project.

发改委东北等老工业基地振兴司司长周建平周二表示，这些资金不能被视为北京方面对困境中的东北地区的“补贴”。他表示，资金将根据项目进行分配。

“If it is appropriate, then we will give some money,” he said.

“只要项目是适当的，我们就会拨出资金，”他说。