China’s top planning body has relaxed working day restrictions¹ on its coal mines after reduced output boosted prices, frustrating² central planners’ desire to control both price and supply of the nation’s most important energy source.

中国最高规划机构放松了对煤矿工作日的限制，此前产量下降提升了价格，让中央规划者同时控制煤炭价格和供应的愿望落空。煤炭是中国最重要的能源来源。

China’s National Development and Reform Commission said on Thursday that all mines could produce for 330 days each year, after last week extending a production band of 276-330 days through the end of March.

中国发改委(NDRC)周四表示，所有煤矿每年可按330个工作日组织生产，此前它在上周延长限产措施，规定煤矿在明年3月底前可以在276天至330天的工作日之间组织生产。

Mines had been regulated on how many days they could operate, within the band.

煤矿的工作日数量受到监管，不得超出这个区间。

The relaxation³ came after output statistics for October showed Chinese coal production had dropped 11 per cent in the first 10 months of 2016 versus⁴ the same period the year before.

在发改委放松限制之前，10月产量统计数据显示，2016年头10个月，中国煤炭产量同比下降11%。

On a daily basis, output in October was down 1.5 per cent from September.

10月日产量环比下降1.5%。

The relaxation is likely to hit frothy thermal⁵ coal prices, Fitch Ratings said in a note on Thursday: The strong pricing rebound⁶ since early 2016 is unlikely to be sustained as the Chinese government relaxes its working-day curtailment⁷ policies to manage prices.

放松工作日限制可能冲击存在泡沫的热能煤价格，惠誉评级(Fitch Ratings)周四在一份报告中表示：随着中国政府放松工作日限制以管理煤价，2016年年初以来强劲的价格反弹不太可能持续。

A prolonged slump⁸ in coal prices has allowed the Chinese state to re-exert control over a sector⁹ that was known for its private capital and ungovernable private mines when the Chinese economy was booming.

煤价持续低迷使中国政府得以恢复控制该行业。在中国经济蓬勃发展之际，私人资本大量进入煤炭业，涌现出难以控制的私营煤矿。

Many indebted private mines have shut or been absorbed by large state-owned mining companies, leaving Beijing wrestling with a re-nationalised industry in an economy that is more complex than during the heyday¹⁰ of state planning.

许多负债累累的私营煤矿已被关闭，或者被大型国有煤矿公司合并，这使得北京方面不得不应对一个重新国有化的行业，而当今的中国经济比计划经济全盛时期更为复杂。

Output restrictions on thermal coal had been intended to bolster¹¹ prices and allow China’s chronically¹² bloated state coal miners to repay loans.

中国限制热能煤产量的本意是提升价格，并让长期臃肿的国有煤矿偿还贷款。

But planners failed to account for the degree to which private miners had also dropped out of the market, and were caught off-guard when investors¹³ profited by the squeeze to drive up futures¹⁴ prices of coking coal, used in steelmaking.

但规划机构未能考虑到私营煤矿也大量退出市场，同时没有预料到投资者会利用供应紧张获利，推高焦煤期货价格；焦煤用于炼钢。

Coal futures are up roughly 200 per cent year-on-year, even after a sell-off this week as futures exchanges imposed measures to deter¹⁵ speculation¹⁶.

煤炭期货同比上涨约200%，这还是在本周因期货交易所采取抑制投机措施而暴跌之后。

As recently as November 11 the NDRC had maintained it would stick with the band of working day output restrictions.

就在11月11日，中国发改委还坚称要严格执行工作日生产限制措施。

The increasing price of coal will not dampen the determination to cut coal capacity, its vice-secretary said at the time.

其副主任当时表示：煤价上涨不会打击我们去煤炭产能的决心。

The NRDC has also strong-armed state-owned miners to sign supply agreements with state-owned power plants at below-market prices in an attempt to persuade traders that prices have risen too much.

中国发改委还要求国有煤矿以低于市场的价格与国有发电厂签订供应合同，此举旨在让交易者相信，煤价涨得太高了。

Power plant supply agreements that were set too low was one of the factors that deterred¹⁷ state coal mines from expanding two decades ago, opening the door for private entrepreneurs to capitalise on strong spot demand for coal as economic growth took off.

价格过低的电厂供应合同是20年前阻止国有煤矿扩张的因素之一，随着经济开始腾飞，这为私营企业利用强劲的现货需求进入煤炭业打开了大门。