财政部刚刚推出的“债务置换”机制 — — 允许高负债地方政府将1万亿人民币的今年到期的债务置换为利率更低的债券 — — 方向是正确的，但远远不够。
Though the “debt swap” scheme that the finance ministry just introduced – which allows highly leveraged local governments to swap CN¥1 trillion of debt maturing this year for bonds with lower interest rates – is a step in the right direction, it is far from adequate.