Forced to restrain its ambitious expansion plans following a fatal crash last month, China's Ministry of Railways has also seen a slowdown in its fund-raising.

　　繼上月發(fā)生了造成人員傷亡的重大撞車事故后，中國(guó)鐵道部不僅雄心勃勃的鐵路擴(kuò)張計(jì)劃被迫受到遏制，在籌資方面它也放緩了腳步。

　　The ministry, one of China's biggest borrowers, successfully tapped the domestic debt market Thursday for 20 billion yuan (about $3.1 billion) in short-term funds. Still, it was forced to pay a higher interest rate─and borrow on shorter terms─than a big arm of the Chinese government might expect, as it continues to grapple with the fallout of a July high-speed rail crash that left 42 people dead and injured more than 190.

　　鐵道部是中國(guó)最大的借款機(jī)構(gòu)之一，周四成功利用國(guó)內(nèi)債市發(fā)行了價(jià)值人民幣200億元(約合31億美元)的短期融資券。盡管發(fā)行成功，但其融資券利率高于市場(chǎng)對(duì)中國(guó)大型政府部門的預(yù)期，且借貸期限較短。鐵道部目前仍在努力應(yīng)對(duì)今年7月高速列車撞車事故的后果，這次事故造成42人死亡，190多人受傷。

　　The difference so far has been small for an agency whose first-quarter obligations totaled 1.98 trillion yuan, so far likely amounting to just a few million dollars. But it reflects negative public sentiment and could result in longer-term financial pressure if its operations come under further question.

　　對(duì)于第一季度債務(wù)總額高達(dá)1.98萬(wàn)億元的鐵道部來(lái)說(shuō)，這種利差到目前為止算是小的，可能只相當(dāng)于幾百萬(wàn)美元。但這反映出公眾對(duì)它的負(fù)面情緒，如果高速鐵路的運(yùn)營(yíng)繼續(xù)受到質(zhì)疑，可能會(huì)給它帶來(lái)較長(zhǎng)期的財(cái)務(wù)壓力

　　The accident shocked a nation fed a steady diet of official media reports portraying the high-speed rail as a glowing success. The rail ministry has been the target of blistering criticism from a usually tame official media, angered over a lack of information and crude attempts to quash negative reports.

　　這次撞車事故舉國(guó)震驚，官方媒體原先的大量報(bào)道一直稱中國(guó)的高速鐵路建設(shè)取得了極大的成功。一般對(duì)政府部門十分客氣的官方媒體這次對(duì)鐵道部進(jìn)行了猛烈抨擊，因?yàn)樗麄円脖昏F道部信息匱乏和壓制負(fù)面報(bào)道的粗魯舉動(dòng)所激怒。

　　The ministry has stood by its initial explanation of the cause of the crash─described as a signaling problem─but has offered little fresh information pending the outcome of an investigation.

　　鐵道部一直堅(jiān)持自己對(duì)撞車起因的初步解釋(即信號(hào)問(wèn)題)，在調(diào)查結(jié)果出來(lái)之前，幾乎沒(méi)有提供什么新信息。

　　Instead it has tried to burnish its public image by replacing a spokesman whose most memorable performance was his hasty departure from a press conference, chased by local reporters insisting that he answer more questions. It has also been operating its trains at reduced speeds and has been forced to lure wary customers back by slashing ticket prices.

　　而另一方面，為了改善自己的公眾形象，鐵道部換了發(fā)言人。以前的發(fā)言人最讓人印象深刻的是他匆匆離開(kāi)新聞發(fā)布會(huì)，身后追著一群堅(jiān)持要他回答更多問(wèn)題的中國(guó)記者。另外，鐵道部一直在給列車降速，還被迫削減票價(jià)以吸引那些對(duì)列車運(yùn)行安全持謹(jǐn)慎態(tài)度的旅客。

　　The ministry has also sacked three senior officials and cut service on its prestigious Beijing-Shanghai high-speed route as the manufacturers recalled trains for testing.

　　鐵道部解雇了三位高級(jí)官員，縮減了京滬高鐵線的運(yùn)行車次，原因是生產(chǎn)商召回列車進(jìn)行測(cè)試。

　　That adds to pre-crash problems. A former minister and deputy chief engineer have been removed for alleged 'severe violations of discipline' as authorities probe embezzlement at the ministry, according to state media.

　　慘劇發(fā)生前鐵道部就暴露出了問(wèn)題，現(xiàn)在一來(lái)更是麻煩纏身。據(jù)中國(guó)官方媒體的報(bào)道，前鐵道部長(zhǎng)和副總工程師因“嚴(yán)重違紀(jì)”被免去職務(wù)，有關(guān)當(dāng)局正在調(diào)查該部?jī)?nèi)部的貪污問(wèn)題。

　　The rail ministry, which had said it wanted more funds to buy trains and finance railway construction, received a mixed report from the bond market on Thursday. The ministry had to pay 5.25% interest on the 90-day bills it sold at auction─lower than the 5.55% it had to pay two weeks ago─the first time it came to market after the crash. But the interest rate was still more than it paid before the crash, when it tapped the market for one-year funds at a cost of 5.18%.

　　鐵道部周四的舉債行為反響不一。它曾說(shuō)希望得到更多資金來(lái)采購(gòu)列車并為鐵路建設(shè)融資。鐵道部90天期融資券中標(biāo)利率5.25%，這是撞車事故發(fā)生后鐵道部首次舉債。雖然這個(gè)利率水平低于兩周前的5.55%，但還是要比撞車前高，當(dāng)時(shí)鐵道部發(fā)行一年期債券的利率是5.18%。

　　More tellingly, the ministry has chosen not to make longer term borrowings just yet. In May it was able to sell five-year bonds at 4.98%.

　　更值得注意的是，鐵道部選擇不在此時(shí)發(fā)行較長(zhǎng)期債券。今年5月，鐵道部發(fā)行的五年期債券利率為4.98%。

　　'The Ministry of Railways still needs one or two more months to return to the long-term bond financing market, after the train crash fades from investors' memories,' said Wang Yifeng, a bond analyst at Shanghai Securities.

　　上海證券的債券分析師王一峰(音)說(shuō)，鐵道部仍需要一兩個(gè)月的時(shí)間才能回到長(zhǎng)期債券融資市場(chǎng)，也就是等投資者對(duì)撞車事故的記憶逐漸消失以后。

　　By contrast, China's finance ministry─which offers tax-free interest on its debt─managed to raise 10-year money at a cost of only 3.93% on Wednesday. 相比之下，中國(guó)財(cái)政部周三發(fā)行的10年期債券利率僅為3.93%，債券利息所得免稅。

　　The ministry has sold bond aggressively in recent years, raising a total of 115.5 billion yuan worth of debt last year, followed by 105 billion yuan in offerings between January and July this year.

　　鐵道部近年來(lái)在發(fā)債方面十分積極，去年共舉債1,155億元，今年1月至7月又發(fā)行了1,050億元的債券。

　　Some bond traders said many of the jitters were unjustified, given the ministry's likely backing from the central government.

　　一些債券交易商說(shuō)，鑒于中央政府可能會(huì)給鐵道部做后盾，投資者的很多不安其實(shí)沒(méi)有道理。