Chinese companies have for the first time issued more corporate bonds than their Japanese counterparts over the past year， marking another milestone in the development of China's capital markets.

　　過去一年中國公司發(fā)行的公司債券量首次超過日本公司，標志著中國資本市場的發(fā)展達到又一個里程碑。

　　Record Chinese issuance in the first half also surpassed Japanese companies' own record sales during this period.

　　今年上半年，中國創(chuàng)紀錄的債券發(fā)行量也超過了日本企業(yè)同期的創(chuàng)紀錄銷售。

　　The increase in Chinese debt sales， which has been a feature of the market for the past few years， partly reflects the incremental steps the government is making to expand the market. This was highlighted by the Agricultural Bank of China's massive $7.33bn sale in May.

　　中國債券銷售的增長，是過去幾年中國市場的一大特征，部分反映出中國政府正在采取的擴大市場規(guī)模的漸進措施。中國農(nóng)業(yè)銀行5月份 73.3億美元的巨額債券銷售，就突顯了這一點。

　　Fergus Edwards， head of debt syndicate in Asia at UBS， said： “Over the past five years we have seen Chinese domestic bond markets take incremental steps forward， adding both depth and sophistication.

　　瑞銀（UBS）負責亞洲債券辛迪加業(yè)務的弗格斯·愛德華茲（Fergus Edwards）說：“過去五年來，中國國內(nèi)債券市場逐步前進，市場深度和老練度不斷增強。

　　“Importantly， the process for regulatory approval is now considerably faster and smoother than in the past.”

　　“重要的是，現(xiàn)在監(jiān)管部門的批準程序比過去快得多，也流暢得多。”

　　He added that many issuers thought it was sensible to lock in fixed rate financing at a time when interest rates are low and before volatility returned.

　　他補充說，許多發(fā)行企業(yè)認為，在利率較低且市場波動還不大時，鎖定固定利率的融資乃是明智之舉。

　　In the year to June， Chinese companies including financials issued $144.3bn worth of corporate bonds， compared with Japan's $123.6bn， according to Dealogic data.

　　Dealogic的數(shù)據(jù)顯示，在截至6月份的一年中，包括金融機構(gòu)在內(nèi)的中國公司共發(fā)行了1443億美元的債券，同期日本的數(shù)據(jù)是1236億美元。

　　In the first half of 2009 alone， Chinese issuance was a record $96.7bn while Japan's reached $76.3bn， the data showed.

　　數(shù)據(jù)顯示，單是在2009年上半年，中國的債券發(fā)行就達到創(chuàng)紀錄的967億美元，日本則為763億美元。

　　The Chinese market has grown from $12.2bn in 2004 to $67.4bn in 2008， with a notable surge in issuance in 2007. “It's important to remember that the pool of investable assets is relatively shallow in China which leaves relatively large pools of savings held in the banking and insurance systems； in turn this increases the funds institutional investors have，” said Mr Edwards.

　　中國市場已經(jīng)從2004年的122億美元增長到2008年的674億美元，其間2007年發(fā)行量激增。“重要的是，要記得，在中國可投資的資產(chǎn)范圍相對狹窄，這使得銀行和保險系統(tǒng)擁有的儲蓄金額較為龐大，這進而增加了機構(gòu)投資者的資金量，”愛德華茲說。