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Chaori Solar in landmark Chinese bond default
超日太阳能具有里程碑意义的中国债券违约March 2014，BBC.Solar panel maker Shanghai Chaori Solar Energy Science & Technology has defaulted on interest payments owed on its bond.It is the first Chinese firm ever to default on its onshore corporate bonds.太阳能电池板生产商上海超日太阳能科技已拖欠欠其债券的利息支付，这是有史以来第一个拖欠其境内公司债券的中国公司。
On Tuesday, the firm warned it would be unable to make a 89.8 million yuaninterest payment on a one billion yuan bond iued in 2012.The default is seen as a test case for the Chinese government.周二，该公司警告称无法支付2012年发行的十亿元债券的8980万元的利息。这个违约被看作是一个对中国政府的测试案例。
Investors have aumed in the past that the Chinese government would bail out any Chinese corporation in danger of defaulting.The move to allow Chaori to default signals a new stance.在过去，投资者认为，中国政府会救助任何存在违约危险的中国公司。允许超日违约此举标志着一个新的立场。
“There's never been a corporate bond default, [so] investors have been conditioned that there is no such thing as risk in China,” Leland Miller,“The Chinese leadership is trying to break down this misunderstanding.“从未有一个企业的债券违约，[因此]投资者习惯了在中国没有这样的风险，”利兰·米勒说。“中国领导人正试图打破这种误解。”
'Not enough money'
That is why the Chinese government may be making a strategic decision to let some firms fail尤其是那些像超日的企业，可能不会造成市场上一个巨大的连锁效应。
China's solar industry has been suffering from an overcapacity problem for some time, as cheap financing and local government support led to a glut of firms entering the industry.That has led to a sharp fall in price.中国的太阳能产业一直饱受产能过剩问题有一段时间了，廉价的融资和地方政府的支持，导致进入该行业的企业的过剩。这导致了价格大幅下跌.The hope, Kalai Pillay said, is that in the future ”there would be better pricing in the bond market where the good credit is priced higher and the bad credits are priced lower“.卡莱皮雷希望未来“债券市场中的良好信用的定价较高，不良信用的价格更低”。
Barclays' analysts add that the move to allow a default by the Chinese government may eventually be a good thing for markets.”China needs real credit defaults to reduce the problem of moral hazard created by 'implicit guarantees' and to develop a healthy credit market,"巴克莱的分析师说，中国政府允许违约此举，可能最终成为市场的一件好事。“中国需要真正的信用违约，以减少由隐性担保引起的道德风险问题,并发展一个健康的信贷市场。”
Solar panel太阳能电池板
Onshore[ˈɒnʃɔ:(r)]adj.境内的Stance[stɑːns;stæns] n.立场
Overcapacity[əʊvəkə'pæsɪtɪ] n.产能过剩
pricing['praɪsɪŋ]n.定价
implicit guarantees [ɪm'plɪsɪtˈɡærən'ti: ] 隐性担保
moral hazard['mɒr(ə)l'hæzəd]道德危机
glutn.供过于求
