China’s banks have begun raising billions of renminbi to fund debt-for-equity swaps at the country’s state-owned enterprises, amid questions over whether new investors will get a fair deal.

中国各银行开始筹集数十亿元人民币的资金，以支持本国国企的债转股计划。此时，有声音在质疑新投资者在其中是否会受到公平对待。

The swap programme, one of several tactics Beijing hopes will reduce China’s Rmb120tn ($18tn) mountain of corporate debt, could ultimately turn up to Rmb3tn of outstanding loans into equity.

北京方面希望减少中国120万亿元人民币（合18万亿美元）的企业债务。债转股正是为此采取的几种策略之一，最终可能会把至多3万亿元人民币的未偿贷款转换为股权。

China Construction Bank, the country’s second-largest commercial bank, will manage up to 50 debt-for-equity swaps, using funds raised in part from new wealth management products (WMPs), which are sold to retail customers.

中国第二大商业银行中国建行(CCB)，将操盘至多50个债转股项目，部分资金将来自发售给零售客户的新理财产品(WMP)。

Its first two funds will buy Rmb10bn of bank loans owed by Yunnan Tin Group and Rmb24bn of loans owed by Wuhan Iron & Steel Group. In both cases so far, the loans will then be swapped for equity in the company worth the full value of the loan.

其前两个债转股基金将购买云南锡业集团(Yunnan Tin Group)所欠的100亿元人民币贷款和武汉钢铁集团(Wuhan Iron & Steel Group)所欠的240亿元人民币贷款。在迄今为止的这两个案例中，贷款将按全部价值转换为公司的股权。

Each swap involves three parties: the original creditor bank, the state-owned enterprise (SOE), and the third-party executor, which sets up a fund with money from outside investors. The fund then buys the SOE's loans from the original creditor banks.

每个债转股计划均由三方参加：原始债权银行、国企和第三方执行机构。第三方机构利用向外部投资者筹集的资金设立一家基金。然后，该基金向原始债权银行购买国企的贷款。

The funds will hold the equity stakes for five years, after which they will be bought back by the companies at a price to be negotiated at that time.

基金将持有国企股权5年，之后企业将以当时商定的价格回购股权。

Wang Hongzhang, chairman of China Construction Bank, warned earlier this year that banks must learn from the mistakes of the early 2000s, when bad debt was bought by banks at inflated prices to rescue state-backed groups.

今年早些时候，中国建行董事长王洪章警告称，银行业必须从2000年代初的错误中吸取教训，那时银行为救助国企，以高价收购了后者的坏债。

CCB is one of China’s Big Four state banks and will be one of the main executors of the debt-for-equity swap programme.

建行是中国国有四大行之一，将是债权换股计划的主要执行者之一。

In order to raise the Wuhan Iron & Steel fund, CCB will sell Rmb10bn in WMPs, and an additional Rmb2bn will be invested by Wuhan Iron & Steel itself.

为了筹集武钢集团债转股基金，建行将发售100亿元人民币的理财产品，另外20亿元人民币将由武钢集团提供。

WMPs are sold to retail customers who also have deposits at that bank.

这些理财产品出售给在建行也有存款的零售客户。