An ancient Chinese poem, famously quoted by Mao Zedong, calls for diversity: Let 100 flowers bloom; let 100 schools of thought contend.

当年毛泽东曾出名地引用一句老话百花齐放、百家争鸣来鼓励多元化观点。

China’s securitisation market has blossomed this year as authorities embrace financial innovation, with bankers packaging an eclectic mix of assets from dance ticket revenues to bridge tolls.

今年，随着当局支持金融创新，中国证券化市场也出现了百花齐放的局面。从歌舞表演门票营收到过桥费，银行业人士打包的资产无所不有。

Beijing approved the country’s first securitisation deals in 2005,

北京方面批准首批证券化交易是在2005年。

But the programme was halted in 2008 after regulators observed the damage wrought by risky mortgage securities in the US.

但在监管机构发现美国高风险抵押贷款证券酿成了巨大损失之后，该计划在2008年被停止实施。

The programme was revived in 2012, starting primarily with vanilla assets such as corporate loans, home mortgages and auto loans.

它在2012年重启，一开始主要是围绕企业贷款、房贷和车贷等简单资产。

This year, activity has shifted to corporate receivables, and issuance has soared.

今年，证券化活动的重心转向企业应收账款，发行规模出现激增。

Banks and non-financial companies together completed 384 securitisation deals in the first nine months of 2016, up from 327 deals for all of 2015, according to Wind Information.

根据万得资讯(Wind Information)的数据，2016年头九个月银行和非金融公司总共完成了384宗证券化交易，超过了2015年全年的327宗交易。

Non-bank deals have accounted for 284 of this year's total.

在今年的全部交易中，非银行交易占了284宗。

In value terms, deals totalled Rmb584bn ($86bn) through the end of September, close to 2015's full-year total of Rmb615bn.

从交易价值来看，到9月底交易总规模达5840亿元人民币（合860亿美元），接近2015年全年6150亿元人民币的总规模。

Almost every conceivable asset from anyone can be securitised.

跟踪研究该行业的网站——中国资产证券化分析(China Securitization Analytics)的首席执行官庞阳表示：来自任何人的几乎所有想得到的资产都可能被证券化。

This makes the market far more diverse than in the US and Europe, says Pang Yang, chief executive of China Securitization Analytics, a website that tracks the industry.

这让中国市场的多元化程度大大超过了欧美。

For many companies, this is the only way they can raise capital at the moment.

对许多企业来说，这是眼下筹集资本金的唯一途径。

In May, the operator of Manting Park, an eco-tourism destination in southwest China’s Yunnan province that celebrates the traditional culture of the Dai ethnic minority, sold Rmb770m in securities.

今年5月，曼听公园(Manting Park)运营商销售了7.7亿元人民币的证券。

The notes were backed by ticket-sale revenues from its Mekong River Campfire Song and Dance Evening, performance.

曼听公园是中国西南云南省一个生态旅游目的地，以傣族传统文化为特色。

Sliced into nine tranches, the product offered maturities from one to seven years and yields of up to 6.8 per cent.

这批证券以湄公河之夜歌舞篝火晚会(Mekong River Campfire Song and Dance Evening)的演出门票收入为抵押，被分为9类，提供从一年到7年的不同期限，收益率最高为6.8%。

Last year, JD.com, one of China’s leading ecommerce platforms, securitised Rmb800m worth of consumer credit it had expanded to online shoppers buying items such as appliances and furniture.

去年，中国领先的电子商务平台之一京东(JD.com)将发放给购买电器和家具的网购者、价值8亿元人民币的消费者信贷做了证券化处理。

Ant Financial, the finance affiliate of Alibaba Group, has also sold off consumer and small-business loans, which it aims at consumers and merchants on its Taobao and Tmall online marketplaces.

阿里巴巴集团(Alibaba Group)旗下金融关联公司蚂蚁金服(Ant Financial)也曾销售消费者和小企业贷款，这些贷款发放给阿里巴巴在线市场淘宝(Taobao)和天猫(Tmall)上的客户和商家。

Foreign participation is also increasing.

境外机构的参与程度也在上升。

The auto-finance units of General Motors, Ford, Mercedes-Benz, and Volkswagen have all issued asset-backed notes in the interbank market this year.

今年，通用汽车(General Motors)、福特(Ford)、梅塞德斯-奔驰(Mercedes-Benz)和大众(Volkswagen)的购车融资部门都在中国银行间市场发行了以资产为抵押的票据。

The recent landmark opening of China’s interbank bond market to foreign investors in February also allows foreign investors unprecedented access to Chinese securitised assets.

今年2月，中国对境外投资者开放了银行间债券市场。这一里程碑式的事件也令境外投资者获得了投资中国证券化资产的前所未有的渠道。

In terms of risk, China’s securitisation market appears tame.

在风险方面，中国的证券化市场显得十分温和。

Senior and mezzanine tranches are typically rated AAA and AA+, and primarily by domestic ratings agencies.

优先级证券和中间级证券通常会被评级为AAA级和AA+级，这些评级主要由中国国内的评级机构给出。

The equity tranche, which carries the highest risk, is typically kept on the originator’s own balance sheet.

风险最高的股权级证券通常会留在发起方自己的资产负债表上。

But some analysts warns that these ratings do not fully reflect risks.

不过，部分分析师警告称，这些评级并未完全反映其中的风险。

The credit-quality spread in China is not well discerned, as rating agencies tend to be less scrutinising than their global peers.

交银国际(Bocom International)在香港的研究主管洪灏表示：由于评级机构的审核往往没有其国际同行到位，中国的信用品质差距区分不够好。

Fortunately, the assets that get to be securitised first tend to be better quality to set an example for the later batches, which could be of lesser quality, says Hong Hao, head of research at Bocom International in Hong Kong.

幸运的是，最先被证券化的资产往往品质更好一些，以便为之后品质较差的证券建立榜样。

Lower-quality assets are already beginning to come to market.

较低品质的资产已开始进入市场。

Earlier this year, the banking regulator restarted a pilot programme for the securitisation of non-performing loans, in a bid to help banks in offloading troubled assets.

今年早些时候，中国银行业监管机构重启了不良贷款证券化的试点项目，以求帮助银行清理困境资产。

Bank of China and China Merchants Bank completed the first deals in May.

中国银行(BoC)及招商银行(China Merchants Bank)在今年5月完成了首批交易。

The deals priced the underlying NPLs at steep discounts to face value and consisted of loans that, while impaired, were still producing some cash flow.

这些交易对不良贷款的定价相对其面值有较大折扣，并由尽管受损但仍在产生一定现金流的贷款组成。

While companies use securitisation to seek up-front cash in place of drawn-out revenue streams, the main motivation for banks is meeting tough new capital adequacy standards under the global Basel III regime.

企业使用证券化是为了用长期收入来源换取预支现金，而银行使用证券化手段的主要动机，则是为了满足全球《巴塞尔协议III》(Basel III)规定下新的十分严格的资本充足率标准。

Small banks are facing the strongest capital pressure because their assets are growing the fastest, even as they face higher hurdles to raising fresh equity.

小银行面临的资本金压力最大，这是因为它们的资产增长速度最快，在筹集新股本时却面临较高障碍。

But much like the wider mainland bond market, China’s securitisation market still suffers from the lack of a diversified investor base.

但是，就像中国内地的整体债券市场，中国证券化市场仍然受到缺乏多元化投资者基础的困扰。

Commercial banks are by far the dominant players.

商业银行占据了绝对的主导地位。

Insurance companies, pension funds, and alternative asset managers — which are major investors in US securitisation deals — play only bit parts.

保险公司、养老基金及另类资产管理公司（这些是美国证券化交易中的主力投资者）则只占很小份额。

This means that securitisation is largely a tool for smoothing out imbalances within the banking system.

这意味着，证券化在很大程度上是用来消除中国银行体系内部失衡的工具。

Lenders short on capital or liquidity but well supplied with borrower clients can offload assets to those with excess funding but few attractive lending opportunities.

缺乏资本金或流动性、但不缺乏贷款客户的银行，可以把资产转手给拥有充裕资金、但缺乏有吸引力的放贷机会的银行。

Securitisation allows assets that were static to become dynamic and liquid.

上海开源证券(Kaiyuan Securities)非银行金融机构分析师夏正洲表示：证券化把静态资产变成了动态流动性资产。

It gives banks the flexibility to slow asset growth without sacrificing their borrower relationships, says Xia Zhengzhou, non-bank financials analyst at Kaiyuan Securities in Shanghai.

它让银行获得了灵活性，可以在不牺牲与借款方关系的情况下延缓资产增长。

For now, regulators are content to promote diverse forms of securitisation.

就目前而言，监管机构很愿意促进证券化的多元化形式。

But just as Mao’s 100 Flowers Movement initially encouraged intellectuals to express diverse ideological opinions then later crushed them for doing so, regulators are likely to pull back on the reins on securitised products if widespread defaults occur.

不过，就像毛泽东的百花齐放、百家争鸣最初鼓励知识分子表达多元化的意识形态观点，之后却因为他们这么做而打压他们，一旦发生大面积违约，监管机构可能也会再度收紧对证券化产品的约束。