Following rising concern over local government debt, China floated a four-grade emergency plan last Monday that could mean "fiscal re-balancing."
随着地方政府性债务引发的担忧日益加剧，我国于上周一推出四级应急预案，这可能意味着财政重整。
With Grade I being the most serious, classification involves the nature and impact of any incident, according to the State Council announcement.
根据国务院发布的声明，分级根据债务风险事件的性质和影响来确定，I级最为严重。
"We should make it clear that no crisis has ever occurred. The plan is more like a barrier against risk," said Zhao Quanhou, director of the financial research office of the Research Institute for Fiscal Science at the Ministry of Finance (MOF).
财政部财政科学研究所金融研究室主任赵全厚表示：“我们应该清楚，没有发生过任何危机。这个计划更像是一个抵御风险的屏障。”

The city and county governments will fiscally re-balance if their annual interest payment on general debt is 10 percent higher than its public spending budget, or if interest on special debts is 10 percent more than its government fund budget.
市县政府年度一般债务付息支出超过一般公共预算支出10%的，或者专项债务付息支出超过政府性基金预算支出10%的，必须启动财政重整计划。
"The fiscal rebalancing act is actually a rearrangement of government budgets. It is different from debt restructuring or a government bankruptcy plan," said Zhang Bin, a researcher with the Chinese Academy of Social Science (CASS).
中国社会科学院的研究员张斌表示：“财政平衡法案实际上是对政府预算的一个重新安排。它不同于债务重组或政府破产计划。”
The central government will not become involved in bailouts and local government officials involved in graded incidents will be held accountable.
中央政府将不参与救助，涉及IV级以上风险事件的地方政府官员将被追责。