中国内地股市昨日大跌5.25%，因投资者仍担心，未来几个月，内地股市将不得不消化巨额的新股和新债发行。

Chinese stocks fell 5.25 per cent yesterday as investors continued to fret about the large volume of new share and bond issues that the mainland markets will have to absorb over the next few months.

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该草案以略低于本年预算水平的幅度发行新债券，但仍将超过税收。

It caps new bond issues at just below this year's expected level, but they will still outstrip tax revenues.

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只有在2013年以后由欧洲国家发行的新债券才能冒重建债券的风险，因为这些新债券带有新的标志性的“集体行动条款”性质。

Only new bonds issued by euro-zone states after 2013, which will all carry identical new “collective action clauses” (CACs), would be at risk of having the bonds restructured.

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