Global investors are buying Chinese debt at a record pace, attracted by the high yields and defying growing concerns over the health of the world's second-largest economy.

尽管外界越来越担心中国这个全球第二大经济体的健康状况，但全球投资者被高收益率吸引，正以创纪录的速度买入中国债务。

But the higher borrowing costs Chinese companies need to pay--coming when those in most other emerging markets are moving lower--are a reminder of the country's mounting risks as bad loans multiply, the pace of growth slows and the once white-hot property market dims.

但在其他新兴市场的企业借款成本降低之际，中国公司却需要支付更高借款成本，这提醒着人们中国正面临日渐增加的风险――不良贷款增多，经济增长速度放缓，曾经炙手可热的房地产市场也在减弱。

The extra return that bond investors receive for buying Chinese corporate debt compared with comparable U.S. debt has risen to 1.2 percentage points from 1.1 last year and 0.8 in 2012. By contrast, India's premium is at 0.96 and South Korea's 0.42.

相比同类美国债务，债券投资者买入中国公司债高出的回报率已经上升至1.2个百分点，去年为1.1个百分点，2012年为0.8个百分点。相比之下，印度公司债收益率比美国高0.96个百分点，韩国公司债高出0.42个百分点。

'There's concern around China, and that does keep a lot of [developed market] investors on the sidelines from taking more credit risks. But higher-rated papers in China offer value,' said Neeraj Seth, head of Asian credit at BlackRock Inc., the world's largest money manager, with $4.32 trillion in assets.

贝莱德(BlackRock Inc.)亚洲信贷业务主管赛思(Neeraj Seth)说，人们对中国心存忧虑，因此许多发达市场投资者保持观望，而不是承担更多的信贷风险。但中国评级较高的债券提供了价值。贝莱德是全球最大的资产管理公司，管理着4.32万亿美元资产。

The buying has helped Chinese companies issue $41 billion worth of dollar-denominated bonds to overseas investors so far in 2014, three-quarters of last year's total and the highest year-to-date level on record, according to data provider Dealogic.

数据提供商Dealogic的数据显示，2014年迄今，投资者买入中国债券的热情帮助中国企业向海外投资者发行了价值410亿美元的美元计价债券，相当于去年全年总量的四分之三，也是年初至今有史以来最高的水平。

The cash moving into China is buying a mix of bonds. Most are highly rated and well known like those from Internet company Baidu Inc. or oil behemoth Cnooc Ltd. Other debt being snapped up is much riskier--like that from China Cinda Asset Management Co, the country's so-called bad bank designed to dispose of the loans gone sour and amassed by the country's vast banking system.

进入中国的现金买入的债券多种多样。大多数为高评级债券以及知名公司发行的债券，比如互联网公司百度(Baidu Inc.)或石油巨头中国海洋石油有限公司(CNOOC Ltd.)。投资者抢购的其他债券风险更高――比如中国信达资产管理股份有限公司(China Cinda Asset Management Co.)的债券，该公司是中国所谓的坏账银行，专门处理中国庞大的银行业系统积累的不良贷款。

Cinda in May raised $1.5 billion in a debt offering, with 36% of the 10-year bond sold to U.S. investors. Cinda offered 4% as a coupon on a five-year bond sold at the same time, almost one percentage point higher than what Chinese Internet company Tencent Holdings Ltd. paid for a similar issuance in April.

信达5月通过发债筹资15亿美元，这批10年期债券有36%被发售给美国投资者。信达在同时发行的一批五年期债券中提供了4%的票面利率，比中国互联网公司腾讯控股有限公司(Tencent Holdings Ltd.)今年4月发行的类似债券高出近一个百分点。

Some companies operating in the weakest sectors of the economy, such as coal and metals, have managed to raise millions of dollars selling perpetual bonds. These are corporate bonds with no maturity date and pay a higher coupon because they would be among the last bonds to be paid off if a company goes bankrupt. Aluminum Corp. of China and Yanzhou Coal Mining Co., for example, sold a combined $700 million to investors in Asia and Europe.

一些公司经营的业务属于经济中最疲弱的领域，比如煤炭和金属。这些公司通过发售永久债券筹集了数亿美元资金。永久债券是指没有到期日的公司债券，其票面利率也较高，因为在公司破产的情况下，这类债券将会是最后获得清偿的。例如中国铝业股份有限公司(Aluminum Corp. of China)和兖州煤业股份有限公司(Yanzhou Coal Mining Co.)共计向亚洲和欧洲投资者发售了7亿美元债券。

Even the property sector has shown signs of life, with a string of junk-bond sales by developers after a three-month hiatus over worries about slowing sales growth and mounting debt levels. Since mid-May, four developers raised a total of $1.8 billion.

甚至房地产行业的债券发行也显现出了活络的迹象，在销售增长放缓及债务水平上升等相关担忧导致发债活动暂停三个月后，房地产开发商又发售了一连串垃圾债券。自5月中旬以来，四家房地产开发商通过发债共计融资18亿美元。

This sector has proved especially volatile. Bond prices are only starting to rebound after a heavy selloff in March.

事实证明房地产行业尤其不稳定。债券价格在3月份遭遇大规模抛售后才刚刚开始反弹。

An approximate 3% fall in the yuan's value has added a new concern, that debt-laden developers face higher costs to pay back bonds denominated in dollars. Investors also have soured on Chinese stocks with the Hang Seng China Enterprises Index, which tracks Hong Kong-listed Chinese companies, down about 3% this year.

人民币贬值近3%引发了新的担忧，即负债累累的开发商在偿还以美元计价债券时将面临更高的成本。投资者对中国股市也很失望，追踪香港上市H股表现的恒生中国企业指数今年以来下跌了约3%。

'This stigma attached to China from our perspective actually creates an opportunity,' said Gregor Carle, investment director at Fidelity Worldwide Investment in Hong Kong, which manages assets worth $274.9 billion. Chinese property developers especially 'have been an incredibly strong contributor to yield. They still are,' he said.

富达全球投资(Fidelity Worldwide Investment)驻香港的投资总监卡尔(Gregor Carle)说，在该行看来，这实际上创造了投资机会。富达全球投资管理着2,749亿美元资产。他表示，中国房地产开发商一直是推升债券收益率的主要驱动力，现在仍然是。

Mr. Carle said that Fidelity had increased its exposure to Chinese real-estate developers in recent months.

卡尔说，富达在近几个月来已增加了针对中国房地产开发商的风险敞口。

The boom in Chinese debt comes amid a rising appetite across Asia for debt.

中国债券市场繁荣恰逢投资者对亚洲债券兴趣升温之际。

Low returns in developed markets have made the higher returns in Asia increasingly attractive to international investors, as most corporate bonds in the region yield half a point to 1.3 percentage points higher than those in the U.S. One-third of new dollar bonds in Asia this year were taken up by money managers from the U.S., compared with 21% in the past two years, according to Morgan Stanley.

发达市场的低回报使得亚洲市场的较高回报对国际投资者越发具有吸引力，因亚洲地区多数公司债的收益率较美国公司债收益率高出0.5-1.3个百分点。摩根士丹利(Morgan Stanley)的数据显示，今年亚洲市场三分之一的新美元债券被来自美国的基金经理购买，相比之下，过去两年这一比例是21%。

That has lifted Asian debt sales to an all-time high, with $89.5 billion issued in U.S. dollars so far this year in the region outside Japan, just surpassing the record amount in the same period last year, according to Dealogic.

这一因素将亚洲债券的发行规模推升至历史新高，Dealogic的数据显示，今年以来，亚洲公司（不包括日本）发行了895亿美元债券，超过了去年同期的规模。

'There are a few problems across emerging markets, such as Turkey, Brazil and Russia. Asia has almost become a safe haven,' said Ben Bennett, credit strategist at Legal & General Investment Management in London who helps the company manage funds worth $745 billion. Mr. Bennett said the firm has been looking at cheap assets in China, including the better-quality property developers.

Legal & General Investment Management驻伦敦的信贷策略师班尼特(Ben Bennett)称，新兴市场也存在一些问题，如土耳其、巴西和俄罗斯，但亚洲几乎已经成为一个安全避风港。班尼特帮助公司管理着7,450亿美元资产。他说，该公司一直关注中国的廉价资产，包括资质较好的房地产开发商。

More issuance is waiting in the wings, with Chinese banks poised to raise fresh capital in coming months to help replenish their capital amid the economic slowdown.

更多公司正伺机发债，在经济放缓之际，中资银行正准备在未来几个月筹集新资金以充实资本金。