Forced to restrain its ambitious expansion plans following a fatal crash last month, China's Ministry of Railways has also seen a slowdown in its fund-raising.

　　继上月发生了造成人员伤亡的重大撞车事故后，中国铁道部不仅雄心勃勃的铁路扩张计划被迫受到遏制，在筹资方面它也放缓了脚步。

　　The ministry, one of China's biggest borrowers, successfully tapped the domestic debt market Thursday for 20 billion yuan (about $3.1 billion) in short-term funds. Still, it was forced to pay a higher interest rate─and borrow on shorter terms─than a big arm of the Chinese government might expect, as it continues to grapple with the fallout of a July high-speed rail crash that left 42 people dead and injured more than 190.

　　铁道部是中国最大的借款机构之一，周四成功利用国内债市发行了价值人民币200亿元(约合31亿美元)的短期融资券。尽管发行成功，但其融资券利率高于市场对中国大型政府部门的预期，且借贷期限较短。铁道部目前仍在努力应对今年7月高速列车撞车事故的后果，这次事故造成42人死亡，190多人受伤。

　　The difference so far has been small for an agency whose first-quarter obligations totaled 1.98 trillion yuan, so far likely amounting to just a few million dollars. But it reflects negative public sentiment and could result in longer-term financial pressure if its operations come under further question.

　　对于第一季度债务总额高达1.98万亿元的铁道部来说，这种利差到目前为止算是小的，可能只相当于几百万美元。但这反映出公众对它的负面情绪，如果高速铁路的运营继续受到质疑，可能会给它带来较长期的财务压力

　　The accident shocked a nation fed a steady diet of official media reports portraying the high-speed rail as a glowing success. The rail ministry has been the target of blistering criticism from a usually tame official media, angered over a lack of information and crude attempts to quash negative reports.

　　这次撞车事故举国震惊，官方媒体原先的大量报道一直称中国的高速铁路建设取得了极大的成功。一般对政府部门十分客气的官方媒体这次对铁道部进行了猛烈抨击，因为他们也被铁道部信息匮乏和压制负面报道的粗鲁举动所激怒。

　　The ministry has stood by its initial explanation of the cause of the crash─described as a signaling problem─but has offered little fresh information pending the outcome of an investigation.

　　铁道部一直坚持自己对撞车起因的初步解释(即信号问题)，在调查结果出来之前，几乎没有提供什么新信息。

　　Instead it has tried to burnish its public image by replacing a spokesman whose most memorable performance was his hasty departure from a press conference, chased by local reporters insisting that he answer more questions. It has also been operating its trains at reduced speeds and has been forced to lure wary customers back by slashing ticket prices.

　　而另一方面，为了改善自己的公众形象，铁道部换了发言人。以前的发言人最让人印象深刻的是他匆匆离开新闻发布会，身后追着一群坚持要他回答更多问题的中国记者。另外，铁道部一直在给列车降速，还被迫削减票价以吸引那些对列车运行安全持谨慎态度的旅客。

　　The ministry has also sacked three senior officials and cut service on its prestigious Beijing-Shanghai high-speed route as the manufacturers recalled trains for testing.

　　铁道部解雇了三位高级官员，缩减了京沪高铁线的运行车次，原因是生产商召回列车进行测试。

　　That adds to pre-crash problems. A former minister and deputy chief engineer have been removed for alleged 'severe violations of discipline' as authorities probe embezzlement at the ministry, according to state media.

　　惨剧发生前铁道部就暴露出了问题，现在一来更是麻烦缠身。据中国官方媒体的报道，前铁道部长和副总工程师因“严重违纪”被免去职务，有关当局正在调查该部内部的贪污问题。

　　The rail ministry, which had said it wanted more funds to buy trains and finance railway construction, received a mixed report from the bond market on Thursday. The ministry had to pay 5.25% interest on the 90-day bills it sold at auction─lower than the 5.55% it had to pay two weeks ago─the first time it came to market after the crash. But the interest rate was still more than it paid before the crash, when it tapped the market for one-year funds at a cost of 5.18%.

　　铁道部周四的举债行为反响不一。它曾说希望得到更多资金来采购列车并为铁路建设融资。铁道部90天期融资券中标利率5.25%，这是撞车事故发生后铁道部首次举债。虽然这个利率水平低于两周前的5.55%，但还是要比撞车前高，当时铁道部发行一年期债券的利率是5.18%。

　　More tellingly, the ministry has chosen not to make longer term borrowings just yet. In May it was able to sell five-year bonds at 4.98%.

　　更值得注意的是，铁道部选择不在此时发行较长期债券。今年5月，铁道部发行的五年期债券利率为4.98%。

　　'The Ministry of Railways still needs one or two more months to return to the long-term bond financing market, after the train crash fades from investors' memories,' said Wang Yifeng, a bond analyst at Shanghai Securities.

　　上海证券的债券分析师王一峰(音)说，铁道部仍需要一两个月的时间才能回到长期债券融资市场，也就是等投资者对撞车事故的记忆逐渐消失以后。

　　By contrast, China's finance ministry─which offers tax-free interest on its debt─managed to raise 10-year money at a cost of only 3.93% on Wednesday. 相比之下，中国财政部周三发行的10年期债券利率仅为3.93%，债券利息所得免税。

　　The ministry has sold bond aggressively in recent years, raising a total of 115.5 billion yuan worth of debt last year, followed by 105 billion yuan in offerings between January and July this year.

　　铁道部近年来在发债方面十分积极，去年共举债1,155亿元，今年1月至7月又发行了1,050亿元的债券。

　　Some bond traders said many of the jitters were unjustified, given the ministry's likely backing from the central government.

　　一些债券交易商说，鉴于中央政府可能会给铁道部做后盾，投资者的很多不安其实没有道理。