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| As China Evergrande Group teeters on the edge of collapse, videos of protesting home buyers have flooded social media. Online government message boards teem with complaints and pleas for intervention to save the huge property developer. The hashtag “What does Evergrande mean for the real estate market?” has been viewed more than 160 million times on one platform. | 随着中国恒大集团徘徊在崩溃边缘，社交网络上充斥着购房者抗议的视频。政府网站留言板上全是民众的抱怨，以及要政府出手拯救这家大型开发商的请求。“恒大对房地产市场意味着什么”这个话题在某平台的浏览量超过1.6亿次。 |
| But if trouble threatens for China’s economy, you wouldn’t know it from reading the country’s front pages. | 但就算恒大困境威胁到了中国经济，你从国内报纸的头版上是看不出任何蛛丝马迹的。 |
| The name “Evergrande” has barely been mentioned by top state-run news outlets in recent weeks, even as the company’s uncertain fate has rattled global financial markets. Coverage of its recent troubles has been concentrated in a handful of business publications. | 最近几周，尽管该公司的前途未卜令全球金融市场动荡不安，中国主要官方媒体却很少提及“恒大”的名字。只有少数商业出版物报道了恒大近来的困境。 |
| Only on Friday did the country’s central bank comment on the company by name, more than a month after anxiety about its debt crisis began lighting up the Chinese internet — and then only to say the situation was under control. | 直到上周五，央行才点名评论了该公司，此时距离人们对其债务危机的担忧引爆中文互联网已经过去了一个多月，但央行只说情况已经得到控制。 |
| The split screen reflects the tenuous balance that the ruling Communist Party is pursuing when it comes to the property behemoth, which is straining under $300 billion in debt. On the one hand, Evergrande’s crisis is too big to suppress completely. With concerns about the developer still spreading, China’s housing market is slumping, with potential ripple effects for the entire economy. | 这样的割裂说明，面对这家负债3000亿美元的房地产巨头，执政的共产党想要实现的平衡有多么脆弱。一方面，恒大制造了太大的危机，根本不能完全控制。随着它引发的担忧越来越多，中国的房地产市场正在萎缩，并可能对整个经济产生连锁反应。 |
| On Monday, China reported that its third-quarter growth had slowed significantly, hit by problems in the property market, tight supplies of electricity and other problems. | 周一，中国宣布受房地产市场问题、电力供应紧张和其它问题的影响，第三季度的经济增长明显放缓。 |
| But the authorities are also eager to avert public panic, which could be triggered by too much publicity of Evergrande’s woes. The official silence could also send a message to spendthrift corporate executives about facing the consequences of their actions — a message in line with Beijing’s broader attempts to rein in the private sector. | 但当局同样也急于避免公众恐慌，对恒大困境的过度宣传可能导致这样的结果。官方的沉默还可能向挥霍无度的企业高管传递一个信号，让他们正视自己行为的后果——这与北京管制私营部门的更广泛努力是一致的。 |
| “Why should we tell you we’re going to bail you out? We might not,” Ting Shi, a lecturer at the University of Hong Kong’s journalism school, said of the government’s mentality. “We’re not going to show our cards right now.” | “为什么要告诉你我们会给你兜底？我们可能并不会这么做，”香港大学新闻学院讲师石婷在分析政府的考量时表示。“我们现在并不打算亮牌。” |
| So far, the approach seems to be working. While speculation about Evergrande’s fate has remained a popular topic on social media, the tenor of the discussions does not seem overly alarmed, Professor Shi said. When the U.S. secretary of state, Antony J. Blinken, urged China to act “responsibly” in managing Evergrande earlier this month, citing the potential global ramifications, many on Weibo joked that Mr. Blinken must have invested in the company. | 就目前而言，这样的策略似乎奏效了。石婷表示，虽然对恒大命运的猜测仍是社交网络的热门话题，但讨论的基调似乎并没有太过紧张。本月早些时候，当美国国务卿安东尼·J·布林肯(Antony J. Blinken)以可能影响全球经济为由，敦促中国在处理恒大问题时要采取“负责任的”行动时，许多微博用户开玩笑称，布林肯一定投资了这家公司。 |
| The official media’s approach to Evergrande has evolved as the crisis has ballooned. | 随着危机的加剧，官媒对恒大的态度也发生了变化。 |
| This summer, before the developer’s troubles had drawn so much attention, state media did raise alarms about its practices. China Central Television, the state broadcaster, and People’s Daily, the Communist Party’s main newspaper, published articles in August about central bank officials summoning Evergrande executives to discuss its debt. China National Radio also reported on suspended construction at certain Evergrande sites, citing contractors that had not been paid. | 今年夏天，在这家开发商的困境还没有引发诸多关注的时候，官媒确实对其经营行为发出了警告。中国中央电视台和共产党的主要报纸《人民日报》在8月发表了一些文章，称央行官员召集恒大高管讨论了债务问题。中央人民广播电台也报道了恒大某些项目已经暂停施工，指出有承建商没能收到款项。 |
| But last month, what had been a somewhat niche concern exploded into public view, as rumors spread that Evergrande was about to go bankrupt. Hundreds of the company’s investors, employees and vendors gathered in cities around the country to demand their money back. Images of the protests were shared widely on social media. Some users issued calls for others to join. | 但在上个月，随着恒大即将破产的流言传开，一个原本只在小范围内的担忧突然进入了公众视野。该公司的数百名股东、雇员和代理商在全国各地聚集，要求恒大还钱。这些抗议的图片在在社交媒体上广泛传播。一些用户呼吁其他人也加入进来。 |
| The fervor was so intense that Evergrande issued a statement blaming “sustained negative media coverage” for exacerbating its financial problems by driving away home buyers. | 这种情绪强烈到让恒大发布了一份公告，指责“持续负面新闻报道”赶走了购房者，从而加剧了其财务问题。 |
| Government censors began stepping in. Calls for demonstrations disappeared from social media. Virtually no state media outlets covered the protests. Some articles about Evergrande’s history of risky lending practices, by independent-minded financial outlets such as Caixin, were censored on WeChat. | 政府审查开始介入。社交媒体上号召示威抗议的声音消失了。几乎没有官媒报道抗议。财新等独立金融媒体发表的一些关于恒大风险借贷历史的文章在微信上遭到审查。 |
| Global Times, a stridently nationalist tabloid, shared an article with the headline “Western mainstream media likes to exaggerate any of China’s smallest problems into a crisis.” | 激进民族主义小报《环球时报》分享了一篇标题为《西方主流媒体喜欢把中国的任何小问题夸大为生存危机》的文章。 |
| “No, this country is not facing a ‘Lehman Brothers moment,’” the article said. | “不，这个国家没有面临‘雷曼兄弟时刻’，”该文章写道。 |
| Still, the restrictions have been porous. Some photos of protesters occupying Evergrande offices remain online; so do hundreds of posts under the Weibo hashtag “Evergrande headquarters is under siege.” | 虽然收紧了控制，但仍存在漏网之鱼。网上仍能看到一些抗议者占领恒大办公室的照片；微博话题“恒大总部遭围堵”里也还有几百条帖子。 |
| Caixin’s article, though censored on WeChat, was still available on its website. | 财新的文章虽然被微信审查，但仍可以在其网站上找到。 |
| And on government comment forums, posters around the country have asked when construction will resume on apartments they already paid for. | 在政府留言板上，全国各地的提问者都在问，他们已经购买的公寓楼什么时候能复工。 |
| Grace Leung, a scholar at the Chinese University of Hong Kong who has studied China’s media landscape, said allowing some expressions of discontent could serve as a sort of safety valve to prevent even larger protests if the crisis spiraled out of control. | 香港中文大学研究中国传媒格局的学者梁丽娟表示，允许一些不满的表达可以作为一种安全阀，防止危机失控时出现更大规模的抗议。 |
| “If you suppress everything, all of a sudden if the company has some big problem, then people will find it difficult to digest,” she said. | “如果什么都压下来，那这家公司突然出了大问题的话，人们就会很难消化掉，”她说。 |
| Indeed, the propaganda strategy appears to have shifted slightly again in recent weeks, as public concern has remained high and the housing market has continued to suffer. | 事实上，最近几周，由于公众依然十分担心，而房地产市场继续受到影响，政府的宣传策略似乎再次有所改变。 |
| In late September, China’s central bank issued a statement promising to “safeguard the legitimate rights and interests of housing consumers,” without mentioning Evergrande. People’s Daily immediately reported it. | 9月底，央行发布公告，承诺要“维护住房消费者的合法权益”，但没有提及恒大。《人民日报》立刻进行了报道。 |
| Then, on Friday, central bank officials mentioned Evergrande by name for the first time. Zou Lan, the director of the financial markets department, said at a news conference that the risks posed by Evergrande were “controllable” and that the overall real estate market was healthy. He promised that local governments would ensure construction resumed. | 随后，央行官员在上周五首次正面提到了恒大。金融市场司司长邹澜在新闻发布会上表示，恒大带来的风险“可控”，房地产行业总体是健康的。他承诺地方政府会确保项目能够复工。 |
| “The problem of Evergrande Group is an isolated phenomenon in the real estate industry,” Mr. Zou said, in remarks widely covered by state media. (In fact, other Chinese developers have reported financial troubles.) | “恒大集团的问题在房地产行业是个别现象，”邹澜表示，他的讲话得到了官媒的广泛报道。（中国其他开发商其实也报告过财务问题。） |
| The central bank’s governor, Yi Gang, echoed those comments at a separate conference on Sunday. And on Monday, Fu Linghui, a spokesman for the National Bureau of Statistics, downplayed the property market’s impact on China’s economic slowdown. | 央行行长易纲在周日的另一场会议上也表达了同样的意思。周一，国家统计局发言人付凌晖则淡化了房地产市场对中国经济增速放缓的影响。 |
| But if officials at Evergrande were hoping for similar reassurance, Mr. Zou offered none. | 但是，邹澜没有给出恒大高层希望得到的类似保证。 |
| “In recent years, the company has been managed poorly, and was unable to operate prudently according to changing market conditions,” he said. “This has caused serious deterioration in its operating and financial indicators, and ultimately risks broke out.” | “近年来，这家公司经营管理不善，未能根据市场形势变化审慎经营，”他说。“造成经营和财务指标严重恶化，最终爆发风险。” |
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