What will China look like in 40 years? Some forecaster(预测者，预报员)s think its economy will be two-thirds bigger. Others predict its population will be a quarter smaller. No one knows what technological marvels or political upheavals might intervene.(没有人知道会出现怎样的技术奇迹或政治动荡。) China has, after all, changed out of all recognition(面目全非，完全改变) over the past 40 years.
40年后的中国会是什么样子？一些预测者认为其经济规模将扩大三分之二。另一些人则预测其人口将减少四分之一。没有人知道会出现怎样的技术奇迹或政治动荡。毕竟，中国在过去40年里已经变得面目全非。
Thanks to new rules issued on August 28th some homebuyers will be able to watch the next four decades unfold before paying off their mortgage.(得益于8月28日发布的新规，一些购房者将能在还清房贷前目睹未来四十年的变迁。) China’s financial regulators have told banks they can offer loans of up to 40 years to creditworthy(信用良好的，有信誉的) homebuyers. The instruction was one of a flurry of(一阵，一连串) reforms to China’s property market, which has been in the doldrums(低迷，停滞不前) since 2021. The slump has not lasted 40 years. But it sometimes feels like it has.
得益于8月28日发布的新规，一些购房者将能在还清房贷前目睹未来四十年的变迁。中国金融监管机构已告知银行，可以向信用良好的购房者提供最长40年的贷款。这项指令是中国房地产市场一系列改革之一，该市场自2021年以来一直低迷。低迷并未持续40年，但有时感觉像是如此。
The new rules also allow banks to extend loans of up to seven years to property companies—the maturity(到期日，期限) is supposed to match the length of the construction it is financing. Another initiative would let developers pay for land in instalment(分期付款，分期)s. Land, however smoothly graded, has always been a lumpy investment.(土地，无论平整得多好，始终是一项“块状”投资。) To meet the upfront cost, firms have often resorted to heavy borrowing. The new payment model could ease that compulsion.
新规还允许银行向房地产公司提供最长七年的贷款——贷款期限应与所融资的建设周期相匹配。另一项举措将允许开发商分期支付土地款项。土地，无论平整得多好，始终是一项“块状”投资。为了满足前期成本，企业往往诉诸大量借贷。新的支付模式可能会缓解这种压力。