It has been clear for some time that China’s municipalities ran up big debts during the country’s heroic post-crisis stimulus in 2009. But only now are the full consequences of this binge emerging.
自中國政府2009年啓動應對金融危機的宏大經濟刺激計劃以來,中國地方政府積累了大量債務。這一問題人們早已意識到。但直到現在,這場「狂歡」的全部後果才逐漸清晰。
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