Something is somewhat amiss in China. As export markets stuttered in the aftermath of the financial crisis, the country turned to credit to fuel its growth. Total debt owed by Chinese households, companies and governments now stands at almost 200 per cent of gross domestic product, up from 130 per cent in 2008. Much of this has been squandered. In this week’s three-part series, the Financial Times reports vividly on the unused factories, unfinished roads and unlived-in apartments that are the economic detritus left behind by the binge.
中國的某個方面出問題了。金融危機之後出口受阻,於是中國開始通過信貸來刺激成長。中國家庭、企業、政府揹負的總債務與國內生產毛額(GDP)之比從2008年的130%增加到現在的將近200%。而大部分舉債得來的資金都被揮霍了。在本週包含三個部分的系列文章中,英國《金融時報》生動報導了閒置的工廠、未修完的道路、空置的公寓,這些都是恣意借債留下的經濟碎屑。