觀點中國經濟

China’s debt reckoning cannot be deferred indefinitely
「債務清算日」並非遙不可及


牛津大學馬格努斯:在各種經濟和政治因素的影響下,中國政府可能會繼續忽視債務增速過快的問題。然而如果不盡快著手降低信貸依賴性和實施債務管控政策,更嚴重的金融動盪恐怕難以被無限推遲下去。

On one of my first trips to China in the early 1990s, on the drive from Beijing airport, I remember gazing out at hundreds of workers labouring with little more than shovels on a new highway snaking its way through farmland towards the capital. By the time the Olympics came to the city in 2008, the road had been joined by a second expressway and China had grown into the world’s largest construction market. Last year, it completed the world’s second-highest building: the Shanghai Tower, 632m of luxury offices, designer shops and a high-end hotel.

在上世紀90年代初我最初幾次去中國的旅程中,記得有一次在從北京機場出來的車上,我看見成百上千的工人,手中拿著不過是鐵鍁之類的工具,修一條從農村蜿蜒通往首都北京的公路。到2008年北京舉辦奧運會之時,這條路以外又多了一條高速路,中國也已成長爲全球最大建築市場。去年,中國建成了全球第二高樓:上海中心大廈(Shanghai Tower),這是一棟由豪華辦公室、名牌商店和高階酒店組成的632米的高樓。

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