现在不是卖空中国的时候_BEC初级作文

现在不是卖空中国的时候

China’s gross debt has reached levels which may be uncomfortably high by international standards. The debt could well rise further, as China tries to apply counter-cyclical stimulus to give itself breathing space to drive through much-needed reforms.

中国目前的总债务已经到了按国际标准可能高得令人不安的水平。随着中国试图运用反周期刺激措施来获得喘息空间、推动亟需的改革，债务水平可能会进一步上升。

Whilst this stimulus is having diminishing effectiveness, I believe the transition is manageable, especially considering China’s debts are by and large domestically held and backed adequately by state and local assets. China’s net debt is comparable to levels in the US, UK and Japan, even after considering the debt of state-owned enterprises and the possible need for additional bank capital.

虽然这种刺激措施的有效性会递减，但是我认为中国的经济转型是可控的，特别是考虑到中国的债务主要由国内持有，并且得到国家和地方资产的足够支持。即使考虑到国有企业的债务和可能需要增加银行资本的情况，中国的净债务也与美国、英国和日本的水平相当。

Many question whether the costs of rebalancing will be borne by banks via loan losses. Were the manufacturing industry to restructure quickly, and were the inherent losses to accrue to those companies’ lenders, non-performing loans could be significant.