While China’s dramatic debt increases of the past five years grabbed headlines worldwide, asthe ratio leapt nearly 100 percentage points from 155 per cent of GDP, the fact the ratio hasbegun to stabilise has not yet received much attention.

尽管过去5年中国债务激增成为世界各地的资讯头条(债务比率从155%飙升近100个百分点)，但很多人没有注意到这一比率实际上已经开始企稳。

This is an important milestone in China’s debt turnaround, following years of excess. Over thepast five years, total credit growth in China was on average 8 percentage points faster thannominal GDP growth – way beyond the point at which credit growth becomes inefficient forany economy.

在经历了多年的债务比率过高之后，这是中国债务状况好转的一个重要里程碑。过去5年，中国信贷总额增速较名义GDP增速平均高出8个百分点，远远超出信贷增长达到某一点就对任何经济都无效的水平。

However, since mid-2014 China’s credit has been growing in line with GDP. Essentially, thismeans China is now getting more ‘bang for its buck’ for every new unit of borrowing. Also,attitudes to debt have changed, with loan officers in China much more averse now to taking therisk of a loan going bad than previously.

然而，自2014年中期以来，中国的信贷一直与GDP同步增长。重要的是，这意味着中国现在的每一笔借款正变得更加“物有所值。此外，人们对债务的态度也发生了变化，中国的信贷官员现在承担坏账风险的意愿远不如以前。

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