This is a substantial difference, especially considering that China’s per capita GDP amounts to only 19% of Japan’s at its highest level, and that its debt has already reached 60% of Japan’s. Moreover, the accumulation of debt in China – 71 percentage points of GDP over the last five years – has been far sharper than in Japan, where the debt level grew by only 16 percentage points over the five-year period before its bust.
坦白说，中国的状况比日本更加极端。在顶峰时期，日本投资占GDP的33%，而中国为47%。这是一个重大差别，特别是考虑到中国人均GDP只有日本最高峰水平的19%，而其债务已经达到日本的60%。此外，中国的债务积累速度——过去五年达到了GDP的71个百分点——远远快于日本，后者在泡沫破裂前的五年中仅增加了相当于GDP的16个百分点的债务。