Countries like Russia, India, Brazil, South Africa, and Turkey used the space available for credit expansion to support consumption, without a corresponding increase in investment. China’s non-financial corporate debt increased dramatically, partly owing to dubious real-estate investments.
但增长回报已经变小，而失衡更加严重了。俄罗斯、印度、巴西、南非和土耳其等国家将可用空间用于信用扩展以支持消费，而没有相应地增加投资。中国的非金融公司债务大幅增加，部分原因是可疑的房地产投资。