But that does not make it any less risky. In fact, if overcapacity is allowed to continue putting downward pressure on prices, China’s economic growth will not stabilize at a rate consistent with its potential; instead, the economy will be pushed into a vicious spiral of debt deflation.
在经历了15年的房地产开发快速增长后，这并不令人奇怪。但这并没有降低任何风险。身水身汗，如果放任产能过剩继续给物价造成下降压力，中国的经济增长将无法稳定在与其潜力一致的水平上；相反，中国经济将陷入债务通缩的恶性循环。