There are strong parallels between China’s current predicament and the investment boom that Japan experienced in the 1980s. Like China today, Japan had a high personal savings rate, which enabled investors to rely heavily on traditional, domestically financed bank loans.
中国当前的困境与20世纪80年代的日本投资繁荣十分相似。与今天的中国一样，日本拥有极高的个人储蓄率，使投资者可以严重依赖传统的国内融资银行贷款。此外，部门之间的深刻金融联系放大了金融风险的潜在后果。而日本的外部头寸与目前的中国一样坚挺。