But, at a time of weakening economic performance, China cannot afford an implosion of the real-estate sector, which accounts for at least 30% of overall growth. Indeed, though China’s government has expressed its willingness to sacrifice some growth in its pursuit of structural reform and rebalancing, the impact of a housing-market collapse on the financial sector would cause growth to slow beyond the acceptable limit.
在正常时期，公民和官员都会欢迎这一趋势。但是，在经济表现不力的时候，中国无法承担至少贡献了增长总量30%的房地产业崩溃。事实上，尽管中国政府表示愿意为结构改革和再平衡牺牲一些增长，但住房市场崩溃对金融业的冲击会导致增长下降至远低于可接受下限的水平。