To be sure, China’s debt/GDP ratio, reaching 250% this month, remains significantly lower than that of most developed economies. The problem is that China’s stock of private credit would normally be associated with a per capita GDP of around $25,000 – almost four times the country’s current level.
平心而论，中国的债务/GDP比率（本月达到了250%）仍显著低于大部分发达经济体。问题在于中国私人信用存量将因此对应25,000美元左右的人均GDP，几乎达到了现有水平的四倍。