Fourth, the re-leveraging of the public sector through large fiscal deficits and debt accumulation risks crowding out a recovery in private-sector spending. The effects of the policy stimulus, moreover, will fizzle out by early next year, requiring greater private demand to support continued growth.
第四，政府以财政赤字和债务为代价拉动私营经济的复苏，不过这也不是长久之计。到明年年初就会弹尽粮绝。这就需要更大的内需来支持持续的增长。