The collapse of China’s credit bubble would likely cause annual GDP growth to drop to 1-2%, on average, for the subsequent four years, assuming a 2% annual decline in capital expenditure and a still-respectable consumption-growth rate of 3-5%. Consolidated public-sector debt would rise to 100% of GDP.
中国信用泡沫的破裂可能导致随后四年平均GDP年增长率下降至1—2%的水平（假设每年资本支出下降2%，而消费增长率仍能保持在不错的3—5%）。整合后的公共部门债务将上升至GDP的100%。