Before the crisis, credit expansion in China kept pace with GDP growth. Since the end of 2008, however, credit amounting to 35% of GDP has been issued annually, causing the credit-to-GDP ratio to soar from less than 150% before the crisis to 250% today.
危机前，中国信用扩张与GDP增长是匹配的。但是，自2008年底以来，每年发行的信用量相当于GDP的35%，导致信用-GDP之比从危机前的150%飙升到现在的250%。这意味着信用的效率大幅下降。