For SMEs, a shortage of customers, not a shortage of credit, constrained borrowing, employment, and output. And the customers were absent because the pre-crisis credit boom had left them over-leveraged.
地方企业削减人工最猛的也是这些县。对中小企业来说，缺少客户，而不是缺少信用，制约了它的借贷、雇用和产出状况。而之所以缺少客户，是因为危机前信用繁荣导致他们过度借贷。