Making matters worse, China’s corporate debt is already the highest in the world, both in absolute terms and relative to GDP. In this context, increasing investment would not only reduce capital efficiency further; it would also heighten the risk implied by companies’ high leverage ratios.
更糟糕的是，中国的公司债务已是世界最高，不管以绝对值衡量还是以相对GDP衡量都是如此。在这样的情况下，增加投资不但会进一步抑制资本效率，还会增加公司高杠杆率带来的风险。