Indeed, because most bank loans in China – unlike, say, in Europe – are now locked up in infrastructure and other physical assets, boosting demand is preferable to deleveraging. The key is to lower interest rates enough to mitigate the financial risks of high leverage and enable the restructuring of local-government debts.
事实上，由于中国——与（比如）欧洲不同——大部分银行贷款现在锁定在基础设施和其他实体资产中，因此刺激需求比去杠杆化更好。关键在于将利率降低足够的程度，以减少高杠杆的金融风险并使地方政府债务能够重组。降低借贷成本还能刺激中国的资本市场，它是为创新性中小企业提供股权融资的关键。