But there remains the question of whether consumption share growth is sustainable – that is, whether it is the result of income share growth or rising leverage. If it is supported by excessive leverage, effectively shifting future consumption to the present, China could face a significant slowdown – or even a major crisis.
但问题是消费份额的增长是否是可持续的——也就是说，这究竟是收入份额增长还是提高杠杆的结果。如果这一增长是由过度杠杆支撑的，那其实是在将未来的消费挪到现在，中国就将面对一场严重经济减速——甚至可能是一场重大危机。