While there is a kernel of truth to each of these China-specific concerns, they do not by themselves imply a hard landing. Nonperforming loans will undoubtedly increase in response to the banking sector’s exposure to some $1.7 trillion of local-government debt, much of which was incurred during the stimulus of 2008-2009.
这些中国特有的问题都有其事实依据，但它们本身却并不意味着硬着陆的出现。虽然地方政府目前债务总额约为近1.7万亿，其中大部分都是在2008~2009年间欠下的，而银行部门与这些债务之间的关联无疑会使不良贷款数额上升。但对贷款质量恶化的恐惧就有点夸张了。