China has the balance-sheet strength to bail them out, but the authorities would then face a choice: embrace reform or rely once again on leverage to stimulate the economy. Even if China continues on the latter course, it will fail to achieve its growth targets and will look more fragile over time.
中国是很好的例子。中国住房开发商、地方政府和国有企业都有严重的过度负债问题。中国有强大的资产负债表，足以救助它们，但当局因此面临一个选择：采取改革，或再次依靠杠杆刺激经济。即使中国继续选择后者，也无法实现增长目标，并且会随着时间的推移而日益脆弱弱。