China responded to the 2009 global slowdown with dramatic fiscal and monetary stimulus, which fueled a rapid investment-led recovery at home and throughout Asia. Investment, mainly by local governments and state-owned companies with easy access to bank financing, soared to more than 45% of GDP, and, consistent with China’s long-run urbanization strategy, was concentrated in infrastructure and property-development projects.
为了应对2009年全球放缓，中国抛出了大规模财政和货币刺激，助长了国内和整个亚洲的投资拉动型快速复苏。投资——主要由容易获得银行融资的地方政府和国有企业进行——占GDP的比重暴增到45%，且主要集中在基础设施和房地产开发项目，这和中国的长期城市化战略是一致的。