But rapid growth obscured many problems. For example, officials, seeking to secure promotions by achieving short-term economic targets, misallocated resources; basic industries like steel and cement built up vast excess capacity; and bad loans accumulated on the balance sheets of banks and local governments.
但高增长掩盖了许多问题。比如，官员们寻求通过实现短期经济目标确保升迁，这导致了资源配置不当；基础行业（如钢铁业和水泥业）累积了巨大的过剩产能；而银行和地方政府的资产负债表上也累积了大量不良贷款。