In these circumstances, privatization will have profound consequences for China’s economy. The recent capital-spending boom produced a burst of speculative lending in 2003 and 2004 because the banking system was still state-owned and responsive to political pressure—until the government itself imposed credit controls in April 2004 to prevent a sharp upsurge in non-performing loans.
在这样的情况下，民营化将对中国经济产生深远的影响。因为银行系统仍归国有，要响应政策压力，上次的资本投资狂潮引起了2003和2004年投机性放贷的爆发——直到2004年4月政府实施了信用管理来防止不良贷款的飙升。