China’s vulnerabilities and risks – stemming from property bubbles, shadow banking, and local-government debt – have triggered concerns about a crisis not only there, but also in neighboring Asian countries. Some, indeed, now predict a Chinese banking or fiscal disaster; others predict long-term stagnation equivalent to Japan’s lost decades.
中国的漏洞和风险——源于房地产泡沫、影子银行，以及地方政府债务——不仅导致其国内对危机的担忧不已，还引起了各亚洲邻国的忧虑。事实上，有些人预测中国会爆发银行或财政灾难；其他人则预测中国经济会长期停滞，相当于日本迷失的十年。