Indeed, total public- and private-sector debt in China is now around 200% of GDP, up by more than one-third in five years. Reckless lending is undermining efficient allocation of capital and preventing China from drawing a line under the investment- and export-led growth model of the past three decades and basing future growth more on domestic consumption.
中国政府仍对向银行的某些行为睁一只眼闭一只眼，包括向政治关系户贷款和容忍借款公司——主要是国企——不遵守财务纪律。事实上，中国的公私部门债务总量已达到了GDP的200%左右，而五年前只有三分之一。鲁莽放贷破坏了资本的有效配置，也阻碍了中国摆脱过去三十年的投资和出口拉动增长模式、迈向内需拉动的未来增长模式。