With global trade collapsing and Chinese export demand having plummeted from 26% annual growth in mid-2008 to a 27% contraction by early 2009, the government moved aggressively to inject CN¥4 trillion ($586 billion) into the economy. Though this enabled growth to recover by the end of 2009, it also contributed to new problems, including excessive debt, a property-market overhang, and mounting local-government financial risk.
中国已不是第一次面临这样的挑战。事实上，2008—2009年大衰退曾将中国推向衰退边缘。全球贸易崩溃，中国出口需求年增长率从2008年年中的26%下降到2009年年初的-27%，面对这一情况，政府果断行动，向经济注入4万亿元人民币。尽管这一措施使经济在2009年底实现复苏，但也创造了新的问题，包括债务过多、房地产市场积压和大量地方政府金融风险。