Second, China’s fiscal position will worsen rapidly because of massive local government debt. And, third, the collapse of underground credit networks in bustling cities such as Wenzhou will lead to a broad financial crisis across the country.
北京——近几个月来，看空中国的情绪开始高涨，主要是因为三个猜测。首先，中国房地产市场已处于崩溃边缘。其次，中国财政状况将因大规模地方政府债务而急速恶化。第三，温州等地的地下信用网络的崩盘将导致席卷全国的大规模金融危机。