These policies have raised capital costs, with monetary tightening, in particular, taking a large toll on local governments and real estate developers. Because slower growth forces them to borrow new money to pay their maturing debts, interest rates are bid up, and businesses in the real economy are crowded out, creating a further drag on growth.
这些政策提高了资本成本，特别是，在货币紧缩的情况下，地方政府和房地产开发商成熟了很大压力。由于增长放缓迫使它们不得不借新债还旧债，利率也随之水涨船高，挤出了实体经济中的企业，进一步拖累了增长。