The result is excessively high financing costs, which have made it impossible for firms in many manufacturing industries to maintain marginal profitability. Moreover, the closure of local-government financing platforms, together with the credit ceiling imposed by the central government, has caused local capital spending on investment in infrastructure to drop to a historic low.
结果是过高的融资成本，这让许多制造业的企业无法维持边际利润率。此外，地方政府融资平台的关闭，加上中央政府施加的信贷上限，导致地方基础设施投资资本支出下降到历史最低水平。而收紧的金融约束也大大削弱了房地产部门的增长。地方政府和公司难于支付利息，被迫进入了一个恶性循环，从影子银行部门借钱偿还债务，从而进一步推高了无风险利率。