Highly leveraged local governments could not tolerate higher interest rates or an appreciating currency, and they were adamant about continuing land sales and opposing property taxes. They feared the financial burden of new requirements to provide social services to urban migrants.
毫不奇怪，改革的反对之声不绝于耳。国有企业决意捍卫它们的特权。高杠杆的地方政府无法忍受提高利率或货币升值，坚持继续卖地和反对房产税。它们担心向农民工提供社会服务的新要求所带来的财政负担。