Another major risk of interest-rate liberalization in China stems from rising public debt, particularly local-government debt, which has grown significantly in the wake of the global financial crisis. A key parameter for determining the long-run sustainability of public debt is the gap between interest rates and the nominal GDP growth rate.
中国利率市场化的另一个主要风险在于公共债务不断上升，特别是全球金融危机爆发以来不断攀升的地方政府债务。衡量公共债务长期可持续性的关键参数是利率和名义GDP增长率之间的差额。中国目前的公共债务总额占国内生产总值的60-70%左右，这样的负担仍然属于可以控制的范畴。但在利率放开后，公共部门债务占GDP的比率预计将会大幅增加。