The Chinese government’s uncertain ability – or willingness – to rein in debt is apparent in its contradictory commitment to implement major structural reforms while maintaining 7.5% annual GDP growth. Given that China owes much of its recent growth to debt-financed investment – often in projects like infrastructure and housing, meant to support the Chinese Dream – any effort to get credit growth under control is likely to cause a hard landing.
中国政府处理债务的能力——或者意愿——存在不确定性，这突出地表现在它的矛盾承诺中——一方面要实施重大结构改革，一方面又要保持7.5%的GDP年增长率。最近，中国的增长很大程度上依靠债务融资的投资——通常是基础设施和住房等项目，旨在支持中国梦——因此任何控制信用增长的努力都有可能导致硬着陆。这种可能性已经导致当局推迟关键改革。