The Chinese private sector may have the biggest problem. Much of its recent borrowing violates key tenets of hard-earned wisdom gained in past crises: it is foreign exchange-denominated, short-term, shadow-bank-intermediated, and housing-backed.
中国的私营部门可能面临最严重的问题。很多近期借贷违反了过去危机中来之不易的重要原则：债务以外币计价、期限较短、由影子银行居中撮合并以房屋作为抵押。