Local governments, in particular, have struggled with a colossal volume of bad debt, which has undermined their capacity for capital expenditure and frozen out private demand for productive investment. Stringent controls on the real-estate market placed a heavy burden on the developers themselves, as well as related industries like steel.
特别是，地方政府需要应对巨大的不良债务，这破坏了它们的资本支出能力，也冻结了对生产性投资的私人需求。严格的房地产市场调控给开发商本身造成了严重负担，钢铁等相关行业也大受影响。