Though China’s high national savings rate means that it does not have to borrow liquidity from abroad or print large amounts of money, the risks it faces should not be underestimated. With such a large share of the new liquidity being used to cover debt service, there is little left to finance new, growth-stimulating investment.
尽管中国国民储蓄率很高，意味着不需要向外部借取流动性发行大量货币，但其所面临的风险不可低估。如此大比例的新流动性被用于维持债务的支出，留给刺激增长的新投资的部分寥寥无几。