Fortunately, Chinese households’ relatively low leverage means that the kind of balance-sheet damage that occurred in some advanced countries during the crisis, leading to a huge drop in demand, is unlikely, even if real-estate prices continue to decline. It also means that there remains some space for expanding consumer credit to boost demand.
幸运的是，中国家庭杠杆率相对较低，这意味着危机期间一些发达国家所发生的、导致需求暴降的资产负债表损失不太可能在中国出现，即使房地产价格继续下跌也是如此。这也意味着存在一些扩张消费信用以刺激需求的空间。