Borrowing by local governments will be strictly monitored, and their new debt financing will come mainly from government bonds. And, though most observers believe that China’s first-tier cities (Beijing, Shanghai, Guangzhou, and Shenzhen) will still struggle in 2015 to digest the huge housing stock they built up in recent years, some second- and third-tier cities have already reached the bottom, and have started to recover.
最大的妨碍曾经是地方政府和僵尸开发商。但今年可能会有所不同。地方政府贷款将得到严密监控，它们的新增债务融资将主要来自政府债券。而尽管大部分观察者认为中国一线城市（北上广深）在2015年将继续疲于消化近几年中所建立的巨大住房库存，但一些二线和三线城市已经触底并开始回暖。