China's manufacturing and export-dependent economy crumpled,

中國依賴製造與出口的經濟體一蹶不振

and the ruling Communist party panicked.

執政的共產黨因此陷入恐慌

Party leaders estimated they needed to sustain a minimum annual growth rate of 8%

黨領導人預估他們至少需要維持8%的年度成長率

if they were to contain political unrest that could threaten authoritarian rule.

來抑制足以威脅統治地位的政治動盪

The solution was to unleash what economists have called

解決方法是釋放經濟學家所說的

"the greatest example of monetary easing in history,"

「史上最佳的貨幣寬鬆例子」

an enormous wave of easy loans channeled through the state-owned banking system.

從國營銀行系統中放出大量的貸款

In absolute terms,

從數值來看

China's total debt has ballooned from around 6 trillion dollars at the time of the financial crisis

中國的總負債從金融危機一開始的六兆美元

to nearly 28 trillion dollars by the end of the last year.

一路膨脹到去年底的28兆美元

As a percentage of GDP,

從佔 GDP 的比例來看

total debt has risen from 140% to almost 260% over the same period.

在相同一段時間裡，總負債從140%攀升到260%

There is no question that the Chinese economy was saved in the short term

無庸置疑地，中國經濟在短期有因為

by the government's decision to open the credit floodgates.

政府決定降低借貸門檻而獲救

But that has resulted in an economy addicted to borrowing

但是這也造成了一個沉溺於借貸

and afflicted with serious asset bubbles.

與受嚴重資產泡沫折磨的經濟體

The ultimate test will come when Beijing eventually

最終的考驗將會在北京終於

attempts to wean the country off this debt dependence.

嘗試要擺脫國家對負債的依賴時出現