对中国经济大规模注入流动性不但催生了大量地产泡沫和过剩产能，也导致负债增加，地方政府和企业负债状况尤为严峻。
The massive injection of liquidity into China’s economy has contributed to rising debt, especially among local governments and firms, while fueling massive real-estate bubbles, and resulting in significant excess capacity.