评估中国经济脆弱性的第一步是区分偿债能力危机和流动性危机。 偿债能力危机发生在企业没有足够资本抵御资产价格崩盘时。
The first step in assessing China’s financial vulnerability is to distinguish a solvency crisis, which can occur when firms lack sufficient capital to withstand an asset-price meltdown, from a liquidity crisis.