与此同时，低速增长部门有可能陷入“资产负债表衰退 ” ， 比如，高负债的国有企业和地方政府将主要精力用在偿还债务上，而无法继续投资于必要的基础设施，甚至在利率下降时也是如此。
Meanwhile, the slow-growing sectors risk falling into a “balance-sheet recession," with highly indebted SOEs and local governments becoming so focused on paying down their debts that they stop investing in needed infrastructure, even when interest rates fall.