另一方面，由于资产价格下跌、劳动力外流以及需要确定新的增长模式，三、四线城市面临着更加艰巨的资产负债表调整的挑战。
Third- and fourth-tier Chinese cities, however, face more challenging balance-sheet adjustments, owing to falling asset prices, outflows of labor, and the need to define new growth models.