简言之，尽管拥有强大的国家资产负债表和充足的央行流动性，中国仍面临着局部次贷风险问题。 而为防止过度信贷而设立的高准备金却会导致健康项目面临局部流动性紧缺。
In short, despite a strong national balance sheet and ample central-bank liquidity, China is confronting a localized subprime problem, owing partly to high reserve requirements.