当2011年市场趋紧时，许多工程的前景不再光明，这就刺激了地方政府融资平台转向影子银行寻找信贷机会，进一步导致借贷成本上升，以及来自市场的对改革进程的新挑战。
When the market tightened in 2011, many projects’ prospects diminished, spurring LGFVs to seek credit in the shadow banking sector, which has caused their borrowing costs to rise and introduced new market-based challenges to the reform process.