The first step is admitting you have a problem. If this familiar therapeutic imperative is correct, China may be on the path to salvation. Over the weekend Zhou Xiaochuan, governor of the People’s Bank of China, became the latest official to proclaim that China has a debt problem. China’s debt to gross domestic product ratio is running as high as 230 per cent, on Financial Times estimates (Greece, by comparison, is running at 200 per cent). Mr Zhou’s observation that corporate debt is “on the high side” is a heroic understatement.
第一步是承認問題存在。如果這個似曾相識的治療理念是正確的，中國也許能走上救贖的道路。上周末，中國人民銀行(PBoC)行長周小川成為公開承認中國面臨債務問題的最新一名官員。據英國《金融時報》估計，中國債務與國內生產總值(GDP)之比高達230%（相比之下，希臘的這一比例是200%）。周小川有關公司債務“偏高”的言論，是英雄式的低調表述。
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