The impending fall of China has been confidently predicted for at least two decades. Despite its apparent inevitability, however, 2016 was still not the year that China’s economy failed. January’s precipitous stock market tumble did not foretell the implosion of the broader system. Yet as the year draws to a close, the ever-expanding debt pile that has long concerned the China bears is showing real signs of stress.
至少20年了，有人一直自信地預測中國即將衰落。盡管這看上去不可避免，但2016年仍然不是中國經濟走衰的那一年。1月份的股市暴跌并沒有預示整個經濟崩潰。不過，隨著這一年接近尾聲，看空中國者長期一直擔心的中國日益龐大的債務問題，正顯現出真正的緊張跡象。
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