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2012年以来,中国的债务问题一直受到广泛关注和质疑。同时,债务问题也呈现出一系列新的特点及问题。从总量上来看,中国政府部门的债务偿付风险并不高,但是市、县级地方政府债务的流动性风险存在隐患;非政府部门(居民+非金融企业)总体债务水平接近高风险区域,预计中国2013年非政府部门债务占GDP比重约163%,偏离其长期回溯趋势约7.6个百分点;居民部门负债较低,具有继续提高杠杆的潜力。目前,中国债务风险的核心是企业部门。从2008年至今,中国企业部门债务占GDP的比
Since 2012, China’s debt problem has been widely concerned and questioned. At the same time, the debt issue also presents a series of new features and problems. In terms of aggregate amount, the risk of debt repayment in Chinese government departments is not high, but the liquidity risk of local government debt in cities and counties is hidden. The overall debt levels of non-government departments (residents + non-financial enterprises) are close to high-risk areas, It is estimated that in 2013, the non-government debt in China will account for about 163% of GDP, deviating from its long-term retrospective trend by 7.6%. Residents in the sector will have lower debt and have the potential to continue to raise their leverage. At present, the core of China’s debt risk is the corporate sector. From 2008 to the present, China’s corporate sector debt to GDP ratio