中国的负债主要是用来做投资的,这跟中国的经济增长模式有关,目前GDP里面有将近一半是固定资产投资,固定资产投资又有70%的融资是通过负债来进行的。所以这样一个金融结构和经济增长模式,导致了中国债务占GDP的比例过去三十年是持续上升的。房价飙涨、债务违约频现,这意味着风险正在聚集。但是,资产价格涨得比债务快,这才是真正棘 China’s debt is mainly used for investment, which is related to China’s economic growth model. Currently, nearly half of GDP is fixed asset investment, and 70% of fixed-asset investment is financed through debt. Therefore, such a financial structure and mode of economic growth have led to the continuous rise of the debt-to-GDP ratio in the past three decades. Soaring property prices and frequent defaults mean that risk is gathering. However, asset prices rise faster than debt, and this is the real thing