国际评级机构最近下调中国主权信用评级,反映出国内外投资者对过去几年中国以高负债(特别是地方政府)投入以支撑经济增长的发展模式抱十分怀疑的态度。有论者认为,中国地方政府的高负债主要是用于投资,因此在大量负债形成的同时,也形成了大量的资产。这些资产将来会带来大量的现金流,因此若把这些长远收益计算在 The recent downgrade of China’s sovereign credit rating by international rating agencies reflects the skepticism of domestic and foreign investors over the past few years that China has adopted a model of development that is heavily indebted (especially by local governments) to support economic growth. Some think that the high liabilities of Chinese local governments are mainly used for investment, so a large number of assets are also formed when a large number of liabilities are formed. These assets will generate significant cash flows in the future, so these long-term benefits are counted