单选题 A mountain of debt is coming due and the
{{U}} {{U}} 1 {{/U}} {{/U}}is unpayable, so governments have
agreed to {{U}} {{U}} 2 {{/U}} {{/U}}maturities. That could be
the description of a bail-out {{U}} {{U}} 3 {{/U}} {{/U}}for
Greece. Instead, it is what China is doing to prevent {{U}} {{U}}
4 {{/U}} {{/U}}of provinces and cities from defaulting {{U}}
{{U}} 5 {{/U}} {{/U}}bank loans. Does that mean China is another
Greece? Far from it. For starters, China's economy will expand
more than 8 percent this year, {{U}} {{U}} 6 {{/U}} {{/U}}the
eurozone is confronting the {{U}} {{U}} 7 {{/U}} {{/U}}of
recession. And that sustained, high-speed growth will make it much easier for
Chinese local governments to pay {{U}} {{U}} 8 {{/U}}
{{/U}}debts over time. More to the point, China's debt {{U}}
{{U}} 9 {{/U}} {{/U}}are very different from those of Europe or the
US. In developed countries, the concern is the {{U}} {{U}} 10
{{/U}} {{/U}}amount of debt they have accumulated. The Chinese problem is less
{{U}} {{U}} 11 {{/U}} {{/U}}of quantity and more one of
structure: rather than {{U}} {{U}} 12 {{/U}} {{/U}}bonds, local
governments have used opaque bank loans for funding. "The
problem is {{U}} {{U}} 13 {{/U}} {{/U}}in the national fiscal
system," said Huang Haizhou, chief strategist at China International Capital
Corp, the country's leading investment bank. "Ira successful fiscal reform is
{{U}} {{U}} 14 {{/U}} {{/U}}over the next three to five years by
the new government, the problem will only be a {{U}} {{U}} 15
{{/U}} {{/U}}shock." The {{U}} {{U}} 16
{{/U}} {{/U}}in "China's fiscal system were savagely exposed during the global
financial crisis when Beijing introduced a {{U}} {{U}} 17
{{/U}} {{/U}}package that was largely implemented by local governments.
Lacking sufficient funding and {{U}} {{U}} 18 {{/U}} {{/U}}from
borrowing money because of past {{U}} {{U}} 19 {{/U}} {{/U}},
provinces and cities created thousands of financing vehicles to get {{U}}
{{U}} 20 {{/U}} {{/U}}the rules and raise capital.