Hudson Institute上刚发的一篇文章的截图。"Perhaps a more serious problem is that Beijing is being forced by the rapidly declining rate of return on capital investment to devote an increasing portion of lending to recapitalize and subsidize both banks and firms operating at a loss. Net interest margins have declined by half since 2014. As a result, loans to the real economy have fallen by 9 percent of new credit creation in recent years. Much of the gap is likely going into propping up the banking sector instead of to new investment."