In China, however, even this would understate the true stimulus, because some public-infrastructure investment will be done by state-owned firms or local governments and financed by banks.

• 对于中国来说，即使是这样来看，还是低估了中国真正的救市资金，因为一些公共基础设施是由国企或地方政府来投资，或是由银行提供资金。