And now, that may be getting them into trouble,

現在，這可能為他們帶來麻煩

which could mean trouble for the rest of us too.

這代表我們也有可能受到影響

Chinese companies owe the biggest pile of corporate debt, in the world by far,

中國公司拖欠世界上最大一部分公司債，以目前來說

about 18 trillion US dollars, or a 170 percent of Gross Domestic Product.

約18兆美元，或170%的國內生產總值

In the first 3 months of 2017, companies defaulted on 9 of the bonds they have issued.

在2017年的前三個月，9家公司拖欠了已發行的債券

Not a big number, but a record for the first quarter.

數字不是很大，但創下第一季的紀錄

The danger is, that the Beijing tries to pare back credit growth in the economy,

危險的是，北京試圖削減經濟信債的增長

many companies will become unable to honour bond payments or repay bank loans.

許多公司即將無法兌現應付債券或償還銀行貸款

This frailty is already causing ripples, in a skittish Hong Kong stock market.

這個缺陷已造成連環效應，在動盪不安的香港股票市場

Huishan Dairy, a Chinese company that was late on loan payments, have 4.1 billion US dollars

輝山乳業，一間貸款逾期的中國公司，已造成41億美金的市值

wiped of its market capitalization in March.

於三月蒸發

A debt crisis in China will certainly shake the global economy.

中國的債務危機絕對會動搖全球經濟

Chinese companies, which of financing themselves from precariously leveraged balance sheets,

中國企業從搖搖欲墜的槓桿資產負債表中融資

are acquiring firms in Europe, the US, and elsewhere.

收購在歐洲、美國、與其他地區的公司

Will boom turn to bust in China?

中國的經濟會從繁榮轉為蕭條嗎？

Some Chinese companies are now defaulting on their bonds,

現在，一些中國企業已拖欠他們的債券

if the number continues to grow, it's time to worry.

若數字持續增長，就要開始要擔心了