IMF警告称，“僵尸企业”——即利润至少连续三年未能覆盖利息支付的企业——目前占亚洲未偿还企业债务的五分之一以上，可能构成系统性风险。
The IMF warned that “zombie companies” — whose earnings haven’t covered interest payments for at least three years — now comprise more than a fifth of Asia’s outstanding corporate debt, potentially posing a systemic risk.
僵尸企业的债务占比自2008年以来已翻倍以上。“企业债务中这一日益增长的份额正日益集中在那些无法偿还债务的企业中，”IMF写道。
Zombie firms’ debt share has more than doubled since 2008. “This rising share of corporate debt is increasingly concentrated in firms that cannot service it,” the IMF wrote.
这一问题在中国似乎正在加剧：Natixis分析师表示，对半导体等先进产业的国家政策支持促进了“其快速发展但未带来盈利能力的提升”，《金融时报》写道。
The problem appears to be growing in China: Natixis analysts said that state policies supporting advanced industries like semiconductors aided “their rapid development but not their profitability,” the Financial Times wrote.
2月，IMF曾单独警告称，北京的国家补贴正在导致低效企业的产生，补贴总额约占GDP的4%。
In February, the IMF separately warned that Beijing’s state subsidies were producing inefficient firms, with total subsidies amounting to some 4% of GDP.
