In one sense, China is a more attractive market when credit is scarce because most China private-equity deals rely on growth rather than leverage to provide investors with outsized returns.

从某种意义上说，在信贷稀缺的时候，中国市场更有吸引力，因为中国的多数私募股权公司都是靠增长而不是靠杠杆来为投资者提供超额回报。

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If they are successful, China may earn returns on its investment abroad as well as at home.

ECONOMIST: A railway bonanza in China

Asian exporters face slower growth abroad, high raw-material prices, growing competition from China and diminishing returns from cost cutting.

ECONOMIST: Asian equities

Investment returns in China startups have far outperformed those in India, and many more young Chinese companies are set to go public this year.

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