S. economy -- compared with less than 50% of China's -- consumer deleveraging will result in sluggish economic growth, dragging on corporate profits and stock prices.

消费者降低负债率会导致经济增长疲软，拉低企业利润和股票价格。

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However, the effects of the still unfolding series of measures taken by U.S. authorities to socialize the hurt from a rapid deleveraging of the economy are going to be with us, internationally, for years to come.

FORBES: Magazine Article

It is much more to do with the belated recognition by banks and businesses of how the "deleveraging of the British economy" - the attempt by households, government and businesses to reduce the burden of debt bearing down on them - is squeezing consumption and economic growth.

BBC: Sluggish UK economy means slower Lloyds revival

"I don't think it's as bad here as it is in the euro area economy, where I would say the view amongst my peers is that already in the euro area economy the deleveraging of euro area banks is leading to early signs of a credit crunch, with concerns that it will get worse, " King said.

BBC: Treasury Committee: Sir Mervyn warns of EU deleveraging