In Beijing, the larger the risk factors are high in real estate development enterprises operating liabilities implicit financial risks.

在北京，较大的风险因素则是房地产开发企业高负债经营隐含财务风险。

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They started overspending, not only for unproductive government expenditures but also they raised implicit liabilities by raising pension promises, and so forth.

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European policy makers are considering a host of proposals to eliminate implicit government guarantees, including a new resolution regime, turning some liabilities into bail-in debt that will automatically take losses, depositor-preference regimes that would subordinate unsecured bondholders, and U.K.-style plans to ring-fence certain activities.

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