全球信贷紧缩带来的伤痛是公认的，信用恢复之路并不平坦。
The global credit crunch was universally painful. The recovery has been uneven.
全球信贷紧缩更加剧了进出口这样的同时下跌，因为信用紧缩使得买家很难从银行获取保证付款的信用证。
The slump in both exports and imports was exacerbated by the global credit freeze, which has made it harder for buyers to get letters of credit to guarantee payment.
在企业信用范围，紧缩政策预期重点将放在高质量信贷和高利率等敏感方面。
In corporate credit space, the expectation of policy tightening recommends a focus on higher-quality credits in interest-rate-sensitive sectors, such as Hong Kong and Chinese real estate names.
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