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  3. There has been much chatter about bank loans to local governments’ financ

There has been much chatter about bank loans to local governments’ financ

游客2023-11-26  26
问题    There has been much chatter about bank loans to local
   governments’ financing vehicles, widely regarded as one of
   the main risks face the Chinese economy. Set up by local 【S1】______
   governments to borrow money for infrastructure investments,
   and these vehicles are rather like Western companies’ special 【S2】______
   purpose vehicles. They have played an important role in
   stimulating the Chinese economy and helping it to recover from
   the global financial crisis. But they face a problem, either: The 【S3】______
   bank loans they have received have increased extraordinary. 【S4】______
   Local governments at levels have set up their investment 【S5】______
   companies, some of which are directly controlled by the
   leaders responsible for fundraising for their pet projects. These
   companies take a variety of forms dependable on the industries 【S6】______
   and sectors they belong to.
   There are thousands of such companies across the
   country, in which sometimes are even irregular. Some of 【S7】______
   them, particularly those operating at the county-level, will not
   be able to service their debts.
   It is thus reasonable to be alarmed. But it is still too
   late to say that the level of non-performing bank loans will 【S8】______
   increase drastically even we cannot estimate the precise 【S9】______
   number and amount of loans given to local governments until
   the formal assessment is completed at the end of this year.
   To general the special vehicles’ business model we have 【S10】______
   to go back in history. [br] 【S5】
选项
答案 ∧ all
解析 at levels语焉不详，无法表示“各级政府都已经成立投资公司”，增加all，即at all levels，明确表示“各级政府”。
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