高分请高手帮忙翻译，不要机器翻，要人工翻

CATO JOURNAL
frequently reiterated objective of moving to capital account convert-
ibility. In all likelihood loan quality deteriorated significantly in 2003
and in the first quarter of 2004. Over the next few years as the
authorities seek to reduce the rate of growth of fixed-asset investment
spending to bring the investment share of gross domestic product to
a more sustainable level, the economy will likely slow, perhaps sig-
nificantly. This slowdown in top-line growth in the corporate sector
will likely be accompanied by an even more significant decline in
profitability. In sectors in which investment was characterized by the
central bank as “blind expansion of low quality, duplicative building”
the emergence of excess capacity likely will put further downward
pressure on prices and profitability (People’s Bank of China 2004: 30).
Thus, a significant share of the massive increase in lending that oc-