The Chinese government on Friday approved a $1.4 trillion plan to revive the economy, authorizing local governments to refinance ballooning debts that have left some cities unable to sustain services and pay their bills.

中国政府周五批准了一项10万亿元的经济振兴计划，授权地方政府为不断膨胀的债务进行再融资，这些债务已导致一些城市无法维持服务和支付款项。

The move caps a series of steps China’s leaders began in September to stimulate growth, an effort that took on greater urgency this week with the election of Donald J. Trump as president of the United States. Mr. Trump has promised to wage economic warfare with China, saying he would put additional tariffs as high as 60 percent on Chinese goods imported by the United States.

中国领导人从9月开始采取一系列刺激经济增长的措施，这一计划是迄今为止最重大的举措。唐纳德·J·特朗普本周当选美国总统的消息增加了这一行动的紧迫性。特朗普承诺与中国展开经济战，称他将对美国进口的中国商品征收高达60%的额外关税。

China’s economy has struggled to regain momentum this year. The grinding collapse of the real estate market, where most Chinese households build their wealth, has left people reluctant to spend. Home prices have fallen about 10 percent a year for the past three years, and foreclosures are soaring.

今年以来，中国经济一直在吃力地恢复增长势头。大多数中国家庭都在房地产市场上积累财富，该市场的崩溃让人们不愿消费。过去三年来，房价每年下跌约10%，房贷断供的情况急剧增加。

At the same time, local governments have piled up unsustainable levels of debt. For years, they drove growth by borrowing massive sums of money to pay for infrastructure projects. Then they took on even more of debt during the Covid-19 pandemic.

与此同时，地方政府的债务也堆积如山，难以为继。多年来，地方政府通过借贷巨额资金来支付基础设施项目，从而推动了经济增长。之后，在新冠大流行期间，它们又背负了更多的债务。

由于房地产市场低迷，中国经济难以恢复疫情前的势头。

But despite the mounting problems facing the economy, China’s top leaders, until six weeks ago, held back from taking significant steps to break the cycle. Beijing has historically favored state-led growth rather than direct consumer stimulus. In late September, the government took action and made it easier for households and companies to borrow.

但是，尽管经济面临的问题越来越多，中国的最高领导人直到六周前还没有采取重大措施来打破这一循环。中国政府历来倾向于国家主导的经济增长，而不是直接的消费刺激。9月下旬，政府采取了行动，降低了家庭和公司借贷的难度。