Rooftop in China

Il nuovo periodo difficile della Cina

SHANGHAI – Il passaggio della Cina da una crescita trainata dalle esportazioni ad un modello basato sui servizi interni e i consumi delle famiglie è avvenuto in maniera molto più irregolare di quanto anticipato, con l’instabilità delle borse e la volatilità dei tassi di cambio che creano timori sulla stabilità economica del paese. Eppure, rispetto agli standard storici, l'economia cinese sta ancora andando bene - una crescita annua del Pil vicino al 7%, alcuni potrebbero dire molto bene – ma il successo che la Cina ha visto nel corso degli ultimi tre decenni genera grandi aspettative.

C'è una lezione fondamentale: "i mercati con caratteristiche cinesi" sono volatili e difficili da controllare come i mercati con caratteristiche americane. I mercati inevitabilmente hanno una vita propria; essi non possono essere facilmente comandati. Il modo in cui i mercati possono essere controllati, è attraverso l'impostazione delle regole del gioco in modo trasparente.

Tutti i mercati hanno bisogno di norme e regolamenti. Le buone regole possono aiutare a stabilizzare i mercati. Norme mal progettate, non importa quanto bene intenzionate, possono avere l'effetto opposto.

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