Xi Jinping Rao Aimin/ZumaPress

中国应该做什么?

斯坦福—中国政府大手笔遏制最近的股市波动——最新的举措是禁止卖空和大股东减持——严重损害了它的信誉。但中国的政策失败并不令人惊奇。中国决策者绝非金融市场、货币和贸易管理不当的“先锋”。比如,20世纪90年代初,许多欧洲政府因为试图捍卫估值不正确的货币而蒙受了巨大损失。

不过,中国经济仍然是巨大的不确定性来源。事实上,尽管中国股市以及实体经济表现之间的关系并不密切,但大减速已经开始。这是一个严重问题,令全世界财政部长、央行行长、交易界和进出口行业担心不已。

中国政府相信它可以在从出口和投资推动的动辄两位数的经济增长向以国内消费特别是服务业消费为基础的稳定均衡增长的过程中实现软着陆。而事实上,中国政府也实施了一些明智的政策和改革。

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