Xi Jinping Rao Aimin/ZumaPress

Cosa Dovrebbe Fare la Cina?

STANFORD – I pesanti tentativi del governo cinese di contenere la recente volatilità del mercato azionario – l’ultima manovra vieta le vendite allo scoperto e quelle dei principali azionisti – hanno gravemente danneggiato la sua credibilità. Ma i fallimenti della politica cinese non dovrebbero sorprendere. I politici di quel paese non sono i primi a gestire male mercati finanziari, valute e commercio. Molti governi europei, ad esempio, hanno subito perdite sconfortanti nel difendere le valute che erano state sbilanciate nei primi anni novanta.

L’economia cinese rimane tuttora una fonte di notevole incertezza. Infatti, anche se la performance del mercato azionario cinese e quella della sua economia reale non sono state strettamente correlate, è in corso un forte rallentamento. Questo è un problema serio, che occupa ministeri delle finanze, banche centrali, trading desk e importatori ed esportatori di tutto il mondo.

Il governo cinese ha ritenuto di poter progettare una transizione senza problemi passando dalla incandescente crescita economica a due cifre, alimentata da esportazioni ed investimenti, ad una crescita stabile ed equilibrata sostenuta dai consumi interni, soprattutto di servizi. E, in effetti, ha promulgato alcune politiche e riforme notevoli.

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