Xi Jinping Rao Aimin/ZumaPress

¿Qué debería hacer China?

STANFORD – Las torpes medidas adoptadas por el Gobierno de China para contener la reciente inestabilidad del mercado de valores –la más reciente iniciativa ha sido la de prohibir las ventas al descubierto y las ventas de los accionistas más importantes– han dañado gravemente su crédito, pero los fallos normativos de China no deben sorprender. Sus autoridades distan de ser las primeras que gestionan mal los mercados financieros, las divisas y el comercio. A comienzos del decenio de 1990, muchos gobiernos europeos, por ejemplo, padecieron pérdidas humillantes por defender divisas que estaban desajustadas.

Aun así, la economía de China sigue siendo una causa de gran incertidumbre. De hecho, aunque los resultados del mercado de valores de China y los de su economía real no han estado estrechamente correlacionados, está en marcha una importante desaceleración, que constituye un motivo de grave preocupación para los ministros de Hacienda, los bancos centrales, las salas de contratación bursátil y los importadores y exportadores de todo el mundo.

El Gobierno de China creyó que podía organizar un aterrizaje suave en la transición de un tórrido crecimiento económico de dos cifras, estimulado por exportaciones e inversiones, a un crecimiento constante y equilibrado, sustentado por el consumo interno, en particular de los servicios, y, en realidad, aplicó algunas políticas y reformas sensatas.

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