Tourism venue in China

La delusione della Cina

NEW YORK – La gestione dell’ancoraggio del tasso di cambio da parte della Cina continua a far vacillare i mercati finanziari. L’incertezza imperversante sulla svalutazione del renminbi alimenta i timori di una diffusione delle forze deflazionistiche nei mercati emergenti che inferiranno un duro colpo alle economie sviluppate, dove i tassi di interesse sono pari o prossimi allo zero (e quindi non potranno essere ridotti per tutelarsi dalla deflazione importata). E la paralisi fiscale dell’Europa e degli Stati Uniti non fa che aumentare l’angoscia.

L’attuale stato di ansia sui tassi di cambio è però solamente un sintomo del fatto che la transizione della Cina da strategia di crescita trainata dall’export a modello spinto dai consumi domestici procede con più difficoltà di quanto sperato.

Per alcuni, le visioni di meraviglia del capitalismo di stampo cinese restano invariate. Sono certi che, dopo oltre tre decenni di crescita diretta dallo stato, i leader cinesi sappiano cosa fare per risollevare l’economia in flessione.

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