Paul Lachine

中国的繁荣终点

米兰—自2010年以来,中国的增长大幅放缓,并可能进一步放缓——如此前景让中国国内外投资者和市场大为紧张。全球经济的诸多传统引擎(如美国)早已开启了低速模式,在这样的情况下,中国的表现正变得越来越重要。

但如今,中国出口和制造业相关指数的增长率有所下落,主要是拜外部需求(特别是欧洲需求)萎靡所致。而中国当局目前正在削减中国增长的另一主要推进器——公共部门投资的规模,因为低回报项目所形成的总需求很快就会变得不可持续。

政府动用了包括金融部门信用纪律在内的大量工具抑制投资需求。从根本上说,政府对公共部门投资融资的担保正在收回——理应如此。

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