China's RMB Jie Zhao/Getty Images

Воображаемый враг Трампа

ШАНХАЙ – В феврале Китай отмечал 20-ю годовщину смерти Дэн Сяопина, главного архитектора экономических реформ и политики внешней открытости, которые вывели страну на верхние ступеньки глобальной экономической лестницы. Но в этот юбилейный год принципы экономической открытости оказались под угрозой, поскольку США теперь возглавляет президент, убеждённый в том, что можно «сделать Америку снова великой», лишь закрыв её от остального мира.

В частности, администрация Дональда Трампа говорит об ужесточении подходов к Китаю. Трамп утверждает, что Китай «насилует» США своей торговой политикой, в том числе удерживая курс юаня на искусственно низком уровне. Какими бы не оказались конкретные шаги Трамп, кажется понятным, что в предстоящие годы экономическая политика США в отношении Китая ужесточится, что потенциально может даже привести к торговой войне. Однако более внимательный анализ китайской финансовой политики показывает, что Китай не является врагом Америки.

Буквально несколько месяцев назад Китай столкнулся с чрезвычайной задачей прекратить дальнейшую девальвацию юаня и охладить перегретый рынок недвижимости. Это не простая задача, и не в последнюю очередь потому, что попытки властей остановить падение юаня вели к быстрому исчерпанию китайских валютных резервов.

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