很多人质疑经济再平衡的成本是否会通过贷款损失由银行承担。如果制造业迅速重组,如果固有损失由那些企业的贷款方承担,不良贷款的规模可能会很大。
While it is not clear how this will play out, given the degree of state ownership in the banking system and the state’s available resources, we believe the country has the capacity to absorb the rebalancing costs.
尽管目前尚不清楚情况将如何演进,但是考虑到中国银行体系的国有程度以及政府的可用资源,我们相信中国有能力吸收再平衡成本。
Recent events have revived concerns about central control of the economy and policymakers’ willingness and ability to embrace a free market. China knows it has to loosen the reins and continue to open up its capital account.
最近的事态再次使人们担忧中国经济的中央管控和政策制定者迎接自由市场的意愿和能力。中国知道它必须放松管控,并继续开放资本账户。
In conversations with officials I detect a renewed sense of humility and a willingness to recognise past mistakes such as mis-steps over last year’s equity market bubble and poor communication around the devaluation of the renminbi. Policy communication has been clearer this year and officials accept there will be bumps on the road to a sustainable economic future, but they are committed to its success.
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