Mr. Li has a reputation as being more bearish during financial crises than other Chinese government economists. He has also used periods of financial stress in China to oppose economic reformers who seek the opening up of the country’s financial system to greater competition and more international flows of money, Mr. Hong said.

与中国政府其他的经济学家相比，李扬以在金融危机期间对市场持更为悲观的态度而著称。洪灏说，他还曾利用中国的金融紧张时期，反对那些谋求开放国家金融体系、加大竞争、加大资金国际流动的经济改革者。

The document leaked this week said that the way to prevent a financial panic was to create a separate stabilization fund to prop up the currency, rather than selling dollars and shrinking the money supply. Such a move could help insulate China’s economy, because reducing the money supply makes it harder for families and businesses to borrow for purchases and investments, from buying an apartment to building a factory.

本周泄露的这份报告称，防止金融恐慌的方式是创建一个独立的稳定基金来支撑人民币，而不是出售美元和减少货币供应。此举可能有助于中国经济免受冲击，因为减少货币供应量会使得家庭和企业难以贷款购买和投资，从买房到建厂莫不如此。

By contrast, many economic reformers say that China would benefit from more openness. The closed Chinese financial system tends to steer money to state-owned enterprises instead of smaller and more entrepreneurial private sector businesses.

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