But there is much unfinished business, for economic freedom remains substantially repressed across Asia. Three areas in particular are ripe for an economic-freedom rethink.
尽管如此,未完成的事业还有不少,因为整个亚洲的经济自由仍然遭到严重压制。如今对三个领域进行有关经济自由的反思的时机已经成熟。
One area is the financial market. In most of Asia, command-economy controls still restrict access to capital for all but the politically well-connected and do a bad job of turning savings into productive investments. The clearest example is China. The government's financial repression─suppressing interest rates for deposits to enable cheaper lending to borrowers─is at the core of unbalanced growth. Households lose any meaningful return on their savings, damping consumption. Cheap credit goes to inefficient state-owned firms, stoking malinvestment.
第一个领域是金融市常在亚洲大部分地区,计划经济控制依然限制所有人获得资本,但与政界关系良好的方面除外,因此它们在将储蓄转化为生产性投资方面做得很糟糕。其中,最显著的例子便是中国。中国政府的金融压制──压低储蓄利率以使借款人获得低息贷款──是经济发展不均衡的核心问题。家庭储蓄获不到任何有意义的回报,从而抑制了消费。低息贷款为效率低下的国有企业所获得,滋生了不良投资。
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