自2010年爆发金融危机以来,金融自由化已经声名扫地,不过亚洲人不应向欧洲和美国的政策制定者那样错误地判断这一问题。深层次的问题不是监管太少,而是政府在市场干预得太多,比如实施超级宽松的货币政策、为被认为“大而不倒的银行发放大量补贴以及在美国鼓励民众过多抵押贷款。
Asia's trade- and foreign-investment policies also need a review. Earlier rounds of liberalization, both within Asia and globally, stimulated the region's manufacturers much more effectively than interventionist industrial policies. Yet the recent export slowdown shows that there are limits to relying on manufactured exports to the West for growth.
此外,亚洲的贸易政策和海外投资政策也需要进行审视。早前几轮自由化举措,不论是亚洲的还是全球范围的,对该地区制造业企业的刺激作用要比干预性的工业政策有效得多。不过,近期出口放缓表明依赖于对西方国家的制造业出口求发展存在局限。
Leaders now need to open two-way trade and foreign investment to develop more sophisticated manufacturing supply chains, and also new services supply chains and domestic consumption. Tariff barriers are still a problem, but more serious are pervasive non-tariff barriers. Most of these are embedded in complex domestic regulation on property rights, contracts, licensing arrangements, paying taxes, opening and closing businesses, labor laws and customs procedures which stifle Asia's business climate.
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