For the past four years, a smart Shanghai hotel has hosted a summer get-together of Chinese regulators and policymakers. This year, as before, discussions focused on ways to build a better “ecosystem”. Yet judging by published speeches, participants once again tiptoed around the elephant in the room: the People’s Bank of China and its systemic financial repression.
過去4年來，中國監管者和政策制定者每年夏季都在上海一家高級酒店開會。與往年一樣，今年討論的焦點也集中在如何構建一個更佳「生態系統」。但從發表的講話看，與會者又一次小心翼翼地與「房間裏的大象」——中國央行及其系統性的金融抑制——打交道。
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