China’s announcement on Tuesday that inflation in May hit a three-year high of 5.5 per cent and industrial expansion exceeded expectations will buttress those who see an inevitable economic crash coming. But even those who think a soft landing is possible seem to agree that China’s economic growth is unbalanced, with these imbalances widely blamed for trade surpluses with the west. This view, however, is much exaggerated.
中國上週二宣佈，5月份通膨率爲5.5%，爲3年來高點，工業成長也超出預期。這將爲那些認爲中國經濟必然崩盤的人提供口實。但即使是那些認爲有可能實現軟著陸的人似乎也認同：中國的經濟成長失衡——人們普遍將中國對西方的貿易順差歸咎於這種失衡。然而，這種觀點有些過於誇大其辭。
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