It would be easy to dismiss China’s first downgrade by an international rating agency since 1999 as unjustified pessimism. At less than 20 per cent of national income, China’s official debt stock is tiny. Growth, albeit slowing, remains healthy. In any case, Beijing is not short of options to repay its debt, whether via its central bank’s printing press or by increasing taxes that are still low.
對於中國的信用評級自1999年以來首次遭到調降，人們很容易覺得不以爲然，認爲國際評級機構表現出沒有道理的悲觀。按照官方數據，中國的債務存量尚不到國民收入的20%，是很低的。經濟成長雖然在放緩，但仍是健康的。無論如何，北京方面在償還債務方面選擇不少，無論是通過央行的印鈔機，還是提高仍然較低的稅率。
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