In the end, it was the reform that wasn’t. Last weekend, China’s central bank abolished the lower limit on interest rates that banks can charge borrowers. It was meant to be a step along the road from centrally commanded to market-driven rates. But the step is so small – and so irrelevant to what is going on in the market – that it is expected to have no impact whatsoever. The very best that can be said about the reform is that it kept the idea of reform alive.
最終，中國實施了算不上改革的改革。上週，中國央行取消了銀行貸款利率下限。這是在利率從中央管制過渡到市場驅動的道路上邁出的一步。但這一步邁得如此之小——如此落後於市場現狀，可以預期幾乎不會產生任何影響。如果要稱讚這項改革，我們最多可以說，它維持了改革觀念的生命。
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