Bridgewater Associates did not become the world’s largest hedge fund by getting many big bets wrong. But the firm’s founder, Ray Dalio, is mistaken in arguing that now is the time to buy into China. Far from it. For two sets of reasons — one external, one made at home — Beijing is facing the sternest test yet of its economic development model.
橋水公司(Bridgewater Associates)成爲世界上最大的對沖基金，靠的可不是進行許多錯誤的重大押注。但該公司的創辦人雷•達里奧(Ray Dalio)錯誤地認爲現在是投資中國的時候。現在遠不是時候。北京的經濟發展模式面臨著迄今最爲嚴峻的考驗，有兩個原因——一個是外部的，一個是內部的。
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