China’s economy defies analogies. Just as its growth over the past four decades was unprecedented, its current difficulties — and it certainly has a problem, if not quite a crisis — are unique. It is not Japan in 1990, Korea in 1997 or the US in 2008. China does not face a financial crisis or a balance sheet recession; indeed, with growth still roughly on course to reach 5 per cent this year, it does not face a recession at all. Nonetheless, the situation is serious. In the past, the Beijing authorities have shown great flexibility and ingenuity to keep growth on track. Now they must do so again.
中國經濟簡直無可比擬。正如過去四十年中國經濟的成長是前所未有的，它目前面臨的困難——即使算不上危機，也肯定存在問題——也是獨一無二的。它不是1990年的日本，不是1997年的南韓，也不是2008年的美國。中國沒有面臨金融危機或者資產負債表衰退；事實上，由於今年的經濟成長仍將達到5%左右，中國根本不會面臨衰退。儘管如此，形勢依然嚴峻。過去，爲了保持經濟成長，中國當局表現出了極大的靈活性和獨創性。現在，他們必須再次這樣做。