If excessively high real interest rates are undermining the domestic demand that China needs to reverse the economic slowdown, one naturally wonders why the government does not take steps to lower them. The apparent answer is the government’s overriding commitment to shifting the economy away from investment- and export-led growth.
如果过高利率破坏了中国扭转经济放缓势头所需要的内需，那么一个自然而然的疑问是为何政府不采取措施降低利率。显而易见的答案是，实现经济从投资和出口拉动型增长的转型才是政府压倒一切的重点。