At the time, I thought that the greatest policy concern would be the burgeoning current-account surplus of over 10% of GDP, which would create friction with China’s trading partners. But the country’s leaders were far more concerned about the social consequences of the stock-market correction that soon followed.
当时，我认为最大的政策关注点应该是规模超过GDP10%且不断增长的经常账户盈余，这将使得中国与贸易伙伴产生摩擦。但该国领导人更关心的是股市回调后的迅速产生社会后果。虽然社会动荡并没有出现，但即使经济持续快速增长，股票价格依然长期停滞不前。