For example, the confluence of deleveraging and the bursting of the equity bubble could create a self-reinforcing downward spiral in the old manufacturing economy that shakes consumer confidence and offsets the emerging dynamism of the new services economy. Similarly, military adventures in the South China Sea could damage China’s links to the rest of the world long before it is able to count on domestic demand for economic growth.
这些多重目标之间的互动也许会造成令人望而生却的结果。比如，去杠杆化和戳破股市泡沫的组合效应可能在旧制造经济中形成自我强化的向下螺旋，动摇消费者信心，冲销新服务经济的新兴活力。类似地，在南海的军事冒险可能威胁到中国与世界其他国家的关系，而眼下中国还远没有能够依靠内需实现经济增长。