Wage suppression, financial repression, and an undervalued exchange rate subsidize exports and production, at the expense of households, which are thus compelled to save, weakening domestic demand. In order to achieve growth targets, the government thus must depend on exports and investment – an approach that leads to the accumulation of massive reserves, which subsequently need to be sterilized.
中国的扭曲性政策就这样长期维持着一个功能不健全的增长模式。工资抑制、金融抑制和汇率低估补贴了出口和生产，而承担代价的是被迫存款的家庭，这削弱了内需。为了实现增长目标，政府不得不依靠出口和投资——从而积累起巨额储备，而储备必须予以冲销。低利率有助于遏制国家层面的冲销成本、降低了企业成本——而承受代价的又是家庭。