The potential vulnerability of Western exports and equity prices is massive. Of the two major instances of policy tightening occurring in the world today, the US Fed’s may be the easier one to understand, but it is not necessarily more consequential for the world than what is happening in China.
中国的增长率仍保持在相当高的水平，因此有很大的放缓空间。西方出口和股价的潜在脆弱性巨大。在当今世界正在进行的两大政策紧缩中，美联储的紧缩更容易理解，但其后果并不一定比中国正在进行的政策紧缩大。