The Chinese economy may well need to be deleveraged. But, instead of blindly tightening the credit supply, policymakers must pursue deep financial-sector reform to liberalize the deposit rate, eliminate quantitative controls, and, most important, allow for the establishment of domestic private financial institutions.
中国经济或许急需去杠杆。但是，决策不能盲目地收紧信用供给，而必须深化金融部门改革，实现存款利率自由化，取消量化工具，最重要的是，必须允许成立国内私人金融机构。