In that sense, although China, with its $3.5 trillion stock of foreign-exchange reserves, may seem to exemplify emerging economies’ tendency to be over-insured against external risks, it actually faces the same credit risks as its counterparts. The difference is that China has implemented structural – and thus longer-lasting – credit-based policies, while other emerging economies have been drawn into a cyclical lending binge.
在这个意义上，即使中国手里的3.5万亿美元外汇储备可能成为过度保障外部风险的典型范例，但它依然会遭遇别国那样的信贷风险。其区别在于中国推行了结构性——因此也会延续长时期——的以信贷为基础的政策，而其他新兴经济体则陷入了一场周期性的贷款狂热。