Given this, China’s current deflation should motivate its policymakers to pursue monetary easing, reducing real interest rates to a much lower level, even zero. Such a move – for which China has plenty of room – would not only enable the reduction of existing debt burdens; perhaps more important, it would also allow for the rollover of debt as the economy accelerates.
基于此，中国当前的紧缩应该驱使决策者追求货币宽松，将真实利率下降到显著更低的水平甚至零水平。这一动作——中国有足够的空间这样做——不但能够降低现有债务负担；也许更重要的是，它还能让债务在经济加速时得以展期。