China’s leaders should aim to accelerate and build upon these trends, rather than pursuing additional fiscal and monetary stimulus. Public investment is high enough; expanding it now would shift the composition of aggregate demand in the wrong direction.
中国领导人应该把目标放在加快和构建这些趋势上，而不是采取更多的财政和货币刺激。公共投资已足够高；现在继续扩大将把总需求组成引向错误的方向。而在公司部门杠杆率已经过高的情况下，大面积扩张信用也不安全。