They are not a fundamental feature of the economy, and they need not characterize China’s new normal. With the right strategy, the authorities can eliminate these distortions and allow the economy to reach its medium-to-high-speed growth potential over the next decade.
如今，债务所导致的中国经济的扭曲可谓名副其实——扭曲。它们不是经济的根本特征，也不是中国新常态的必然特征。当局可以用正确的战略消除这些扭曲，让经济在未来十年中达到中高速的增长潜力。