BEIJING – The US Federal Reserve’s decision to exit from so-called “quantitative easing” – its massive monthly purchases of long-term assets – is stoking fears of a hard economic landing in China. But China’s strong economic fundamentals mean that policymakers have the space to avoid such an outcome – as long as they bring the country’s shadow banking system under control.
北京—美联储退出所谓”量化宽松”（大规模月度长期资产购买）的决定正在引起关于中国经济硬着陆的恐慌。但中国强大的经济基本面意味着决策者有空间避免这一结果——只要他们能将中国的影子银行系统控制住。