But any further move toward interest-rate liberalization must account for all potential costs and benefits. Chinese policymakers should begin with a careful examination of the effects of current financial repression (the practice of keeping interest rates below the market equilibrium level).
但任何深化利率市场的举措都必须考虑到潜在的成本和收益。中国决策者理应从认真研究当前金融抑制（将利率保持在低于市场平衡水平的做法）所产生的效果开始。