China’s lack of automatic stabilizers places the tension between reform objectives and growth imperatives in sharp relief. The only way for the government to shore up growth in the short run is to pursue more debt-driven stimulus, as it did earlier this year.
中国缺少自动稳定器，这导致改革目标与增长任务之间的鲜明对立。对政府来说，短期提振增长的唯一办法是实施更多的债务驱动型刺激，如同今年早些时候做的那样。但这也会导致中国债务负担继续增长，不良债务会日益挤出优质信用。