With significant elements of the global economy and external demand facing headwinds, China’s acceptance (so far) of a growth slowdown, while its new growth engines kick in, is a good sign, in my view. It suggests that policymakers are playing for longer-run sustainable growth and have become warier of policies that, if used persistently, amount to a defective, unsustainable growth model.
在我看来，全球经济的重要部分和外部需求都不利，中国（目前）接受增长减速同时等待新增长引擎运转起来是个好信号。这表明决策者意在长期可持续增长，对于长期使用会导致有缺陷的不可持续增长模式的政策更加小心翼翼了。