MANILA – To hear some pundits tell it, China’s economic miracle – one that lifted 300 million people out of poverty and shifted the world’s geopolitical center of gravity – is coming to a tumultuous end. The volatile stock market and the renminbi’s “surprise” depreciation are signs of imminent economic collapse, according to this view, as risky investments and high levels of government debt put the brakes on decades of turbo-charged output growth.
马尼拉—一些专家说，中国的经济奇迹——让3亿人摆脱贫困并改变了世界地缘政治重心——正在走向混乱的终局。根据这一观点，剧烈动荡的股市和人民币“意外”贬值便是经济崩溃即将到来的信号，高风险投资和高水平政府债务给几十年来的“涡轮增压式”产出增长踩了刹车。