Yet, in the aftermath of the global economic crisis, China insisted on maintaining extremely high growth rates of 9% for two years, by relying on fiscal stimulus, huge liquidity injections, and a temporary halt in the renminbi’s appreciation. Had the government signaled the “new normal” earlier, expectations would have been conditioned differently.
但是，全球经济危机后，中国仍保持了两年9%的超高增长率，这主要是依靠财政刺激、巨量流动性注入和人民币暂停升值实现的。如果政府早点暗示“新常态”，期望就会有所不同。一些部门的过度投资将得到遏制，不良贷款将有所减少，公司部门杠杆过高的情况将有所遏制，大宗商品也将避免定价错误。增长仍有可能下降，但风险要小得多。