Now China has to figure out a way to sustain growth when demand in the rest of the world is sluggish. A return to a substantially undervalued exchange rate would almost certainly provoke an international response, including from the US Congress.
如今，中国必须在面临世界其他地区需求停滞的情况下寻找维持增长之道。回归汇率持续低估几乎肯定会激起强烈的国际反弹，包括美国国会。但猛然转向内需拉动的增长绝非易事。中国不会崩溃（它不是苏联），日本式的停滞也不太可能。但中国正在快速老龄化——有可能未富先老。