But policymakers must recognize the damage being done by excessively high real interest rates. Monetary loosening is vital to prevent growth from slowing further, and thus to ensure economic stability at home and maintain the momentum of recovery worldwide.
当然，中国需要继续进行债务减记和互换，并且必须保持渐进的结构改革。但决策者必须认识到过高真实利率正在造成什么风险。货币宽松是阻止增长进一步放缓的关键，因此也是确保国内经济稳定、保持全球复苏动能的关键。