First, Chinese authorities appear less focused on systemic risks to the real economy. That makes sense, given that wealth effects are significantly smaller in China, where private consumption accounts for just 36% of GDP – only about half the share in more wealth-dependent economies like the US.
中国和西方的市场操纵之间还有几个重大差异。首先，中国当局似乎较少关注实体经济的系统性风险。这是明智的，因为在中国，私人消费只占GDP的36%，相当于美国等依赖财富的经济体的一半，因此，中国的财富效应要小得多。