Here is the dilemma: Governments with substantial assets have flexibility and the capacity to act, but they can also mismanage their assets to the detriment of markets and economic dynamism. In China, where the asset side of the balance sheet is large, the strategy of shrinking it via privatization has been largely rejected, at least for now.
而困境就在于：拥有大量资产的政府拥有灵活性和行动力，但它们同时也会因资产处置失当对市场和经济活力造成破坏。中国资产负债表上的资产一面非常巨大，通过私有化来对其进行收缩的策略已经被摈弃了，至少目前来说是如此。而失去经济复原能力的代价可能会极为巨大。