Years of artificially low interest rates have been key both to China’s rapid growth and to its notorious domestic imbalances. The role of financial repression – manipulating the financial system to divert money from savers to producers – in the Chinese growth model is widely recognised. But the improvement in the country’s interest rate structure is not.
多年來被人為壓低的利率水平既是促進中國經濟快速增長的關鍵因素，也是導致中國經濟嚴重失衡的主要原因。人們普遍認為，金融抑制——即通過操控金融系統、將來自儲戶的資金轉移到生產者手中——在中國經濟增長模式中扮演了重要角色。但沒有多少人意識到，改善中國利率結構對中國經濟也很重要。
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