Dr Keynes's Chinese Patient

摘要

A sked what China will do to rescue the world from financial turmoil, its officials these days have a boilerplate answer: its "greatest contribution" will be to keep its own economy running smoothly. It is tempting to dismiss this trite formulation as a meaningless excuse for inaction. For two reasons, that would be a mistake. First it is broadly speaking true. Continued rapid growth in China can do much to mitigate the rich world's recession (see page 87). Second, the announcement this week of a massive fiscal-stimulus package suggests the government does intend to do what it can to keep its own economic engine purring.