It would be easy to dismiss China’s first downgrade by an international rating agency since 1999 as unjustified pessimism. At less than 20 per cent of national income, China’s official debt stock is tiny. Growth, albeit slowing, remains healthy. In any case, Beijing is not short of options to repay its debt, whether via its central bank’s printing press or by increasing taxes that are still low.
對(duì)于中國(guó)的信用評(píng)級(jí)自1999年以來(lái)首次遭到調(diào)降,人們很容易覺(jué)得不以為然,認(rèn)為國(guó)際評(píng)級(jí)機(jī)構(gòu)表現(xiàn)出沒(méi)有道理的悲觀。按照官方數(shù)據(jù),中國(guó)的債務(wù)存量尚不到國(guó)民收入的20%,是很低的。經(jīng)濟(jì)增長(zhǎng)雖然在放緩,但仍是健康的。無(wú)論如何,北京方面在償還債務(wù)方面選擇不少,無(wú)論是通過(guò)央行的印鈔機(jī),還是提高仍然較低的稅率。