For some, China represents a positive scenario of structural reforms returning the country to its position as the engine of world growth. Not only do we think this is unlikely, we actually believe China poses a systemic risk of historic proportions.
對于一些人而言,中國代表著一個結構性改革讓國家重返世界增長引擎地位的積極案例。我們不僅認為這是不太可能的,還認為中國構成一個規模罕見的系統性風險。
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