China’s announcement on Tuesday that inflation in May hit a three-year high of 5.5 per cent and industrial expansion exceeded expectations will buttress those who see an inevitable economic crash coming. But even those who think a soft landing is possible seem to agree that China’s economic growth is unbalanced, with these imbalances widely blamed for trade surpluses with the west. This view, however, is much exaggerated.
中國上周二宣布，5月份通脹率為5.5%，為3年來高點，工業增長也超出預期。這將為那些認為中國經濟必然崩盤的人提供口實。但即使是那些認為有可能實現軟著陸的人似乎也認同：中國的經濟增長失衡——人們普遍將中國對西方的貿易順差歸咎于這種失衡。然而，這種觀點有些過于夸大其辭。
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