Why China Works
A look at bright spots in the recession begins with Beijing, where state control is looking smart.
经济衰退中的一线光明开始于国家宏观调控看起来明智的北京。
The construction site of the China Pavilion, host to the World Expo Shanghai 2010
By Rana Foroohar | NEWSWEEK Published Jan 10, 2009
From the magazine issue dated Jan 19, 2009
China is the only major economy that is likely to show significant growth this year, because it is the only one that routinely breaks every rule in the economic textbook. In fact, the main reason China is not slowing as fast as the other big five economies is its capacity for macro-control.
中国是今年唯一一个可能取得亮丽增长的主要经济体，因为它是世界上唯一一个惯常打破经济教科书每一个原则的国家。事实上，中国不像其他五大经济体那样发展缓慢的主要原因是，它的宏观调控能力。
Why does China's market economic system work? Now that the United States and Europe are moving toward macro-economic control—by nationalizing the banking and car industries, and imposing heavy new regulation on the financial industry—the question has a new urgency.
China looks like the one best positioned to navigate what may be the worst global downturn in seven decades.
为什么中国市场经济体系奏效？目前，欧美等国正通过银行及汽车业国有化及强制对金融业的管理，走向宏观调控，但问题更加紧迫。中国看上去是最能够驾驭这场可能是近七十年来最糟的全球经济滑坡的国家。
In a time of crisis, China's bureaucrats can pick from traditional market tools, like their Western counterparts, and from the arsenal of China’s market economic system. Early last year, as the housing market was overheating, they simply ordered bankers to cut back on housing loans: then as home sales began to fall, they offered market incentives, like lower taxes on home purchases. In recent weeks they launched economic rescue efforts similar to those in the west, including a huge ($600 billion) plan to ramp up government spending and big interest-rate cuts. But they've also issued orders that would be seen as improper \—for example, calling last week on state industries, including steel and construction, to \increase\their roles in the economy by buying up new assets at home and abroad.
在危机中，中国官员既能采用像西方同行那样的传统市场工具，也能吸取中国市场经济体系的积累经验。去年早期，由于房地产市场过热，中国官员仅命令银行削减房贷：然后随着房屋销售量下降，他们提供市场激励机制，比如更低的房屋购置税。最近几周，他们展开类似西方的经济救援行动，其中包括价值6000亿的大计划以增加政府开支和大幅削减利率。但同时，他们也发布在西方国家眼
里是不合理的干涉的命令—例如，上周中国官员召集包括钢铁和建筑在内的国有工业，通过并购国内外的新资产以积极发挥他们在经济中的作用。
Once seen as the bad habit of an immature economy, China's state meddling is now seen as a bulwark of stability. \the most capital-intensive sectors leaves me optimistic about China's prospects,\say to companies in these sectors, 'Continue to spend, don't defer your investment plans'.\own stock markets, China's economy looks likely to grow more than 7 percent in 2009—down from the double-digit pace of recent years, but stronger than most. Corporate loan rates are actually up, as state banks loosen credit. In a nation where investment is \backbone of sustainable growth,\, the state is once again ramping up investment to fight serious threats to growth, says Morgan Stanley Asia chief Stephen Roach. \Chinese command-and-control system can actually work more effectively than other market based systems in times of economic stress,\he says.
曾被视为不成熟经济的弊病的中国宏观调控，现在却被看做是稳定的保障。里昂证券（CLSA）经济学家安迪·罗斯曼（Andy Rothman）说，”政府对大多数资本密集型产业的控制，让我看好中国的未来。政府会对这些领域的公司说，继续花吧，不要由于你们的投资计划而延迟“。尽管最大的出口及自身股票市场