China’s main export markets are slowing. The country’s manufacturers have seen their order books starting to shrink. Things have not seemed this dire since late 2008. Don’t fear, say the ebullient crowd of China-watchers. Beijing is prepared for the worst. After all, its last stimulus programme – launched almost exactly three years ago – helped pull the global economy out of recession. The legacy of China’s recent credit boom, however, will make it difficult for Beijing to repeat its past success.
目前，中國各主要出口市場的經濟正在放緩。中國制造商接到的訂單已開始減少。自2008年末以來，形勢似乎從未如此糟糕。一群熱情洋溢的中國問題觀察家表示，用不著擔心。中國政府已做好了應對最壞局面的準備。畢竟，中國近三年前推出的刺激計劃，幫助全球經濟走出了衰退。然而，中國近年來的信貸熱潮所造成的遺留問題，將讓它難以復制過去的成功。
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