本篇新闻来自 Economist Expresso

China's deflationary

中国的通货紧缩

In recent years, policy makers in most of the world's big economies have faced a

Stagflationary dilemma dɪˈlemə. They have wrestled both with high inflation, which demands steep interest rates, and fears of a recession, which would normally call for monetary easing。

近年来，世界上大多数大型经济体的政策制定者都面临着滞胀困境。 他们既要应对高通胀（高通胀需要高利率），又要应对经济衰退（通常需要宽松的货币政策）。

The exception is China. It is struggling with both slowing growth and dangerously low inflation. Exports, a once vital contributor kənˈtrɪbjətər to growth, shrank by over 14% year-on-year in July. And figures released on Wednesday are likely to show that consumer-price inflation turned negative last month。

中国是个例外。 它正在与增长放缓和危险的低通胀作斗争。 曾经对经济增长至关重要的出口7月份同比萎缩了14%以上。 周三公布的数据可能显示上个月消费者价格通胀转为负值。

In response, China's central bank has cut interest rates by only o.1 percentage points. Its timidity tɪˈmɪdəti is puzzling. China's deflationary predicament n.窘况，困境；状态 should not pose a policy dilemma.

作为回应，中国央行仅降息0.1个百分点。 它的胆怯令人费解。 中国的通货紧缩困境不应造成政策困境。

The textbook response to weak growth and inflation is monetary easing. That is what some scolds call the “easy way out”。 But he economist James Galbraith once said, “I definitely favour the easy way out when it is available.”

对增长疲弱和通胀的教科书式反应是货币宽松。 这就是一些人斥责的“简单出路”。但正如经济学家詹姆斯·加尔布雷斯曾经说过的那样，“如果有简单的出路，我绝对赞成这种方法。