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The Chinese economy is of course much smaller than the United States; with a smaller motor, the world economy is likely to move forward at a slower pace. But within these limits a tectonic shift is taking place between the United States and China with third parties reorienting themselves to the source of positive impulses. The shift may not be permanent or irreversible, but at the present moment, it constitutes the most predictable and significant trend in the global political economy and China is pulling its trading partners like Brazil and some African and Asian counties along with it. India is also doing well based on domestic growth.
中國的經濟總量顯然要比美國小得多；馬達變小了，世界經濟發展可能會放慢步伐。 但是，由于這些限制，美國與中國之間正在發生結構性的變化，別的國家也在重新調整自己的方向以找到發展的原動力。這個變化也許不會是永久的或不可逆轉的，但在目前，這是全球政治經濟可預測和顯著的趨勢。中國正在帶動像巴西這樣的貿易伙伴和一些非洲、亞洲的國家向前發展。印度立足于國內，經濟增長勢頭良好。
The success of Chinese economic policy cannot be taken for granted. The infrastructure investment in the Chinese hinterland may or may not generate self-sustaining economic growth. Under the Chinese system, the return on new investments is generally very low because investment decisions are dictated by political rather than commercial considerations. On the previous two occasions, the relaxation of bank credit produced a spate of bad loans.
我們也不能想當然地認為中國經濟政策必定會成功。在中國內地，政府對基礎設施的投資會不會使經濟保持自我持續的增長還是個未知數。在中國的體制下，因為投資決策是出于政治而非商業考慮，所以新投資的回報率通常很低。前兩次銀行信貸的寬松導致了大批不良貸款。
