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回味一下《华盛顿邮报》10月16日的文章（节录），不要问谁是社会主义，谁是资本主义
We are all Chinese now. That is, we have a nominally capitalist economy, but we don't trust the freewheeling private market when it comes to the crunch. So we turn to the government for protection and stability.
我们现在都是中国人了。换言之，我们名义上实行的是资本主义经济，但当危机来临时，我们却不信任自由的私营市场，因此我们转而向政府寻求保护来稳定市场。
The new interventionism isn't so much socialist as it is Confucian -- a belief that a public-private partnership of the wise ones will get us out of the mess. And if it's any consolation, the Chinese are becoming more like us, even as we are becoming more like them.
新干涉主义并非社会主义而更像儒家思想，明智的公有私有之伙伴关系将会收拾我们的烂摊子。如果说有什么安慰的话，那就是中国正变得越来越像我们，我们正变得越来越像他们。
A Chinese preview of this week's government-funded recapitalization of the banks came in the Hong Kong stock market crash of August 1998. To counter a typhoon of speculation that had battered the local market, Chinese authorities intervened to buy up sagging stocks with public money. The government spent $15.1 billion to acquire about 7.3 percent of the companies in the blue-chip Hang Seng Index.
早在1998年香港股市遭遇危机的时候，中国就实施过像本周美国政府救助银行一样的举措。为了对付重创当地市场的大规模投机行为，中国政府动用公共资金买进了下跌的股票，花费了151亿，持有了大约百分之7.3的恒生指数蓝筹股公司的股票。
Free-market partisans in the West were shocked by the Chinese intervention and decried it as a dangerous precedent. But it helped stabilize the Hong Kong market. Now, that earlier bailout seems modest indeed -- compared with the quasi-nationalization of the world's leading banks we're seeing this week.
当时，西方自由市场的参与者对中国政府的干预行为感到震惊，称这是一个“危险的先例”。但这的确帮助维护了香港市场的稳定。现在看来，这一救援行动实在算不上什么--尤其是与我们本周所看到的对世界几大银行的准国有化措施相比。
The Chinese have stayed edgy about markets, even as their version of capitalism has created unprecedented growth and prosperity. They preferred to run very large trade surpluses, a kind of forced public saving, rather than spend their new wealth. And they resisted pressure to revalue their currency upward, as market forces would have dictated, because they feared the consequences.
在中国长期保持增长的市场，作为其独特版本的资本主义已经创造了前所未有的增长和繁荣。他们擅长经营巨大的贸易盈余以及拥有庞大的公共储蓄，而不是消耗他们的新财富。他们抗拒升值的压力和汇率完全由市场力量来决定，因为他们担心造成严重的后果。
A Chinese central banker explained to me in Beijing a few years ago that he believed Japan's "lost decade" of economic stagnation was a result of letting the Japanese yen appreciate too rapidly during the boom years, and that the Chinese wouldn't make the same mistake. The Chinese were also squeamish as they watched the Russians during their wild "oligarch capitalism" phase in the 1990s. The Russian model was too raucous, too rapacious.
几年前，在北京，中国央行官员向我解释，他认为日本“失去的十年”经济停滞的原因，是在经济繁荣的年代让日元升值过快，而中国将不会犯同样的错误。中国显然比较谨慎，因为他们看到了俄罗斯在20世纪90年代滋生“寡头资本主义”的阶段，俄罗斯模式太吵杂了，太贪婪了。
我们现在都是中国人了。换言之，我们名义上实行的是资本主义经济，但当危机来临时，我们却不信任自由的私营市场，因此我们转而向政府寻求保护来稳定市场。
The new interventionism isn't so much socialist as it is Confucian -- a belief that a public-private partnership of the wise ones will get us out of the mess. And if it's any consolation, the Chinese are becoming more like us, even as we are becoming more like them.
新干涉主义并非社会主义而更像儒家思想，明智的公有私有之伙伴关系将会收拾我们的烂摊子。如果说有什么安慰的话，那就是中国正变得越来越像我们，我们正变得越来越像他们。
A Chinese preview of this week's government-funded recapitalization of the banks came in the Hong Kong stock market crash of August 1998. To counter a typhoon of speculation that had battered the local market, Chinese authorities intervened to buy up sagging stocks with public money. The government spent $15.1 billion to acquire about 7.3 percent of the companies in the blue-chip Hang Seng Index.
早在1998年香港股市遭遇危机的时候，中国就实施过像本周美国政府救助银行一样的举措。为了对付重创当地市场的大规模投机行为，中国政府动用公共资金买进了下跌的股票，花费了151亿，持有了大约百分之7.3的恒生指数蓝筹股公司的股票。
Free-market partisans in the West were shocked by the Chinese intervention and decried it as a dangerous precedent. But it helped stabilize the Hong Kong market. Now, that earlier bailout seems modest indeed -- compared with the quasi-nationalization of the world's leading banks we're seeing this week.
当时，西方自由市场的参与者对中国政府的干预行为感到震惊，称这是一个“危险的先例”。但这的确帮助维护了香港市场的稳定。现在看来，这一救援行动实在算不上什么--尤其是与我们本周所看到的对世界几大银行的准国有化措施相比。
The Chinese have stayed edgy about markets, even as their version of capitalism has created unprecedented growth and prosperity. They preferred to run very large trade surpluses, a kind of forced public saving, rather than spend their new wealth. And they resisted pressure to revalue their currency upward, as market forces would have dictated, because they feared the consequences.
在中国长期保持增长的市场，作为其独特版本的资本主义已经创造了前所未有的增长和繁荣。他们擅长经营巨大的贸易盈余以及拥有庞大的公共储蓄，而不是消耗他们的新财富。他们抗拒升值的压力和汇率完全由市场力量来决定，因为他们担心造成严重的后果。
A Chinese central banker explained to me in Beijing a few years ago that he believed Japan's "lost decade" of economic stagnation was a result of letting the Japanese yen appreciate too rapidly during the boom years, and that the Chinese wouldn't make the same mistake. The Chinese were also squeamish as they watched the Russians during their wild "oligarch capitalism" phase in the 1990s. The Russian model was too raucous, too rapacious.
几年前，在北京，中国央行官员向我解释，他认为日本“失去的十年”经济停滞的原因，是在经济繁荣的年代让日元升值过快，而中国将不会犯同样的错误。中国显然比较谨慎，因为他们看到了俄罗斯在20世纪90年代滋生“寡头资本主义”的阶段，俄罗斯模式太吵杂了，太贪婪了。