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This time it may be different, because there has been a shift in power from the regional to the central authorities, and the local officials of the banks are no longer under the control of the local provincial authorities — but success cannot be taken for granted. Moreover, China may be dragged by a global slowdown. But if Cbhina flounders, the global economy loses its motor. Therefore the relative success of China is more assured than its absolute success.
这一次，也许有所不同，因为权力从地方转移到了中央，地方银行的官员不再受省级机关管辖。尽管如此，成功也不能被视作理所当 然。此外，中国的经济发展可能会受困于全球经济衰退。但如果中国出了问题，全球经济就会失去了动力。因此，中国会获得相对成功而不是绝对的成功。
We are at a moment in history which, in some ways, is comparable to the end of the Second World War. Then the prevailing system had actually collapsed and a new one had to be built from scratch. At Bretton Woods, the victorious powers proved equal to the task. Inspired mainly by Lord Keynes, they built a system that could accommodate the entire world even if the United States was more equal than others. Now, the prevailing multilateral system — call it international capitalism — did not fully collapse but it has been greatly weakened, its inherent flaws have been revealed, and it is challenged by a viable alternative. The rise of China offers a fundamentally different form of economic organization than the current international financial system. It may be given the label of "state capitalism" as distinct from the international capitalism championed by the Washington Consensus.
从某些方面来说，我们现在所处的历史时刻堪比二战末期。那时，主宰体系实际已经崩溃，一个新的体系亟待建立。战胜国在布雷顿森林会议上证实了这一任务的公平性。在凯恩斯勋爵的启发下，他们建立了一个能容纳全世界的体系，尽管美国享有“更平等”的权利。当前，居于主导地位的被称作国际资本主义多边体系尽管还没有彻底瓦解，但已被大大削弱。它的内在缺陷已暴露，而且面临着被一个可行的体系替代的威胁。中国的崛起提供了一个与目前国际金融体系截然不同的经济组织形式。它可能会被贴上“国家资本主义”的标签，以区别于《华盛顿共识》所倡导的“国际资本主义”。
