SCMP, 15 June 2016,  Joe Zhang,

香港"南华早报"文章，
 2014－3－11,

很多人（特别是美国政府）说，中国的汇率政策是重商主义，目的是严重地低估人民币，以刺激出口。

这完全不顾事实。2000年前的几十年内，......

The U.S. Financial Secretary has harshly criticised China's industrial overcapacity. This is odd. Overcapacity is the very foundation of international trade. If each cou......

Don't panic about Chinese debt,

by Joe Zhang, Nikkei Asia Review, 17 May 2016,

http://asia.nikkei.com/Viewpoints/Viewpoints/Joe-Zhang-Don-t-panic-about-Chinese-debt?page=1

China is seen as a major risk for the global economy. The country has a very high credit-to-gross domestic product ratio by international and its own historical standards, and it has mounds of bad loans.

I published this on The Economist in Sept. 2013, and feel more strongly about it today.
Reasons to be bullish on Chinese banks,  Sep 13th 2013,  By JOE ZHANG,
Joe Zhang is Chairman of Guangzhou Wansui Micro Credit Company, and the author of "Inside China's Shadow Banking: The Next Subprime Crisis?".

http://www.economist.com/blogs/freeexchange/2013/09/chinas-economy

On a Monday morning three autumns ago, I was at my brother's home in Jingmen City in Hubei Province. There were some gentle knocks at the door. I opened it to see two ......

美国人为什么喜欢满口脏话的总统候选人特浪普？他说，美国外债太大，必须迫使外国人接受减债条款（豁免部分债务）。他骂墨西哥人是"强奸犯"，穆斯林人必须屏蔽，从中国的进口必须征高税。他还公开侮辱女性记者和希拉里。这样的人在选民中很受欢迎。

这本惊心动魄的英文纪实著作，最适合长途飞行的人们。书名，"Once Upon A Time in Russia", 《从前在俄国》出自著名记者 Ben Mezrich。

俄国有句俗话，官府有人好办事儿。商人的保护伞（kr......

最近，我读了两本关于当今世界经济困局的英文书。一本是安联集团（Allianz）的首席顾问 Mohamed A.El-Erian 的新书，The Only Game in Town，《央行是当今世界的唯一玩家》。这本书出自名人，但无新意。不过，我还是把它归纳给大家。

另外一本是很有意思的旧书。它是野村证券的辜朝明（Richard Koo） 2009年写的。The Holy Grail of
Macroeconomics。他讲1990年以来，日本的"资产负债表衰退"，并且把这个概念应用到美国的1929－31年的大萧条，以及今天的世界。

先谈辜的书。他说......