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基本观点：许多中国观察人士都在谈论克强经济学，与安倍经济学一样，这个名词旨在描述李克强总理调控经济的方式。通常认为克强经济学有三大支柱：不推出经济刺激政策、结构性改革（短期阵痛、长期获益）和去杠杆。我们认为以上概括有误导性：(1) 我们认为不应该而实际上也不是改革“而不是”增长，而是改革“与”增长并重；(2) 局部刺激政策已经展开，但规模可能较小；(3) 对增长的担忧意味着目标并非“去杠杆”，而是调控当前杠杆上升速度
Despite the complicated external and domestic environment, the Chinese economy
remained largely stable within “a reasonable range” in 1H 2013, Premier Li said (note that
China recorded 7.6% y-o-y growth in 1H vs. its 7.5% annual growth target, see China: 2Q
GDP growth slowed to 7.5%, in line with expectations, 15 July). This is helpful in
stabilising market expectations. This “reasonable range” is defined between an upper limit
and a lower limit. By ‘lower limit’ Premier Li means steady growth with around 7.5%
GDP growth targeted for this year; by ‘upper limit’ he means stable price levels with CPI
around 3.5% for this year. This is the first clarification of the lower limit and upper limit
following his first talk on this earlier this month. (See China: Premier Li promises to put
a floor on growth slowdown, 11 July)
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