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Fifteen years after the collapse of the US investment bank Lehman Brothers triggered a devastating global financial crisis, the banking system is in trouble again. Central bankers and financial regulators each seem to bear some of the blame for the recent tumult, but there is significant disagreement over how much – and what, if anything, can be done to avoid a deeper crisis.
发自上海—在过去25年间，通信和运输技术的革新使得企业得以构建出许许多多货真价实的全球价值链。原材料加工企业与零部件制造商对接，后者又与组装和包装最终产品的企业联系在一起，随后再与延伸到世界各地消费者的销售渠道接轨。
在新冠疫情之前的20年中，跨境出口中间产品的年价值增加了三倍，总额达10万亿美元以上，形成了一个错综复杂的生产体系。但由于这些全球网络是通过最大限度提高效率以降低成本而发展起来的，因此它们也可能很脆弱，有时还会在压力下崩塌。
因此每一个投身世界生产网络的国家都必须了解自身所面临的风险，并在一些必需节点上构建更强大的抗冲击能力。而对于那些试图扩大出口导向型制造业的新兴经济体来说，这场全球大清算的影响可能是极其深远的。
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