The rally since March in global equities has been underpinned by the massive policy response from governments around the world. How ironic, then, that the very policies promoting global growth – fiscal spending, tax breaks, bank bail-outs, etc – could ultimately be diluted by government initiatives supportive of protectionism.
今年3月份以來全球股市的反彈，一直得到全球各國政府大規模應對政策的支撐。因此，如果這些推動全球經濟增長的政策——財政支出、稅收減免、銀行紓困，等等——最終被支持保護主義的政府舉措所稀釋，那將具有何等的諷刺意味。
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