Lacking in saving and wanting to grow, the US relied increasingly on China’s vast reservoir of surplus saving to make ends meet. Anchoring its currency to the dollar, the Chinese built up a huge stake in US Treasuries, which helped America fund record budget deficits.
多年来，这一安排演化为更深层次的关系。美国想要增长，但缺少储蓄，因此日益依赖中国巨大的剩余储蓄实现收支相抵。中国则将货币盯住美元，囤积了巨量美国国债，这让美国得以为其创纪录的预算赤字融资。