Beyond an awareness of the short-term risks of competitive devaluation lies the Chinese government’s serious commitment to its longer-term goal of shifting the country’s growth model from one based on investment and exports to one driven by domestic consumption. Indeed, China plans to shrink its trade surplus – which, to be sure, remains large – and offset the negative impact of that process by increasing domestic demand.
除了明白竞争性贬值的短期风险，中国政府还认真地致力于其长期目标——将增长模式从基于投资和出口转变为由国内消费驱动。事实上，中国计划减少其贸易盈余——当然，其规模仍然十分庞大——并通过增加内需抵消由此带来的消极影响。