America depends on China’s trade surplus and savings to finance its outsize budget deficits, while China relies on its huge exports to the US to sustain its economic growth and finance its military modernization. By plowing more than two-thirds of its mammoth foreign-currency reserves into US dollar-denominated assets, China has gained significant political leverage.
在冷战后半阶段，美国和中国因互相方便而结成盟友，两国也因为这一通过相互依赖性联系在一起的伙伴关系而崛起。美国依靠中国的贸易盈余和储蓄为其巨大的预算赤字融资，而中国依赖其对美国的巨额出口维持经济增长和为军事现代化融资。中国的巨额外汇储备中有三分之二是美元计价资产，中国也因此获得了巨大的政治杠杆。