Unfortunately, given high inflation, structural adjustment has been postponed, with efforts to control credit expansion becoming the government’s first priority. This enforced investment slowdown is itself increasing China’s net savings, i.e., the current-account surplus, while constraining the expansion of domestic consumption.
为了进行结构调整，中国必须增加国内消费在GDP中的呃比重。这一点已经写入了中国政府的十二五规划。不幸的是，由于通胀高企，结构调整已经中止，控制信贷扩张成了中国政府的第一要务。投资收缩强化本身就能增加中国的净储蓄，即经常项目盈余，同时约束国内消费。