Weak growth in China’s major export markets (particularly in Europe, North America, and Japan), together with rapidly rising domestic wages and incomes, is driving the tradable part of the economy toward higher-value components in global supply chains. Meanwhile, inflation, rising wages, and the renminbi’s nominal appreciation have driven up the real effective exchange rate, though this trend has been tempered, to some extent, by the euro’s persistently high value.
好消息是数据（虽然不完整）显示中国的经济转型进程正在推进。由于中国的主要出口市场（尤其是欧洲，北美和日本）增长疲软，加上国内工资和收入迅速上升，因此驱动该国经济的可贸易部分向全球供应链的更高价值部分迁移。与此同时，虽然实际有效汇率的上升趋势在某种程度上被欧元汇率的持续高位所抵消，但通胀，工资上升以及人民币的名义升值依然推高了该汇率。而企业如何应对这一转变——虽然已经导致了中国的经济减速——将决定转型的进程。