Indeed, the only reason that America’s current-account deficit was lower in 2010 than in previous years is that investment in housing and other construction declined sharply. If Americans’ demand for housing picks up and businesses want to increase their investment, a clash between China’s lower saving rate and a continued high fiscal deficit in the US could drive up global interest rates significantly.
事实上，2010年美国经常账户赤字比前几年都低的唯一原因就是在住宅和其他建设项目方面的投资大幅下滑。如果美国人对住宅的需求重新上扬而企业又想增加投资的话，那么中国的低储蓄率和美国继续存在的高财政赤字之间将发生冲突，并导致全球利率大幅上升。