Since 2007, the US current-account deficit has narrowed, but not because of a higher savings rate. Rather, the external deficit has been squeezed by a collapse in investment activity, while America’s overall savings rate has fallen below 13% of GDP, owing to worsening government finances.
自2007年以来，美国经常项目赤字有所减少，但这并不是因为储蓄率提高了。外部赤字因投资活动的大幅冷却而被挤出，而由于政府财政状况恶化，美国的总体投资率已降至GDP的13%。与此同时，中国的储蓄率仍然非常高。其盈余之所以减少，是因为投资增加得更快，达到了GDP的49%左右。换句话说，如今美国比危机爆发前储蓄得更少，而中国投资得更多。