But if the US-China trade and debt relationship merely picks up where it left off, what will prevent recurrence of the same unsustainable dynamic that we just witnessed? After all, huge US foreign borrowing was clearly a key factor in creating the recent financial mess, while China’s excessive reliance on export-driven growth has made it extraordinarily vulnerable to a sudden drop in global demand.
目前，暂时的经济稳定局面看起来似乎还不错。如果美中贸易和债务关系还是维持原来的模式，那我们怎么能阻止已经发生的动荡金融局面的再度重演？很显然，美国对外巨额负债是这场金融乱局的关键因素。在全球需求急剧下降的背景下，中国对外向型经济的过分依赖也使得局面更加动荡。