Productivity and profitability in manufacturing and heavy industries picked up, boosting China’s national savings dramatically. Indeed, the huge increase in China’s trade surplus in recent years is a consequence not of the renminbi’s exchange rate, as many believe, but of the domestic savings’ increase.
制造业和重工业生产能力和盈利能力的提升使中国的国家储蓄大幅增长。事实上，中国最近几年贸易顺差的大幅上升并不像许多人所认为的那样是人民币汇率所造成的，而是源于国内储蓄的增长。