Given that America benefits mightily from China’s purchases of US government securities, it is difficult to understand why the US government and Congress have been complaining so much about the bilateral current-account deficit. It is also difficult to grasp why China is so reluctant to reduce its bilateral surplus, given meager returns on its massive holdings of US government securities and a sustained risk of large capital losses in the future.
考虑到美国在中国购买美国国债方面获取的重大利益，我们很难理解美国政府和国会为何总是对中美双边经常账户赤字大肆抱怨。而于此同时，我们也难以解释中国为何不愿减少其双边贸易盈余，因为大规模持有美国政府债券回报极低，而且还存在着巨额资本流失风险。