If successful – and, so far, China has almost always surpassed even its own high expectations – these adjustments may impose enormous strains on a global economic system that is already unbalanced by America’s huge fiscal and trade imbalances. If China saves less – and if, as officials have announced, it pursues a more diversified policy of investing its reserves – who will finance America’s more than $2 billion a day trade deficit?
如果目标成功实现－迄今为止，中国几乎总能超额完成自己设定的最高目标－这些调整就会给全球经济体系带来巨大的压力，而后者已经由于美国巨额的财政和贸易赤字而严重失衡。如果中国存款减少－如果真像官员们所说的那样执行多样化的储备投资政策－那么谁还有能力为美国每天超过20亿美元的贸易赤字买单？这个问题目前似乎不是迫在眉睫，但我们距离那天已经不会太远。