The United States is likely to have a different problem with consumer-led growth in China. After all, higher private consumption implies an end to China’s surplus saving – and thus to the seemingly open-ended recycling of that surplus into dollar-based assets such as US Treasury bills.
很有可能中国的消费者主导增长模式对美国来说会成为一个问题。毕竟更高的私人消费意味着中国的储蓄盈余时代走向终结——从而也不能再无限循环利用这种盈余转化为美元资产，比如美国国库券。那么谁又能为美国的预算赤字提供资金——其条件又会是什么呢？