The cyclical challenges, in particular, are proving to be more vexing than anticipated. Though exports have declined considerably from their pre-crisis peak of 35% of GDP, they continue to account for about 24%, leaving China exposed to the global growth cycle – especially to markets in the developed world, where demand is exceptionally weak.
特别是，周期性挑战要比预想的更加严重。尽管出口占GDP之比已经从危机前峰值35%大幅下降，但仍高达24%，这意味着中国需受全球增长周期的影响——特别是需求尤其疲软的发达国家市场。