With China’s trade-to-GDP ratio and exports-to-GDP ratio already exceeding 60% and 30%, respectively, the economy cannot continue to depend on external demand to sustain growth. Unfortunately, with a large export sector that employs scores of millions of workers, this dependence has become structural, which implies that to reduce China’s trade dependency and trade surplus is much more than a matter of adjusting macroeconomic policy.
在中国贸易和出口占GDP比重已经超过60%和30%的情况下，已经无法继续依靠外部需求来实现经济发展的目的。 不幸的是，由于出口部门为数千万工人提供了就业岗位，导致这种依赖已经转变为一种结构性问题，而这意味着，降低中国的贸易依存度和贸易顺差已经不单单是调整宏观经济政策所能解决的问题。