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美国和中国之间的依赖关系得以维持全球需求,尽管两个国家存在着巨大的不平衡,但出口需求仍然显得很有弹性。目前,新兴的出口市场正历经一场新的变革。中国出口不仅要助推着世界各国经济的变革进程,它对中国经济走向国际市场更是一个重要的衡量因素。今天,出口将决定中国经济表现的说法正成为一种强烈的声音。近年来,中国出口的弹性增长,其实与任何一次新兴市场牛市相关,它都是流动性和出口增长共同作用的结果。流动资金的流入(通常由发达国家的利率下降引起)降低了资本成本,从而促进再投资;而扩大的再投资又常常会带来出口繁荣。通常的规律表现在,出口繁荣带来的经济成功又驱使第一波流动资金背后的乐观预期显得合乎情理,与此相对应的,出口反过来又创造流动资金,并吸引更多的资本流入本土境内,这种通过出口带来的经济增长,正是中国经济活跃的重要因素。
Dependencies between the United States and China have maintained their global needs. Despite the huge imbalance between the two countries, the export demand remains resilient. At present, the emerging export market is undergoing a new revolution. China’s export should not only boost the process of economic reform in all countries in the world, but it is also an important measure for China’s economy toward the international market. Today, the argument that exports will determine China’s economic performance is becoming a strong voice. In recent years, the elastic growth of China’s exports has actually been associated with any emerging market bull market. It is the result of a combination of liquidity and export growth. The inflow of working capital (often caused by declining interest rates in developed countries) reduces the cost of capital and thus facilitates reinvestment, which often leads to export boom. The usual rule of thumb is that the economic success of export prosperity has driven the optimistic expectation behind the first wave of liquidity to make sense. In turn, exports, in turn, create liquidity and attract more capital into the country In China, the economic growth brought by exports is an important factor in China’s economic activity.