全球经济在整个２０世纪９０年代都是处于由美国主导的一个过度失衡增长状态之中的。但目前这一方式却不能持续下去了。美国正在扩大的经常项目赤字说明了一切：美国最终到了一种不能仅靠国外借贷进行过度消费的境地。较缓慢的增长将是美国经济增长唯一的出路。世界其它国家则 The global economy was in an overbalanced growth dominated by the United States throughout the 1990s. However, this approach can not be sustained now. The current account deficit that the United States is expanding shows everything: the United States has finally reached a situation where it can not over-spend solely on foreign borrowing. Slower growth will be the only way out for U.S. economic growth. The rest of the world is