金融时报：中国不再为世界经济遮风挡雨_时事

金融时报：中国不再为世界经济遮风挡雨

Since the onset of the global financial crisis in 2008, one country more than any other has provided the “heavy lifting” to support global economic growth. That country is China, the world’s second-biggest economy. The most compelling piece of evidence comes from China’s balance of payments position. In 2007, China posted a current account surplus the equivalent of 10.1 per cent of gross domestic product. Last year, the surplus was down to a mere 2.1 per cent of GDP.

自2008年全球金融危机爆发以来，在拉动全球经济增长方面，有一个国家“挑起的重担”超过了其他任何一个国家。这个国家就是世界上第二大经济体——中国。最具说服力的证据，来自中国的国际收支状况。2007年，中国的经常账户盈余相当于国内生产总值(GDP)的10.1%。去年，这个比例下降到只有2.1%。

This adjustment — enormous in the history of such things — occurred for two key reasons.

从历史上来看，这样的变化是非常大的。出现这一变化有两个主要原因：

• First, in the light of faltering export growth, Beijing shifted towards a “domestic demand first” policy, thanks to massive stimulus of infrastructure investment. Total investment spending rose from 41 per cent of GDP in 2007 to 47 per cent in 2013. Domestic investment thus rose relative to domestic savings, thereby reducing net capital account outflows.