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

首先，鉴于出口增长疲弱，中国政府借助大规模刺激措施，即大量增加基础设施投资，转向了“内需第一”的政策。总投资支出占GDP的比例从2007年的41%，升至2013年的47%。因此，国内投资相对于国内储蓄出现了上升，从而减少了资本账户净流出。

• Second, despite softening exports, Beijing tolerated continuous currency appreciation. In effect, the rest of the world devalued against the renminbi. Put another way, the combination of an ever-strengthening renminbi and, by international standards, a relatively high inflation rate left China nursing significant competitiveness losses even as others made competitive gains.

其次，尽管出口不景气，中国政府容忍了人民币的持续升值。实际上，世界其他地区的货币相对人民币都出现了贬值。换句话说，不断升值的人民币，加上相对较高的通胀率(以国际标准衡量)，使中国竞争力出现大幅下滑，而其他国家的竞争力上升。

Take these two factors together and it is clear that, in recent years, China was the world’s “consumer of last resort”, a role more traditionally played by the US. As many other nations — particularly the US and much of Europe — embarked on a “great deleveraging”, Beijing provided the counterweight. As others saved, China borrowed — most obviously through a rapid expansion of so-called shadow banking.