美国金融风暴的警示——实现国际收支平衡至关重要

Lessons from the US financial storm——Vital to realize balance of payments

近几年,我国国际收支不平衡的情况日益恶化,国际收支顺差的规模也不断扩大,主要体现在外汇储备的快速增长上;而由于我国的外汇储备投资的资产主要集中在美国国债及其他美元债券上,美国金融危机的爆发使得我国的外汇储备资产价值受到了严峻的挑战,文章指出外汇储备大量投资美元资产不仅使得我们承担了来自美国政府、美元汇率的风险,还使得我们不得不为美国的金融危机买单,而且外需拉动型的经济增长模式也不具有可持续性。因此文章建议从扩大内需、降低贸易顺差、控制外商直接投资、治理热钱流入四个方面,多管齐下切实纠正我国国际收支失衡的现状。

In recent years, China＇s foreign-exchange reserves have grown rapidly, reflecting the deteriorating imbalance of payments and the growing size of international payments surplus in China. The country＇s reserve assets value is being severely challenged by the outbreak of the US financial crisis, since its FX reserves are substantially invested in US dollar assets. Thus, China has to not only suffer risks from the US government and the US dollar exchange rate, but also pay for the US financial crisis. Worse, the economic growth driven by external demand is not sustainable. Therefore, the author points out that China should take urgent measures, like expanding domestic demand, decreasing trade surplus, controlling FDI and regulating hot money inflow, to redress the country＇s status quo on the imbalance of payments.