美国经济长期放缓、投资“精神”丧失以及公共债务大幅增加对中国的影响

IMPACTS ON CHINA OF AMERICA’S LONG SLOWDOWN,A LOSS OF ITS‘SPIRIT’TO INVEST AND THE HUGE RISE OF ITS PUBLIC DEBT

贸易优势和贸易收益都是显而易见的。中国在实现了沃尔特•罗斯托(Walt Rostow)所称的“从起飞进入持续增长”后,相对于与其进行贸易的国家,中国经济体量迅速变大。有一些力量通过贸易以外的渠道进行运作,这对中国产生了重要影响。在本文中,将探讨三种这样的力量:第一,生产率增长(即全要素生产率的增长)的严重损失以及由此导致的投资收益率下降;第二,投资“精神”的整体衰退;第三,美国公共债务规模的大幅增加。

The trade advantage and trade benefit are obvious.After China achieved what Walt Rostow dubbed“take-off into sustained growth”its economy soon became large relative to the countries with which it traded as measured by gross national product.In this paper,I will take up three such forces in America:First:the severe loss of productivity growth(i.e.,the growth rate of TFP)and resulting fall in the rate of return to investment.Second:the broad decline of the“spirit”to invest.Last:the huge increases in the size of the U.S.public debt.