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国际货币基金组织最新报告显示,中国长期保持的全球最大贸易顺差国地位已为德国所取代。这并非什么坏事,因为贸易顺差虽然在过去很长时期内,既是中国经济起飞的重要成果之一,也是中国经济起飞的重要驱动因素,但问题是,中国在此过程中迅速陷入到极不正常的“斯蒂格利茨怪圈”中。这种经济/金融现象大体可描述为:发达国家的广义高级生产要素以资本形式向低级生产要素拥有国家集中,导致后者大量出口从而产生巨额顺差,其后这些以较高成本积累起的过剩资本,又再次以购买美国国债或证券投资等低收益形式回流至发达国家。
The latest IMF report shows that China has long maintained the status of the world’s largest trade surplus country has been replaced by Germany. This is not a bad thing because the trade surplus, though one of the important results of China’s economic take-off and an important driver of China’s economic take-off, has for a long time gone by yet, but the problem is that China has quickly plunged into extremely unusual “Stiglitz” in the circle. This economic / financial phenomenon can generally be described as follows: the broadly-defined advanced factors of production in developed countries have national concentrations in the form of capital to lower-level factors of production, resulting in large exports of the latter resulting in huge surpluses; thereafter, these accumulated excessively at higher cost Capital once again flows back to developed countries in the form of low-yielding purchases of US Treasury bonds or securities.