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In the article he signed the latest issue of Fortune magazine under the title: Why should we thank it the Chinese? Stephen Roach, chief economist of Morgan Stanley said that China has blocked a large hole that Washington did in the U.S. economy.

The author says that the system of fixed exchange rate between the renminbi (Chinese currency) and the U.S. dollar has been a focus of debate. A rumor that the renminbi could rise by 5%, the chairman of the Federal Reserve, Greenspan has recently thought it was “quite justified expectations.” It is quite wrong. Roach explains that people took annoyance easily overlook the extraordinary benefits that China, a country’s current rapid development has made the world, especially the United States. In the record $ 540 billion dollars that they have registered in 2003 as trade deficits, China represented a certain percentage. However, this deficit is not the fault of Beijing, but that of Washington. Having lost control of the federal budget deficit, the United States have nearly exhausted their savings. To support this requires that economic growth in terms of investment, the gap in its domestic savings must be filled by the surplus of foreign savings. America does not d? Alternative but to continuously increase the deficit in balance of payments and trade to attract foreign capital.

Roach noted that China has played an important role in plugging the hole in the U.S. economy. Indeed, consumers are the biggest beneficiaries of US-Chinese trade. Last year, the United States imported Chinese goods quality and cheap for 150 billion dollars, which helped to control inflation in the country. Excluding petroleum, prices of imported items increased by only 1%. This is a very small increase for the dollar being weakened economy and fast growth. But low inflation is an outcome provides additional purchasing power for U.S. consumers lose their jobs and low incomes. That is why America must extend its thanks to China. The latter spent most of its profits from exports to reinvest in financial assets based primarily on the dollar. Until last November, China had 144 billion dollars of U.S. Treasuries, or 9.6% of total state funds in foreign currency and triple what it had in 1994. Among foreign holders of U.S. Treasuries, China is the second largest after Japan, far surpassing Britain, ranked third. The author notes that this is no insignificant thing. In normal circumstances, the massive government borrowing enhance the cost of financing. But the asset purchase by China of U.S. Treasuries can prevent this from happening. By keeping the exchange rate at low level, China will effectively in the United States more opportunities for economic growth.

Roach adds that America is not the only country to be grateful to China for its recovery. The influx of Chinese transnational companies has made this country a link in the global supply chain. Of the accumulated increases in Chinese exports during the past decade, 65% came from the subsidiaries and joint ventures in China these Japanese companies, U.S. and Europe, taking advantage of low cost production in countries in developing as China to replace the high transaction cost in their countries. Ultimately, consumers worldwide participate in the benefits resulting therefrom. At the same time, China has become the main source of growth for its neighbors and other Asian countries.

Roach believes that the theory of “China Threat” put forward in the era of economic globalization is completely unjustified. The world should thank China for its perseverance in the economic reform of state property. For China, this is the only path to sustained prosperity, but for others it is an opportunity to exploit this huge market.

—- People’s Daily Online —-

摩根士丹利的首席经济学家说，我们为什么要感谢它的中

在文章中，他签署的标题下：为什么要感谢它在中国的财富杂志最新一期？史蒂芬罗奇，摩根士丹利首席经济学家说，中国已阻止一个大洞，华盛顿美国经济一样。

作者表示，之间的人民币（中国货币的固定汇率制）和美元一直是争论的焦点。谣言，人民币可能上升5％，联邦储备委员会主席格林斯潘最近认为这是“非常合理的期望。”这是十分错误的。罗奇解释说，人很容易忽略了烦恼的特别好处，中国，一个国家的当前飞速发展，使世界特别是美国。记录中的$ 5400.0亿，他们在2003年的贸易赤字登记美元，中国占一定比例。然而，这个数额是不是北京的过错，而是华盛顿。在失去了控制联邦预算赤字，美国几乎用尽自己的积蓄。为了支持这一要求在投资方面，经济增长，在其国内储蓄的缺口必须由国外储蓄盈余填补。美国不发展？替代，而是在不断提高国际收支和贸易赤字来吸引外国资本。

罗奇指出，中国发挥了堵塞美国经济洞了重要作用。事实上，消费者是最大的受益者美中贸易。去年，美国进口150亿美元，这有助于控制该国的通货膨胀率中国商品的质量和便宜。不包括石油，价格仅增加1％进口的物品。这是一个非常小的增加，美元被削弱的经济快速增长。但是，低通货膨胀率的结果是为美国消费者提供额外的购买力，失业，收入低。这就是为什么美国必须扩大向中国表示感谢。后者花费了出口的大部分利润重新投资于金融资产，主要基于美元。直到去年11月，中国已在外汇一千四百四十万点零万的美国国库券总额的9.6％，美元的国家资金和三重它曾在1994年。在对美国国债的外国持有人，中国是仅次于日本的第二大，远远超过英国，位居第三。提交人指出，这并非无关紧要的事情。在正常情况下，大规模的政府举债提高融资成本。但是，受美国国债中国资产购买可以防止这种情况发生。通过保持低汇率水平，中国将有效地在美国经济增长更多的机会。

罗奇补充说，美国不是唯一的国家都应该感谢它恢复到中国。在华跨国公司的涌入使该国在全球供应链环节。在中国累计出口在过去十年增加，65％来自在中国的子公司和合资企业，这些日本公司，美国和欧洲，同时在发展的国家的低生产成本优势中国以取代本国的高昂的交易成本。最终，参与全球消费者带来的利益。同时，中国已经成为其邻国及其他亚洲国家的经济增长的主要来源。

罗奇认为，“中国威胁论”，因此在经济全球化时代前进是完全没有道理的。世界应该感谢其在国有资产坚持中国经济改革。对于中国，这是唯一途径的持续繁荣，但有些是有机会利用这个巨大的市场。

—-人民日报网络—-