US consumers are no longer going to be the engine for Chinese export-led growth, but nor can Chinese savers continue to finance American borrowing.
美国消费者将不再是中国出口拉动型增长的引擎,而中国储蓄者也不再能够继续为美国的借贷提供资金。
Today more balance-sheets need repair, the prospects for export-led growth are dimmer, and the increases in public debt will be broader.
今天更多的资产负债表需要被修复,出口拉动型增长的前景更加暗淡,公债的增加将会更加广泛。
Without a substitute for American buying, any global revival will be feeble, because the U.S. needs export-led growth and other countries must somehow offset their lost sales to the United States.
没有美国购买力的替代品,全球复苏将会举步维艰,因为美国是出口带动型增长,而其他国家则不论如何都要在美国身上抵消自己的损失。
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