The N-shaped curve is the result of Hui merchants capital influx from farmland into salt industry and pawn broking during Jiajing era, and the reverse flow during Wanli era.

这是徽商资本在嘉靖“严肃海禁”后大量从土地流向盐业、典业，又在万历商业环境恶化后持续回流土地的结果。

youdao

One aspect of our prolonged trade deficit that does seem problematic is that it reflects a flow of capital to a rich country from poorer countries, the reverse of the text-book model.

FORBES: We Need Demand, Not Protectionism