英语翻译To ensure that the U.S.currency remains strong,China has

英语翻译
To ensure that the U.S.currency remains strong,China has taken steps.It recognizes that the United States is a major consumer of China’s manufactured goods,so it is in China’s interest to keep the U.S.dollar strong and do anything it can to ensure that U.S.consumers continue buying its wares.As a result,China has become the largest single holder of U.S.Treasury securities.(Again,this has to be qualified.By considering China a single economy,we ignore the multilayered economy of China.The investment in U.S.debt may reside primarily in China’s central banking system,but part of the debt includes private enterprise,SOEs,and hybrids of the two.) However,the extent of Chinese holdings in U.S.dollars and in U.S.debt continues to support the U.S.twin deficits.The budget deficit requires investors to continue buying trillions of dollars’ worth of U.S.Treasury securities,and the trade deficit requires continuation of the debt-based consumer buying on the part of the American public.
By the end of 2004,China was holding $120 billion in U.S.Treasury bonds.This number is,not coincidentally,very close to the annual trade deficit between the United States and China,approximating the value of goods the United States purchases from China and in excess of goods the United States exports to China.So the Chinese investment in U.S.debt is directly related to its desire to maintain strong demand for its own ever-growing manufacturing base.
Investors may think of U.S.consumerism as working for Chinese expansion,financing the incredible growth in transportation,urban development,and manufacturing in China since 1970.However,it is not a matter of U.S.interests lending money to China,the textbook version of how one entity invests in another.This transaction is more complex.The United States buys manufactured goods from China,funded increasingly by mortgage and credit card debt (the mortgage and credit bubble),while the U.S.Federal Reserve identifies ongoing consumerism as productivity even though it involves little or no infrastructure investment within the United States.So as the U.S.consumer continues to finance manufacturing growth in China,the Chinese central banking system (primarily,with other China-based interests) finances the ever-growing U.S.budget deficit and trade deficit.These twin deficits are largely responsible for China’s growth,representing the market for its goods more than anywhere else.As long as this partnership jor player—the euro—struggles to keep its piece of the pie.

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