中美“再平衡”的远大挑战

Core Viewpoint - The article discusses the economic imbalance between the US and China, highlighting the need for rebalancing trade and currency issues to prevent a potential economic crisis similar to the Lehman Brothers collapse. Group 1: Economic Imbalance - The US trade deficit reached $1.21 trillion in 2024, increasing 1.6 times over the past decade [4] - The US external debt has grown to $27 trillion, quadrupling over 20 years, indicating a reliance on foreign borrowing to cover fiscal deficits of $1.8 trillion annually [4] - The US is experiencing a shift in its international financial standing, with interest payments exceeding $1 trillion annually, surpassing the defense budget of approximately $900 billion [4] Group 2: US-China Relations - The US and China have agreed to reduce tariffs by 115% to address economic distortions and work towards rebalancing [1] - China's manufacturing sector accounts for a quarter of its GDP, and reducing production capacity could lead to significant unemployment [5] - China's investment in the US has halved since the peak due to the aftermath of the Lehman crisis, with a shift towards the Belt and Road Initiative [5] Group 3: Currency and Trade Issues - The US has historically pressured Japan to rebalance its international payments, leading to the Plaza Accord, which resulted in the appreciation of the yen [6] - The concept of "double deficits" in the US is causing a continuous outflow of dollars, with the money supply growing 5.4 times since 2020, raising concerns about global asset bubbles and the credibility of the dollar [6] - The recent imposition of reciprocal tariffs has led to declines in the stock market, currency, and bonds, highlighting the challenges in maintaining dollar liquidity [6]