Fears of a hard landing 对经济硬着陆的恐慌.docxVIP

Fears of a hard landing 对经济硬着陆的恐慌China ran a massive trade deficit in February. What does it say about the economy?中国在二月份出现了严重的贸易逆差，这对经济又会产生什么样的影响呢？Mar 17th 2012 | BEIJING | from the print edition CHINA is routinely accused of exporting too much. Its foreign sales far exceed its foreign purchases, often by a wide margin. This chronic surplus angers many. This week President Barack Obama signed a bill that restores his administration’s power to impose tariffs on countries like China and Vietnam, when their goods are reckoned to be subsidised or dumped on American markets. The bill passed swiftly through both chambers of Congress. When it comes to rebuffing China’s exports, America’s fractious legislature is as harmonious as the Chinese one.人们总在说中国的出口总额过大，其出口贸易总额远远超过其进口贸易总额。这种长期的贸易顺差使很多人都愤愤不已。这周，美国总统奥巴马签署了一项议案，这项议案表明当人们估计中国和越南等国家的产品在美国市场受到欢迎或受到冷遇时，他将会通过增加征收对中国和越南等国家的关税来提高自己的执政能力。国会的参议院和众议院很快的该项议案。当美国要拒绝中国的出口贸易时，美国易怒的立法机关就如同中国一样变得和谐起来，不再互相纷争。But this month brought two intriguing breaks to the routine. On March 13th three of China’s biggest trading partners—Japan, the European Union and America—complained that China was exporting too little, not too much. They brought a case at the World Trade Organisation alleging that China was unfairly restricting its exports of tungsten, molybdenum and 17 “rare earths”, obscure elements such as terbium and europium, used in the manufacture of many high-tech goods including fluorescent lights. China’s reaction was incandescent; it dismissed the case as “groundless”.但这个月，中国的出口总额和进出总额又严重失调。三月十三日，中国三个最大的贸易合作伙伴，日本、欧盟和美国抱怨中国的出口额太少了，而不是太多了。他们集体向世界贸易组织投诉，声称中国政府极不正当的抑制了坞、钼以及十七种稀有金属的出口，这十七种稀有金属包括铽和铕等金属，这些元素广泛的用于高科技产品的加工生产，如荧光灯的制造。中国对这样的控诉反应强烈，声称这样的投诉是无理可循的。The other novelty arrived a few days earlier when China’s customs bureau reported something rarer than europium: a Chinese trade deficit. At $31.5 billion in February, the imbalance was bigger than any deficit on record—it was bigger even than many of China’s monthly surpluses.前几天，中国海关宣布了一件