surpluses

But it said the run of record trade surpluses "points to the possibility that export growth may not slow as much as generally expected" .

但该组织表示，中国贸易顺差屡创新高，“可能使出口增长的放慢程度不会如人们广泛预期的那么大”。

FOR more than a decade, Australia had enjoyed one of the biggest booms in its history, and a robust series of budget surpluses.

十多年前，澳大利亚为自己历史上最大的繁荣，以及一系列财政预算盈余而沾沾自喜。

Given such a steep build-up in reserves, it is not surprising that China's current account has also been recording large surpluses.

鉴于外汇储备的累积速度如此之快，中国经常账户一直存在巨额盈余，也就不让人吃惊了。

Russia has run current-account surpluses for many years, yet it has also been badly hit by an outflow of capital and a credit freeze.

俄罗斯很多年一直是储蓄过剩，但是，它的经济也是受到了资本外流和存款减少的打击。

But again, there seems to be no rationale to confront this by capping surpluses at a certain percentage of GDP.

但同样，靠把盈余限制在GDP的一定比例上来对抗这点似乎毫无道理。

What is not so clear, however, is how much difference any undervaluation has made to China's surpluses.

然而，汇率低估对中国盈余状况有多大影响，则不那么清晰。

But it's not at all what happened in Ireland and Spain, both of which had low debt and budget surpluses on the eve of the crisis.

但是爱尔兰和西班牙却根本不是这回事情，危机发生之前，这两个国家的债务水平很低，预算盈余。

Martin addresses the question of how China should respond to China's exploding surpluses, but not how the rest of the world should respond.

马丁谈到了中国该如何应对其不断膨胀的贸易顺差的问题，但没有提到世界其它地区该如何回应。

As a consequence, it had to run large trade surpluses to absorb the resulting excess capacity in manufacturing.

结果就造成，必须有巨额贸易顺差，以便消化大规模投资造成的制造业产能过剩。

Surpluses of this magnitude have usually been recorded only by smaller nations growing out of a crisis, or by significant oil exporters.

通常而言，只有摆脱经济危机的小国或主要石油出口国才会积累如此大规模的经常账户盈余。

Both went into the downturn less burdened by private-sector debt and with hefty current-account surpluses (see left-hand chart).

两者进入经济下行时较少受到私营部门债务负担的拖累，并拥有巨额的经常账户盈余（见左表）。

Most of these economies are built around export models, so higher growth means big surpluses of foreign exchange added to the money supply.

这些经济体大都是出口导向模式，因此，更高的增长意味着有外汇大量节余来增加货币供应量。

Amid rapid growth, really silly policy choices could be tolerated, since surpluses continued to rise.

如果发展迅猛，愚蠢的政策还可以容忍，因为盈余依然会增长。

German firms have been running cash surpluses since 2004, when profits began to rise as a share of national income as real wages stagnated.

德国公司自从2004年至今一直是现金盈余，那年利润上涨，成为了国家收入的一部分，而实际工人工资没有上涨。

Similarly Germany has been shocked by the speed with which the recession has hit countries with surpluses as well as those with deficits.

经济衰退迅速打击了拥有大量贸易顺差或逆差的国家，同样，德国也对此深表震惊。

"Once the German surpluses are gone, the country would fall into a severe recession, " says prominent Greek economist Yanis Varoufakis.

“一旦德国的贸易盈余不复存在，该国将会陷入严重衰退，”希腊著名的经济学家雅尼斯•瓦鲁法克斯说。

But this, too, is the result of a fiscal offset to a surge in private sector savings surpluses.

但这同样是财政状况抵消私人部门储蓄盈余激增的结果。

Even-handed economists consider such trade surpluses just as disruptive to global harmony as the corresponding deficits.

在公平持正的经济学家看来，贸易顺差对全球和谐的危害不亚于相应的逆差。

But surpluses are likely to swell again as the exceptional mix of a global slowdown and China's stockpiling of commodities comes to an end.

但随着全球经济放缓和中国囤积大宗商品的行动告一段落，贸易盈余很可能再次膨胀。

Such a low share left rising investment and trade surpluses as the main engines of Chinese growth.

这一低百分比使得处于上升趋势的投资和贸易顺差成为了中国发展的主动力。