中国增长的对外依存度【外文翻译】

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1、外文翻译原文China'sGrowingExternalDependenceMaterialSource:http://www.imf.org/external/pubs/ft/fandd/2007/09/cui.htmAuthor:MarkSmithRapidlygrowingforeigntradehasbeenkeytoChina'sremarkableeconomicperformanceofthepastthreedecades,yettheconventionalviewisthatChina'sgrowthhasbeenlargelydome

2、sticallydriven.Accordingtothisview,Chinausesitsabundantlabortoassembleimportedinputsintolow-techconsumergoodsandcapitalgoodsexports,makingittheworld'sworkshop.Suchprocessingtradetypicallyaddslittlevaluetothedomesticeconomybecausetheimportcontentofexportsishigh.Asaresult,theargumen

3、tgoes,changesinglobaldemandorintheexchangeratewillhavelittledirectimpactontheeconomy'stradebalanceorgrowth—anychangeinexportswillbelargelyoffsetbychangesinimports.Sohowdoestradecontributetogrowth?Theansweristhroughthetransferofbettertechnology.China'stradeunderliesmanyformalanalys

4、esandpolicydiscussionsandevengarnerssupportfromsomeempiricalstudies.Forinstance,ShuandYip(2006)findthatrelativepricechangeshavehadasmalleffectonChina'sexportsandtradebalance,anoutcomethathasbeenattributedtoitsroleasaprocessingcenter.ButsuchareadingofChina'seconomydoesnotreflectcur

5、rentrealities.AlthoughitmayhavedescribedtheChineseeconomyintheearlystagesofreform,whenChinalackeddomestictechnologicalknow-howandhadtorelyonimportedintermediateproductsandcapitalgoodsforitsproductionandexports(seeLemoineandÜnal-Kesenci,2002),arecentIMFstudysuggeststhatitmayhavebec

6、omelessaccurateinrecentyears(CuiandSyed,2007).ThedomesticcontentofChina'sexportshasincreasedanditsproductshavebecomemoresophisticated,inpartbecauseofsubstantialinvestmentsandtechnologicalupgradesthathaveexpandedtheeconomy'sproductioncapacity.Advancementsinregionalverticalintegrati

7、on(thedegreetowhichafirmownsitsupstreamsuppliersanditsdownstreambuyers)havehelpedtoextendChina'sdomesticvalueaddedintheglobalsupplychain,particularlyinlesssophisticatedsectors.Thesedevelopments,togetherwithashiftinproductcompositionthatcouldmakeexportsmoreresponsivetoexternalshock

8、s,implythatChina'stradebalanceand