China, the world’s growth superstar, has a huge current-account surplus, which means that it is a net lender to the rest of the world.

中国是当今世界经济增长的超级明星，拥有巨大的经常帐户盈余，这就意味着中国是向世 界其他各地的净贷方。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 28.10.2010

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 28.10.2010

The bankrupt shall be entitled to any surplus remaining after payment in full of his creditors, with interest, as by this Ordinance provided, and of the costs, charges and expenses of the proceedings under the bankruptcy petition.

当破产人的债权人已获悉数偿付其债权及本条例所订定的利息，而根据破产呈请进行的法律程序所涉及的讼费、收费及开支亦已悉数获支付，如有任何盈余剩下，则破产人有权获付该盈余。

http://www.legislation.gov.hk/eng/index.htm 05.07.2011

http://www.legislation.gov.hk/eng/index.htm 05.07.2011

The emergence of sovereign wealth funds like those of China and the Gulf states to invest the savings of these countries’ budget surpluses is but the tip of the global excess savings iceberg.

类似中国和海湾国家的国家财富基金将这些国家的预算盈余用于投资，只不过是全球剩余储蓄的冰山的一角。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 13.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 13.01.2011

These surpluses reflect high savings rates, both in the private and the public sector, in oil-producing and emerging Asian economies, which have resulted in their rapid accumulation of foreign reserves.

这些盈余反映了在产油和新兴的亚洲国家的私有及公共部门的高储蓄率，其结果是快速积累外汇储备。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 15.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 15.01.2011

Undervalued exchange rates are only one of the policies that countries use to boost exports and restrain imports, so that they run trade surpluses, while their trading partners (including the US) run deficits.

低估的汇率只是各国用以推动出口并限制进口的政策之一。实施这样的政策使得该国享有贸易顺差而其贸易伙伴们（包括美国）则出现逆差。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 11.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 11.01.2011