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| The news about China’s economy over the past few weeks has been daunting, to put it mildly. |
| 过去几周，有关中国经济的消息——往轻了说——令人心悸。 |
| The country’s growth has fallen from its usual brisk 8 percent annual pace to more like 3 percent. Real estate companies are imploding after a decade of overbuilding. And China’s citizens, frustrated by lengthy coronavirus lockdowns and losing confidence in the government, haven’t been able to consume their way out of the country’s pandemic-era malaise. |
| 该国的年增长率已从司空见惯的8%降至更接近3%。经过10年的过度建设，房地产公司正在崩溃。新冠病毒的长期封锁令国民沮丧，他们对政府失去信心，一直无法通过消费摆脱疫情时期的萎靡不振。 |
| If the world’s second-largest economy is stumbling so badly, what does that mean for the biggest? |
| 如果世界第二大经济体步履蹒跚，这对最大经济体意味着什么？ |
| Short answer: At the moment, the implications for the United States are probably minor, given China’s limited role as a customer for American goods and the minor connections between the countries’ financial systems. |
| 简短的回答是：目前，鉴于中国作为美国商品客户的作用有限，以及两国金融体系之间的联系不大，它对美国的影响可能不大。 |
| In a note published Thursday, Wells Fargo simulated a “hard landing” scenario for China in which output over the next three years would be 12.5 percent smaller than previous growth rates would achieve — similar to the impact of a slump from 1989 to 1991. Even under those conditions, the U.S. economy would shave only 0.1 percent off its inflation-adjusted growth in 2024, and 0.2 percent in 2025. |
| 在周四发布的一份报告中，富国银行模拟了中国“硬着陆”的情景，即未来三年的产出比之前的增长率能达到的成果低12.5%——类似于1989年至1991年的经济衰退。即使在这种情况下，美国经济2024年经通胀调整后的增长率也只会下降0.1%，2025年下降0.2%。 |
| That could change, however, if China’s current shakiness deepens into a collapse that drags down an already slowing global economy. |
| 然而，如果中国目前的动荡加深为崩溃，拖累本已放缓的全球经济，这种情况可能会发生变化。 |
| “It doesn’t necessarily help things, but I don’t think it’s a major factor in determining the outlook in the next six months,” Neil Shearing, the chief economist at Capital Economics Group, an analysis and consulting firm, said in a recent webinar. “Unless the outlook for China becomes substantially worse.” |
| “不见得是什么好事，但我不认为这是决定未来六个月前景的主要因素，”分析和咨询公司凯投宏观集团的首席经济学家尼尔·希林在最近的一次网络研讨会上说，“除非中国的前景变得更糟。” |
| A potential balm for inflation, but a threat to factories. |
| 有可能缓解通货膨胀，但对工厂构成威胁。 |
| When considering the economic relationship between the two countries, it’s important to recognize that the United States has played some role in China’s troubles. |
| 在考虑两国之间的经济关系时，必须认识到，美国在中国的困境中扮演了一定的角色。 |
| The United States is well past a boom in consumption during the pandemic that pulled in $536.8 billion worth of imports from China in 2022. This year, with home offices and patios stuffed full of furniture and electronics, Americans are spending their money on cruises and Taylor Swift tickets instead. That lowers demand for goods from Chinese factories — which had already been weakened by a swath of tariffs that former President Donald J. Trump started and the Biden administration has largely kept in place. |
| 美国在疫情期间的消费热潮早已过去，在2022年，美国从中国进口了价值5368亿美元的商品。今年，随着家庭办公室和庭院里塞满了家具和电子产品，美国人把钱花在了邮轮和泰勒·斯威夫特演唱会的门票上。这降低了对中国工厂产品的需求——由于前总统特朗普发起的一系列关税，中国工厂的需求已经受到削弱，而拜登政府基本上保持了这些关税。 |
| For years, China’s leaders have said they want to rely more on the country’s households to drive economic growth. But they have taken few steps to support domestic consumption, such as shoring up safety net programs, which would persuade residents to spend more of the money they now save in case of emergencies. |
| 多年来，中国领导人一直表示，他们希望更多地依靠家庭来推动经济增长。但他们并没有采取什么措施来支持国内消费，比如加强社会保障计划，这将说服居民把目前为应急而存储的钱花出去。 |
| That’s why some are concerned that China could again fall back on encouraging exports to foster growth. Such a strategy might succeed since the Chinese currency, the renminbi, is very weak against the dollar, and it’s possible to evade tariffs on most items by assembling Chinese parts in other countries — like Vietnam and Mexico. |
| 正因如此，一些人担心中国可能会再次依靠鼓励出口来促进经济增长。这种策略可能会成功，因为人民币兑美元非常弱势，而且通过在其他国家（如越南和墨西哥）组装中国零部件，可以逃避大多数产品的关税。 |
| An export surge would have countervailing effects. It could lower prices for consumer goods, which — along with falling Chinese demand for commodities like gasoline and iron ore — would help lower inflation in the United States. At the same time, it could counteract efforts to resuscitate American manufacturing, raising the political temperature as the presidential election approaches. |
| 出口激增将产生抵消效应。它可以降低消费品的价格，再加上中国对汽油和铁矿石等大宗商品的需求下降，这将有助于降低美国的通货膨胀。与此同时，它可能会抵消重振美国制造业的努力，在总统选举临近之际提高政治温度。 |
| “My fear is that an export-based Chinese recovery will run up against a world that is reluctant to become ever more dependent on China for manufactures, and that becomes a source of tension,” said Brad Setser, a senior fellow at the Council on Foreign Relations. |
| 美国外交关系委员会高级研究员布拉德·塞策表示：“我担心的是，以出口为基础的中国经济复苏，将与不愿在制造业上更加依赖中国的世界背道而驰，而这将成为紧张局势的一个根源。” |
| And what about goods flowing the other way, from the United States to China? It’s not a huge volume — China accounted for only 7.5 percent of U.S. exports in 2022. American businesses have long sought to further develop the Chinese market, especially for agricultural products such as pork and rice, but success has been underwhelming. In 2018, the Trump administration negotiated a compact under which China would buy billions more dollars in products from U.S. farmers. |
| 商品从美国流向中国的情况又如何呢？这并不是一个巨大的数字——中国在2022年仅占美国出口的7.5%。长期以来，美国企业一直寻求进一步开发中国市场，尤其是猪肉和大米等农产品，但成效不彰。2018年，特朗普政府通过谈判达成了一项协议，根据该协议，中国将从美国农民那里再购买数十亿美元的产品。 |
| Those targets were never met. With appetite fading in China, they may never be. That could mean lower food prices globally, but farmers would be hurt. |
| 这些目标从未实现。随着中国市场的胃口逐渐消退，可能永远都不会实现。这可能意味着全球食品价格下降，但农民将受到伤害。 |
| “If their demand for corn and soybeans is rising, that’s good for everybody who produces corn and soybeans around the world,” said Roger Cryan, the chief economist with the American Farm Bureau Federation. “It is something to be concerned about down the road.” |
| “如果他们对玉米和大豆的需求上升，这对全世界生产玉米和大豆的每个人都有好处，”美国农业局联合会首席经济学家罗杰·克赖恩说。“这是今后需要关注的问题。” |
| Insulation for American institutions and investors. |
| 对美国机构和投资者的防护。 |
| So much for general trade dynamics. But the U.S. economy is composed of millions of companies with particular concerns, and some may have more to worry about as China’s economy flounders. |
| 总的贸易动态就是这样。但美国经济是由数以百万计的公司组成的，这些公司有各自具体关切的东西，随着中国经济陷入困境，一些公司可能会有更多的担忧。 |
| Tesla, for example, had made inroads in the Chinese market, but its sales there have tumbled in recent months in the face of tough competition from local brands with lower-cost models. Apple generates about 20 percent of its revenue in China, which could also take a hit as residents choose cheaper products. |
| 例如，特斯拉曾在中国市场取得进展，但近几个月来，面对成本较低的本土品牌的激烈竞争，该公司在中国的销量大幅下滑。苹果约20%的收入来自中国，随着中国居民选择更便宜的产品，苹果的收入也可能受到冲击。 |
| American banks that do business globally have noted slowing growth; Citigroup’s chief executive, Jane Fraser, said on the company’s second-quarter earnings call that China had been its “biggest disappointment.” |
| 在全球开展业务的美国银行已经注意到增长放缓；花旗集团首席执行官简·弗雷泽在公司第二季度财报电话会议上表示，中国市场是该公司“最令人失望的地方”。 |
| Chinese tourists also pour money into U.S. cities when they visit, which they might do less of going forward. Glenn Fogel, the chief executive of Booking Holdings — which includes travel websites such as Booking.com and Priceline — said in his earnings call that their outbound business from China had been anemic. |
| 中国游客在访问美国城市时也会把钱花在美国城市，但他们今后可能会减少消费。Booking Holdings（该公司旗下业务包括Booking.com和Priceline等旅游网站）首席执行官格伦·福格尔(在财报电话会议上表示，该公司来自中国的出境游业务一直萎靡不振。 |
| “I don’t expect a recovery in China for us for some time, significant time probably,” Mr. Fogel said. |
| “我预计我们在中国的市场一段时间内不会复苏，可能会持续很长时间，”福格尔说。 |
| Those effects, however, are likely to be muted. Even if the economic picture darkens, the American and Chinese banking systems are separate enough to insulate U.S. institutions and investors, aside from the few who might have invested in property developers like Evergrande or Country Garden. |
| 然而，这些影响可能会减弱。即使经济形势恶化，美国和中国的银行体系也足以给美国的机构和投资者提供防护，除了少数可能投资恒大或碧桂园等房地产开发商的投资者。 |
| “There aren’t realistic channels for financial contagion from China to the U.S.,” Dr. Setser said. While China’s central bank may hold off on buying U.S. Treasury bonds, he noted, any impact on the overall market could be contained. “There’s no real scenario where China disrupts the bond market in a way that the Fed cannot offset.” |
| “从中国到美国的金融传染没有现实的渠道，”塞策说。他指出，虽然中国央行可能会推迟购买美国国债，但对整体市场的影响可能是可控的。“中国以美联储无法抵消的方式扰乱债券市场的情形不太可能出现。” |
| On the contrary, there may be some upside for American companies if Chinese investors, lacking domestic opportunities, move more of their money into the United States. China’s direct investment in U.S. assets is relatively low and could face new obstacles as states seek to erect barriers to Chinese purchases of U.S. real estate and commercial enterprises. But places that welcome it could benefit. |
| 相反，如果缺乏国内机会的中国投资者将更多资金转移到美国，对美国公司可能会有一些好处。中国对美国资产的直接投资相对较少，而且可能面临新的障碍，因为美国多州试图对中国购买美国房地产和商业企业设置障碍。但欢迎中国投资的地方可能会受益。 |
| “Given that the U.S. seems to be doing relatively well, you could have money coming to the U.S., both in search of higher yield and in search of safety,” said Eswar Prasad, a professor of trade policy at Cornell University. |
| “鉴于美国的表现似乎相对较好，可能会有资金流入美国，既为了寻求更高的收益，也为了寻求安全，”康奈尔大学贸易政策教授埃斯瓦尔·普拉萨德表示。 |
| The wild card of geopolitics. |
| 地缘政治的不确定因素。 |
| Aside from any direct financial and economic spillovers, it’s worthwhile to consider whether a faltering China meaningfully alters geopolitical dynamics and American interests. |
| 除了任何直接的金融和经济溢出效应外，值得考虑的是，一个步履蹒跚的中国是否会给地缘政治动态和美国的利益造成真正意义上的改变。 |
| Washington has long fretted that a China-dominated trading bloc could limit market access for American companies by setting rules that, for example, contain weak protections for intellectual property. Such a trade agreement came into force in early 2022 after the United States abandoned its push to form the Trans-Pacific Partnership. |
| 华盛顿长期以来一直担心，一个由中国主导的贸易集团可能会限制美国公司的市场准入，比如，它制定的规则对知识产权的保护力度不够。在美国放弃推动建立跨太平洋伙伴关系协定之后，这样的贸易协定于2022年初生效。 |
| But if China appears less mighty, it may lose its attractiveness in a fracturing world. Countries that eagerly took loans from China for large infrastructure projects may turn back toward international lending institutions like the World Bank, despite their more stringent requirements. |
| 但如果中国显得不那么强大，它可能会在一个分裂的世界中失去吸引力。那些急于从中国获得大型基础设施项目贷款的国家可能会转向世界银行等国际贷款机构，尽管它们的要求更为严格。 |
| “The fact that the Chinese economy is seen as being in a rough spot, in addition to more aggressive outreach in Asia and elsewhere by the Biden administration, that has shifted the balance a little bit,” Dr. Prasad said. |
| “中国经济被视为处境艰难，再加上拜登政府在亚洲和其他地方采取了更积极的对外接触，这一事实略微改变了平衡，”普拉萨德说。 |
| Could China’s economic condition affect its willingness to undertake any military adventures, such as an invasion of Taiwan? While the Communist Party leadership might seek to stir up patriotic spirits through such an attack, Dr. Prasad thinks a shaky economy would in fact make the use of military force less likely, given the resources required to sustain that kind of engagement. |
| 中国的经济状况是否会影响其采取军事冒险行动的意愿，比如入侵台湾？虽然共产党领导层可能会试图通过这样的袭击来激发爱国精神，但普拉萨德认为，考虑到维持这种接触所需的资源，不稳定的经济实际上会降低使用军事力量的可能性。 |
| One thing to keep in mind: While China appears to be going through a rough patch, the outlook is uncertain. There’s a debate in think-tank circles about whether the country’s economic structure will be durable over the longer term or fundamentally unsound. |
| 需要记住的一点是：虽然中国似乎正在经历一段艰难时期，但前景仍不确定。中国的经济结构是否具有韧性，还是从根本上就不健全，这在智囊团中引起了争论。 |
| Heiwai Tang, an economics professor at HKU Business School in Hong Kong, said it would be unwise to consider China the next Japan, on the brink of prolonged stagnation. |
| 香港大学商学院经济学教授邓希炜表示，将中国视为下一个日本是不明智的，因为中国正处于长期停滞的边缘。 |
| “I remain optimistic that the government is still very agile and should be responsive to a potential crisis,” Dr. Tang said. “They know what to do. It’s just a matter of time before they come to some kind of consensus to do something.” |
| “我仍然乐观地认为，政府仍然非常灵活，应该对潜在的危机做出反应，”邓希炜说。“他们知道该怎么做。他们达成某种共识并采取行动只是时间问题。” |
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