????中國政府阻止經(jīng)濟(jì)放緩所采取的刺激措施使出口出現(xiàn)大幅反彈，在7月份，中國公布了其有史以來最大的單月貿(mào)易順差。

????據(jù)中國海關(guān)總署（General Customs Administration）的統(tǒng)計(jì)顯示，中國出口總值比去年同期增長(zhǎng)了15%，比路透社（forecast）調(diào)查的預(yù)期翻了一番，而且中國對(duì)美國、歐盟、日本與東南亞等主要貿(mào)易伙伴的出口均保持了增長(zhǎng)。

????與之相反的是，進(jìn)口總值比去年同期下降1.6%，未達(dá)到3%的增長(zhǎng)預(yù)期，其中很大一部分原因在于推動(dòng)經(jīng)濟(jì)增長(zhǎng)的大宗商品價(jià)格回落。在前七個(gè)月，中國煉鋼用鐵礦石的進(jìn)口數(shù)量增長(zhǎng)了18%，但鐵礦石平均價(jià)格卻下跌了15%。同樣，煤炭進(jìn)口量減少了2.2%，但平均價(jià)格卻同比下跌了15%。分析師認(rèn)為，對(duì)大宗商品抵押貸款交易的調(diào)查，也可能抑制了進(jìn)口量的增長(zhǎng)。

????最終結(jié)果是，中國七月份的貿(mào)易順差為473億美元，六月份的貿(mào)易順差為316億美元。經(jīng)濟(jì)學(xué)家曾預(yù)測(cè)，七月份貿(mào)易順差將小幅收窄至280億美元。

????這些數(shù)字再次證明，中國政府成功避免了因?yàn)榻?jīng)濟(jì)放緩而徹底推翻之前公布的策略，至少取得了暫時(shí)性的成功。之前的策略包括實(shí)現(xiàn)經(jīng)濟(jì)再平衡、減少對(duì)出口的依賴和推動(dòng)國內(nèi)消費(fèi)等。這些政策曾推動(dòng)人民幣對(duì)美元匯率貶值，再次引發(fā)了國際社會(huì)對(duì)于中國操控匯率以在國際市場(chǎng)獲得競(jìng)爭(zhēng)優(yōu)勢(shì)的擔(dān)憂。但隨著過去兩個(gè)月經(jīng)濟(jì)數(shù)據(jù)的改善，人民幣兌美元匯率上升了2%。

????在實(shí)現(xiàn)較大貿(mào)易順差的其他國家中，德國六月份的單月出口環(huán)比增長(zhǎng)1.1%，同比增長(zhǎng)2.1%，整個(gè)上半年出口同比增長(zhǎng)2.4%。上半年的經(jīng)常賬戶盈余從去年的924億歐元，小幅增長(zhǎng)至935億歐元。

????與中國一樣，德國的經(jīng)常賬戶也是令華盛頓不安的因素之一，因?yàn)槊绹J(rèn)為兩國長(zhǎng)期保持巨大的貿(mào)易順差，是世界經(jīng)濟(jì)的主要不平衡因素。與中國相反，德國沒有直接控制匯率，但與其他國家使用共同貨幣歐元，依舊使其從中獲益，因?yàn)槠渌麌业慕?jīng)常帳戶較為疲弱，降低了歐元的升值壓力。

????在歐元危機(jī)期間，因沒有為其他歐元區(qū)經(jīng)濟(jì)體提供足夠的支持或購買他們的商品，德國曾遭到譴責(zé)；但如今，德國與其他歐元區(qū)國家的貿(mào)易基本實(shí)現(xiàn)平衡。今年上半年，德國對(duì)歐元區(qū)國家出口2,086億歐元，進(jìn)口2,073億歐元。在上半年1,062億歐元的貿(mào)易順差中，約四分之三與非歐盟國家有關(guān)，其他部分則與英國、波蘭等未加入歐元區(qū)的歐盟成員有關(guān)。（財(cái)富中文網(wǎng)）

????翻譯：劉進(jìn)龍/汪皓

????China posted its biggest-ever monthly trade surplus in July, as government stimulus measures to stop the economy slowing down generated a big rebound in the country’s exports.

????The General Customs Administration said exports rose 15% on the year, double what was forecast by a Reuters survey, with shipments to all of China’s major trading partners–the U.S., E.U., Japan and South-East Asia–clearly up.

????Imports, by contrast, fell 1.6% on the year, missing forecasts of a 3% increase, reflecting in part lower prices for the commodities that fuel its economy. Over the first seven months of the year, China has imported 18% more iron ore for steelmaking, but the average price for it has fallen 15%. Likewise coal imports fell 2.2% by volume, at an average price down 15% from a year ago. Analysts said that an ongoing probe into commodity-backed loan deals also probably depressed import volumes.

????As a result, China’s trade surplus hit $47.3 billion in July, up from $31.6 billion in June. Economist had forecast a slight narrowing to $28 billion.

????The figures are the latest to suggest that the government succeeded in stopping a slowdown caused reversing–at least temporarily–its declared strategy of rebalancing the economy, downgrading exports and focusing more on domestic consumption. Those policies had pushed the yuan lower against the dollar, reviving fears about manipulation of the exchange rate to steal a competitive advantage in international markets. However, as the economic data have improved over the last two months, the yuan has risen by 2% against the greenback.

????In the land of the world’s other big trade surplus, Germany reported a more modest 1.1% increase in exports on the month in June, leaving them up 2.1% on the year and up 2.4% for the first of the year as a whole. The current account surplus for the first half edged up to €93.5 billion from €92.4 billion a year earlier.

????As with China, Germany’s current account is a source of frustration in Washington, which sees their huge and chronic surpluses as major imbalances in the world economy. In contrast to China, Germany has no direct control over its exchange rate, but it has still benefited in the past from sharing a currency, the euro, with other countries whose current accounts are much weaker, which reduces the upward pressure on it.

????Germany came under fire during the euro crisis for failing to do enough to support other Eurozone economies by buying their goods, but its trade with the rest of the Eurozone is now roughly in balance. In the first half of this year, it shipped €208.6 billion in exports to Eurozone countries, and imported €2o7.3 billion. Out of a trade surplus of €106.2 billion in the first half, around three quarters of that was with countries outside the E.U., while the rest was with countries such as the U.K. and Poland, which are E.U, member but which don’t use the euro.