貿易戰會給中國帶來多大傷害？

當前的貿易戰對中國經濟有什麼影響呢？有分析表明，儘管它給經濟帶來的直接影響肯定是負面的，但實際上卻很小，還不到GDP的0.5%。然而，即使對中國來說直接的經濟影響也許是可控的，但貿易戰本身卻有可能損害中美之間的長期關係，包括影響涵蓋教育、旅遊的服務貿易在未來的增長速度。美國在服務領域一直擁有龐大的、不斷增長的順差，中方估計這一順差在2017年達到540億美元，美方的估計是400億美元。貿易戰最大的影響，也許將遠遠超出眼下直接受到影響的貨物。

What is the impact of the current trade war on the Chinese economy? An analysis shows that while the immediate direct impact on the economy is certainly negative, it is small in real terms, affecting less than 0.5% of GDP. However, while the immediate economic impact may be manageable for China, the trade war itself may do damage to the longer-term relations between China and the United States, including by affecting the future rate of growth of trade in services, including education and tourism. The U.S. has a persistent, large and growing surplus in this area, which was estimated by China to be $54 billion, and by the U.S. to be $40 billion in 2017. The biggest impact from the trade war might go beyond the immediate goods that are affected now.

不過最先的直接影響是：對美國進口商來說，由於不具備消化關稅成本的利潤空間，因此，特朗普政府對中國產品的新徵稅清單將導致從中國進口的大部分商品變得過於昂貴。這些關稅如果全面實施的話，有可能使相關的中國對美出口完全停止，其金額也許達到2500億美元。

But first, the immediate impact: the Trump administration's new list of Chinese products to be subject to tariffs will make the import of most of these goods from China prohibitively expensive for U.S. importers, as they don't have the kind of profit margins that would enable them to absorb the cost of these tariffs. If fully implemented, these tariffs will effectively lead to a complete halt in affected Chinese exports to the U.S., potentially amounting to $250 billion.

這將對中國經濟產生什麼影響呢？首先，作爲和美國一樣龐大的經濟體，一直以來中國相對不怎麼受外部的干擾。過去40年中，雖然中國進出口的增長速度與其他所有經濟體一樣有起有落，但中國實際GDP增長率保持了相對穩定，事實上一直在正增長。

How would that affect the Chinese economy? First of all, China, as a large economy like the United States, has always been relatively immune to external disturbances. During the past four decades, while the rates of growth of Chinese exports and imports have fluctuated like those of all other economies, the rate of growth of Chinese real GDP has remained relatively stable, and in fact has always stayed positive.

此外，過去10年中國對出口的依賴已經持續減弱。商品出口佔中國GDP的份額從2006年高峯時的35.3%，降到了2017年的18.1%（見圖1）。特別是對美國的商品出口，已經從2006年高峯時佔中國GDP的7.2%降至2017年的3.4%，下降了一半以上。

Moreover, Chinese dependence on exports has continued to decline over the past decade. The share of exports of goods within total Chinese GDP has fallen from a peak of 35.3% in 2006 to 18.1% in 2017 (see Chart 1). Specifically regarding exports of goods to the U.S. alone, this share of Chinese GDP has also fallen by more than half, from a peak of 7.2% in 2006 to 3.4% in 2017.

出口不再是中國經濟增長的主要引擎，相反，今天中國經濟增長的主要驅動力是國內需求，是由家庭消費、基礎設施投資和公共產品消費來拉動的。

Exports are no longer the principal engine of Chinese economic growth. Instead, the major driver of Chinese economic growth today is its domestic demand, driven by household consumption, infrastructural investments, and public goods consumption.

圖1：中國商品和服務出口及商品出口佔中國GDP的百分比

中國受美國新關稅影響而減少的這部分出口會佔到GDP的1.7%。這一下降程度雖絕非等閒，但總體上是可控的。即使受新關稅影響的所有中國對美出口都停止，並且這些商品不再出口到其他國家，中國GDP的減少也不會超過1.12%。在這種情況下，原先預期6.5%的年經濟增長率會降到5.4%，但與IMF預測2018年全球3.9%的平均增長率相比，這個增長速度仍然相當可觀。

The fall in Chinese exports as a result of the new U.S. tariffs would amount to 1.7% of GDP. A reduction of this magnitude is material, but quite manageable in the aggregate. Thus, even if all Chinese exports to the U.S. subject to the new tariffs were both halted and not re-directed elsewhere, the decline in Chinese GDP caused would not exceed 1.12%. Such a reduction from an expected annual growth rate of 6.5% would leave 5.4%, which is still a very respectable rate of growth compared to the world average of 3.9%, as projected by the International Monetary Fund for 2018.

長期發展動向

Longer-Term Developments

重要的是我們要意識到，有兩個重要的長期發展動向將會同時發揮作用。

It is important to realize that there are two important longer-term developments simultaneously in play.

首先，貿易戰的主要原因之一其實並不在於貿易本身，而在於中美兩國之間的經濟和技術優勢之爭。這場競賽無論是明是暗，都不是從唐納德·特朗普總統開始的，就算他離任也不會消失。“亞洲再平衡”和“跨太平洋夥伴關係”（TPP）這兩項旨在遏制中國的政策都是在巴拉克·奧巴馬總統當政時期提出的（但看來已經被特朗普總統拋棄了）。

First, one of the principal causes of the trade war is actually not trade itself, but competition between China and the U.S. for economic and technological dominance. This competition, whether explicit or implicit, did not begin with President Donald Trump and will not go away even after he leaves office. The “pivot to Asia” and the “Trans-Pacific Partnership (TPP)”, both policies supposedly meant to contain China, were initiated under President Barack Obama (but seemingly abandoned by President Trump).

這場競賽有可能帶來富有建設性的成果。例如，製造最快超級計算機的競爭讓兩個國家生產出了更好、更快的超級計算機。美國的超級計算機IBM Summit目前是世界冠軍，而中國的神威·太湖之光是2016年和2017年的冠軍，而且全部採用了中國自己設計的芯片。不過，科技戰爭也可能使市場日益孤立，從而扼殺創新。

This competition could potentially lead to constructive outcomes. For example, the competition to create the fastest super-computer has already resulted in both countries producing better and faster super-computers – the IBM Summit, an American super-computer, is the current world champion, and China's Sunway TaihuLight, that was built entirely with indigenously designed chips, was the champion in 2016 and 2017. However, the tech war might also stifle innovation through increasingly isolated markets.

第二個長期發展動向，是美國和世界其他地方的民粹主義、孤立主義及保護主義情緒上升，這也會對國際貿易和投資產生重大影響。唐納德·特朗普總統並不是這種情緒的始作俑者，但他能極其有效地挖掘和利用它們。

The second longer term development is the growth of populist, isolationist, and protectionist sentiment in the U.S. and elsewhere in the world, which will also have significant impact on international trade and investment. President Donald Trump did not create these sentiments, but has been able to tap into and exploit them very effectively.

貿易戰的最大問題是沒有真正的贏家。由於雙方面臨的可能選擇都減少了，因此是雙輸。兩國出口商都將受到傷害，因爲它們的出口下降了，而兩國進口商的業務也會下滑。兩個國家依賴進口商品和原材料的消費者和生產者，也將不得不支付更高的價格。一場大貿易戰即使持續時間不長，也深具破壞力，因爲它會給未來的貿易與投資決策帶來大量的不確定性。何況，如果協議能輕易被推翻，條約能隨便被撕毀，那麼長期協議也就毫無可信度或用處可言了。

The biggest problem with a trade war is that there are no real winners — both countries lose because the feasible choices open to each of them are reduced. Exporters in both countries will be hurt because of the reduction in their exports, while importers in both countries will see their businesses decline. Consumers and producers who rely on imported goods and inputs in both countries will have to pay higher prices. A serious trade war, however short in duration, is disruptive as it introduces a great deal of uncertainty in future trade and investment decisions. Moreover, if agreements can be easily overturned and treaties readily broken, long-term arrangements will have little credibility or usefulness.

縮小美國對華貿易逆差更好的方法，是美國增加對中國的商品和服務出口，特別是新開發的商品及服務，如食品、能源等。中國對食品和能源的需求會持續保持旺盛，並且會在很多年裏呈現增長的勢頭。這些交易將導致美國的GDP和就業、導致兩國的經濟福祉出現真正的增長。

A better way to narrow the U.S. trade deficit with China would be for the U.S. to increase its exports of goods and services to China, especially newly created goods and services, such as food and energy. Chinese demand for food and energy will continue to be high and rising for many years. These transactions would lead to genuine increases in GDP and employment in the U.S. and economic well-being in both countries.

美國對華服務出口的另一個快速增長點是教育和旅遊業。中國留學生（目前共35萬人）和赴美遊客的支出一直在快速增長。而且，他們來到美國可以增進中美兩國人民之間的瞭解，促進長期關係的改善。美國在華學生和遊客也可以發揮同樣的作用。

Another fast-growing component of U.S. exports of services to China is education and tourism. The expenditures of Chinese students (currently totaling 350,000) and tourists in the U.S. have been rising rapidly. Moreover, their presence in the U.S. can enhance understanding between the Chinese and American people and improve long-term ties. U.S. students and tourists in China can also play the same role.

貿易以及文化、教育交流，有可能進一步促進兩國之間的經濟依存。中國會成爲美國能源、食品和教育服務出口的最大客戶，美國在這些領域則可能成爲中國最重要的供應商。兩國都是贏家。

Through trade and cultural and educational exchanges, it is possible to promote further economic interdependence between the two countries. China could become the largest customer of U.S. energy, food, and educational services exports and the U.S. could become China's most important supplier in these areas. Both countries can win.

貿易戰什麼時候結束？

When Will the Trade War End?

由於貿易戰實乃雙輸，所以儘快結束貿易戰符合中美兩國的利益。然而，在美國11月6日中期選舉之前結束，這種可能性不大，因爲特朗普總統需要能夠宣佈他已經在貿易戰中獲勝。同樣，習近平也要堅持讓中國不屈服於美國的壓力。

Since the trade war is lose-lose, it is in the interests of both China and the U.S. to try to end it soon. However, it is not likely to end before the upcoming U.S. mid-term elections on November 6, as President Trump needs to be able to declare a victory in the trade war, and likewise, for President Xi to maintain that China has not capitulated to U.S. pressure.

中美關係中還有某些長期的潛在力量在發揮作用。我們可以假設中美之間正在進行的競爭，無論友好還是不友好，會長期存在下去，而預測它最終會如何了結很難。大概除了美國以外，中國和世界其他國家都會繼續維護WTO框架下的現存多邊貿易體系，因爲這些國家都曾經並且將繼續從中受益。

There are also longer-term underlying forces at work in China-U.S. relations. We can assume that the ongoing competition between China and the U.S. – whether friendly or unfriendly – will persist for the long-term. It is difficult to predict how things will end up. China and the rest of the world, except possibly the U.S., will likely continue to uphold the current multilateral trading system under the World Trade Organisation (WTO), as they have all benefited and will continue to benefit from it.

儘管存在着不確定性和緊張，但進一步加大中國和美國經濟上的相互依存是符合中美兩國人民利益的。

In spite of uncertainties and tension, it is in the interest of both Americans and Chinese to promote greater mutual economic interdependence between our two countries.