Donald Trump, US president, is to meet Xi Jinping, his Chinese counterpart, at Mar-a-Lago in Florida this week. Discussions of economics seem likely to focus on China’s trade and exchange rate policies. This would be a mistake even if the US president’s views of trade were not mistakenly fixated on bilateral imbalances. Far more challenging and important is integrating China into the financial system. US policymakers should worry about China’s capital account, not its current account. That is where danger now lies.
美國總統唐納德?特朗普(Donald Trump)本周在佛羅里達州海湖莊園同中國國家主席習近平舉行會晤。經濟方面的討論可能聚焦于中國的貿易和匯率政策。這將是個錯誤，即便特朗普關注雙邊貿易失衡并沒錯也是如此。更具挑戰性和重要的問題是讓中國融入金融體系。美國政策制定者應該對中國的資本賬戶（而非其經常賬戶）感到擔憂。那才是目前的危險所在。
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