【讨论】翻译交流,一段英文.

以下是我的翻译。请多多指教。
Another important issue has to do with the duration of china’s trade surpluses. A mercantilist policy regime aims at persistent trade surpluses, and Japan indeed enjoyed a consistent trade surplus until 1993 through-out its economic takeoff era. In contrast, china’s global trade surpluses have been cyclical in nature, even when it has enjoyed consistent trade surpluses with the United States. China’s recent successes in export expansion can be legitimately attributed to market forces rather than to systematic, government-organized programs to promote exports. It should be acknowledged that china has made limited progress in recent years in moving away from this model. In 1994, authorities abolished the dual exchange rate and merged the market rate and the official rate at the market rate. This amounted to an effective devaluation of the Chinese currency of roughly 50 percent. The action has given a huge boost to china’s export performance. China’s merchandise trade balance has enjoyed a surplus every year since 1993, rising to US$19.5 billion in 1996 from a deficit of US$12 billion in 1993. the sizable trade account surplus is sufficient to offset relatively small nontrade account deficits to yield an overall current account surplus for every year since 1990, except for 1993. Because china has become an attractive site for foreign investments in the last few years, surpluses on current and capital accounts have led to a huge buildup of foreign exchange reserves, to the tune of US$139 billion by 1998.

另一个重要的问题与中国的贸易顺差期间有关。重商政策政权的目的是为了持久的贸易顺差，在1993年之前，日本经济腾飞期间，日本确实享受着巩固的贸易顺差。相反，即使是在与美国保持贸易顺差的时候，中国的全球贸易顺差实际上一直是循环的。中国近期在出口扩展方面取得的成功应该归功于市场力量，而不是政府组织的、系统的出口促进规划。必须了解的是，中国在近几年来从模式改革方面取得的进步非常小。1994年，权威机构废除了双边汇率，按照市场汇率将市场汇率和官方汇率合并了。这相当于将中国货币贬值约50%。这项措施给中国出口带来巨大的推进作用。从1993年开始，中国的商品贸易平衡每年都实现顺差，由1993年的120亿美元增长到1996年的195亿美元。这么巨大的贸易总顺差足以弥补相关的少量的非贸易赤字，自1990以来，除1993年以外每年产生总的收支经常项目顺差。因为中国最近几年来成为了吸引外商投资的国家，货币顺差和固定资产帐户已经形成了巨大的外汇储备，到1998年为止，创下1390亿美元的峰值。