债权国

作为债权国，德国反对组建“转移支付联盟”（transferunion），并坚持表示，财政纪律至高无上。

Germany , as creditor country , opposes a " transfer union " and insists that fiscal discipline is everything .

但日本是一个债权国，其储户完全相信政府的偿付能力。

But Japan is a creditor country whose savers have complete confidence in the solvency of their government .

但债权国们也显得实力雄厚，既让人着迷又令人畏惧

But creditors also appear to be fascinatingly and horrifyingly powerful .

世界银行（worldbank）担忧债权国“搭便车”。

The world bank is worried about " free-rider " creditors .

但在巴黎俱乐部（ParisClub）债权国和IMF的带头下，它们对某些具体条款提出了反对。

But , led by the Paris Club of creditors and the IMF , they have raised objections to specific provisions .

它们还将必须创建一个财政框架，允许跨境转移、解决债权国和债务国之间的冲突，并支持“没有代表权就没有税收”（notaxationwithoutrepresentation）的波士顿原则。

They will also have to create a fiscal framework that allows for cross border transfers , resolves conflicts between creditors and debtors and supports the Bostonian principle of " no taxation without representation " .

此外，IMF很少（如果说曾经有过的话）有效影响到大型债权国的政策，即使这些政策对其它国家产生了重大负面影响。

Moreover , the IMF has rarely , if ever , effectively influenced the policies of large creditor countries even where such policies have had significant negative effects on others .

1944年，约翰梅纳德凯恩斯（JohnMaynardKeynes）极力主张，拟议中的新汇率体制需要债权国和债务国对半分担解决一切失衡问题的责任。

In 1944 John Maynard Keynes argued forcefully that the planned new exchange rate regime required symmetrical obligations on creditor and debtor countries to deal with any imbalances .

西方债权国态度强硬，刚果人终于屈服，同意削减30亿美元的交易规模，中国人如今也表现得愿意修改合同，以化解IMF的担忧。

Western creditors stood firm , the Congolese buckled , agreeing to reduce the deal by $ 3bn , and the Chinese are now showing willingness to discuss adapting the contract to address IMF concerns .

IMF过去过多地扮演债权国的讨债机构、以及将美元作为唯一储备货币的捍卫者的角色，甚至在贸易政策中照顾美国个别产业的利益。

The fund acted far too long as a creditor collection agency , a defender of the dollar as the sole reserve currency and even as a handmaiden to US sectoral interests in trade policy .

在里根（Reagan）政府的初期，美元估值过高，这加剧了美国和日本之间的贸易失衡。当时，日本本质上是一个崇尚贸易保护主义的国家，而目前是全球最大的债权国。

An overvalued dollar in the early years of the Reagan administration exacerbated a trade imbalance with an instinctively protectionist Japan , now the world 's biggest creditor country .

印度官员警告，g20正在分裂成两个团体，一边是美国与英国这样的债务国，另一边是以中国为首的拥有巨额外汇储备的债权国。

Indian officials have warned that the G20 is split between debtor countries , such as the US and the UK , and creditor nations , led by China with its large foreign exchange reserves .

G20代表了世界主要的债务国和债权国，以及最具战略影响力的国家。固定的G20框架将敲响七国集团（G7）的丧钟。

A permanent G20 structure , representative of the major debtor and creditor countries and the most strategically powerful ones , will sound the death knell of the Group of Seven leading industrialised nations .

但以德国为首的欧洲北部债权国坚决抵制此类举措，它们担心欧洲央行的独立性，并希望局限于由EFSF采取行动。

But those measures were strongly resisted by a German-led group of northern creditor countries , which were concerned about ECB independence and wanted to limit action to the EFSF .

现在，东亚的新兴经济体大多成为债权国。

Now the East Asian emerging economies are mostly creditor nations .

那么，为什么在危机中债权国说了算呢？

Why , then , do creditors rule in a crisis ?

中国和其他债权国持有大量的美国债券。

China and other creditor nations hold substantial amounts of U.S. debt .

但债权国的经常账户盈余预计并不会随之下降。

But the surpluses of creditor countries are not forecast to fall .

制定规则的是债权国。

The country with the credit sets the rules .

如果我们忘记了债权国与债务国关系的相互特点，那将是危险的。

We forget the mutual nature of the creditor-debtor relationship at our peril .

同样，债权国的身份让中国非常依赖外国的需求。

Similarly , being a creditor makes a country dependent on foreign demand .

第二，债权国必须承担损失，而债务国则需要进行调整。

Second , creditors need to take a hit , and debtors adjust .

日本为全世界最大的债权国。

Japan is the world 's largest creditor nation .

中国：双顺差与新兴债权国

China : Double Surplus and New Creditor Nation

债权国还可以坚持它们对危机根源的解读。

Creditors can also insist on their interpretation of the causes of a crisis .

我们看到，国际债权国和债务国之间正展开一场利益之战。

We are witnessing a battle between the interests of international creditors and debtors .

当时，美国是全球最大的债权国，而迄今为止仍是全球最大的经济体。

Then the US was the largest creditor and by far the biggest economy .

在重大危机中，债权国说了算。

In a big crisis , creditors rule .

有顺差的国家则称为债权国。

Countries with surplus are called creditor nations .

中国的新债权国地位及其可持续性研究

China 's Net Creditor Status and Its Sustainability