M10:00
这个，这个，这个很难想象，随着时间推移，我们不会在 China 找到更多可以做的事情。
It's, it's, it's very hard to imagine that we won't find more things to do in, in China over time.
我的意思是，呃，这可是个巨大的市场。
I mean, it, uh, it's a huge market.
我们做很多事情，而其中有些是可以输出过去的。
We do a lot of things, and some of those are exportable.
而且也可能还会有机会，呃，在那边再买更多的企业。
And there will also perhaps be opportunities, uh, to buy more, uh, uh, businesses there.
如果可以的话，我们本来会买超过百分之十的 BYD，但，呃，他们愿意卖给我们的也就只有这么多。
We would have bought more than 10% of BYD if we could have, but, uh, that's all that, uh, they wish to sell us.
所以我们希望以后会有这样的机会。
So we hope that comes about.
至于 China 持有的美元资产，你知道，从某种意义上说，他们没法不继续持有更多美元资产。
In terms of the Chinese dollar holdings, you know, in a way they can't get— they can't get rid of owning more dollar assets.
我的意思是，事情的本质就在于，如果我们要像几年前，或者一两年前那样，跟 China 维持两千五百亿美元的贸易逆差——也就是说，如果他们给我们送来商品，而我们又想要这些商品，呃，而且金额比我们卖给他们的多出两千五百亿美元，那他们最后就会拿到两千五百亿美元的一张张小纸片。
I mean, the nature of it is, if we're going to run a— as we did a few years ago, or a year or two ago— if we're going to run a $250 billion trade deficit with China, I mean, if they're going to send us goods and we want those goods, uh, to the tune of $250 billion more than we sell to them, they end up with $250 billion of little pieces of paper.
而他们可以把这些叫作 U.S. dollars 的纸片，换成——他们可以去买 U.S. real estate、U.S. stocks、U.S. government bonds。
And they can convert those pieces of paper called U.S. dollars, they can convert them into— they can grow U.S. real estate, into U.S. stocks, U.S. government bonds.
他们可以做各种各样的事情。
They can do all kinds of things.
他们甚至还可以把这些拿去跟 French 交易，然后换来 euros 之类的东西。
They can even trade them to the French, you know, and get— and get euros or something in exchange.
但那样一来，French 就接手这个问题了。
But then the French have the problem.
所以，只要 China 还存在显著的贸易顺差，China 的美元资产就会不断累积，然后他们要做的选择，就是把这些美元投到什么地方。
So the Chinese dollar assets are going to build as long as there's a significant trade surplus with China, and then they have the choice of what to put those dollars into.
而到目前为止，他们选择把相当大一部分投进了 U.S. government bonds。
And they have elected so far to put a significant amount into, into U.S. government bonds.
我记得大概一个月前，China 有位高级官员说过，他对投进 U.S. government bonds 的这笔钱，将来购买力会变成什么样，并不是太高兴。
And I think a major official about a month ago or so in China said he wasn't too happy about the prospect of what's going to happen in terms of the purchasing power of that money that's been put in U.S. government bonds.
我会说，他说得对。
And I would say he's right.
我的意思是，任何在这个国家之外持有美元债权的人，如果持有时间够长，最后拿回来的购买力，都会比当初持有这些美元债权时要少。
I mean, he— anybody that owns dollar obligations outside of this country is, if they hold them a long time, is going to get less back in the way of purchasing power than existed at the time that they took on those dollar obligations.
而这对 China 的财政部长或者政府来说，是个很大的问题——当然不是全世界最严重的问题，但确实是个很大的问题——他们得决定，面对这种因为贸易顺差而不断累积起来的资金，该怎么办。
And it's a major— it's a major problem, not the world's worst problem, but it's a major problem for a finance minister or a government in China to decide what to do with this buildup that comes about because they are running a trade surplus.
而且，呃，他们成立了 Chinese Investment Corp，里面有几千亿美元，用来决定在全球范围内进行投资。
And, uh, they've set up the Chinese Investment Corp, which has a couple hundred billion dollars in it in terms of deciding to make investments around the world.
不过这是个很有意思的问题，如果你让我当 China 的财政部长，我会怎么处理这个贸易顺差，以及因为贸易顺差流入的这些资金。
But it's an interesting question, if you made me the finance minister of China, what I would do with the trade surplus, the funds that came in because of the trade surplus.
我想我把这个问题交给 Charlie，问问如果他是 China 的财政部长，他会怎么做。
And I think I'll turn it over to Charlie and ask him what he would do if he were the finance minister of China.