{"id":264115,"date":"2026-07-15T15:24:26","date_gmt":"2026-07-15T07:24:26","guid":{"rendered":"https:\/\/www.hkubs.hku.hk\/research\/thought-leadership\/the-global-current-account-imbalance-then-and-now\/"},"modified":"2026-07-15T16:21:13","modified_gmt":"2026-07-15T08:21:13","slug":"the-global-current-account-imbalance-then-and-now","status":"publish","type":"thought-leadership","link":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/the-global-current-account-imbalance-then-and-now\/","title":{"rendered":"\u5168\u7403\u7d93\u6fdf\u7684\u4e00\u500b\u5beb\u7167\uff1a\u7d93\u5e38\u5e33\u5931\u8861"},"content":{"rendered":"<p>\u7d04<span>20<\/span>\u5e74\u524d\uff0c\u5168\u7403\u7d93\u6fdf\u7684\u4e00\u500b\u91cd\u8981\u8b70\u984c\u662f\u7d93\u5e38\u5e33\u5931\u8861\u3002\u7d93\u5e38\u5e33\u5305\u62ec\u5546\u54c1\u548c\u670d\u52d9\u9032\u51fa\u53e3\uff0c\u53ca\u548c\u5916\u570b\u4e92\u76f8\u6295\u8cc7\u7684\u56de\u5831\u5dee\u984d\uff0c\u800c\u4ee5\u524d\u8005\u70ba\u4e3b\u3002\u7d93\u5e38\u5e33\u5931\u8861\uff0c\u53ef\u8996\u70ba\u8cbf\u6613\u5931\u8861\uff0c\u5373\u8846\u591a\u7d93\u6fdf\u9ad4\u7684\u8cbf\u6613\u76c8\u9918\u6216\u8d64\u5b57\uff0c\u4f5c\u70ba<span>GDP<\/span>\u7684\u6bd4\u4f8b\u6301\u7e8c\u5b58\u5728\u751a\u81f3\u589e\u52a0\u3002<\/p>\n<p>\u500b\u5225\u7d93\u6fdf\u9ad4\u6709\u8cbf\u6613\u76c8\u9918\u6216\u8d64\u5b57\uff0c\u5c6c\u6b63\u5e38\u4e0d\u904e\u7684\u4e8b\uff0c\u4f46\u82e5\u9019\u662f\u5168\u7403\u72c0\u6cc1\u4e26\u4e14\u8d8a\u8da8\u56b4\u91cd\uff0c\u81ea\u7136\u503c\u5f97\u95dc\u6ce8\u3002\u6211\u5011\u53ef\u4ee5\u5c07\u500b\u5225\u7d93\u6fdf\u9ad4\u7684\u7d93\u5e38\u5e33\u76c8\u9918\u6216\u8d64\u5b57\u7684\u7d55\u5c0d\u503c\u7e3d\u548c\uff0c\u4f5c\u70ba\u5168\u7403<span>GDP<\/span>\u7684\u6bd4\u4f8b\uff0c\u4f86\u91cf\u5ea6\u5168\u7403\u7d93\u5e38\u5e33\u5931\u8861\u7684\u7a0b\u5ea6\u3002\u6309<span>IMF<\/span>\u7684\u6578\u64da\uff0c\u9019\u500b\u6bd4\u4f8b\u5728\u4e0a\u4e16\u7d00<span>70<\/span>\u81f3<span>90<\/span>\u5e74\u4ee3\u7d04\u70ba<span>2<\/span>\u81f3<span>3%<\/span>\uff0c\u4f46<span>90<\/span>\u5e74\u4ee3\u5f8c\u671f\u8fc5\u901f\u4e0a\u5347\uff0c\u81f3<span>2006<\/span>\u5e74\u9054\u5230<span>5.5%<\/span>\u7684\u6b77\u53f2\u9ad8\u5cf0\u3002\u524d\u806f\u5132\u5c40\u4e3b\u5e2d\u8c9d\u5357\u5947\u5728<span>2006<\/span>\u5e74\u4e0a\u4efb\u524d\u5f8c\uff0c\u6578\u6b21\u6f14\u8b1b\u53ca\u767c\u6587\u63d0\u51fa\u300c\u5132\u84c4\u904e\u5269 \u300d<span>(saving glut) <\/span>\u7684\u770b\u6cd5\uff0c\u5927\u610f\u662f\u4e9e\u6d32\u548c\u8f38\u51fa\u77f3\u6cb9\u7684\u7d93\u6fdf\u9ad4\u5132\u84c4\u751a\u591a\uff0c\u8d85\u904e\u7576\u5730\u91d1\u878d\u5e02\u5834\u7684\u6709\u6548\u5438\u7d0d\uff0c\u8cc7\u91d1\u9042\u6d41\u5411\u7f8e\u570b\u7b49\u6709\u8f03\u6210\u719f\u91d1\u878d\u9ad4\u7cfb\u7684\u570b\u5bb6\u3002\u7531\u65bc\u7d93\u5e38\u5e33\u548c\u8cc7\u672c\u5e33\u7684\u7e3d\u548c\u662f\u96f6\uff0c\u7f8e\u570b\u56e0\u8cc7\u91d1\u6d41\u5165\u5728\u8cc7\u672c\u5e33\u4e0a\u6709\u76c8\u9918\uff0c\u5728\u7d93\u5e38\u5e33\u4e0a\u4fbf\u6709\u8d64\u5b57\uff0c\u800c\u4e9e\u6d32\u548c\u8f38\u51fa\u77f3\u6cb9\u7684\u7d93\u6fdf\u9ad4\u525b\u597d\u76f8\u53cd\u3002<\/p>\n<p>\u6771\u4e9e\u548c\u6771\u5357\u4e9e\u7d93\u6fdf\u9ad4\u5728\u4e8c\u6230\u5f8c\u9ad8\u901f\u767c\u5c55\uff0c\u5438\u5f15\u4e86\u4e0d\u5c11\u5916\u4f86\u8cc7\u91d1\uff0c\u4f46<span>1997-98<\/span>\u5e74\u7684\u4e9e\u6d32\u91d1\u878d\u98a8\u66b4\u9006\u8f49\u4e86\u8cc7\u91d1\u6d41\u5411\uff0c\u4e9e\u6d32\u7d93\u6fdf\u9ad4\u7d93\u6b77\u4e86\u5916\u8cc7\u8fc5\u901f\u6d41\u51fa\u5c0e\u81f4\u7684\u532f\u7387\u548c\u91d1\u878d\u5371\u6a5f\u4e4b\u5f8c\uff0c\u7a69\u7a69\u5b88\u4f4f\u5916\u532f\u5132\u5099\uff0c\u589e\u6301\u7f8e\u50b5\u7b49\u5916\u570b\u8cc7\u7522\u3002\u6b64\u5916\uff0c\u4e2d\u570b\u5728<span>2001<\/span>\u5e74\u5e95\u52a0\u5165<span>WTO<\/span>\u5f8c\uff0c\u51fa\u53e3\u5927\u5e45\u589e\u9577\uff0c\u7279\u5225\u662f\u5c0d\u7f8e\u570b\u7684\u51fa\u53e3\u3002\u9019\u5169\u65b9\u9762\u7684\u6d3b\u52d5\uff0c\u90fd\u662f\u672c\u4e16\u7d00\u521d\u5168\u7403\u7d93\u5e38\u5e33\u64f4\u5927\u5931\u8861\u7684\u80cc\u666f\u3002\u8c9d\u5357\u5947\u7684\u8aaa\u6cd5\uff0c\u5c07\u8cac\u4efb\u653e\u5728\u6709\u76c8\u9918\u7684\u7d93\u6fdf\u9ad4\uff0c\u5982\u4e9e\u6d32\u53ca\u80fd\u6e90\u8f38\u51fa\u570b\uff0c\u985b\u5012\u4e86\u4e00\u822c\u8a8d\u70ba\u7f8e\u570b\u6d88\u8cbb\u592a\u591a\u56e0\u800c\u6709\u8cbf\u6613\u8d64\u5b57\u7684\u89c0\u9ede\uff0c\u9019\u548c\u7279\u6717\u666e<span>2.0 <\/span>\u5718\u968a\u4e2d\u88ab\u4efb\u547d\u70ba\u806f\u5132\u5c40\u7406\u4e8b\u7684\u53f2\u8482\u82ac\u00b7\u7c73\u862d<span>(Stephen Miran)<\/span>\u5982\u51fa\u4e00\u8f4d\u3002\u4ed6\u5006\u7684\u5206\u5225\u5728\u65bc\u8c9d\u5357\u5947\u8f03\u70ba\u6eab\u548c\uff0c\u4e0d\u82e5\u7c73\u862d\u822c\u5c0d\u5916\u570b\u5f37\u6253\u5f37\u8981\u4f86\u8655\u7406\u7f8e\u570b\u7684\u8cbf\u8d64\u3002\u81f3\u65bc\u7d93\u5e38\u5e33\u5931\u8861\u662f\u56e0\u70ba\u5916\u570b\u5132\u84c4\u904e\u5269\u9084\u662f\u7f8e\u570b\u6d88\u8cbb\u904e\u591a\uff0c\u9019\u96e3\u4ee5\u5b9a\u8ad6\u3002\u8c9d\u5357\u5947\u8a8d\u70ba\uff0c\u82e5\u662f\u7f8e\u570b\u6c11\u773e\u548c\u653f\u5e9c\u904e\u5ea6\u6d88\u8cbb\uff0c\u7f8e\u570b\u5229\u606f\u81ea\u7136\u6703\u9ad8\u65bc\u672c\u4e16\u7d00\u521d\u9304\u5f97\u7684\u6c34\u5e73\u3002\u7136\u800c\uff0c\u4e5f\u6709\u8ad6\u8005\u8a8d\u70ba\uff0c<span>2001<\/span>\u5e74\u56e0\u4e92\u806f\u7db2\u80a1\u50f9\u6ce1\u6cab\u7206\u7834\u53ca<span>911<\/span>\u6050\u6016\u4e3b\u7fa9\uff0c\u7f8e\u570b\u9677\u5165\u7d93\u6fdf\u8870\u9000\u3002\u8a72\u6b21\u8870\u9000\u5176\u5be6\u70ba\u6642\u751a\u77ed\uff0c\u4f46\u683c\u6797\u65af\u6f58\u4e3b\u6301\u7684\u806f\u5132\u5c40\u4ecd\u7136\u5927\u5e45\u53ca\u6301\u7e8c\u6e1b\u606f\uff0c\u919e\u91c0\u4e86\u96a8\u5f8c\u7684\u300c\u6b21\u8cb8\u5371\u6a5f\u300d<span>(subprime crisis) <\/span>\u548c\u91d1\u878d\u6d77\u562f\u3002\u592e\u884c\u5927\u529b\u653e\u6c34\uff0c\u5229\u606f\u81ea\u7136\u4f4e\u4f01\uff0c\u9f13\u52f5\u4e86\u7f8e\u570b\u7684\u6d88\u8cbb\u53ca\u9032\u53e3\u3002\u56e0\u679c\u95dc\u4fc2\u4ecd\u7136\u672a\u80fd\u660e\u78ba\u3002<\/p>\n<p>\u5404\u7d93\u6fdf\u9ad4\u7684\u7d93\u5e38\u5e33\u7e3d\u548c\u4f54\u5168\u7403<span>GDP<\/span>\u7684\u6bd4\u4f8b\uff0c\u5728<span>2008<\/span>\u5e74\u524d\u7684\u6578\u5e74\u90fd\u9ad8\u65bc<span>5%<\/span>\uff0c\u4f46\u91d1\u878d\u6d77\u562f\u7684\u7834\u58de\u529b\u5c07\u5168\u7403\u7d93\u6fdf\u62c9\u5411\u56b4\u91cd\u8870\u9000\uff0c\u5927\u91cf\u58d3\u7e2e\u958b\u652f\uff0c\u4f7f\u9019\u500b\u6bd4\u4f8b\u5728\u96a8\u5f8c\u5341\u5e74\u6301\u7e8c\u4e0b\u964d\uff0c\u5230<span>2019<\/span>\u5e74\u56de\u843d\u81f3<span>2.8%<\/span>\uff0c\u662f\u4e0a\u4e16\u7d00<span>80<\/span>\u5e74\u4ee3\u7684\u6c34\u5e73\u3002\u6b64\u5916\uff0c\u4e2d\u570b\u5728\u91d1\u878d\u6d77\u562f\u5f8c\u589e\u52a0\u6295\u8cc7\u4f86\u4fc3\u9032\u589e\u9577\uff0c\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u7de9\u548c\u4e86\u5168\u7403\u5931\u8861\u3002\u7136\u800c\uff0c\u81ea<span>2020<\/span>\u5e74\u8d77 \uff0c\u6709\u95dc\u6bd4\u4f8b\u91cd\u62fe\u5347\u8ecc\uff0c\u9ad8\u65bc<span>3%<\/span>\u4e26\u63a5\u8fd1<span>4%<\/span>\u3002\u96d6\u7136\u4ecd\u7136\u4f4e\u65bc<span>20<\/span>\u5e74\u524d\u7684<span>5%<\/span>\u4ee5\u4e0a\uff0c\u4e5f\u65e9\u5df2\u5f15\u8d77\u653f\u7b56\u5236\u5b9a\u548c\u5206\u6790\u4eba\u58eb\u95dc\u6ce8\u3002<\/p>\n<p>\u7576\u524d\u5168\u7403\u7d93\u5e38\u5e33\u5931\u8861\uff0c\u4e3b\u8981\u88ab\u8996\u70ba\u653f\u7b56\u9a45\u52d5\uff0c\u548c<span>20<\/span>\u5e74\u524d\u4e3b\u8981\u57fa\u65bc\u5e02\u5834\u6d3b\u52d5\u548c\u7d93\u6fdf\u9ad4\u4e4b\u9593\u7d50\u69cb\u5dee\u5225\u4e0d\u540c\u3002\u4e00\u500b\u660e\u986f\u4f8b\u5b50\u662f\u7f8e\u570b\u653f\u5e9c\u7684\u8ca1\u653f\u8d64\u5b57\u3002\u4e00\u500b\u7d93\u6fdf\u9ad4\u7684\u7d93\u5e38\u5e33\uff0c\u662f\u653f\u5e9c\u3001\u4f01\u696d\u548c\u6c11\u773e\u4e09\u65b9\u9762\u6536\u5165\u548c\u958b\u652f\u60c5\u6cc1\u7684\u7e3d\u548c\u3002<span>2005<\/span>\u5e74\uff0c\u7f8e\u570b\u806f\u90a6\u653f\u5e9c\u7684\u8ca1\u8d64\uff0c\u662f\u7f8e\u570b\u7d93\u5e38\u5e33\u8d64\u5b57\u7684<span>43%<\/span>\uff0c\u5230\u4e86<span>2025<\/span>\u5e74\uff0c\u5247\u5927\u5e45\u589e\u52a0\u81f3<span>140%<\/span>\u3002\u63db\u53e5\u8a71\u8aaa\uff0c\u7f8e\u570b\u653f\u5e9c\u5728\u8a72\u5e74\u7684\u8ca1\u8d64\uff0c\u662f\u7f8e\u570b\u7d93\u5e38\u5e33\u51fa\u73fe\u8d64\u5b57\u7684\u4e3b\u56e0\u3002\u53bb\u5e74\u7279\u6717\u666e\u4e8c\u5ea6\u5165\u4e3b\u767d\u5bae\u5f8c\uff0c\u958b\u59cb\u6642\u4fe1\u8a93\u65e6\u65e6\u5730\u8981\u524a\u6e1b\u958b\u652f\u3001\u63d0\u9ad8\u806f\u90a6\u653f\u5e9c\u6548\u7387\uff0c\u4f46\u548c\u4ed6\u4e3b\u5c0e\u7684\u5176\u4ed6\u653f\u7b56\uff0c\u5982\u53bb\u5e74\u7684\u5c0d\u7b49\u95dc\u7a05\u8cbf\u6613\u6230\uff0c\u548c\u4eca\u5e74\u5c0d\u4f0a\u6717\u767c\u52d5\u7684\u6230\u722d\u4e00\u6a23\uff0c\u90fd\u662f\u5012\u884c\u9006\u65bd\u3001\u5f04\u5de7\u53cd\u62d9\u3002\u7f8e\u570b\u570b\u6703\u9810\u7b97\u8fa6\u516c\u5ba4\u4f30\u8a08\uff0c\u806f\u90a6\u653f\u5e9c\u5728\u4eca\u5e74<span>8<\/span>\u6708\u5e95\u7d50\u675f\u7684\u8ca1\u653f\u5e74\u5ea6\uff0c\u6703\u6709<span>1.9<\/span>\u842c\u5104\u7f8e\u5143\u8d64\u5b57\uff0c\u5982\u679c\u4e0d\u5305\u62ec<span>2020<\/span>\u548c<span>2021 <\/span>\u53d7\u65b0\u51a0\u80ba\u708e\u5f71\u97ff\u7684\u5169\u5e74\uff0c\u4eca\u5e74\u5c07\u662f\u7f8e\u570b\u6b77\u53f2\u4e0a\u4ee5\u7f8e\u5143\u7e3d\u503c\u8a08\u7b97\uff0c\u8ca1\u653f\u8d64\u5b57\u6700\u9ad8\u7684\u4e00\u5e74\u3002<\/p>\n<p>\u53e6\u4e00\u65b9\u9762\uff0c\u6709\u7d93\u5e38\u5e33\u76c8\u9918\u7684\u7d93\u6fdf\u9ad4\uff0c\u4e5f\u4e3b\u8981\u662f\u901a\u904e\u653f\u7b56\u9054\u81f3\u6216\u7dad\u6301\u76c8\u9918\u3002\u4e2d\u570b\u662f\u660e\u986f\u7684\u4f8b\u5b50\uff0c\u5982\u901a\u904e\u91d1\u878d\u6291\u5236\u5c07\u8cc7\u6e90\u8a98\u5c0e\u81f3\u9ad8\u79d1\u6280\u884c\u696d\u548c\u61c9\u4ed8\u57ce\u6295\u50b5\u7684\u5229\u606f\u958b\u652f\uff0c\u90fd\u6703\u5f71\u97ff\u5c45\u6c11\u6d88\u8cbb\u7684\u610f\u9858\u548c\u80fd\u529b\u3002\u8aaa\u5230\u5168\u7403\u7d93\u5e38\u5e33\u5931\u8861\uff0c\u4e2d\u7f8e\u5169\u5927\u7d93\u6fdf\u9ad4\u81ea\u7136\u662f\u8a0e\u8ad6\u7684\u4e3b\u89d2\u3002\u4f46\u4e8b\u5be6\u4e0a\uff0c\u4e2d\u570b\u7684\u4f54\u6bd4\u591a\u5e74\u4f86\u90fd\u5728\u6e1b\u5c11 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NIIP)\u6b63\u662f\u67d0\u500b\u7d93\u6fdf\u9ad4\uff0c\u5305\u62ec\u653f\u5e9c\u3001\u4f01\u696d\u548c\u500b\u4eba\uff0c\u5c0d\u5916\u570b\u7684\u6de8\u6b20\u6b3e\u3002\u81f3\u672c\u5e74\u9996\u5b63\u5ea6\uff0c\u7f8e\u570b\u7684NIIP\u905421.3\u842c\u5104\u7f8e\u5143\u8ca0\u503c\uff0c\u662f\u5b83GDP\u7684\u4e09\u5206\u4e4b\u4e8c\u3002\u7f8e\u570b\u7684\u901a\u8139\u58d3\u529b\u7e7c\u7e8c\u5b58\u5728\uff0c\u5e02\u5834\u7684\u9810\u671f\u5df2\u7531\u5e74\u521d\u7684\u6e1b\u606f\u8f49\u70ba\u76ee\u524d\u7684\u52a0\u606f\u3002\u606f\u7387\u4e0a\u5347\u66f4\u964d\u4f4e\u50b5\u52d9\u7684\u53ef\u6301\u7e8c\u6027\u3002\u9019\u662f\u7576\u524d\u5916\u570b\u8cc7\u91d1\u6d41\u5165\u7f8e\u570b\u7684\u4e00\u500b\u8003\u616e\u3002\u82e5\u4e0d\u662f\u6709\u4eba\u5de5\u667a\u80fd\u71b1\u6f6e\uff0c\u9019\u4e9b\u8003\u616e\u6703\u66f4\u70ba\u660e\u986f\u3002 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\u9678\u708e\u8f1d\u535a\u58eb \u6e2f\u5927\u7d93\u7ba1\u5b78\u9662\u69ae\u8b7d\u526f\u6559\u6388 \uff08\u672c\u6587\u540c\u6642\u65bc\u4e8c\u96f6\u4e8c\u516d\u5e74\u4e03\u6708\u5341\u4e94\u65e5\u8f09\u65bc\u300a\u4fe1\u5831\u300b\u300c\u9f8d\u864e\u5c71\u4e0b\u300d\u5c08\u6b04\uff09\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/the-global-current-account-imbalance-then-and-now\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2026-07-15T07:24:26+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2026-07-15T08:21:13+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u5168\u7403\u7d93\u6fdf\u7684\u4e00\u500b\u5beb\u7167\uff1a\u7d93\u5e38\u5e33\u5931\u8861 - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u7d0420\u5e74\u524d\uff0c\u5168\u7403\u7d93\u6fdf\u7684\u4e00\u500b\u91cd\u8981\u8b70\u984c\u662f\u7d93\u5e38\u5e33\u5931\u8861\u3002\u7d93\u5e38\u5e33\u5305\u62ec\u5546\u54c1\u548c\u670d\u52d9\u9032\u51fa\u53e3\uff0c\u53ca\u548c\u5916\u570b\u4e92\u76f8\u6295\u8cc7\u7684\u56de\u5831\u5dee\u984d\uff0c\u800c\u4ee5\u524d\u8005\u70ba\u4e3b\u3002\u7d93\u5e38\u5e33\u5931\u8861\uff0c\u53ef\u8996\u70ba\u8cbf\u6613\u5931\u8861\uff0c\u5373\u8846\u591a\u7d93\u6fdf\u9ad4\u7684\u8cbf\u6613\u76c8\u9918\u6216\u8d64\u5b57\uff0c\u4f5c\u70baGDP\u7684\u6bd4\u4f8b\u6301\u7e8c\u5b58\u5728\u751a\u81f3\u589e\u52a0\u3002 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Miran)\u5982\u51fa\u4e00\u8f4d\u3002\u4ed6\u5006\u7684\u5206\u5225\u5728\u65bc\u8c9d\u5357\u5947\u8f03\u70ba\u6eab\u548c\uff0c\u4e0d\u82e5\u7c73\u862d\u822c\u5c0d\u5916\u570b\u5f37\u6253\u5f37\u8981\u4f86\u8655\u7406\u7f8e\u570b\u7684\u8cbf\u8d64\u3002\u81f3\u65bc\u7d93\u5e38\u5e33\u5931\u8861\u662f\u56e0\u70ba\u5916\u570b\u5132\u84c4\u904e\u5269\u9084\u662f\u7f8e\u570b\u6d88\u8cbb\u904e\u591a\uff0c\u9019\u96e3\u4ee5\u5b9a\u8ad6\u3002\u8c9d\u5357\u5947\u8a8d\u70ba\uff0c\u82e5\u662f\u7f8e\u570b\u6c11\u773e\u548c\u653f\u5e9c\u904e\u5ea6\u6d88\u8cbb\uff0c\u7f8e\u570b\u5229\u606f\u81ea\u7136\u6703\u9ad8\u65bc\u672c\u4e16\u7d00\u521d\u9304\u5f97\u7684\u6c34\u5e73\u3002\u7136\u800c\uff0c\u4e5f\u6709\u8ad6\u8005\u8a8d\u70ba\uff0c2001\u5e74\u56e0\u4e92\u806f\u7db2\u80a1\u50f9\u6ce1\u6cab\u7206\u7834\u53ca911\u6050\u6016\u4e3b\u7fa9\uff0c\u7f8e\u570b\u9677\u5165\u7d93\u6fdf\u8870\u9000\u3002\u8a72\u6b21\u8870\u9000\u5176\u5be6\u70ba\u6642\u751a\u77ed\uff0c\u4f46\u683c\u6797\u65af\u6f58\u4e3b\u6301\u7684\u806f\u5132\u5c40\u4ecd\u7136\u5927\u5e45\u53ca\u6301\u7e8c\u6e1b\u606f\uff0c\u919e\u91c0\u4e86\u96a8\u5f8c\u7684\u300c\u6b21\u8cb8\u5371\u6a5f\u300d(subprime 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