China's current account surplus and export growth have, indeed, fallen.

China, the world s growth superstar, has a huge current account surplus, which means that it is a net lender to the rest of the world.

That country has a trade surplus. It exports more than it imports.

Indeed, if foreign owned enterprises exports are deducted from the total trade volume, the surplus vanishes, because both the overall balance of merchandise trade and the balance of trade in services normally run deficits.

Germany , Europe s largest exporter, has a very large trade surplus with the rest of the world.

Its trade balance is positive, and total public debt is not as high as it is in other countries.

According to the International Monetary Fund, the budget deficit is declining, and the primary surplus (net revenues minus interest payments) is growing.

Russia is also thought to no longer need help because its economy and public finances are much improved, thanks to rising oil prices and a GDP growing at 6.5 per annum.

Germany s exports exceeded its imports by nearly 200 billion in the past twelve months, a surplus equivalent to nearly 6 of GDP.

Indeed, Russia is running fiscal and current account surpluses of 2 and 17 of GDP respectively.

Partly by design and partly by chance, about a decade ago China found itself consistently accumulating large amounts of foreign reserves by running a trade surplus and intervening to buy up the dollars that this generated.

The tree is high.

China, the world s growth superstar, has a huge current account surplus, which means that it is a net lender to the rest of the world.

Danger High Voltage.

Danger! High voltage.

Danger! High voltage.

This tree is tall.

A positive effect on wages

Do something positive.

But John Maynard Keynes pointed out that surpluses lead to weak global aggregate demand countries running surpluses exert a negative externality on their trading partners.

She said, But it's too high.

This is a very tall tree.

That is a high building, is it not?

Tom has high blood pressure.

Is your blood pressure high?

This has been positive for the stock market.

Naivete is his only merit.

With imports still growing strongly and commodity prices beginning to fall as a result of the world slowdown, Argentina s large trade surplus is disappearing quickly.

China found it useful to run a large trade surplus, using a very high rate of internal savings and inward foreign investment to support its industrialization and rapid growth.

To maintain growth, they need a nominal and real depreciation of their currency to reduce their trade deficits. But over saving countries such as China, Japan, and Germany that were running current account surpluses are resisting their currencies nominal appreciation.

Meanwhile, the trade surplus is rising again, in part because China is dumping its excess supply of goods such as steel in global markets.

But over saving countries such as China, Japan, and Germany that were running current account surpluses are resisting their currencies nominal appreciation.

If things go wrong, there are remedies a big budget surplus is an invitation to big tax cuts, which in America do work, and fast.

In that case, Germany s surplus means that the rest of Europe is in deficit.

A monkey is climbing up a tall tree.

What a tall tree this is!

Look at that tall building.

You see a tall building over there.

You see a tall building over there.

I have high blood pressure.

I have high blood pressure.

What's that very tall building?

My blood pressure is quite high.

A lightning struck the tall tree.

More recently, Clinton defended the economic mainstream against attack by conservative Republicans, who pushed for deep tax cuts that would undermine the fiscal surpluses of recent years.