That is one of the reasons that China has chosen to run current account surpluses and build international reserves. But a more over-riding reason is the awareness by its government that, as a result of its economic liberalisation, it has to create about 20 million jobs per year just to absorb the exodus of workers from the countryside.
In other words, it has to run its economy at an exceptionally fast pace, and is reluctant to adopt policies which might run counter to this aim in the short run, even if they would contribute to maintaining longer-run sustainability. 5  See Dooley, Folkerts-Landau and Garber (2003 and 2005) for an interesting account of the Asian approach to balance of payments adjustment.