贸易条件改善意味出口品价格上升或进口品价格下降，导致贸易盈余上升或贸易收支逆差下降；在国民收入水平增长的前提下，消费的增加小于收入的增长，因此私人储蓄将会增加。本文分析2000~2019年中国收入贸易条件以及私人储蓄率的特征，综述贸易条件与经常项目的相关文献并进一步建立经济模型，通过实证分析探究影响私人储蓄的因素。研究结果表明中国收入贸易条件每增长1%，私人储蓄率增长0.45%，但此结果在2008年全球金融危机后呈现相反影响。本文在此结论的基础上，提出中国目前进行对外贸易活动时，要注重提高自主创新性并优化贸易结构的政策建议。

关键词：贸易条件、私人储蓄率、“哈勃格-劳尔森-梅茨勒”理论

Improved terms of trade mean higher export prices or lower import prices, which results in higher trade surpluses or lower trade balance deficits. Under the premise of an increase in national income, increases in consumption is less than that in income and the private savings will increase. This paper analyzes China's income terms of trade and private savings rate from 2000 to 2019, summarizes the relevant literature on terms of trade and current account, and further establishes economic models to explore the factors affecting private savings through empirical analysis. The results showed that for every 1 per cent increase in China's income terms of trade, the private savings rates increased by 0.45 per cent, but the effects went opposite after the 2008 global financial crisis. Based on this conclusion, this paper suggests that China should pay more attention to improving independent innovation and optimizing trade structure when it conducts foreign trade activities.

Keywords: Terms of Trade, Private Saving Rates, H-L-M Theory