(1) The market demand structure between China and the United States is different. People's consumption choices are closely related to their income levels, and the huge differences in economic development between the two countries lead to huge differences in the demand structure of residents in the two countries.
(2) Most of the labor-intensive products produced in China are necessities of life, while the high-tech products produced in the United States belong to high-end products. Due to the low income level of China residents, the effective demand for purchasing power in China market is insufficient.
2. The important reason is that the discriminatory export control imposed by the United States on China is a "double-edged sword". The export control policy not only harms American industry, but also weakens its export competitiveness in many ways, resulting in a decline in exports to China.
3. The direct factor is the global industrial transfer. Since the mid-1980s, China's neighboring countries and regions have upgraded and adjusted their industrial structures, transferring labor-intensive industries that lost their comparative advantages in China to China, thus forming a processing trade pattern in which China imports raw materials and parts from these countries and regions, processes and assembles them at home, and then exports them to the United States and European countries.
The changes in the pattern of international division of labor brought about by the adjustment of economic structure in the Asia-Pacific region have made the United States reduce its imports from these countries and regions and increase its imports from China. As a result, the trade surpluses of South Korea, Japan and other countries with the United States have declined, and the Sino-US surplus has increased year after year.
4. The trade deficit between China and America is highly complementary. China's products with comparative advantages are labor-intensive products, and China's large surplus with the United States comes from trade in goods. The United States has a comparative advantage in service trade and is the most developed country in the world. The services provided are mainly technology and knowledge-intensive industries.
5. Direct investment in China masks the trade deficit between China and the United States. With the continuous development of American investment in China, American exports to China will be further reduced through the exports of subsidiaries investing in China rather than the direct exports of the United States.
American multinational companies have transformed a large number of goods and services originally produced or exported from their own countries into huge production and export of overseas subsidiaries, which correspondingly increased the imports of American companies from overseas subsidiaries to the United States, thus expanding the "deficit" of the United States. ?
6. Different statistical methods exaggerate the imbalance of bilateral trade. China and the United States should be basically the same in statistical principles and methods. However, there are great differences in trade statistics between China and America. The trade deficit of the United States with China is much larger than the trade surplus of China with the United States, and the difference between the two is still widening.
Extended data:
Advantages and disadvantages of trade deficit
Changing ideas: from surplus to balance
We must change the traditional concept of pursuing trade surplus and strive to pursue foreign trade balance.
The traditional trade concept holds that in order to earn foreign exchange, surplus is a good thing and deficit is a bad thing. This concept has long dominated China's trade policy and practice. According to statistics, by the end of February, 20 10, China had not experienced an annual trade deficit since 1993, nor had it experienced a monthly trade deficit since April, 2004. In fact, a country's foreign trade should pursue a long-term basic balance of imports and exports, not a long-term trade surplus.
A long-term surplus may not be beneficial to China.
China is a large developing country, and its long-term trade surplus has not brought all the benefits.
First, the trade surplus will bring more and more trade disputes;
Secondly, although the trade surplus has increased foreign exchange reserves, from the perspective of maximizing the utility of resources, resources have not been fully utilized;
Third, the persistent high surplus leads to the expectation of RMB appreciation, which in turn leads to the increase of net capital inflow, which in turn leads to the pressure of RMB appreciation;
Fourth, the huge current account surplus will turn into the pressure of a large amount of money and become an important factor in the rise of inflation rate.
Appropriately entering the market may not be harmful to our country.
On the contrary, the result of trade deficit is not all bad.
First, an appropriate deficit is conducive to alleviating short-term trade disputes and long-term stable growth of trade;
Second, the deficit is actually equal to investing in production equipment. As long as the investment project is properly selected, it can not only supplement some domestic shortage of raw materials, but also be very
Quickly increase production capacity, increase employment and increase economic aggregate;
Third, the deficit can reduce the expectation of RMB appreciation and slow down the net inflow of capital;
Fourth, the short-term trade deficit will help ease the inflationary pressure in China and increase the operating space of China's monetary policy.
Judging from the practice of China's economic development, the years of rapid economic growth are all years of deficit or surplus. Therefore, on the issue of foreign trade, we should completely change our ideas, abandon the traditional ideas and practices aimed at earning foreign exchange through exports and pursuing surplus, and establish a policy aimed at international payments.
References:
Baidu Encyclopedia: Trade deficit