I. Main manifestations and impacts of global economic imbalance \ x0d \ x0d \ The current world economic development is unbalanced. First of all, the internal economic development of developed countries is unbalanced, and the economic development of the United States is strong. In contrast, the economic development of European countries such as Japan and Germany is sluggish; Secondly, the imbalance among developing countries, China, Indian and other countries have developed rapidly, while most countries such as Latin America and Africa have developed slowly; Finally, the United States currently has a huge fiscal deficit and its debt is growing rapidly, while Japan, China and other major emerging market countries in Asia have a large trade surplus with the United States. At the same time, most of the surpluses of these countries are exported to the United States in the form of national debt, thus forming a "double cycle" of the world economy. However, the adjustment process of global economic imbalance is relatively slow, and China will also face risks. Global economic imbalance has become an increasingly serious problem in today's world. \x0d\ 1。 Impact on the world economy and development \x0d\ This round of economic imbalance began in the mid-1990s, which is different from the first global economic imbalance. As the main means of adjusting the balance of payments, the exchange rate has failed. While expanding the trade deficit, the United States devalued the dollar, leading to global "excess liquidity". Although the unbalanced global economic situation in 2007 was not as pessimistic as people expected, the investment and consumption situation in the United States, Japan and Europe were optimistic in the first three quarters, regional economic cooperation among developing countries developed rapidly, and global trade, especially service trade and M&A investment, also increased. However, the causes of this round of global economic imbalance are various, with uncertainty in time and space and unimaginable complexity, and its influence on the future world economy will exist for a long time. \x0d\ 2。 Impact on China's economy \x0d\ Although the current global imbalance has no obvious impact on China's economy, it has also brought a severe test to China's economic development, especially under the constraints of resources, energy, market, technology, talents and the existing political, economic and military structure in the world, the imbalance has brought a high degree of uncertainty risk to China's economic development. \x0d\ x0d \ II。 Analysis on the causes of global economic imbalance \ x0d \ x0d \ 1. Global reasons \ x0d \ From a global perspective, the global economic imbalance mainly comes from the imbalance of the existing world economic, trade, monetary and financial patterns. First of all, the imbalance of global economic development is the fundamental reason. On the one hand, the economic growth of the United States is unexpectedly strong, while Japan and Europe have been in a period of slow economic growth in recent years. On the other hand, although the economic growth rate of developing countries exceeds that of western countries, the overall economic gap between them is still widening. Secondly, the changes in international division of labor and trade pattern in recent years are important reasons for the imbalance. On the one hand, developed countries transfer or outsource labor-intensive production and services to developing countries, and their domestic products or services turn to higher-end products to promote the upgrading of economic structure and create new employment opportunities. This process often lags behind for a period of time. Developed countries, especially the United States, are often reluctant to export high-tech products to developing countries, which leads to increasing trade imbalance, which is often caused by various factors such as trade and exchange rate policies of various countries. Finally, the imbalance between global savings and investment is another internal source of global economic imbalance. Due to the economic system, consumption habits, demographic structure and social and cultural traditions, China and some Asian countries have very high savings rates, few domestic investment channels and low efficiency, so excessive savings have not been completely converted into investment, which corresponds to a trade surplus; However, the trend of consumption economy in developed countries such as the United States has been strengthened under its expansionary policies, which has led to the continuous expansion of the deficit. \x0d\ 2。 Reasons from the United States \x0d\ The root cause of the huge current account deficit in the United States lies in the domestic policies of the United States. The first is the expansionary fiscal policy. At present, the American economy is mainly driven by consumption. In recent years, the government has cut taxes on a large scale, the labor productivity has been greatly improved, and the personal income and asset value have increased rapidly, which has greatly stimulated the growth of personal consumption. In order to realize its political, economic and military hegemony, the public expenditure of the United States has been astronomical and is constantly expanding. Second, there is insufficient savings. While consumption is expanding, the personal savings rate in the United States, that is, the ratio of savings to actual disposable income, is declining. From 65438 to 0995, the personal savings rate in the United States was about 4% ~ 5%, but since 2005, it has dropped to a negative value, which shows that consumers not only spent all their disposable income, but also used savings or loans. Finally, for its own benefit, it exerts influence on the international division of labor and trade pattern. On the one hand, transfer labor-intensive and environmentally damaging industries to developing countries, and then export products from these countries to all parts of the world; On the other hand, the United States imports a large number of consumer goods to meet the huge demand of its domestic market, but at the same time, it sets up various obstacles to export, preventing its high-tech products from being exported to developing countries, thus leading to a huge trade deficit in goods in the United States. Three. Countermeasures and suggestions for global economic imbalance \x0d\ x0d \ 1. Suggestions on Global Countermeasures \ x0d \ The adjustment of global imbalances requires countries to strengthen communication and coordination, and Qi Xin should make concerted efforts. To this end, all countries in the world should carry out active dialogue and consultation, promote the orderly adjustment of global economic imbalances, and strengthen policy coordination among them. First, strengthen North-South cooperation through more strategic cooperation. Industrialized countries should take advantage of their strong economic strength and influence on the world economy, shoulder the main responsibility of eliminating imbalances, earnestly fulfill their commitments in poverty eradication, financial assistance and debt relief in accordance with the New Millennium Development Goals, and strive to achieve the goal of 0.7% of national income for official development assistance in developed countries in accordance with the Monterrey Consensus. Second, strengthen South-South cooperation and accelerate the self-development of developing countries. Only by comprehensively improving their own strength can developing countries fundamentally solve global economic imbalances and existing global problems and contradictions. However, advanced developing countries should help backward developing countries to share their development experience, trade, investment and assistance, and strive for an equal and favorable development environment with a unified stand in order to achieve common development and prosperity. Third, all countries in the world, especially capital-importing countries and capital-exporting countries, should strengthen close cooperation, speed up their own structural adjustment, enhance the flexibility of monetary policy, maintain the stable development of the global economy during the adjustment, and gradually eliminate the obvious imbalance of the global economy during the stable development. Fourth, efforts should be made to establish a fair and reasonable new international economic order, strengthen coordination among countries on some major issues involving the overall development of the world economy and the common interests of all countries, take collective policy actions, further improve the international economic and financial system, increase the voice of developing countries, improve the multilateral trading system and effectively prevent trade protectionism. Fifth, the big countries carry out cooperative exchange rate adjustment, that is, the big countries re-sign a "new square agreement" to classify the currencies of different countries according to the optimal appreciation range against the US dollar, and cooperate to adjust the exchange rate, or the United States can reduce its fiscal deficit and avoid the "prisoner's dilemma" in exchange rate adjustment. \x0d\ 2。 Countermeasures and Suggestions of Major Economies \x0d\ As the largest country and deficit country in the world, the United States should shoulder the responsibility of solving global economic imbalances. First of all, the US government should assume the responsibility of being a major currency issuer in the world. Its dollar policy or monetary policy should not blindly pursue the goal of American economic policy, but should consider and pursue the goal of global economic stability as much as possible; Second, further reduce military spending and reduce the federal budget deficit; Third, create savings products with tax incentives and increase national savings; Fourth, in the medium term, the trade deficit and foreign debt balance will be stabilized through the sharp depreciation of the US dollar, but this requires policy coordination among countries to avoid financial shocks; Fifth, through its own reform and adjustment, ease the world economic contradictions. \x0d\