An Analysis on Sino-US Trade Balance from the Perspective of National Income

Li Xinru, Chen Xikang, Duan Yuwan, Zhu Kunfu

The Journal of World Economy ›› 2018, Vol. 41 ›› Issue (6) : 3-27.

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The Journal of World Economy ›› 2018, Vol. 41 ›› Issue (6) : 3-27.

An Analysis on Sino-US Trade Balance from the Perspective of National Income

  • Li Xinru1, Chen Xikang1, Duan Yuwan2, Zhu Kunfu3
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Abstract

This study estimated the US-China trade deficit from the perspective of national income, using new input-output models that take into account the heterogeneity of firms in income distribution. The 2012 results showed that China's national income generated by its exports to the US accounted for only 87.7% of the domestic value added, while the US national income generated by the American exports to China was up to 96.2% due to different dependencies of their exports on foreign direct investment (FDI) and other foreign production factors. National income induced by exports is a better indicator for measuring trade benefits. Sino-US trade surplus in 2012 was 102.8 billion from the national income perspective, which is 61% and 22% less than the bilateral trade surplus measured by the total volume of trade and value-added in trade, respectively. This suggests that traditional trade gap accounting methods exaggerate the Sino-US trade imbalance.

Key words

national income / Sino-US trade balance / input-output model / Foreign Direct Investment (FDI)

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Li Xinru, Chen Xikang, Duan Yuwan, Zhu Kunfu. An Analysis on Sino-US Trade Balance from the Perspective of National Income[J]. The Journal of World Economy, 2018, 41(6): 3-27

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