China's Industrial Restructuring In The Context Of Sino-US Benefits Friction

With the development of Sino-US trade, the imbalance of economic relations between the two countries is increasing: the growing China-US trade imbalance and constantly escalated trade frictions. Dependence on foreign trade and risk factor indicators of trade structure show that bilateral trade between China and the United States is at the status of the asymmetric pattern and Sino-US trade imbalance has certain sustainability.In this paper, under the Sino-US intra-industry trade, by exploring the industrial factors behind trade imbalance and benefits friction, it is proved that the high or low degree of Sino-US intra-industry trade has direct impacts on the degree of trade imbalance between the two countries. Then we study China's Industrial Structure Adjustment under Sino-Us Trade Surplus. Empirical results show that China-Us trade surplus is a significant reason for the escalation of China's industrial structure, as the increase in Sino-US trade surplus will surely give rise to China's industrial index "ISP". About the impact of Sino-Us interests friction on China's industrial structure, first of all, based on the analysis of "one in two out" model, we come to the conclusion :the increase or decrease of China's benefits that trade remedy measures lead to will depend on the number of quotas or the force of anti-dumping and countervailing. Trade friction has certain constraints on the industrial structure adjustment. Labor-intensive industries have suffered serious setbacks and industrial development has a serious shortage of pulling power. All these make China's industrial restructuring face increasing pressure and thus be caught in a dilemma. Interests friction will have a profound impact on China's industrial restructuring.The innovation of the paper is as follows: based on the status of Sino-Us interests friction in detail, we use the mainstream economics model of free trade and make empirical analysis of the mechanism of interests friction affecting China's industrial structure adjustment. What's more, Granger causality test verifies China-US trade surplus is the direct cause of the industrial structure upgrading. At the same time, as the rise of trade protectionism, the pressure of China's industrial restructuring increases and trade frictions have certain constraints on the upgrading of the industrial structure. Thus in the opening-up economy, the new and strategic thinking of industrial restructuring is raised. In the context of frequent Sino-US benefits friction, China should actively take the initiative to implement the strategic restructuring around the theme of "upgrading the industrial structure - to strengthen the international competitiveness", and constantly improve its own status in the international division of labor, making china step into the process of economic globalization, especially holding an advantageous position in China-US economic relations.