Industrial Transfer Under The Perspective Of Sino-us Trade Imbalances

Since the establishment of diplomatic relations between China and the United States,the bilateral economic and trade have made a positive progress.The United States and China,as the largest economy and second largest economy in the world,have strong complementarities and dependence in terms of resources allocation, market liberalization, transfer of funds and technologies. The bilateral trade volume between China and the United States reached$446.7billion in2011,and increases182.3-fold from1979to2011.In2011, we used the amount of U.S.$2,995billion of the United States’actual investment, and China and the United States have become each other’s second largest trading partner. With the expansion of the scale of trade, the Sino-US trade imbalance is more serious, according to the U.S. Department of Commerce statistics, the United States trade deficit increased by$3.2billion in1983to$295,457billion in2011,but the Chinese Ministry of Commerce statistics shows, the bilateral trade deficit began since1993,and it increased by$6.276billion in1993to$202.34billion in2011. Under the huge trade deficit, the United States frequently make application of protectionist trade policies to China, such as forcing the appreciation of the RMB, anti-dumping, countervailing measures, intellectual property disputes, and market liberalization issues,ect.why the trade deficit is so large? As for the reasons, the domestic and foreign scholars study the question from the perspective of macro-economic structure, exchange rate, trade policy and industrial transfer. This paper argues that the trade imbalance is a result of industrial transfer in East Asia, and it is the inevitable result of the global production network layout. In the international production chain, China, East Asia and the United States plays a different role of the division of labor, each of them use their comparative advantages to product and trade. This division of labor model makes the trade surplus to the United States transfer from East Asian to China, which exacerbates the trade imbalance between China and the United States.On the basis of summing up the conclusions of previous studies.This paper analyzed the current situation of Sino-US trade, trade between China and East Asia and the trade between United States and East Asia. We conclude the Sino-US trade imbalance is largely the result of industrial transfer of East Asia, and analysis the economic interests allocation behind the Sino-US trade imbalance in terms of economic development, employment, industrial structure and social welfare. The study results show that the United States is the most winner in the Sino-US trade. Finally, this paper gives the corresponding countermeasures and suggestions for Sino-US trade imbalance.