| Since the reform and opening up, China’s economic construction made great achievements, has been the world’s second largest economy already, the breadth and depth of opening to the outside world also continues to deepen, have maintained close economic and trade exchanges with the major economies.Especially in recent years, China began to implement the "going out" and "The Belt and Road" strategy, and had deepened the overall connection with foreign economy.The international balance of payments is the integrated reflection of the trade, capital flows and he reserve assets in China’s foreign exchanges, which provides an important basis for macroeconomic policies and decisions. With China’s foreign exchanges have become increasingly frequent, International balance of payments has become more and more important. As such, we naturally want to get balance of payments data between several countries having close economic relationship with China, to understand bilateral economic relationship and uncover possible problems. The International Monetary Fund has made similar views in the various versions of the balance of Payments Manual. But at present, few scholars have done relevant theoretical and empirical research, the research materials are still very scarce in this field. The current international balance of payments focuses on the study of total foreign economies, ignoring its specific structural characteristics, which will lead to the deviation of theoretical analysis and policy formulation.Explicit balance of international payments include the economic and trade data between China and subdivision of the national or regional economic, so the compilation in theory and practice. Therefore, this paper mainly based on the existing data about the balance of payment, try to compile China’s balance of payments in explicit.In this paper, the main research is literature review, preparation principle and methods, prepare and application, In the literature review, we sorted out the relevant guidelines of the international balance of Payments Manual and scholars’ further research on balance of payment,which made clear that this study is the first. About compilation principle and method, due to the lack of previous relevant theoretical analysis and research results, we use standard balance of payments and combine explicit balance of payments by country to make lots research on the general framework, compilation methods and internal balance, which provides a framework and methodology for the subsequent preparation, In preparation part, firstly, we summarizes the data collection and compilation principles of explicit balance of payments at present, secondly, this paper analysis the current methods of data collection for all the items of balance of payments, to confirm the data for the subsequent specific preparation process. Finally consider China’s current data reality, descriptive statistical analysis is made from two angles:preparation standard and country, then we select the appropriate standards for those. In compilation part, using direct and indirect methods comprehensively, and combining with other methods to segment the reserve assets, we compline explicit al.balance of payments in our country from 2007 to 2010.In the application part, firstly, the source of the longitudinal and the internal error of the account are analyzed, then, the paper researches on the explicit balance of payments application from dynamic analysis and structure aspects.The main conclusions are as follows:1. As a whole, China’s often account surplus in narrowing, while the capital and financial account surplus in expanding, and post a twin surplus. Obvious change is that the current account deficit in other regions continues to expand, in other parts of the capital and financial account deficit by turn into a surplus. The obvious change is the current account deficit is constantly expanding, and the capital and financial account are transferred from the deficit to surplus.2.Second, goods items difference has the same change trend with often account surplus, trade surplus with Europe, the United States, Hongkong has not changed significantly, and trade deficit with Japan expands quickly, which has brought China’s current and goods account surplus downward overall.3.China’s service trade exists deficit,compared with the world’s major countries (regions) except Hong Kong, reflecting China’s service trade competitiveness remains low internationally, especially in the higher levels.4.Although we maintain a current account surpluses with the world’s major countries (regions), but run a current account deficit with Japan in goods and services trade, and gradually expand. The possible explication is that our country’s high value added and technology intensive products dependent on imports mainly.5.The internal structure of current account remained stable, and there exists goods account surplus with Europe, the United States and Hongkong, while goods and services trade deficit with Japan.Based on the practical problems in preparation and the significance of this research, this paper puts forward the following recommendations:1.Strengthen the cooperation of various departments of foreign affairs, improve the consistency of statistical data;2.Improve the international balance of payments statistical system, improve the quality of data;3.Establish explicit balance of payments database as soon as possible:4.Try to compline and publish the explicit balance of payments in China.Based on the problems in the application of explicit balance of payments, this paper puts forward the following economic policy recommendations:l.Our country should continue the "going out" strategy, to slow down the twin surplus.2.Regard on China’s services trade surplus is difficult to achieve, our country could increase investment and support for service trade in the future.Compared with the existing research literature, this paper mainly has the following three aspects of innovation:1.This paper about extension of the balance of payments table, instead of application research based on the current balance of payments, so our focus is the complication of explicit balance of payments,and research about this is rare.2.This paper firstly defined the explicit balance of payments in theory and elaborate its compiling framework, methodology and internal equilibrium relationship systematically.3.Make preliminary exploration of balance of payments compilation method, combining direct and indirect preparation, and try to compile a detailed balance of payments of our country from 2007 to 2010.Due to the limitations of personal ability as well as existing data, there are many deficiencies in the paper.1.In view of the shortage of relevant data and materials, a lot of indirect methods are used, and the division of the balance of payments items is not detailed enough, which caused error in the preparation inevitably.2.This paper has made a preliminary analysis and application research on the explicit balance of payments, the future research can analysis the vulnerability of China’s economy combining with macroeconomic number.3.The explicit balance of payments compiled focuses on China’s foreign exchanges flow data by country, lack research on the stock of assets and liabilities of different countries, which can be reflected in detailed international investment position table. We can analyze the situation, vulnerability and sustainability of a country’s foreign financial risk by currency, structure and country information of foreign financial assets and liabilities. So, we can consider compline explicit international investment position, to strengthen the coordination of payments flows and stock. |
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