Research On The Sino-US Economic Imbalances

From the beginning of 21 st century,Sino-US economic imbalances has become the most striking pole of global economic imbalances,China andUS are entering the "symbiotic era",but the distribution mechanism for China is unfavorable.And the US has repeatedly stated that China is responsible for the financial crisis and created "China responsibility theory",these remarks are harmful to Chinese international image.This paper dedicates to the systematic study of Sino-US economic imbalances,which helps the public understand the issue and provides targeted recommendations to solve it.Firstly,we make an explain about Marx fictitious capital theory: Profitability is the essence of fictitious capital,fictitious capital strengthen the exploitation of labor,excessive pursuit of surplus value has led fictitious capital self-expansion and economic excessively fictitious.Secondly,we start from the differences development of manufacturing and financial industry of Sino-US respectively.We noted that the decline of American manufacturing and the exacerbation of the financial sector with big but not strong of Chinese manufacturing sector and the relatively backward of financial system make the formation of "manufacturing-financial " international division of labor between the two countries,Sino-US economic imbalances gradually formed.Then,we explore the operational mechanism of Sino-US economic imbalances: US securitized assets achieve the stimulation of consumption through the wealth effect and credit facilities;unequal status of the two countries in the international division of labor has led to current account deficit of the US and Chinese trade surplus;capital surplus produced by dollar hegemony makes up for the current account deficit.Again,we analyze this issue in the perspective of Marx fictitious capital theory: the Sino-US economic imbalances is derived from the attempt of fictitious capital in the US that want to erode Chinese residual value,the essence of the Sino-US economic imbalances is "Made in China" support the financialization of the US.Finally,we suggested that on one hand,China should intensify the development of high-end manufacturing at the same time consolidate the traditional sector;on the other hand,accelerate the process of securitization and internationalization of the RMB.