First of all, the RMB exchange rate is not the main reason for the trade deficit between China and the United States.
1, EC's analysis of Sino-US trade balance
There are two main reasons why there is such a big difference between China and the United States: (1), the United States Bureau of Statistics counted some products re-exported from China through Hongkong in China's exports to the United States; (2) There are many problems in the process of collecting trade data in the United States.
2. What caused the trade deficit between China and the United States?
(1), the US government's export control policy of high-tech products, and the trade imbalance between China and the United States is an important reason.
(2) The trade balance of American multinational companies investing in China is another important reason. Although China has a high trade surplus with the United States, a large part of the trade surplus comes from American multinational companies in China. According to China statistics, 56% of China's import and export volume is realized by foreign-funded enterprises, and China is one of the main channels for American multinational companies to reduce production costs and increase profits.
(3) The US trade statistics report and multinational companies will not return to the US investment income account.
3. Liao Kai unveiled the US foreign trade deficit.
The United States has established its own production line from a large number of foreign import companies. In other words, the subsidiaries of American multinational companies import goods from overseas, and the actual trade is conducted by many companies and these companies, rather than the documents of trade between countries.
Julius, a British economist, once counted the trade balance of the United States. If you add the repeated calculations of its local overseas subsidiaries, the trade balance of the United States in 1986 changed from a deficit of 144 billion dollars to a surplus of 57 billion dollars. According to the statistics of the U.S. Department of Commerce, in 1995, the sales of subsidiaries of multinational companies in the United States exceeded $2 10 billion, of which the export of goods and services in the same year was $794 billion, almost $3 trillion, while the total export of foreign countries to the United States and the internal sales of foreign companies in the United States were $2.4 trillion. Today, the United States is not the largest in the world.
In 2002, the sales of American exports to foreign multinational companies in the US and foreign markets reached $3 trillion. In the same period, US imports and sales of foreign multinational companies in the US market totaled 2.4 trillion US dollars, resulting in a total trade surplus of 600 billion US dollars, which is the essence of the problem that should be fully grasped when analyzing the US foreign trade deficit.
4, the real reason for the US trade deficit
(1) In the1970s, two oil crises led to two sharp rises in world oil prices, which originated from the strong economic competitiveness of Japan and developing countries and the strength of the US dollar, which made the trade deficit of goods and services in the United States reach its peak in 198715.2 billion US dollars.
(2) The low savings rate in the United States has deteriorated, and the United States must raise construction funds from the international financial market, that is, factoring funds, and invest heavily in construction.
(3) American multinational companies play the role of "one of us" in the import trade of the United States, that is, some trade deficits are actually "returns"
China and the United States are complementary economies, and maintaining the existing exchange rate system is a win-win situation.