This paper calculates the China-U.S. trade balance from the national income perspective based on an input-output model that differentiates domestic and foreign-invested companies. The result shows that due to differen...This paper calculates the China-U.S. trade balance from the national income perspective based on an input-output model that differentiates domestic and foreign-invested companies. The result shows that due to different degrees of dependence of both countries on foreign production factors such as foreign capital for the manufacturing of export goods,only 87.7% of the domestic value-added created by China's exports to the U.S. in 2012 was China's national income, whereas 96.2% of value-added in U.S. exports to China was U.S.national income. In the comparison of total export volume and export value-added, the home country's national income created by exports can more realistically reflect a country's gains from trade. In 2012, China's trade surplus with the U.S. stood at 102.8 billion US dollars in national income terms, which is 61% and 22% smaller than the results in gross and value-added terms, respectively. The implication is that the traditional trade balance accounting method seriously exaggerates the China-U.S. trade imbalance.展开更多
跨国公司通过跨境直接投资成立国外分支机构和组建生产网络,是全球价值链的组织者和关键参与者。跨国公司的生产和贸易活动与本土企业具有显著差异,然而现有的全球价值链核算框架却并未对跨国公司与本土企业进行区分。本文在Wang et al....跨国公司通过跨境直接投资成立国外分支机构和组建生产网络,是全球价值链的组织者和关键参与者。跨国公司的生产和贸易活动与本土企业具有显著差异,然而现有的全球价值链核算框架却并未对跨国公司与本土企业进行区分。本文在Wang et al.(2017)所提出的全球价值链生产分解框架的基础上,纳入跨国公司异质性,提出了一个能够识别和测度跨国公司活动的全球价值链核算新框架,并识别出传统框架中“被忽视”的FDI相关全球价值链生产活动。基于该框架,本文发现:(1)FDI相关的全球价值链活动约占全球GDP的10%,这意味着传统基于国际贸易测算的全球价值链活动被低估了近乎一半,且这一“低估”问题在高研发强度行业、高收入经济体尤为凸显;(2)与美国相比,中国制造业的贸易相关全球价值链活动占比较高,但FDI相关全球价值链活动则处于相对较低的水平;(3)中国FDI相关的全球价值链活动中,有三分之二以上来自外资企业与本土企业之间的生产关联。此外,本文还考察了跨国公司投资收益的分配情况,在贸易增加值统计方法上实现了从“属地原则”向“属权原则”的转变。在“属权”口径下,中国的贸易顺差和美国的贸易逆差都大幅降低。展开更多
基金supported by the National Natural Science Foundation of China (NSFC) projects (71473244, 61873261 and 71704195)the Fundamental Research Funds for the Central Universities,the University of International Business and Economics (CXTD7-06)
文摘This paper calculates the China-U.S. trade balance from the national income perspective based on an input-output model that differentiates domestic and foreign-invested companies. The result shows that due to different degrees of dependence of both countries on foreign production factors such as foreign capital for the manufacturing of export goods,only 87.7% of the domestic value-added created by China's exports to the U.S. in 2012 was China's national income, whereas 96.2% of value-added in U.S. exports to China was U.S.national income. In the comparison of total export volume and export value-added, the home country's national income created by exports can more realistically reflect a country's gains from trade. In 2012, China's trade surplus with the U.S. stood at 102.8 billion US dollars in national income terms, which is 61% and 22% smaller than the results in gross and value-added terms, respectively. The implication is that the traditional trade balance accounting method seriously exaggerates the China-U.S. trade imbalance.
文摘跨国公司通过跨境直接投资成立国外分支机构和组建生产网络,是全球价值链的组织者和关键参与者。跨国公司的生产和贸易活动与本土企业具有显著差异,然而现有的全球价值链核算框架却并未对跨国公司与本土企业进行区分。本文在Wang et al.(2017)所提出的全球价值链生产分解框架的基础上,纳入跨国公司异质性,提出了一个能够识别和测度跨国公司活动的全球价值链核算新框架,并识别出传统框架中“被忽视”的FDI相关全球价值链生产活动。基于该框架,本文发现:(1)FDI相关的全球价值链活动约占全球GDP的10%,这意味着传统基于国际贸易测算的全球价值链活动被低估了近乎一半,且这一“低估”问题在高研发强度行业、高收入经济体尤为凸显;(2)与美国相比,中国制造业的贸易相关全球价值链活动占比较高,但FDI相关全球价值链活动则处于相对较低的水平;(3)中国FDI相关的全球价值链活动中,有三分之二以上来自外资企业与本土企业之间的生产关联。此外,本文还考察了跨国公司投资收益的分配情况,在贸易增加值统计方法上实现了从“属地原则”向“属权原则”的转变。在“属权”口径下,中国的贸易顺差和美国的贸易逆差都大幅降低。
