A View of China-U.S Trade Conflicts from the Perspective of China-U.S Trade Structure

China Business and Market - - CHINA BUSINESS AND MARKET - DENG Zhong-liang

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责任编辑:方程

(Institute for population and labor economics,Chinese Academy of Social Sciences,Beijing100028,China)

Abstract:The basic theoretical logic of China- US trade conflict could be accurately understood through the comparative study of China -US trade structure. The analysis shows that,firstly,the trade structure between China and US is determined by industrial structure,which is complementary. The U.S. service industry is highly developed,hence the proportion of technology transfer,finance and other services trade are relatively high. Although general manufacturing industry in China has comparative advantages,the relative core technology dependents on service imports. Secondly,the trade deficit in US foreign trade is a longterm phenomenon,which was not only caused by China. China- US trade is deficit in goods,surplus in services,and trade imbalance does not mean loss of interest. Thirdly,the economic logic of the United States provoking China-US trade disputes is the containment of China's high-tech industries and the suppression of the trade surplus of industrial intermediate goods imported by the United States. For better dealing with China-US trade conflict,the author proposes that China should formulate targeted trade countermeasures according to the US trade structure to reduce the expectation of US trade policy in short term. In the long term,china should continue to push forward the structural reform on the supply side,strengthen basic research and technological research and development,enhance the independence of core technologies,promote the development of high- tech industries, optimize the trade space structure,develop alternative trade,enhance macroeconomic policy adjustment mechanism,coordinate the international and domestic markets,and boost domestic consumer demand with new economic industries to build endogenous long-term growth model.

Key words:China-US

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