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China-US Trade Balance under the Ownership-based Statistical System
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China-US Trade Balance under the Ownership-based Statistical System
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Journal Article
China-US Trade Balance under the Ownership-based Statistical System
2014
Overview
In the context of economic globalization, territory-based bilateral trade statistics are no longer compatible with the reality of cross-border flow of capital factor and rapid emergence of multinational firms. On the basis of survey of literature studies, this paper has created a three-country model of bilateral trade based on ownership principle and demonstrated that ownership-based statistical system under this model can reflect bilateral trade volume and balance more objectively, truthfully and comprehensively. In addition to theoretical demonstration, this paper has revaluated China-US trade balance using ownership-based statistical methodology and the result indicates that the existing statistical system of trade severely overestimates the real level of China-US trade balance and FDI in China is a major reason behind increasing China-US trade surplus.
