中美相互投资收益率差异及其蕴含的政策启示

The Difference in Return Rate of Sino-US Bilateral Investment and Policy Implication

本文计算了中美相互投资的规模、结构及收益率,结果显示美国对中国的负债7倍于其持有的中国资产,两国相互投资的资产构成与收益率也相差甚远。近年来,中国在美投资收益率甚至抵不上人民币对美元的升值幅度。在两国间的资本循环中,美国可以低成本地向中国借债并从中国的投资中获得高额回报,而中国只能通过贸易盈余来弥补对美国资本的补贴。

The article calculates the scale,structure and return rate of bilateral investment between U.S.and China.The result shows that U.S.＇ liability to China is seven times its claim,and the return rates of two countries＇ investments are quite different.In recent years,return of china＇s investment in U.S.has been even less than that of RMB appreciation.U.S.can borrow money from China at low price and get high return from its investment in Chinese assets,while China can only retrieve the subsidy to U.S.through trade surplus.