论全球金融危机下的中美经济关系失衡及其调整

Imbalance of Sino-U.S. Economic Relationship and Its Adjustment under Global Financial Crisis

20世纪90年代以来,中美经济关系日益紧密;但与此同时,两国贸易关系与投资关系失衡也不断加剧。全球金融危机的爆发对中美贸易关系失衡与投资关系失衡产生了不同的影响,并导致二者的调整路径明显分化。在后危机时代,美联储的宽松货币政策及退出时机、中美两国的经济结构调整、现行国际货币体系的改革以及人民币国际化进程的加速都将影响中美经济关系失衡的调整。从长期来看,中美投资关系失衡的调整将慢于贸易关系失衡的调整,但二者最终都将向均衡水平回归。

The imbalance of Sino-U.S.trade and investment relations has been aggravated since 1990s.Global financial crisis has different impacts on Sino-U.S.trade and investment relations,and the evolving path of the two kinds of imbalances separates after the crisis.In the period of post-crisis,the Sino-U.S.trade and investment relations will be re-balanced under the effect of the following factors： Federal Reserve Board＇s Quantitative Easing Monetary Policy and its draw-back;economic structural adjustment of China and the U.S.;reform of current international monetary system;acceleration of the internationalization of RMB.