论中美金融相互依赖关系中的非对称性

On the Asymmetry of Sino-U.S.Financial Interdependence

从双边"资本依存度"、双边资本流动结构以及双边资本循环对两国经济和金融的影响这3个方面来看,中美金融相互依赖关系中存在显著的非对称性。中国对美国金融的依赖程度远远高于美国对中国金融的依赖程度。中国对美国金融的过度依赖是从货币依赖到金融市场依赖以及金融政策依赖的复合型依赖。全球金融危机加剧了中国对美国金融的依赖从而使中国陷入政策困境。中国在后危机时代能否改变这种非对称性主要取决于经济结构的调整和转型能否成功以及国际货币体系改革的进展。

The asymmetry of Sino-U.S.financial interdependence is obvious from the following three aspects.First,degree of bilateral capital dependence.Second,structure of bilateral capital flow.Thirdly,impacts of bilateral capital recycle on national economy and finance.China is financially over-dependent on the U.S..The over-dependence is a composite one that from monetary dependence,financial market dependence,to financial policy dependence.The asymmetry of Sino-U.S.financial interdependence is aggravated by global financial crisis,and makes China trap in policy dilemma.Whether China can alter the asymmetry depends on the result of the transformation of economic structure and the reform of IMS.