These days, the topic of "China-US trade deficit" has once again triggered widespread discussion. On March 22, US President Trump signed a memorandum based on the investigation report on China 301 announced by the US Trade Representative Office, instructing relevant departments to take restrictive measures against China. Some people believe that an important reason for the US move is to reduce the trade deficit between China and the United States. According to media reports, the US trade deficit with China exceeds the order of 100 billion US dollars. However, for the US statistics, many experts believe that "is not overestimated." Brian Parker, director of the Center for Transnational Legal Trade at the University of Southern California, said that the trade data cited by the US government only includes trade in goods and does not reflect service trade. In fact, the service industry accounts for more than 70% of the US gross domestic product. Although the US trade in goods to China is a deficit, it is a trade surplus in China's trade in services. “The trade statistics between China and the United States are different.†Zhong Shan, Minister of Commerce of China, said that the China and US Statistical Working Groups have conducted comparative studies on trade statistics differences between China and the United States. This working group is composed of experts from government agencies of the two countries. According to the calculation results of the working group, the US official trade deficit with China is overestimated by about 20%. The results of the analysis of the working group last year showed that the US deficit was overestimated by 21%. Then, where does the Sino-US trade deficit come from? To put it simply, in the US's view, more imports from China than in exports to China have created a "trade deficit." What has affected the US exports to China? "Trade competitiveness is fundamentally industrial competitiveness." Long Guoqiang, deputy director of the Development Research Center of the State Council, said that the important reason for the imbalance between China and the United States is that American goods are not competitive enough in the Chinese market. Between China and the United States, whether export or import, the "market has the final say" is the result of independent choice of enterprises and consumers of the two countries. At the same exchange rate level, China has a surplus in labor-intensive products and a deficit in capital-intensive products, agricultural products and trade in services. This fully demonstrates the competitiveness of the industry, the surplus will be more. "To solve the US-China deficit problem, the US should not weaken China's exports to the United States, but need American companies to enhance the competitiveness of their products." By contrast, the United States has two areas with the most export competitiveness, one is agriculture. Because of the superior natural endowment, the agricultural labor productivity is high; the second is the high-tech industry, but in this field, the United States restricts exports, especially restricting exports to China. "The imbalance in US trade is also related to the regulation of US high-tech exports to China." Zhongshan said that the US research institute report shows that if the US export controls are relaxed, the trade deficit with China can be reduced by about 35%. Why are there many US imports to China? On the one hand, in the context of globalization, China has become a factory in the world, and foreign companies including the United States have moved to China to produce, and then exported to the United States by China. In this mode, even though many commodities in China do not produce the added value shown in the statistics, they are regarded as China's foreign trade surplus in foreign trade statistics. On the other hand, not only for China, the United States has a long-standing deficit in global trade. Steven Roach, a senior fellow at Yale University, said there is a trade deficit between the United States and more than 100 countries. The US economy is dominated by the service industry, with low savings and high consumption. Domestic production cannot meet domestic consumption needs and needs to import large quantities of consumer goods. The trade deficit is essentially that the United States uses the remaining savings of other countries to maintain consumption levels that exceed its own production capacity. Under the Sino-US trade deficit, is the United States really suffering? Experts believe that, in fact, the United States has greatly reduced the cost of American consumption and increased the "consumer surplus" by substantially importing low-cost labor-intensive products originating from China. In fact, it has improved the welfare of American consumers. Macroscopically, it is also conducive to the United States to curb inflation. "The trade deficit and the interest deficit are two different things. In the Sino-US economic and trade cooperation, the US side benefits, and the benefits enjoyed by American consumers are visible and tangible." Bai Ming, deputy director of the International Market Research Institute of the Chinese Ministry of Commerce said . The "Research Report on Sino-US Economic and Trade Relations" issued by the Ministry of Commerce shows that in the global value chain, the trade surplus is reflected in China, but the interest surplus is in the United States, and the two sides are mutually beneficial and win-win. According to Chinese statistics, in 2017, 57% of China's trade surplus was from foreign-invested companies, and 59% came from processing trade. China only earns a small amount of processing fees from processing trade, while the United States makes huge profits from design, parts supply, and marketing. Experts said that the reasons for the Sino-US trade deficit are complicated and related to the economic development level and industrial structure of the two countries. The trade deficit is not formed in one day, and it is even less likely to be solved by coercive measures.
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