第二，這是中美產(chǎn)業(yè)比較優(yōu)勢(shì)互補(bǔ)的客觀反映。從雙邊貿(mào)易結(jié)構(gòu)看，中國(guó)順差主要來源于勞動(dòng)密集型產(chǎn)品和制成品，而在飛機(jī)、集成電路、汽車等資本與技術(shù)密集型產(chǎn)品和農(nóng)產(chǎn)品領(lǐng)域都是逆差。2017年，中國(guó)對(duì)美農(nóng)產(chǎn)品貿(mào)易逆差為164億美元，占中國(guó)農(nóng)產(chǎn)品貿(mào)易逆差總額的33%；飛機(jī)貿(mào)易逆差為127.5億美元，占中國(guó)飛機(jī)貿(mào)易逆差總額的60%；汽車貿(mào)易逆差為117億美元。因此，中美貨物貿(mào)易不平衡是雙方發(fā)揮各自產(chǎn)業(yè)競(jìng)爭(zhēng)優(yōu)勢(shì)的情況下市場(chǎng)自主選擇的結(jié)果。

Second, it is a fair reflection of the complementarity and comparative strengths of Chinese and US industries. In terms of trade mix, China’s trade surplus with the US mainly comes from labor-intensive products and manufactured goods, and its trade deficit with the US lies in capital- and technology-intensive products such as aircraft, integrated circuits, and automobiles, as well as agricultural products. In 2017, China ran a US$16.4 billion trade deficit with the US in agricultural products, accounting for 33% of China’s total trade deficit in the agricultural sector; a US$12.75 billion trade deficit with the US in aircraft, accounting for 60% of China’s total trade deficit in this sector; China also ran a US$11.7 billion deficit in automobile trade with the US. Therefore, the imbalance in trade in goods is a result of voluntary market choices where both countries have played to their industrial competitive strengths.

　　第三，這是國(guó)際分工和跨國(guó)公司生產(chǎn)布局變化的結(jié)果。隨著全球價(jià)值鏈和國(guó)際分工深入發(fā)展，跨國(guó)公司利用中國(guó)生產(chǎn)成本低、配套生產(chǎn)能力強(qiáng)、基礎(chǔ)設(shè)施條件好等優(yōu)勢(shì)，來華投資設(shè)廠組裝制造產(chǎn)品，銷往包括美國(guó)在內(nèi)的全球市場(chǎng)。從貿(mào)易主體看，據(jù)中國(guó)海關(guān)統(tǒng)計(jì)，2017年中國(guó)對(duì)美貨物貿(mào)易順差的59%來自外商投資企業(yè)。隨著中國(guó)承接國(guó)際產(chǎn)業(yè)轉(zhuǎn)移和融入亞太生產(chǎn)網(wǎng)絡(luò)，中國(guó)在很大程度上承接了過去日本、韓國(guó)等其他東亞經(jīng)濟(jì)體對(duì)美的貿(mào)易順差。據(jù)美國(guó)商務(wù)部經(jīng)濟(jì)分析局統(tǒng)計(jì)，日本、韓國(guó)等東亞經(jīng)濟(jì)體占美國(guó)總逆差的比值，由1990年的53.3%下降為2017年的11%，同期中國(guó)對(duì)美貿(mào)易順差的占比則由9.4%上升為46.3%（圖5）。　

　　圖表：圖5：1990年、2017年美國(guó)對(duì)外貿(mào)易逆差的區(qū)域構(gòu)成變化 新華社發(fā)

Third, it is a result of the international division of labor and the changing configuration of production locations by multinational companies. As the global value chain and international division of labor expand, multinational companies have come to establish factories in China to assemble and manufacture products and sell them to the US and the global market, thanks to China’s low production costs, strength in auxiliary production, and reliable infrastructure. When it comes to players in foreign trade, according to China Customs, 59% of China’s trade surplus with the US was contributed by foreign-invested enterprises in China in 2017. In the process of receiving international industrial relocation and joining the Asia-Pacific industrial network, China has, to a large extent, taken over the trade surpluses of Japan, the ROK and other East Asian economies with the US. According to US BEA, the shares of Japan, the ROK and other East Asian Economies in the total US trade deficit have declined from 53.3% in 1990 to 11% in 2017, while China’s trade surplus with the US has risen from 9.4% to 46.3% in the same period. (Chart 5)

Chart 5: How the Regional Components of US Foreign Trade Deficit Changed (1990-2017)

Source: UN COMTRADEdatabase, Bureau of Economic Analysis, USDOC.