China’s “Twin Surpluses”: Causes and Remedies

YU Yongding1 (余永定)

 
Editorial note:

The persistence of twin surpluses in the international balance of payments means that China has failed to utilize domestic as well as foreign savings effectively. This essay analyzes the nature of the twin surpluses and the causes of the twin surpluses. The consequences and sustainability of the twin surpluses are also discussed. Finally, many policy suggestions for the correction of China’s imbalances in the form of twin surpluses are put forward.

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