Ownership-based Trade A New Assessment of the Trade Balance

YAO Zhizhong1 (姚枝仲), LIU Shiguo2 (刘仕国)

 
Editorial note:

In 2005, America’s trade deficit was as high as 725.8 billion U.S. dollars in terms of commodities and services – a rise of 17.5% from the previous year – while China’s trade surplus for the same period had drastically increased to twice that of 2004, at 101.9 billion dollars. Both figures were a record high, but were results of the traditional trade balance statistical system. Can this economic accounting system, which came into being in the 1940s, truly reflect the present situation of international trade against a background of globalization? This article will offer some fresh insights.

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