米中経済関係の一齣 : 貿易累増の理論的視座

This report analyses US-China economic relationship from a view point of international economics over 1993-2002. The contents mainly divided into two issues i.e. real-term and money-term. China's trade balance with US which means real-term here changed dramatically over this decade. In result China accumulated vast trade surplus against US. It amounts about 570 billion dollars. Another change in this part is merchandise composition of export from China to America. We would like to make clear what it means. Perhaps it will lead us higher level of international division of labor (IDL). We call it new grid-type IDL. In the latter part of our report we examine capital flow across the Pacific Ocean. Although China still remains a capital receiving country especially for foreign direct investment (FDI) but in specific foreign portfolio investment (FPI) she is already capital investing country to US. Such investment stems from Chinese foreign currency holdings (reserve assets) due to surplus of her balance of trade. It attained 100 billion dollars at the end of 2002. This amount of money holds a secondary position in Asia and invested into US national debt (Treasury Securities : TS). The way of such FPI is playing a very important role in financing US large deficits in balance of payments. We named this capital flow as Dollar Supporting Finance (DSF) since 1979. In short my efforts in two fields link so closely each other that we must elucidate them in international context.

経済研究

AN10382294

09164987

17

1

19

2004-03-31

日本語

紀要論文

紀要論文

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