The Chinese Current Account Imbalances: Puzzles, Patterns, and Possible Causes

Chang Ma and Shang-Jin Wei

No 35056, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: China's large current account surplus has been an irritant to its trading partners. While industrial and trade policies often lead to sector-level imbalances, they play a relatively limited role in the economy-wide surplus. Structural factors such as an unbalanced sex ratio and uneven access to financing by state-owned and non-state firms are more important determinants of the current account imbalance. While macroeconomic stimulus can boost imports and reduce the surplus in the short run, any long-term solution would need to involve reforms aiming at addressing the structural problems.

JEL-codes: F3 F4 (search for similar items in EconPapers)
Date: 2026-04
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