Balance or Imbalance of China’s Economy versus the World

Eden Yu and Siang Ng

Chapter 3 in China and the World Economy, 2010, pp 37-59 from Palgrave Macmillan

Abstract: Abstract Currently much attention of the media and economists is focused on global imbalances, in particular on the large and increasing current account deficit of the US and on China’s growing trade surplus. As shown in Figure 3.1, the US current account deficit more than doubled between 2001 and 2006, increasing from US$398.3 billion to US$803.5 billion, or 3.9% in 2001 and 6.2% of GDP in 2006. The deficit slightly improved during 2007–2008. In 2008, it declined to US$706.1 billion and was about 4.9% of GDP. Over the same time period, China’s current account surplus increased more than twentyfold from US$17.4 billion in 2001 to US$426.1 billion in 2008. This represents an increase from just 1.3% of China’s GDP in 2001 to 9.8% in 2008, while the trade surplus for Japan remains about 3–4% of its GDP in recent years.

Keywords: Current Account; Saving Rate; Global Financial Crisis; Current Account Deficit; Trade Surplus (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-05986-4_3

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DOI: 10.1057/9781137059864_3

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