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Balance or Imbalance of China’s Economy versus the World

In: China and the World Economy

Author

Listed:
  • Eden S. H. Yu
  • Siang Ng

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.

Suggested Citation

  • Eden S. H. Yu & Siang Ng, 2010. "Balance or Imbalance of China’s Economy versus the World," Palgrave Macmillan Books, in: David Greenaway & Chris Milner & Shujie Yao (ed.), China and the World Economy, chapter 3, pages 37-59, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-05986-4_3
    DOI: 10.1057/9781137059864_3
    as

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