| A complete account system includes not only the international balance of payments, international investment position should also include in the table. IIP reflecting a particular point in time a country other countries of the world's stock of financial assets and liabilities, and net international investment position is an important indicator to judge whether a country is a creditor or a debtor. In the 21st century, China maintained a long-term balance of payments current account and capital account surplus double, while the scale of international investment position has also experienced a continuous growth, China became the world's second largest creditor nation, with 1.8 trillion net Foreign assets. Based on the above background, this article uses quantitative analysis and qualitative analysis method, comprehensively analyze the structure and content of China's international investment position, and study of the underlying factors of the value changes. Further analysis by comparing it with the U.S. and Japan for international comparative analysis. Finally, the international investment position of the current problems some suggestions. This article and the U.S. international investment position in China, Japan, the two largest comparative analysis of debtors and creditors, and the difference from the perspective of the formation of several reasons, the angle is more novel.This paper described the background and research topics of significance, introduced the Status of domestic and foreign research, a clear idea of this research and research methods, and proposed innovation of this paper and weaknesses.Secondly, the paper analyzes the current situation of China's International Investment Position, points out its structure and content. This part based on the published international investment position historical data, and with the help of a series of related data to study features and trends of the various IIP projects, found that the high proportion of reserve assets is the biggest problem in the structure of China's international investment position. It not only lowered the yield of foreign assets, and release a large amount of liquidity which hurt the domestic economy healthy. Then this article discusses the various influencing factors, by analyzing the balance of payments transactions, exchange rate fluctuations, changes in asset prices and other factors on the impact of changes in the international investment position. and found that the value adjusted by non-trading factors bring our country's net international investment change in their position is often significantly less than the then current account balance.Then this paper detailed analysis of the two extremes of the United States and Japan, the typical characteristics of the country's international investment position and the historical changes and comparison with China, found that more mature structure and the status of their currency increases the international monetary sustainability of U.S. external debt, reducing the value of non-trading factors in Japan's international investment position adjustment on the negative impact. At the same time, through comparative analysis of the currency exchange rate changes on U.S. and Japan difference in the impact of international investment position, found that the current international investment position statistics of U.S. dollar denominated time practice covered in the book value on a large part of the losses caused by exchange rate fluctuations. International investment position and external debt claims by adjusting the imbalance on the U.S. economy slowed down the pressure, so that global economic imbalances in the long term more sustainable.Finally, based on the analysis of the previous text, put forward the main problem of China's international investment position is currently not small, but serious structural imbalances and the mismatch of foreign assets and liabilities and monetary mismatch. |
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