Re-examine The Sino-US Trade Under The Background Of International Fragmentation Of Production

Nowadays, China and the United States have already been each other’s second largest trading partner, and the United States is China’s second largest export market and sixth largest source of imports. However, the trade surplus between US and China is not as much as the data display. The reform of international trade statistical system is imperative.This paper re-examines Sino-US trade balance under the background of the international fragmentation of production through the analysis and comparison of the traditional and new trade statistical system. First, this article describes the current situation of Sino-US trade and the existing problems, and then analyzes the causes of these problems, and it figures that the conventional trade statistical system ignores the effect of intra-corporation and processing trade, it cannot reflect a country’s international trade interests effectively. By constructing the ownership trade statistics theory model, and taking the subsidiary’s sale of the United States in China and trade of intermediate products into account, then uses this model to re-examine the Sino-US trade, we draw the conclusion:the conventional trade statistical system overestimated China’s trade interests of Sino-US trade, after the ownership of adjustment, Sino-US trade balance is very small. Then gives an analysis of how value-added trade statistics works based on the two-country model, three-country model and the multi-country model, taking Global Value Chain into account. Based on the two models by KPWW method, a country’s total export is divided into three parts:domestic value-added in exports, domestic value-added returns from abroad, foreign value-added in exports. Taking Iphone as an example, we give a brief analysis of the Sino-US trade balance based on value-added trade statistical system. Then give a wholly analysis of the Sino-US trade balance based on value-added trade statistical system, using the statistical data of OECD database,2005、2008and2009.Further we compare the two methods, and draw the conclusion:according to the conventional trade statistical system, China’s trade data on exports to the United States is so large, but according to Value-added Trade Measurement, China’s real profits obtained from trade with the US is far from the former.Finally, summarize the conclusion and puts forward the implication of the new trade statistics system for China:enhance the value-added of products and our status in the international division of labor; Rationally understand China’s export technical complexity and enhance the technological content of domestic value-added; Perfect China’s foreign trade data acquisition system and economic index system as soon as possible; Review China’s foreign policy.