China’s International Balance Of Payments Imbalances Adjustment Mechanism And Policy Research

International payments imbalances is a relationship to the important problemfor the sustainable development of China’s economy can smoothly.In recent years,with the rapid growth of economy in our country, our country’s balance of paymentscontinued to present the state of the large double surplus.Because of long-termhistorical factors, policy guidance, economic structure, consumer demand, such asinternal and external economic environment factors, pattern of our country’slarge-scale international payments surplus will not disappear quickly, and with thesurge of foreign exchange reserves, will aggravate the international trade frictionand the pressure on the appreciation of the RMB, is not conducive to speed upeconomic restructuring and change of the pattern of economicdevelopment.Therefore, the balance of payments adjustment has become theimportant link to achieve internal and external economic equilibrium development.In this paper, first of all, from the perspective of the international monetarysystem evolution, combed the theory of international balance of paymentsadjustment.On this basis, the analysis for28years (1985-1985), China’sinternational balance of payments current account and capital account changes in thesize, structure, and unbalanced situation, shows that China’s international balance ofpayments long-term performance as a state of imbalance, and given priority to withthe double surplus.Through in-depth analysis of the reason and influence ofinternational payments imbalances, this paper argues that in the current internationaleconomic background, the dominant world currency dollar standard pattern, China’sinternational balance of payments adjustment mechanism for the establishment ofthe target should be given priority to with market regulation, policy adjustmentadjustment is complementary, in the throes of structural adjustment, to adjust thefocus on expanding domestic demand, improve the RMB exchange rate system, etc,and based on this, the corresponding adjustment policies and measures, fiscal policy, monetary policy and exchange rate policy, at the same time, strengthen theinternational macroeconomic policy coordination.