（一）不应仅看货物贸易差额片面评判中美经贸关系得失

　　客观认识和评价中美双边贸易是否平衡，需要全面深入考察，不能只看货物贸易差额。中国并不刻意追求贸易顺差，事实上，中国经常账户顺差与国内生产总值之比已由2007年的11.3%降至2017年的1.3%。中美货物贸易不平衡现象更多是美国经济结构和现有比较优势格局下市场自主选择的自然结果，解决这一问题需要双方共同努力进行结构性调整。美国无视影响中美经贸关系的多方面因素，片面强调两国货物贸易不平衡现象，将责任归咎于中国，是不公平、不合理的。

 1. The gap in trade in goods alone is not a good indicator of China-US trade and economic cooperation.

An objective understanding and assessment of China-US trade balance calls for comprehensive and in-depth study, rather than a glance at the trade deficit in goods. It is not China’s intention to have a trade surplus. Rather, the ratio of China’s current account surplus to its GDP has declined from 11.3% in 2007 to 1.3% in 2017. The imbalance of trade in goods between China and the US is more of a natural outcome of voluntary choices the US has made in economic structure and market in the light of its comparative strengths. To resolve this issue, both sides need to make concerted efforts in restructuring. The United States turns a blind eye to various factors in its trade and economic cooperation with China, singles out the imbalance of trade in goods, and blames China for the imbalance, which is unfair and unreasonable.

　　中美经贸往来获益大致平衡。中美双边货物贸易不平衡现象有一个历史演变过程。在上世纪80年代至90年代初期美国一直处于顺差地位，1992年之后中国转为顺差并持续增加。

　　在经济全球化深入发展、国际化生产普遍存在的今天，双边经贸关系内涵早已超出货物贸易，服务贸易和本国企业在对方国家分支机构的本地销售额（即双向投资中的本地销售）也应考虑进来。综合考虑货物贸易、服务贸易和本国企业在对方国家分支机构的本地销售额三项因素，中美双方经贸往来获益大致平衡，而且美方净收益占优（图4）。根据中国商务部统计，2017年美国对华服务贸易顺差为541亿美元，美国在服务贸易方面占有显著优势。根据美国商务部经济分析局数据，2015年美资企业在华销售额高达4814亿美元，远高于中资企业在美256亿美元的销售额，美国占有4558亿美元的优势，美国企业跨国经营优势更为突出。2018年6月德意志银行发布的研究报告《估算美国和主要贸易伙伴之间的经济利益》认为，从商业利益角度分析，考虑到跨国公司的全球经营对双边经贸交往的影响，美国实际上在中美双边贸易交往过程中获得了比中国更多的商业净利益。根据其计算，扣除各自出口中其他国家企业子公司的贡献等，2017年美国享有203亿美元的净利益。

China-US trade and economic cooperation delivers balanced benefits in general. The imbalance of trade in goods between the two countries has evolved over time. From the 1980s to early 1990s, the US ran a surplus in its trade with China; in 1992 China began to run surplus, which has continued to grow.

In today’s world of greater globalization and widespread international production, bilateral trade and economic cooperation already extend beyond trade in goods. Trade in services and sales of local subsidiaries in the host country (local sales in two-way investment) should also be included. If we give full consideration to these three factors—trade in goods, trade in services and sales of local subsidiaries in the host country, trade and economic cooperation delivers balanced benefits in general for China and the United States, with the latter reaping more net benefits. (See Chart 4)According to MOFCOM, the US ran a surplus of US$54.1 billion in trade in services in 2017, indicating its remarkable competitive strength in this area. According to the US Bureau of Economic Analysis (BEA), the sales of US companies in China reached US$481.4 billion in 2015, way higher than the US$25.6 billion sales of Chinese companies in the US, an advantage of US$455.8 billion. US companies enjoy an even bigger advantage in cross-border operations. In June 2018, Deutsche Bank released a report on calculating economic interests between the US and its major trading partners, arguing that, from the perspective of commercial interests, the US has in fact gained more commercial net benefits than China from their two-way trade, given the impact of global operations by multinational corporations on bilateral trade and economic cooperation. According to Deutsche Bank, after contributions from subsidiaries of third countries are taken away, the US enjoyed net benefits of US$20.3 billion in 2017. 

Chart 4: China-US Trade and Economic Cooperation Delivers Balanced Benefits in General (2009-2015, unit: US$1 billion)