图表：图4：中美经贸往来获益大致平衡（2009—2015年，单位：十亿美元） 新华社发

　　中美货物贸易差额是美国经济结构性问题的必然结果，也是由两国比较优势和国际分工格局决定的。中美双边货物贸易差额长期存在并不断扩大，是多重客观因素共同作用的结果，并不是中国刻意追求的结果。

第一，这是美国国内储蓄不足的必然结果。从国民经济核算角度看，一国经常项目是盈余还是赤字，取决于该国储蓄与投资的关系。美国经济的典型特征是低储蓄、高消费，储蓄长期低于投资，2018年第一季度，美国净国民储蓄率仅为1.8%。为了平衡国内经济，美国不得不通过贸易赤字形式大量利用外国储蓄，这是美国贸易逆差形成并长期存在的根本原因。自1971年以来，美国总体上处于贸易逆差状态，2017年与102个国家存在贸易逆差。美国贸易逆差是一种内生性、结构性、持续性的经济现象。美国目前对中国的贸易逆差，只是美国对全球贸易逆差的阶段性、国别性反映。

The gap in China-US trade in goods is a natural outcome of the US economic structure, and a result of the two countries’ comparative strengths and the international division of labor. The persistent and growing gap in trade in goods between the two countries is a result of a number of factors, rather than China’s intent.

First, it is a natural outcome of a low savings rate in the US. From the perspective of national accounts, the balance of a country’s current account is decided by the relationship between savings and investment. The US economy is characterized by low savings and high consumption. Savings have been lower than investment for many years. In the first quarter of 2018, the US net national savings rate was as low as 1.8%. To balance its domestic economy, the US has to attract a large amount of foreign savings by trade deficit. This is the fundamental cause of the US trade deficit over the years. The US began to run trade deficits in its foreign trade in 1971, and by 2017 it was running trade deficits with 102 countries. The US trade deficit is an endogenous, structural and sustained economic phenomenon. The current trade deficit of the US with the rest of the world has shifted among its trading partners and resides with China for the time being.