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1、JournalofEconomicPerspectives—Volume26,Number4—Fall2012—Pages125–146AggregateSavingsandExternalImbalancesinChinaDennisTaoYanghhehighsavingsandinvestmentratesinChinahavebeenamajordrivingehighsavingsandinvestmentratesinChinahavebeenamajordrivingTfforcebehinditsrapideconomicgrowth.Duringthe1
2、980sand1990s,orcebehinditsrapideconomicgrowth.Duringthe1980sand1990s,CChina’shighsavingsratesintherangeof35–40percentofGDPwerenothina’shighsavingsratesintherangeof35–40percentofGDPwerenotaaccompaniedbyexternalimbalances;itscurrentaccountbalanceflccompaniedbyexternalimbalances;itscurrentac
3、countbalancefluctuatedwithinuctuatedwithin22percentofGDPinmostoftheyears.However,startingaround2001,China’spercentofGDPinmostoftheyears.However,startingaround2001,China’saalreadyhighsavingsratesoaredfurther,andthecurrentaccountsurplusalsoroselreadyhighsavingsratesoaredfurther,andthecurren
4、taccountsurplusalsoroseaalongasteeptrajectory.In2008,China’saggregatesavingsratereached53percentlongasteeptrajectory.In2008,China’saggregatesavingsratereached53percentoofGDP,whereasthecurrentaccountsurplusexceeded9percentofGDP.AlthoughfGDP,whereasthecurrentaccountsurplusexceeded9percentof
5、GDP.Althoughtthecurrentaccountsurplusmoderatedduringthefihecurrentaccountsurplusmoderatedduringthefinancialcrisis,itremainedatnancialcrisis,itremainedataalofty5.2percentofGDPin2010.Withtheaccumulationoftheannualcurrentlofty5.2percentofGDPin2010.Withtheaccumulationoftheannualcurrentaaccoun
6、tsurplusandnetinflccountsurplusandnetinflowsofcapital,theforeignexchangereservesofChinaowsofcapital,theforeignexchangereservesofChinacclimbedtoanunprecedentedlevel,topping$3trillioninMarch2011.Thistotalislimbedtoanunprecedentedlevel,topping$3trillioninMarch2011.Thistotalisnnearlytriplethe
7、amountheldbyJapan,thesecondlargestholderofforeignreservesearlytripletheamountheldbyJapan,thesecondlargestholderofforeignreservesiintheworld.ntheworld.TThispaperpresentsanexplanationfortheevolvingmacroeconomicimbal-hispaperpresentsanexplanationfortheevolvingmacroecon
