International Economic Review

9-10 2006

CONTENTS

INVITATION

5 Wang yizhou  The National Security of China in the Stage of Peaceful Development: a New Agenda

10 Jeffrey Sachs  The Age of Convergence

SPECIAL ROPORTS

13 Li Daokui Li Danning   The Sino-US Trade Imbalance: What Are the Fundamental Causes?

17 Song Hong  The Hegemonic Status of US and the Sino-US Economic and Trade Relationships

22 Yaoi Zhizhong Liu Shiguo  The National Foreign Trade Balances of China

29 Wu Haiying  The US Current Account Based on Ownership

FINANCE

35 Feng Xiaoming   One Year after Foreign Exchange Reform —— on the Development of the Derivatives of RMB

ECONOMIC FOCUS

40 Wang Shihua Tan Xiaofeng  Global Imbalances: the Perspectives of Asia and Europe: a survey

45 Yung Chul Park   Global Imbalances and Transition Economies

Commentators: Fan Gang, David Vines

49 Alan Ahearne   Global Imbalances: the European Views

Commentators: Klaus Regling, In Jun Kim

54 Yu Yongding  Global Imbalances: the Chinese Perspective

Commentators: Midsuhiro Fukao, Dennis Snower

58 Lu Feng  The Twin-surpluses of China, the Japanese Experience and the Adjustment of Imbalance

Commentators: Naoyuki Yoshino, Erik Nielsen, Wolfgang Munchau, Zhang Wencai

62 Jean Pisani-Ferry  The Sustainability of Global Imbalances, the Timing of Adjustment and Policy Suggestions

Commentators: Chul Park, Naoyuki Yoshino, Tang Xu