A Bridge on Economic Issues between China and the World
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The Chinese Current Account Imbalances: Puzzles, Patterns, and Possible Causes
Chang Ma, Shang-Jin Wei, Sep 02, 2026The debate over China’s current account surplus has reemerged. We argue that its persistence is best explained by structural factors underlying high household and corporate savings, particularly demographics and financial underdevelopment. Industrial policy, housing weakness, the real exchange rate, and measurement concerns offer only partial explanations.
