应对中国国际收支盈余：原因及措施

This paper discusses the importance of paying careful attention to China‘s large balance of payments surplus by elaborating the negative effects this surplus will have. After analyzing the causes for the continuous increase of the balance of payments surplus, some policy suggestions are provided. We suggest that the continuous increase of the balance of payments surplus should be mainly attributed to improper trade policy, the increasing inflow of hot money under the strong expectation for RMB‘s appreciation and the slow reform of the domestic financial system. In order to avoid severe external disequilibrium, China needs to reduce its excessive use of export stimulating measures, slow down the speed of liberalizing capital inflows, and keep the RMB exchange rate stable in the short run so as to reduce expectations of currency appreciation.