诡异的中国国际收支头寸

发自北京——虽然尚未到达警戒水平,但中国外汇管理局于四月公布的国际收支数字依然引发了外界的严重关注。该数据将中国2011年度的投资收入逆差从268亿美元调整为853亿美元——这一重大修改不但令人开始怀疑中国国际收支统计的可信度,还暴露出了经济发展路径中存在的一个问题。然而关心这一点的人似乎并不多。

根据外管局的报告,截至2012年二月,中国通过购买美国政府债券及其他投资方式积累了4.7万亿美元的国外资产,同时还存在超过2.9万亿美元的外国直接投资和借款。这意味着中国拥有的国外净资产总额约达1.8亿美元。

但尽管中国位列全球几大债权巨头之一,其净投资收入亏损却极为严重。事实上,中国的投资账户在过去9年中有6年都出现逆差,初步统计显示仅在2012年就录得574亿美元的亏损

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