中国过去十余年间持续的双顺差,直接原因可以归结为加工贸易顺差和外商直接投资持续增长。其实中国经济外部失衡问题解决之道不仅仅是汇率问题,更在于中国经济内在的FDI偏好。本文研究发现内生金融控制引致的金融扭曲和地方政府“为增长而竞争”可以很好地解释中国经济为何偏好FDI,并指出国内金融改革和财政分权的重构是解决问题的关键。 The direct reason for the double surplus in China over the past decade or so can be attributed to the surplus of processing trade and the continuous growth of foreign direct investment. Actually, the solution to the problem of China’s external economic imbalances is not only the issue of exchange rates, but also the inherent FDI preferences of China’s economy. This study finds that financial distortions caused by endogenous financial controls and local governments “compete for growth ” can explain why China ’s economy favors FDI and point out that the reconstruction of domestic financial reform and fiscal decentralization is the key to solving the problem .