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As East Asia is covered by the global value chains rapidly, the increase of the US trade deficit with China and the decrease of the US trade deficit with East Asia occur simultaneously. Therefore, this paper analyzes the present Sino-US trade imbalance from this perspective. It explains the characteristics of the global value chains established by the US multinationals in East Asia, reveals the reasons of the rapid development of trade based on the global value chains in East Asia, calculates and analyzes the trade combination degree of the global value chains among East Asia, China and the US, in order to reflect the trade pattern and trade flows that China imports intermediate goods from East Asia, and exports final goods to developed countries after assembly more clearly, and explain the Sino-US trade transfer imbalance formed by the vertical transfer of the global value chains. Keywords—global value chains, the Sino-US trade, transfer imbalance, East Asia, trade flows 东亚对美国的全球价值链效应与中美贸易转移性失衡

The Global Value Chains Effects of East Asia on the United States and the Sino-US Trade Transfer Imbalance