Abstract Since 1990's, America has realized significant economic growth under the enormous trade deficit. From the point of finance, this article analysis how US dollar, the main global exchange and saving currency, exploit the other countries; from the point of international industry, the factors, such as the unique international trade structure, the transformation of manufacture industries, multinationals and energy policy of USA, explain the reasons of the coexistence of enormous trade deficit and economic growth. From the point of policies, this article analysis the logic of the coexistence of trade deficit and finance deficit. The economic growth model of USA exist the potential risk and the adjustment policy by US government will definitely influence international trade, exchange rate, reserve and the banance between outer and inner economy of China.
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Received: 27 November 2006
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