Research Associate, Asian Development Bank Institu te, Tokyo, Japan The authors are grateful to invaluable comments fro m Masahiro Kawai, Takashi Kihara, Mario Lamberte, John West, Doo Yong Yang and other participants at the ADBI seminar. GRIPS Policy Research Center Discussion Paper: 10-21 2 1. Introduction At the center of global imbalances is the bilateral trade imbalance between the People’s Republic of China (PRC) and the United Sta tes (US). Most attention to date has been focused…
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