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One common explanation is China's active management of its currency, the yuan, which has been devalued periodically to keep Chinese goods competitively priced abroad. Additionally, China's relatively low wages and strategic policies encourage export-driven growth, which in turn affects import levels.
Global Trade Imbalances and US Consumption
The international trade system is inherently balanced at the macro level—the world's total exports equal total imports. The United States, running a persistent large trade deficit, effectively absorbs the Chinese surpluses. While Chinese workers have seen wage increases and social safety nets improve slightly, the country continues to devalue its currency subtly to maintain export competitiveness, thereby limiting imports.