关键词: 全球资金流量, 国际收支核算, 新国势学, 真实链位, 全球资金竞争力

Abstract: A comprehensive analysis of the global inter-country capital flow situation is of great significance for evaluating China’s international capital competitiveness and accelerating the construction of a new development paradigm. Under the theoretical framework of the System of National Accounts (SNA), this paper designs and compiles a broad global capital flow statement that covers the exchange of goods and services between countries, distribution flows, and capital and financial transaction flows, depicting the overall landscape of capital exchanges between countries. The study finds that China occupies a pivotal position in global capital flows and has emerged as a major participant in cross-border capital interactions by virtue of its robust performance in merchandise trade. China’s service trade is mainly focused on traditional fields such as construction services, and there is still room for improvement in the high value-added service trade sector. In the global income distribution pattern, China’s share has not yet matched its economic size, indicating significant growth potential. In terms of capital and financial flows, China has shown a net outflow state, with significant room for expansion in both directions. In the future, China should not only enhance the resilience of the global trade network by exploring emerging markets and developing new business models, but also focus on key areas of service trade and enhance the competitiveness of digital and knowledge intensive service trade. In the financial sector, efforts should be focused on optimizing capital structure and improving the cross-border capital flow monitoring and early warning mechanism, in order to enhance the stability and balance of capital flows.

Key words: global capital flows, balance of payments accounting, new national situation studies, actual position in the chain, global capital competitiveness