中文摘要：

在全球价值链分工背景下，文章利用增加值贸易体系重新测度了1995—2009年中美双边贸易，并通过对双边总值贸易进行价值增值分解刻画了贸易利益在中美之间的分配格局。结果表明，传统的贸易统计极大地高估了中美贸易失衡，两国的贸易差额与贸易利益之间存在严重错配，分工地位的差距导致贸易利益在两国间的分配正朝着不利于中国的方向发展，这一点在机电行业体现得尤为明显。转变单纯追求出口规模的贸易发展方式和改善中国的国际分工地位是提高中国对关出口获利能力的关键。

英文摘要：

In the context of global value chains （GVCs）＇, this paper measures China-US bilateral trade from 1995 to 2009 by trade system in value-added and portrays the China- US distribution pattern of gains from bilateral trade by decomposing bilateral gross trade in value-added. It shows that the traditional trade statistics overestimates the China-US trade imbalance significantly. And there exists a big mismatch between bilateral trade imbalance and trade gains. The differences in the positions of China and US in the GVCs lead to the distribution of gains from bilateral trade moving disfavored of China, especially in electromechanical industry. The reversion of trade development pattern purely chasing export scale and the improvement of the status of China in GVCs are the key to the increase in the profitability from Chinese export to US.