中文摘要：

上世纪80年代以来，伴随着国际产业转移，发达国家加快了对外投资步伐，而对外投资的贸易效应则对现有的国际出口贸易格局产生了影响。本文基于美国在华投资的视角有，依据1990-2012年相关数据，利用贸易引力模型研究了美国在华投资与对华出口之间的关系。实证结果表明：美国在华投资与对华出口之间存在着替代关系，这与美国对华出口存在贸易逆差的状况相吻合，表明美国对华贸易逆差有其对华投资的原因。

英文摘要：

Since 80s of last century, accompanied with international industrial shift, the developed countries have speeded up their foreign investment, which allows capital to begin its new round expansion all over the world. At the same time, the trade effects of foreign investment were influencing the existing world trade pattern. This article was based on the view of US di- rect investment in China, in accordance with the relevant data from 1990 to 2012, using the trade gravity model to analysis the relationship between US investment in China and US export trade to China. The empirical researches discover an interacted re- placement relationship between US investment and exports. The results are identical with the US long-term export deficit to Chi-na, which indicate that the US FDI can partly explain the export deficit to China.