中文摘要：

世界经济失衡的实质是美国与亚洲主要经济体及部分产油国之间的结构性货物贸易失衡，其中美中结构性货物贸易失衡最为引人注目。美国对包括中国在内的国家或地区的产业转移，进而引致亚洲经济体对美出口返销是当前这种世界经济失衡的主要原因。因此，世界经济失衡是否可持续取决于当前美国等对包括中国在内的亚洲经济体的产业转移及外国对美资本流入是否可持续。

英文摘要：

Global imbalance, in essence, is the structural goods trade imbalance among the United States and the major Asian economies or the oil-producing countries. The most spectacular imbalance is structural goods trade imbalance between the United States and China.The main cause of global imbalance is that industries transfer from the United States to other countries and regions including China, which causes the Asian economies back exports to the United States. Therefore, the sustainability of global imbalance depends on the sustainability of industries transfer from the United States to Asian economies including China and the sustainability of foreign capital inflows to the United States.