美国对人民币汇率施压和国内一些企业出现劳资纠纷凸显了当前经济面临的失衡问题：一方面是以经常项目顺差占GDP比例高、外汇储备规模大为表象的外部失衡；另一方面是以劳动报酬比例低、消费比例低、储蓄率高为表象的内部失衡。经济内外失衡的根源在于工资增长率长期低于劳动生产率增长率。人民币升值不能解决内外失衡问题。增加劳动报酬不仅可以实现内部平衡，还是减少外贸顺差和汇率升值压力，实现外部平衡的根本途径。
>U.S.’pressure on the RMB exchange rate and labor dispute on wage in domestic enterprises highlights the imbalance in the current economy.High Current account surplus-GDP ratio and much foreign reserve scale mean that there is an external imbalance in China；Low remuneration，low consumption ratio and high savings rate represent an internal imbalance.Internal and external imbalances are due to the growth rate of wages less than the labor productivity growth rate for a long-term.Appreciation of the RMB cannot solve the internal and external imbalances.Increase in remuneration can not only achieve internal balance，but also is the fundamental way to achieve external balance by reducing the trade surplus and exchange rate appreciation pressures.
| Keywords： | WagesRenminbiLabor Compensation |
