In the context of globalization, the root of global imbalances is not mainly in current account, but in the capital and financial account. The global financial and currency imbalance is the main cause. Systematic deviation has occurred in the global current account difference that emerging economies have surpluses and developed economies have deficits. This kind of systematic deviation reflects the nature of imbalances. That is, the economic globalization has overemphasized trade, investment and financial liberalization, and has ignored the economic development and social justice, which initiated the north-south imbalances. Basically, the reason lies in the lack of global governance which led to the over-consumption, over-borrowing, over-import, over-welfare and over-taking globalization bonus in the U.S. and some other countries. The U.S. should take the responsibility rather than passing the buck or shifting the burden. China's trade surplus is created by foreign investments. As a responsible nation, China should take the responsibility and obligation to promote the rebalance of the global economy within the limits of its capacities. For example, China should establish persistent effective mechanism of encouraging consumption to drive economic growth. China also should encourage capital export and diversify the foreign exchange assets. The U.S. should adjust the demand structure, the export restraint policy of high-tech products and the supply structure.