@techreport{oai:ir.ide.go.jp:00052200,
 author = {Bo, Meng and Yuning, Gao and Jiabai, Ye and Meichen, Zhang and Yuqing, Xing},
 month = {Jun},
 note = {application/pdf, IDP000819_001, Numerous the US multinational enterprises sold considerable amounts of  products, which were “made” in China or third countries, to China’s  domestic consumers, but these sales were not counted as the US exports  to China. We propose a beyond-border-type measure, “trade in factor income,” that defines the US-owned factor-income induced by China’s final demand as the US export to China. Based on this measure, we find  that the conventional cross-border trade statistics averagely leads to  17.4-32.0% overestimation of the US-China trade deficit (2005-2016).  Our new measure helps a great transformation of trade measures from  the territory-based “made in” label to income-based “created by” label.},
 title = {Trade in factor income and the US-China trade balance},
 year = {2021}
}