关键词: 宏观经济失衡, 劳动力市场负向扭曲, 内部失衡, 外部失衡

Abstract: This paper analyzes the effect of the negative distortion of labor market on china’s macro-economy by establishing a simple theoretical model and then uses the panel data of China from 1998 to 2005 as empirical test. Results show that the negative distortion of labor market is the main reason for the imbalance of China’s macro-economy. In a closed economy, negative distortion of labor market results in shortage of domestic demand, speedy increasing of investment and excess production ability of enterprises and thus results in the internal imbalance; and further that, with the combination of internal imbalance and open economy environment, China produces the products that are labor intensive in a speedy way. However due to the technology trade barrier, the import can not increase correspondingly and thus we have the external imbalance. So taking the efficient steps to mitigate the negative distortion of labor market is the key element to solve the imbalance of china’s macro-economy.

Key words: Imbalance of macro-economy, Labor market distortion, Internal imbalance, External imbalance