Abstract：Based on import and export trade and long-term international capital flow transmission channels,the paperuses the TVP-SV-FAVAR model to do empirical test.The results indicate that:The uncertainty of US economic policy has an impact on China's technological innovation.This influence is also characterized by time-varying characteristics.Since the US Trump administration won the election,the rise of US economic policy uncertainty has significantly inhibited China's technological innovation.Trade and long-term international capital are important carriers and transmission channels for international advanced knowledge and technology spillover into China.Then the further analysis finds that under the new normal,the uncertainty of US economic policy has lowered the scale of China's import and export trade and the inflow of long-term international capital to China.
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