Based on world input-output database, this paper measures the scale of China-US value-added exports and bilateral trade imbalances from 1995 to 2011 with the multi-regional input-output model from the perspective of global value chain. The results show that compared to traditional export scale, value-added export of China decreased by 16.06% and 24.24% respectively in 1995 and 2011. The traditional trade statistics seriously overestimated Sino-US trade imbalance. During the same period, Sino-US value-added trade surplus of manufacturing industry was 5% and 10% of traditional trade surplus, while agricultural trade changed from traditional trade deficit to value-added trade surplus, and services trade shifted from the traditional trade surplus to value-added trade deficit. From the perspective of factor intensive industry, Sino-US labor and capital-intensive industries showed value-added trade surplus, but knowledge-intensive service industries showed trade deficit, and the deficit scale has gradually expanded.