In this paper we demonstrate the decomposition model of bilateral value-added trade in the world multilateral trade context and calculate the data of Sino-US bilateral value-added trade and bilateral gross trade from 2000 to 2014 in 56 sectors by using the 2016 released World Input-Output Data. Together with the building and calculation of the trade imbalance distortion index, the paper analyzes the imbalance of Sino-US bilateral trade and the status of China and US in the global value chains in both general and structural levels, therefore reflects the real situation of Sino-US trade. The results show that in the general level the imbalance in the Sino-US bilateral trade is averagely 20.17% per year over-estimated by gross trade statistical approach than by value-added trade statistical approach. Also, the proportion of added-value shipped back to its source in the American gross export is gradually getting smaller while the proportion in the Chinese gross export is getting larger. Since 2010 the foreign added value ratio in Chinese gross export has been dropping while the domestic added value ratio in Chinese gross export has been rising, which indicates the rising of China’s position in the global value chains. In the structural level, most of the Chinese industries enjoy surplus in the Sino-US bilateral value-added trade. And, the imbalance of manufacturing in the Sino-US bilateral trade is averagely 96.30% per year over-estimated by gross trade statistical approach than by value-added trade statistical approach. Besides, most of Chinese manufacturing sectors have less value-added exports to the United States than gross exports to the US, which indicates that China needs to improve its position in the global value-chain in terms of manufacturing. For some emerging services, the US has more upstream locations in the GVC than China, while for construction and some traditional services, China lies more upstream in the GVC than the US.