Chinese trade surplus produce the internal
Policy reasons
1. "the prize the limit of trade policy is to enter" in the long term the fundamental reason trade surplus, although China foreign trade policy has been interpreted as the import and export of basic balance ", realize but actually, China's foreign trade policy obedience and attendant "drive economic growth, reduce the employment pressure" internal balance goals. No matter in the central government or local government level, all will expand exports as an important means of boosting economic growth. Therefore, China's foreign trade policy, is actually "award for the limit of the surplus into". Economic growth over-reliance on exports, therefore creates more faster export situation of economic development.
2. Rigid exchange-rate regime is hinder trade surplus self-regulating key link, long-term since, RMB nominal rate levels have been fixed, from July 2005, China began to implement "based on market supply and demand with reference to a basket of currencies, managed floating exchange rate system" but the range of floating exchange rate is still small (0.3%). The central bank is unceasingly through acquisitions of foreign exchange in renminbi appreciation way to avoid rapid and volatility. In external imbalances adjustment, because even currency exchange rate flexibility, lack of flexibility or is difficult to the dollar and other major currencies exchange rate changes and their influence between the response, the result is RMB nominal exchange rate remained stable, and the depreciating real exchange rate, but trade surplus expand external imbalances intensified.
3. Lack of both internal and external balance monetary policy and fiscal policy to trade surplus, plays a booster effect. China's monetary policy and fiscal policy formulation, lack of a target of internal and external balance both framework for thinking, the effectiveness of policy concerns focused on internal balance goal -- "high growth and low inflation" is achieved, and ignore the external balance. In fact, internal balance and external balance is mutual influence and dependent. Internal expansion and contraction of gradually, directly affects the external balance changes; While the external imbalances intensifies, the internal balance also can produce pressure. Therefore, the goal of balancing concern internal control policy, is driving the outer unbalance intensifies, also hindering economic system automatic adjustment functions.
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