----Guo Shuqing, deputy governor
of the People's Bank of China and director of the State
Administration of Foreign Exchange, told the press that the
sustained and rapid economic growth Of China, a developing
country with a huge population, is conducive to the economic
development of its neighbors and the worm at large.
China has witnessed
sustained and rapid economic growth and a good situation in
the balance of international payments and foreign exchange
earnings, in spite of global economic recession. Some
overseas personages worry that the increasing share taken by
China's exports in the international market may blunt the
competitive edge of other countries' exports, thereby
adversely affecting their economic growth. Some people even
claim that China is exporting deflation to the world through
dumping huge amounts of low-priced commodities in the
international market. Guo Shuqing, deputy governor of the
People's Bank of China and director of the State
Administration of Foreign Exchange, retorted that China's
exports take up only a small proportion of developed
countries' GDP. Moreover, processing trade exports make up
more than a half of China's total exports. Chinese
enterprises, mainly taking processing fees from this kind of
exports, have no power to set prices for final products, and
therefore can hardly affect the price levels of importers.
Guo noted that viewed from various aspects, the sustained
and rapid economic growth of China, a developing country
with a huge population, is conducive to the economic
development of its neighbors and the world at large.
First, China's labor cost is low. The
low price of China's export commodities can enhance the real
income level of the people of importing countries, stimulate
the growth of consumption in other fields and propel the
economic growth of these countries.
Second, the import of large quantities of primary
and light industrial products from China is conducive to the
industrial restructuring and economic progress of developed
countries, as the two can take advantage of each other's
economic strength. Third, China's
economic development has enhanced the country's demand for
imports, which has expanded the exports of other countries.
Last year, China's imports from ASEAN, Japan, Russia and
Australia increased by 34 percent, 25 percent, 6 percent and
8 percent respectively over the amount in the previous year.
This resulted in China's trade deficits of US$7.63 billion,
US$5.03 billion, US$4.89 billion and US$1.26 billion with
respective countries. In the first two months of this year,
China's foreign trade exports and imports increased by 32.8
percent and 57.1 percent respectively, leaving a trade
deficit of US$560 million. In the first two months, China's
imports from the United States, Japan, the ROK, EU and ASEAN
rose by 37.8 percent, 58.4 percent, 75 percent, 43 percent
and 71.9 percent respectively over the amount in the same
period of last year. Following China's economic development
and the growth of the Chinese people's purchasing power, the
world will gain increasing benefits from the swiftly growing
Chinese market. Take Southeast Asian countries for example.
The fluctuation on their export market used to greatly
exceed that on the global market. In recent years, however,
along with the growth of their exports to China, the
fluctuation on their export market has been reduced
considerably. Fourth, the
surplus in the current account may bring along the outflow
of a certain amount of capital, which will increase China's
investment in other countries' assets.
Fifth, China's economic development has provided
overseas businesses with broader prospects for investment in
the country. Profits remitted abroad by foreign investors
have increased continuously in recent years, with the amount
rising from US$17 billion in 1995 to US$27.7 billion in
2001.
On the exchange rate of the Renminbi (RMB), Guo
said last year, owing to the downslide of the exchange rate
of the US dollar in the international market, China
depreciated the exchange rates of the RMB with the
currencies of some of its main trade partners, which only
narrowed the range of the appreciation of the RMB against
these foreign currencies, but did not reverse the trend of
the overall appreciation of the RMB. The exchange rate of
the RMB with the US dollar has basically remained stable--a
policy adopted by China since the outbreak of the Asian
financial crisis. This, however, has not changed China's
managed floating exchange rate system based on the supply
and demand in the market. Practice proves that this exchange
rate system suits China's current economic development
stage, the bearing capacity of enterprises and the financial
sector's supervision and regulation level, and conforms with
China's national conditions. It is beneficial to China, Asia
and the world at large. It also helps propel foreign trade,
lower enterprises' costs of production, attract overseas
investment, implement the central bank's monetary policy,
and curb the trend of deflation. Guo stated that China would
continue to implement the managed floating exchange rate
system based on market supply and demand on the premise of
maintaining the basic stability of the RMB exchange rate,
timely improve the RMB exchange rate formation mechanism,
and complete the foreign exchange market. In addition,
efforts will be pooled to coordinate interest rate and
exchange rate policies so as to promote the coordinated
development of domestic and global economies.
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