三级aa视频在线观看-三级国产-三级国产精品一区二区-三级国产三级在线-三级国产在线

  Home>News Center>China
       
 

Banker calls to improve trade policy
By Xu Binglan (China Daily)
Updated: 2005-03-19 05:27

A top central banker called for strong measures to adjust China's foreign trade and investment policies to control the downsides of unbridled growth.

"Indiscriminate support of exports and foreign capital influx has created short-term economic problems, including excessive speculation in the property market and the economic decoupling of the fast-growing coastal areas with the rest of China," Guo Shuqing, director of the State Administration of Foreign Exchange (SAFE), said in an interview with China Daily.

Guo Shuqing, director of the State Administration of Foreign Exchange, answers reporters' questions in this March 7, 2005 photo. Guo was named candidate chairman of the China Construction Bank Ltd Co after the bank's former chairman Zhang Enzhao resigned earlier last week. [newsphoto]
Guo Shuqing, director of the State Administration of Foreign Exchange, answers reporters' questions in this March 7, 2005 photo. Guo was named candidate chairman of the China Construction Bank Ltd Co after the bank's former chairman Zhang Enzhao resigned earlier last week. [newsphoto] 
On Friday, Guo was named candidate chairman of the China Construction Bank Ltd Co after the bank's former chairman Zhang Enzhao resigned earlier last week.

Guo's comments come at a time when the government is vigorously pursuing a "scientific approach" to achieve sustained development and are all the more significant because it indicates the government's resolve in addressing the fundamental issues being discussed among top economic policy makers.

Economists have long been calling for a shift in emphasis to facilitate the transformation of China from a low-cost manufacturing base to a world industrial power.

"We should gradually reduce the preferential treatment to exports and seriously review our foreign investment policy," Guo said.

Excessively favourable policies towards exports and foreign investments made sense in the years immediately after the country adopted its "opening-up" policy in 1979, he said.

But over time, such policies have fostered the erroneous belief that has led to the unconditional support for foreign investment and exports to achieve a consistent trade surplus.

"This mentality should be corrected," said Guo, an economist who used to be in the central government's bodies for economic restructuring.

He said exports should not be given a superior position in the country's economic development agenda than imports.

"And trade surplus is not necessarily a good thing all the time," he said.

China's exports contributed much to the coastal area's prosperity.

However, after so many years, exports with relatively higher added-value, especially those with Chinese-owned intellectual property rights, account for a persistently low proportion of total exports, he said.

"This kind of export growth is not sustainable," he said.

Meanwhile, a relatively conservative approach to imports has the effect of discouraging domestic manufacturers from upgrading their production facilities with imported equipment and technology, Guo said.

Policies towards foreign investments have shared some of the same shortcomings with that of trade. As a result, a host of explicit and implicit advantages have been introduced overtime for foreign-invested enterprises.

The foreign-related segment of the economy, which constitute key parts for the economy in coastal areas, has gradually drifted away from the rest of domestic economy. These foreign-funded enterprises have more transactions within itself and with foreign economies than with domestic firms.

Many foreign-funded enterprises are actually a link in the industrial chain that also include the United States, Japan, and other East Asian economies.

"More than half of China's exports and overwhelming majority of high-tech manufacturing and trade are generated by foreign companies," Guo noted.

This contributed to the regional imbalances between coastal areas and the inlands, he said.

Unchecked increases in exports and foreign investment are also partly responsible for China's trade surplus and colossal foreign exchange reserves.

Apart from their well-known merits safeguarding the country from financial crisis being the most well known huge reserves can cause problems. "For one, it reduces the independence of the country's monetary policy," said Guo, who also serves as a deputy-governor of the People's Bank of China, the central bank.

During the past few years, the central bank has bought the huge foreign currency holdings of commercial banks, which is the result of the trade surplus and investment inflow. To buy in the foreign currency, the central bank has to release huge amounts of renminbi.

This conflicts with the central bank's agenda of controlling the increase of money supply.

The country's trade surplus and huge reserves actually reflect imbalance structure of domestic economy, which need a holistic cure.

"China needs a strategy for more of a balanced development," Guo said.

He said the country should reduce energy-consuming exports and exports of resources China is short of. It should also control exports of generic manufacturing goods. At the same time, the country should urge developed countries to relax restrictions on their technology exports to China and improve quality of China's imports, he said.

As to investment, policies for domestic and foreign enterprises should be unified. Restrictions should be imposed on foreign investments in industries that use low-level technology but generate high pollution; on those that produce products oversupplied in both domestic and international markets; and on investments that are easy to lead to speculative activities and property bubbles, he said.

According to Guo, the latest sign of unwanted foreign investments is seen in the real estate and financial markets.

He said SAFE officials have spotted foreign funds that entered China disguised as money for trade or direct investment purposes but ended up being used to buy renminbi-based financial assets and property.

"We found the phenomenon of one single (overseas) person buying up to 100 houses in coastal cities," he said.

"This is apparently speculative activity," he said.

The speculators were betting on an appreciating renminbi. Their massive purchase of houses have contributed to the surging housing prices in coastal areas.

(China Daily 03/19/2005 page1)



 
  Today's Top News     Top China News
 

Shanxi coal mine blast kills 17, traps 52

 

   
 

Banker calls to improve trade policy

 

   
 

Thousands in Taipei protest shooting

 

   
 

Japan rejects comfort women claims

 

   
 

HIV/AIDS proposals announced for 2005

 

   
 

Wen talks cooperation with Russia army chief

 

   
  Japan rejects comfort women claims
   
  Wen talks cooperation with Russia army chief
   
  Banker calls to improve trade policy
   
  HIV/AIDS proposals announced for 2005
   
  Railway chief steams ahead with reforms
   
  US resolution on China's law 'firmly opposed'
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  Related Stories  
   
China considers easing grip on capital accounts
   
China to loosen control of forex purchases
   
Banks tighten grip on property loans
   
China Construction Bank chief quits
   
State banks urged to reform with gov't input
   
Listings of two big State banks imminent
  News Talk  
  It is time to prepare for Beijing - 2008  
Advertisement
         
主站蜘蛛池模板: 久久99精品久久久久久青青日本 | 尤物国产在线精品福利一区 | 欧美成人片在线 | 国产成人18黄网站免费 | 国产高清美女一级a毛片久久w | 欧美巨大另类极品videohd | 精品视频在线看 | 91香蕉视频网 | 精品国产免费一区二区三区五区 | www.一区二区三区 | 视频国产91 | 欧美午夜免费毛片a级 | 99re久久在热线播放最新地址 | 亚洲性生活视频 | 国产乱码一区二区三区四川人 | 日本高清在线一区 | 亚洲精品久久久久久久777 | 毛片视| 久久精品成人免费看 | 国产亚洲精品一区二区三区 | 伊人成人在线观看 | 欧美国产激情二区三区 | 亚洲 欧美 日韩在线一区 | 日本片免费观看一区二区 | 色综合色综合色综合色综合 | 国产精选第一页 | 美女zw喷水视频在线观看 | 日韩精品欧美国产精品亚 | 久久国产精品无码网站 | 免费av一区二区三区 | 亚洲不卡影院 | 欧美日韩成人在线观看 | 亚洲国产激情在线一区 | 久久久7777888精品 | 青青青青啪视频在线观看 | 黄视频福利 | 97久久天天综合色天天综合色hd | 野外啪啪抽搐一进一出 | 91香蕉视频苹果 | 精品一区二区三区水蜜桃 | 亚洲专区区免费 |