Jiang Yaoping, vice minister of the Ministry of Commerce, analyzed at the second China Open Economic Development High-level Forum on January 5 that China's trade surplus mainly comes from processing trade, while the processing trade surplus mainly comes from foreign-funded enterprises. *** Exchange rate adjustment has a very limited effect on reducing the trade surplus. In order to improve the trade balance, Jiang Yaoping pointed out that in the coming period, on the one hand, it is necessary to maintain the stability and predictability of policies and avoid major fluctuations. In addition, we must actively promote the transformation and upgrading of processing trade, and promote the transformation and upgrading of processing trade. instructions.
The surplus mainly comes from foreign-funded enterprises
Since 2001, China's trade surplus has gradually increased and reached a high of 295.46 billion U.S. dollars by 2008. The 2009 financial crisis adjusted the surplus, and Jiang Yaoping predicted that the surplus this year is basically the same as last year.
The higher surplus has also increased the balance of international payments and the pressure of appreciation of *** while increasing the external reserves. However, what the outsiders see more is the number of surpluses. It does not properly sort out the relationship between its structure and interests.
From the perspective of trade structure, there are three major blocks that form a trade surplus: processing trade, general trade, and other trades. The data for the past decade shows that the processing trade surplus has basically increased year by year, while general trade and other trade are almost all in deficit. Jiang Yaoping pointed out that this means that the surpluses come from the processing trade, especially the processing of imported materials accounts for a greater proportion. 96%.
From the perspective of corporate structure, the surplus of processing trade mainly comes from foreign-funded enterprises. From 2000 to 2009, foreign-funded enterprises accounted for 84% of the surplus from 64%, and foreign-invested enterprises in the processing trade accounted for most of the surplus.
“The essence of the trade surplus products in the processing trade is the result of the transfer of foreign capital industries.†Jiang Yaoping said that in the context of globalization, the trade surplus between the two countries can not fully reflect the actual pattern of interests. “The surplus of processing trade is generated in China, and the benefits are It is shared globally."
Therefore, in the face of many voices of pressure on the exchange rate due to the surplus, especially the repeated accusations from the United States, Jiang Yaoping pointed out that adjusting the exchange rate from the perspective of the entire trade structure is very limited to reducing the Sino-U.S. surplus. Eighty percent of the trade surplus between China and the United States is completed within the industry and in multinational companies, and is less affected by the exchange rate. *** The exchange rate has no complete correspondence to the surplus, especially the surplus between China and the United States.
Related trade policies will remain stable
Since processing trade is the main cause of surpluses, the promotion of transformation of processing trade is undoubtedly an important starting point for improving trade balance.
The long-awaited "Guidelines for Promoting the Transformation and Upgrading of Processing Trade" will be introduced as soon as possible to encourage the extension of processing trade to the high end of the industry chain, extend the domestic value-added chain of processing trade, steadily promote the transfer to the central and western regions, and encourage the concentration of special increments in areas of special supervision. At the same time, the "two high and one capital" project will also be more strictly controlled.
In addition, the reduction of surpluses cannot rely on reducing exports, but rather on promoting imports by expanding imports. Jiang Yaoping revealed that it is necessary to actively study and discuss special export-to-export policies that implement specific differences in processing trade, and that special products will be studied specifically for individual products to facilitate their export to domestic sales.
Jiang Yaoping said that the current status of China in the international division of labor is determined by the stage of economic development and the level of development. It must be accumulated and accumulated through considerable time before it can be realized from manufacturing to creation. In the coming period, it still needs to be maintained. The stability and predictability of relevant policies, the avoidance of major fluctuations, and the improvement of policies in the course of stability are still inevitable choices for China at this stage.
He stressed that the transformation and upgrading of processing trade is not a task faced by a single enterprise or a single product, nor is it just a matter of the foreign trade link. The key is the transformation and upgrading of the entire industrial system. Through independent innovation, while maintaining the advantages of manufacturing in China, Form the advantages created by China.