Home >

RMB "Breaking 7" Henan Trade Accelerated Optimization

2008/4/25 16:56:00 24

??? 日本語 Fran?ais English 中文

RMB "Breaking 7" Henan Trade Accelerated Optimization.

"RMB appreciation is too fast, it will have a certain impact on China and even Henan's import and export trade.

Personally, I believe that the appreciation of the renminbi will gradually slow down, not as fast as this year, and should be gradually small appreciation.

It is possible to revalue 0.3 yuan to 0.5 yuan this year, but it will not be as "6" as some people predicted.

On April 16th, Li Qingshu, director of the Henan Provincial Department of Commerce, introduced.

It is reported that the renminbi appreciated nearly 4.3% against the US dollar in the first quarter of 2008, the fastest rate since the revaluation of the RMB in July 2005.

Limited impact on imports and exports

After the RMB exchange rate rose to the US dollar, the phenomenon of "appreciation of the renminbi against imports and exports" has not been shown in Henan.

As Li Qingshu said, "RMB appreciation has both advantages and disadvantages.

As far as the whole country is concerned, exports have shown signs of slowing down.

However, for Henan, as long as the RMB no longer appreciates substantially, it is also limited to the import and export of Henan and the use of foreign capital. "

A few days ago, the Zhengzhou Customs released data shows that in the first quarter of this year, Henan's import and export momentum was strong. In the first quarter, the total value of imports and exports of Henan was 3 billion 792 million US dollars, up 35.6% over the same period last year.

The growth rate of imports and exports, imports and exports exceeded the national average.

According to the experts, the import and export of Henan can achieve leapfrog development under the influence of the continued appreciation of the RMB, the tariffs imposed by the state on the export of "two high and one capital" products and the tightening of processing trade policies. It is the result of the government's active efforts to promote the adjustment and upgrading of the industrial structure.

It is reported that in 2007, Henan's imports and exports reached 12 billion 810 million US dollars, an increase of 28.9%, the scale was 4 times that of 2002, the dependence on foreign trade increased by 2%, and the total import and export 42 billion 300 million US dollars in 5 years increased by 32% a year, much higher than that of Henan's GDP growth in the same period.

Bigger and stronger is the way out.

However, the appreciation of the renminbi has a great impact on small and medium-sized enterprises and labor-intensive industries, such as textiles and toys.

For some products with high technology content, independent brands and scarce resources, it has little effect.

The impact of RMB appreciation on import and export enterprises is different.

For example, although aluminum ingot has been banned as raw material export, it has increased the export of aluminum products and made up some of the impact.

For example, at present, exports of auto parts such as Yutong and Nissan reached 400 million US dollars, and Jinlong Copper pipe imported and exported 800 million last year, and this year it is expected to exceed 1 billion.

Li Qingshu believes that "behind this is the major changes in the structure of our province's export commodities.

The export ratio of manufactured products is 90%, the proportion of exports of electromechanical products has increased to 14.2%, and the proportion of exports of hi-tech products has increased to 14%.

"Enterprises engaged in agricultural products, low-end textile industries and some other labor-intensive industries have basically no pricing power, and the impact is quite obvious.

From 2005 to date, Henan's export enterprises have reduced revenue by more than 30 billion yuan due to RMB appreciation. According to Henan's estimated export of US $10 billion this year and RMB appreciation of 8% to 10%, we will reduce income from 2 billion 700 million yuan to 3 billion 500 million yuan.

Li Qingshu said: "the continued appreciation of RMB is good for expanding the import of advanced technology, key equipment and important resources, but it directly weakens the international competitiveness of export products. This poses a new challenge for us to speed up the pformation of trade growth mode, adjust the structure of export products and expand the export of high value-added products.

In Li Qingshu's view, Henan enterprises should make great efforts in independent intellectual property rights and innovative brands.

The government is also very supportive of it, and has some support for creating Henan brand, Chinese brand and international brand, such as reward and support policies, and encourage enterprises to make brands bigger and stronger.

Beware of exchange rate risk

Similarly, exchange rate risk can not be underestimated in import and export trade.

Since 2004, the state has reduced the export tax rebate rate 10 times. The average tax rebate rate in Henan has been reduced from 15.13% to 9.3%, and the export tax rebate per US dollar has been reduced by 0.44 yuan.

According to the general trade export figure of 8 billion US dollars this year, compared with the tax rebate rate in 2004, Henan will reduce the tax rebate income by 3 billion 500 million yuan.

Moreover, part of the "two high one capital" product tax rebate rate may still be reduced or cancelled this year.

Processing trade policy is tightening. 990 commodities have been banned and 1853 commodities are restricted. Henan has been banned from processing trade such as alumina and lead concentrates, affecting exports of US $about 1000000000.

In addition, it also raises 5% to 10% export duties on aluminum ingots, ferroalloys and pig iron.

All these factors intermingled and catalyzed each other, bringing Henan's import and export enterprises to a severe test.

In addition, "if the RMB exchange rate formation mechanism is further market-oriented and the pressure of appreciation exists for a long time, it is also necessary for exporters to improve their ability to deal with exchange rate risks while practicing internal strength.

Our next step is to increase exchange rate risk knowledge training, strengthen consultation and conduct effective guidance.

Especially for enterprises with new import and export rights, they should learn more and learn to avoid exchange rate risks due to lack of knowledge and talents.

Li Qingshu thinks.