"Point Regulation" Can Save Some Export Enterprises

"Investor newspaper": the data show that the difficulties of the Chinese textile industry are mainly caused by the appreciation of the RMB. Is it necessary to stabilize the RMB exchange rate with the adjustment of the export tax rebate rate to play a real role?

Zhang Yansheng: it is hard to say how much the improvement of the export tax rebate rate will affect the textile industry. However, the adjustment of the export tax rebate rate will play a certain role in relieving and improving the textile industry.

Export tax rebate and RMB exchange rate are interrelated policies.

The appreciation of the RMB exchange rate will certainly bring pressure on the cost of enterprises, and the export tax rebate policy is to alleviate this cost pressure. However, the adjustment of RMB exchange rate policy will not only affect the textile industry, but also affect various industries.

These two policies are the relationship between "point regulation" and "surface regulation".

The adjustment of the export tax rebate rate is "point regulation", such as the high export tax rebate rate for the important equipment manufacturing industry and high-tech industry before, and the low export tax rebate rate for the industries with "two high and one capital", a large trade surplus and low technology content.

The RMB exchange rate is used to regulate the relative price of all renminbi assets.

Once the RMB exchange rate has changed, the relative prices of all things priced in Renminbi will change.

This is "surface regulation".

From the shock of textile industry and the pressure of employment, the adjustment of the export tax rebate rate of textile industry is "point regulation", mainly for a few departments.

Therefore, the export tax rebate policy should understand this: if the RMB continues to appreciate, all sectors and elements need to bear more pressure, not just the textile industry.

If the export tax rebate rate of textile industry is raised at this time, the pressure it will bear will be smaller than that of other industries.

Even if the export tax rebate rate of textile industry has been raised, the renminbi still has reason to continue to appreciate, because "point regulation" can not be fixed at the expense of all conditions of "surface regulation".

It doesn't make sense.

Investor newspaper: how do you think the adjustment of the export tax rebate rate is not conducive to the upgrading of the textile industry?

Zhang Yansheng: I don't agree with this statement.

Because the large environmental costs are rising, and from the textile industry, its competitive pressure is increasing.

All along, there has been a phenomenon of machine repelling people in all walks of life.

The so-called product structure and pformation and upgrading of industrial structure are all around labor, that is to say, many labor-intensive products and industries will be adjusted.

In the process of industrial pfer, the pressure of employment will increase in both the domestic and overseas sectors.

Under such circumstances, the impact of the textile industry on the employment pool should not be too great.

Don't misread this policy.

It can not be said that the increase of tax rebate rate will not benefit the survival of the fittest, nor will it be conducive to the industrial adjustment of the textile industry.

With the increasing labor force and increasing market pressure, the industry will surely survive with the upgrading of the market. The export tax rebate policy is only to ensure that some SMEs can continue to survive.

Investor newspaper: in other words, the export tax rebate policy is mainly from the perspective of employment.

Zhang Yansheng: we should consider it comprehensively.

Employment is one of the important factors.

In 1995 and 1996, the export tax rebate rate decreased from 11%, 13% and 17% to 3%, 6% and 9% respectively. At that time, the loss and export of textile industry also appeared. Finally, the impact of textile industry was alleviated by raising the export tax rebate rate.

The same is true now.

The impact of the US economic slowdown and the subprime mortgage crisis has taken place abroad, and the pressure of various policy adjustments and the impact of rising costs has been faced in China. SMEs are facing a very difficult environment.

To realize the pformation and upgrading of the industry, we must help these enterprises tide over their difficulties.

Investor newspaper: those companies that have already "died" can reopen their businesses only by raising the export tax rebate rate?

Zhang Yansheng: if the export tax rebate rate is raised by half a percentage point, there will be a large number of marginal enterprises to live.

Of course, this policy can not make all the small and medium enterprises bankrupt, but it can make the enterprises that can withstand in the scope of the increase live.

If all enterprises are to survive, they will become the government to replace the market, which also deviates from the original intention of the policy.

Investor newspaper: should we support SMEs by relaxing credit?

How much help is this to them?

Zhang Yansheng: under the market economy, enterprises should save themselves.

When the policy adjustment is bigger and the external impact is bigger, the government should guide and help enterprises to achieve pformation and upgrading.

At present, the macro-control is really tight, I think this is very correct.

We should always stick to the principle of tight money, which is also a requirement for tight inflation.

However, under such circumstances, some small and medium-sized enterprises are relatively difficult to realize their capital investment. I think we should implement "point regulation".

If credit is not relaxed, these small and medium-sized enterprises may go to private financing, or mutual dismantling, the cost is very high.

This is a very harmful business environment for enterprises.

Therefore, I believe that credit for SMEs should be actively supported.