国产av不卡一区二区_欧美xxxx做受欧美_成年人看的毛片_亚洲第一天堂在线观看_亚洲午夜精品久久久中文影院av_8x8ⅹ国产精品一区二区二区_久久精品国产sm调教网站演员_亚洲av综合色区无码一二三区_成人免费激情视频_国产九九九视频

  Home>News Center>China
       
 

Four reasons why China will not revalue RMB
(China Daily HK Edition)
Updated: 2004-04-05 10:43

Aside from political pressures from the US, there's really no reason for China to appreciate its currency.

Four fundamental conditions that exist today will prevent China from floating the renminbi.

First, restrictions on the Chinese travelling to the US and other major countries restrict investment and spending opportunities. Second, the floating rate of housing mortgages and the lack of individual credit lending system reduce China's control on inflation and lending. Third, the high income tax rate has created near zero profit for export industries that can easily move factories to other countries when labour costs or the renminbi become too high. Lastly, and most importantly, the income gap between the roughly 900 million rural population and the 500 million urban population has widened to an unprecedented 1:4 level, with the average rural real income less than 1,900 yuan (US$230) per year. If not resolved or controlled, any of these four conditions can create disasters for the Chinese economy.

Restrictions on the Chinese travelling abroad give Chinese companies no means to sell products directly to end consumers, no means to find the latest technology necessary to stay competitive, and no means to invest excess money in other countries' markets. This unfair condition will put a massive demand on the renminbi if China floats its currency.

Everyone will buy renminbi to invest and spend in China while virtually no Chinese will be able to buy foreign currencies to spend abroad. This will artificially shoot up the value of the renminbi and stop investment in any new factories while there are still millions of people in China who can provide cheap labour. As long as foreign countries restrict entry to Chinese, China will not agree to float its currency.

In the years to come, we should expect to see a gradual opening of Chinese investment and spending abroad, but for now the pressure is still on foreign currencies to appreciate against the renminbi.

Perhaps not as apparent, but a much more serious problem exists within China's housing mortgage system. From steel to concrete to coal to other commodities, the real-estate boom in the past six years that has created huge demand on raw materials will continue to require massive imports of commodities that are lacking in China.

At the same time, real-estate pricing bubbles and illegal acquisitions of farm lands have created a phantom inflation problem that has actually put a constraint on the development of non-real-estate industries. The culprit is the floating mortgage interest rate.

To make new housing available to common people, China has been pushing a low floating rate mortgage lending system that allows people to borrow money to buy houses at an interest rate level much lower than the most favourable corporate lending rate. Developers and entrepreneurs have been able to finance their projects by hyping up property prices and borrowing from banks twice the amount than the real worth of previous projects. China will not be able to raise interest rates to regulate the housing industry simply because by doing so, common people will not be able to afford the monthly payments and will be forced to forfeit their homes while developers can walk away free leaving banks with all the mortgaged properties without a market.

We will see a crackdown from the government on illegal development of real estate, but without fixing the interest at market rate, China will not be able to stop the real-estate inflation problem, which will continue to force the renminbi to devalue.

In comparison to other countries' income-tax rates, China is considered one of the highest in the world. Foreigners have been investing heavily in China for the past 15 years to set up factories for the manufacturing of their products abroad, taking advantage of the cheap labour in China. Although China is a big market, imports have always been tough due to high VAT, sales, and import duty or quota taxes. With the high income-tax rate, there's no incentive for these exporting enterprises to leave any profit inside China. That means multinational corporations will buy from their Chinese factories at a price just enough to cover the cost and have all the profits assigned to their distribution companies elsewhere that have a much lower income-tax rate. That would then leave China very vulnerable to renminbi appreciation.

By not floating the renminbi, China is essentially asking foreign companies to use foreign currencies to pay for Chinese labour. This is also the reason why China is the second-largest holder of US dollars outside the United States. If China floats its currency, foreign investments would have the freedom to buy renminbi to set up Chinese ventures, which will create a huge demand for renminbi and artificially appreciate the currency.

Appreciation of the currency means Chinese labour is artificially more expensive, and factories will start to leave China for other cheap-labour countries, leaving millions of people without a job in China. We are likely to see the split of income tax to an income tax and a dividend tax to encourage corporate reinvestment.

The biggest problem China faces in terms of both political and economic stability is its 900 million rural population that is still living in poverty. This number represents 65 per cent of China's total population, much higher than a fully-industrialized country of about 25 per cent. At the same time, China has been behind in spending on rural education, infrastructure, technology, and medical systems. As a percentage of total spending, China has reduced its annual spending in rural areas from 13.4 per cent in 1978 to 7.7 per cent in 2001, a mere 146 billion yuan (US$17.6 billion). What that translates to is that there are still a lot of cheap labourers for the world to set up their factories in China. To industrialize, China will need to invest heavily in the rural areas and bring the rural population up to industrialization standards.

Already, China has committed to spend an additional 110 billion yuan (US$13.3 billion) just on the educational systems of rural areas this year. China will have to keep its labour cost or currency low to compete and generate new jobs for its people. Until China can successfully push at least half of its rural farming population into industrialial production, the currency is not likely to budge.

In conclusion, until the above four fundamental problems are solved in China, there's really no reason to appreciate the currency.

 
  Today's Top News     Top China News
 

State of emergency law to set basic rights

 

   
 

HK: Calls for reason amid strife concerns

 

   
 

Four reasons why China will not revalue RMB

 

   
 

Bird flu requires tight watch

 

   
 

Iraqi anti-US protests turn violent, 30 killed

 

   
 

Corruption haunts Wenzhou high-rise project

 

   
  HK: Calls for reason amid strife concerns
   
  Corruption haunts Wenzhou high-rise project
   
  Bird flu requires tight watch
   
  State of emergency law to set basic rights
   
  Nation quickens spread of e-gov't
   
  Shanghai office rent rise tops Asia
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  Related Stories  
   
Central bank vows to keep RMB exchange rate stable
   
China pledges yuan stability
   
Greenspan: Free floatation of the yuan could be risky
   
Stability of renminbi reaffirmed
   
Yuan stability remains 'wise'
   
Chief economist: Revalue RMB 'a serious mistake'
   
ADB chief: China should be cautious in RMB liberalization
  News Talk  
  Sex Education, a necessary evil?  
Advertisement
         
成人深夜福利app| 精品乱码亚洲一区二区不卡| 一区二区三区精品| 久久一区二区视频| 丁香五精品蜜臀久久久久99网站| 国产免费成人| 中文视频一区| 久草精品在线| 猫咪成人在线观看| 视频一区视频二区欧美| 久久精品国产福利| 在线成人av观看| 99riav视频在线观看| 成人在线免费电影| 欧美日韩在线中文字幕| 在线一二三区| 欧美vide| 中文字幕第5页| 国产主播在线资源| 国产乱xxⅹxx国语对白| 九九爱在线视频观看免费视频| 精品中文字幕不卡在线视频| 久久久久免费网站| 在线亚洲不卡| 亚洲一级爰片777777| 孩xxxx性bbbb欧美| 久久久久久久成人| 高清不卡一区| 日本无删减在线| 午夜激情视频在线观看| 精品999视频| 欧美日韩免费做爰大片| 最新中文在线视频| 资源视频在线播放免费| 中文字幕在线免费观看| 另类av导航| 佐山爱痴汉视频一区二区三区| 91久久影院| 黄页视频在线观看| 成年人视频在线| 福利电影导航| 嫩草视频在线观看| av电影免费| 黄色福利视频网站| 白虎精品一区| 在线观看免费网站| 嫩草在线播放| 成人高清免费观看mv| 美国成人毛片| 成人在线视频成人| 国产最新在线| 三级资源在线| 日本免费一区二区六区| 免费污视频在线一区| 六九午夜精品视频| 亚洲精品一二三**| 亚洲影院天堂中文av色| 国产欧美日韩免费观看| 国产精品99久久精品| 欧美日本一区| 国产麻豆综合| 另类小说一区二区三区| 国产很黄免费观看久久| 无人视频在线观看免费| 俺去啦最新官网| 成人网18免费软件大全| 三级黄色网址| 神马精品久久| 91亚洲精选| 性xxxfreexxxx性欧美| 91九色在线看| 高清av一区| theporn国产在线精品| 欧美熟乱15p| 国产视频久久| 国产高清视频一区| 中文字幕精品一区| 国产一区二区三区四区| 91麻豆精品国产综合久久久久久| 日韩一级片网址| 亚洲男女性事视频| 欧美放荡办公室videos4k| 最近中文字幕mv免费高清视频8| 国产大片在线观看| 精品伦理一区二区| 亚洲女同女同女同女同女同69| 大白屁股一区二区视频| 中文av字幕一区| 黑人狂躁日本妞一区二区三区| 日韩一卡二卡三卡| 久久影视电视剧免费网站| 亚洲欧美综合乱码精品成人网| www.青青青| 色哟哟在线观看| 国产99re66在线视频| 看亚洲a级一级毛片| 999国产精品永久免费视频app| 首页亚洲欧美制服丝腿| 2017欧美狠狠色| 欧美视频第一页| 亚洲激情自拍图| 久久琪琪电影院| 九九爱免费视频在线观看| 亚洲日本va中文字幕久久| 92久久精品| 美女扒开腿让男人桶爽久久动漫| 亚洲视屏一区| 99re8在线精品视频免费播放| 亚洲成va人在线观看| 精品国产免费人成在线观看| 欧美激情一级二级| 免费白白视频| 国产最新视频在线观看| 激情视频免费| 美乳少妇欧美精品| 伦理欧美一区| 中文字字幕在线中文乱码电影| 免费在线看污片| 国产suv精品一区| 国产一区二区三区久久久久久久久 | 精品成人久久av| 日韩成人在线视频观看| 91sao在线观看国产| www.av在线视频| 欧美尤物美女在线| 美女精品久久| 99在线精品视频在线观看| 久久在线免费观看| 欧美日韩一区二区三区四区| 久久精品福利视频| 加勒比免费视频| 午夜老司机在线观看| 亚洲日本va中文字幕| 最新国产拍偷乱拍精品| 久久久三级国产网站| 欧美日产国产精品| 欧美精品福利视频| 三级短视频在线| 黄色影院在线看| 国产精品亚洲人成在99www| 美女任你摸久久| 亚洲一区二区三区四区的| 亚洲欧美成人一区二区在线电影| 青青草国产免费自拍| 一级视频在线免费观看| 精品国产美女a久久9999| 欧美片第1页综合| 久久日韩粉嫩一区二区三区| 国产午夜精品一区在线观看| 久草成人资源| 久久国产麻豆精品| 亚洲狠狠爱一区二区三区| 亚洲视频免费一区| 在线观看制服搞黄视频| 日本免费在线观看| 操欧美女人视频| 黄色片网站在线观看| 色先锋av影音| 宅男网站在线免费观看| 牛牛影视一区二区三区免费看| 日韩精品乱码免费| 亚洲午夜日本在线观看| 国产性猛交xxxx免费看久久| 人与牲动交xxxbbb| 超碰电影在线播放| 精品国产一区二区三区| 国产99一区视频免费| 在线观看欧美日本| 97精品欧美一区二区三区| 4480yy私人影院高清不卡| 国产精品久久久久久妇女| 在线综合视频| 亚洲精品日日夜夜| 中文字幕精品一区久久久久| 福利视频1000| 国产三线在线| 亚洲精品成人无限看| 国产性做久久久久久| 亚洲成在人线av| 91www成人久久| 天天色天天射天天综合网| 日韩理论电影院| 国产欧美日韩另类一区| 亚洲精品久久久久久久久| 免费大片黄在线观看| 成人免费图片免费观看| 国产精品分类| 亚洲天堂网中文字| 中文字幕亚洲一区| 成年网站免费| 久久久精品区| 韩国av一区二区三区| 欧美在线啊v一区| 中文字幕色站| 色综合久久影院| 不卡中文字幕| 精品日本12videosex| 一区二区三区欧洲区| 日本sm残虐另类| 色先锋久久av资源部| 91高清免费在线观看| 国产福利在线观看| 欧洲乱码伦视频免费| 国产网红主播福利一区二区| 国产丝袜精品第一页| 成人免费视频77777| jvid一区二区三区| 久久精品99国产精品日本| 欧美日精品一区视频| 欧美色欧美亚洲另类| 午夜av在线播放| 在线高清一区| 色综合婷婷久久| 欧美一级黄色带| 国产桃色电影在线播放| 亚洲精品综合| 一本久道中文字幕精品亚洲嫩| 中文字幕专区| 日韩欧美一起| 国产毛片久久| 欧美午夜精品久久久久久超碰 | 欧美日韩国产精品一区| 影音先锋中文字幕在线播放| 二区在线播放| 亚洲第一伊人| 色婷婷av一区| 国产原创在线| 中文字幕精品在线| 国产成人禁片免费观看| 国产拍在线视频| 久久亚洲国产精品一区二区| 欧美午夜精品理论片a级按摩| 久热中文字幕精品视频在线| 嗯啊主人调教在线播放视频| 久久www成人_看片免费不卡| 欧美日韩电影在线播放| 秋霞午夜电影| 亚洲人体在线| 不卡一区中文字幕| 夜夜嗨av一区二区三区四区| 在线免费国产视频| 日韩免费高清| 亚洲国产毛片aaaaa无费看| 2012中文字幕在线视频| 成年网站在线视频网站| 日韩精品国产欧美| 欧美一级一区二区| 成人免费网址在线| 久久精品色播| 成人免费在线观看入口| 97免费在线视频| 深夜国产在线播放| 日产欧产美韩系列久久99| 欧美大片国产精品| 人猿泰山h版在线观看| 亚洲人成精品久久久| 亚洲伦理在线精品| 四虎成人永久地址| 3d欧美精品动漫xxxx无尽| 国产精品99久久久| 在线免费看av不卡| 3p视频在线观看| 国产精品一区毛片| 欧美大片在线观看一区二区| 日韩av电影免费| 不卡一区2区| 色综合婷婷久久| 中文字幕一区二区5566日韩| 欧美国产日韩在线| 欧美人与性动交α欧美精品图片| 日韩高清一级片| 日韩高清av在线| 午夜视频在线免费| 亚洲欧美综合| 欧美精品日韩综合在线| 高清hd写真福利在线播放| 欧美军人男男激情gay| 天天色天天操综合| 日日干天夜夜| 欧美日韩精品一区二区三区在线观看| 亚洲欧美自拍偷拍色图| 久久久久久久美女| www.精品av.com| 九色在线视频| 国产日韩视频| 亚洲福利视频二区| 欧美69xxxxx| 国产精品毛片在线| 亚洲精品99久久久久中文字幕| 亚洲成人观看| 亚洲欧美成人综合| 日韩久久精品成人| 中文字幕在线视频区| 日韩精品视频网| 影音先锋日韩有码| 中国av在线播放| 国产成人亚洲综合a∨猫咪| 久久影院资源网| sm性调教片在线观看| 成人美女视频在线看| 久久男人资源视频| 日本少妇一区| 国产精品丝袜黑色高跟| 欧美成人高清手机在线视频 | 亚洲精品久久久北条麻妃| 亚洲欧美综合久久久久久v动漫| 国产精品无码永久免费888| 亚洲国产二区| 精品免费99久久| 免费在线黄色电影| 日本怡春院一区二区| 色婷婷av一区二区三区久久| 少女频道在线观看免费播放电视剧 | 一区二区国产精品| 日韩精品在线视频| a视频在线观看| 国产成人精品网址| 91精品国产高清| **精品中文字幕一区二区三区| 亚洲男帅同性gay1069| 免费a级片网站| 国产精品毛片久久| 欧美不卡一区二区三区| 国产精品天堂| 国产一区二区三区国产| 久久久久国产精品免费网站| 88xx成人网| 亚洲综合999| 人人做人人爽| 亚洲成人在线| 在线看欧美日韩| 欧美gv在线观看| 国产精品丝袜在线| 来个黄色网址| 欧美阿v一级看视频| 日韩精品视频三区| av资源中文在线天堂| 久久精品视频在线看| 国产精品伦一区二区三区视频| 精品国产视频| 欧美大片日本大片免费观看| 免费日本一区二区三区视频| 成人看片黄a免费看在线| 在线播放一区二区精品产| 蜜桃一区av| 欧美嫩在线观看| 成年网站在线| 不卡的电视剧免费网站有什么| 人善交vide欧美| 国产亚洲精品美女久久久久久久久久| 欧美一区二区免费视频| 天堂а√在线官网| 久久综合国产精品| 淫行教师动漫| 欧美午夜不卡影院在线观看完整版免费| 亚洲精品色婷婷福利天堂| 1区2区在线| 亚洲同性同志一二三专区| 明星乱亚洲合成图.com| 性久久久久久| 欧美日本亚洲视频| 国产精品99久久免费| 色94色欧美sute亚洲线路二 | av成人在线播放| 偷偷要91色婷婷| 婷婷婷国产在线视频| 国产剧情av麻豆香蕉精品| 日韩亚洲天堂| 91偷拍一区二区三区精品| 国产丝袜高跟一区| 欧美精品高清| 欧美视频13p| 国产资源在线观看| www久久精品| 免费黄网站观看| h在线观看视频| 欧美视频免费| 亚洲片av在线| 国产精品亚洲成在人线| 色综合天天综合网天天狠天天| 男女视频在线观看免费| k8久久久一区二区三区| 三级毛片在线| 一本一道久久综合狠狠老精东影业| 美乳少妇欧美精品| 狼人天天伊人久久| 欧美v国产在线一区二区三区| 国产极品在线观看| 亚洲国产另类av| 久久经典视频| 91蝌蚪porny| 先锋av影院| 秋霞影院一区二区| 网曝门事件国产精品二区| 91久久夜色精品国产按摩| 北条麻妃99精品青青久久| 99精品国产高清一区二区麻豆| 日韩欧美视频一区| 最新日韩精品| 欧美中文字幕一二三区视频|