Note: The following shorthand for the interview, without my review, the paper can not help but have a large number of clerical error. But this time the color debate, dialogue, strong, well worth reading, huh, huh.
Value of the two sessions held in the early stage of work and information in China Economic Net Net China Development Research Foundation invited Mr. Tang Min, Deputy Secretary-General and the Secretary-General of Chinese Academy of International Finance Research Centre Mr. Zhang Ming, about the RMB exchange rate issue. and telecommunications network for the network broadcast. (19: 09)
Moderator: ; new structure, new opportunities interviews. We are proud of the invitation to the National Development Research Foundation deputy secretary general Professor Tang Min. (19: 43)
Tang Min: and telecommunications network of listeners and viewers, how are you! (19: 43)
Moderator: And one is, the Chinese Academy of Social Sciences Research Center of International Finance Secretary Dr. Zhang Ming. (19: 43)
Zhang: you friends, good evening. (19: 44)
Moderator : I am the host of Cho-Chou Kuo today. we talk about the topic is very hot before, some time ago may be a bit cold, heat up the topic recently, that is, the RMB exchange rate issue. RMB exchange rate this year may be . (19: 44)
Moderator: After the financial crisis, into the recovery stage as the representative of the United States seems to attack the West again in the last year, largely aimed at such as the U.S. President Barack Obama in a series of different occasions that he would issue RMB exchange rate taking a tough line to address US-China trade imbalance. The ; was published an editorial highly critical of China's exchange rate policy. why Western countries are so desperately at this time to take the RMB exchange rate that matter? (19: 45)
Min Tang: the exchange rate issue is actually a cliche to talk about for many years, sometimes tight, sometimes loose, probably with the United States domestic politics, the U.S. domestic economic situation is very relevant. attend to this issue some time ago, against his crisis to deal with depreciation of the dollar, etc., may not attend to this problem . In addition, Obama has just come to power, probably a lot of problems to be resolved. (19: 46)
Tang Min: Obama recently began to consider a new economic policy, especially to promote his export, export promote employment, export-led recovery. China, as by what they said These claims, including Paul and former IMF chief economist Jason, and now also talk about these issues, Professor at MIT. (19: 46)
Min Tang: This issue has not entirely academic issue as it has been talk about a lot. of course, there is another group, the Nobel Prize in Economics is also a scholar, but also that the RMB exchange rate issue is not the core issue, the U.S. trade deficit, China's trade surplus, including the world's economic imbalances have many other reasons, exchange rate not the primary concern. take the exchange rate that matter, has his problems. (19: 46)
Moderator: Dr. Chang, is not because the U.S. economic recovery, like Tom said, now I'm the teacher To increase the manufacturing industry, increase exports, the main factor for this? (19: 47)
Zhang: I think two factors, from a global perspective, in the second half of 2008 and 2009, this time Among other countries, China was exporting more than 20% of negative growth, but also a significant decline in economic growth, this time we feel that China, like me, no need to blame you. But from 2009 onwards we can see, China is now both GDP growth rate, or the year the export growth rate was significantly higher than these countries. China's economy thriving, and of course bring the Chinese say, and I think this is the first cause. (19: 47)
Zhang: No. for two reasons, the reasons for the United States, the U.S. unemployment rate is now almost 10% of voters Obama's support from the initial attitude, start wandering into everyone now. This year the second half of the U.S. mid-term elections, according to our historical experience, high unemployment rate coupled with mid-term elections must equal the trade protectionism, so the United States needs to create an external enemy, ease voter anger, naturally the currency crisis, as U.S. exports adversely, leading to low growth important reason why the United States is a matter of course. (19: 47)
Moderator: We see this time and the RMB exchange rate issue is raised again, there are problems the euro, the euro trouble uproar, we lost confidence in the euro, both of Is there a link between? (19: 53)
Min Tang: I think this is not complete, there may be some impact, or the time it happened, because the more problems the euro is the European economy itself, particularly the European Development countries, or relative in the second tier European countries, showing their current issues, including debt, including financial problems, and now more and more exposure, which resulted in the euro when their own confidence. Also relative to the United States, European economic recovery, and worse than the U.S., so the resulting blow to the euro. (19: 54)
Moderator: Although this period RMB pegged to the dollar, the euro depreciated against the U.S. dollar is very powerful, appreciation of the RMB against the euro or the very powerful, this time looking for this reason seems not very appropriate. (19: 54)
Zhang: I think the sovereignty of the financial crisis broke out in Europe, the appreciation pressure on RMB exchange rate is two two aspects, one is pegged to the dollar, the dollar appreciated in Europe, partly ease the appreciation of the RMB exchange rate. In addition, the situation is so bad the euro, the European trade protectionism will be more severe external pressure to revalue its currency more serious. another level Now still excess global liquidity, the euro depreciated assets less attractive in the yuan will be more attractive, there will be short-term capital inflows into China, increasing pressure of RMB appreciation. (19: 54)
Moderator: Barack Obama and some Western scholars, the main problem is that the yuan exchange rate led to the Sino-US trade imbalance and even international trade imbalance, is it true? Sino-US trade imbalance between what factors? (19: 54)
Tang Min: Various scholars have different models, different theories yield different results, because it itself is a very complex issue. Is there a trade surplus or a deficit is because the exchange rate has caused? we see Germany, Japan, has long been a kinds of exchange surplus, the exchange rate is sometimes on, sometimes, we can say that he was completely free market economy, increase in the case. (19: 55)
Tang Min: Also, now we feel more and more Chinese people In fact, better than what the Chinese foreign cheap, actually more expensive. Recently I met in Thailand, was the same product much cheaper than domestic in Thailand. (19: 55)
Moderator: Because more and more people going abroad Many people abroad have this feeling back. (19: 55)
Tang Min: Last year I went to the U.S., we buy a lot of groups of products to the United States, you say the product is a high possibility, and now even the general's pants is equal to cheaper abroad than in China, the Chinese yuan is not necessarily overvalued? several recent Western estimates are very alarming estimate that the yuan was overvalued by 41%. Recent MF chief economist, he believes the RMB overestimated 20% to 40%, which is how come? this consistent with the facts? these things if we allow the so-called experts, the so-called theory of the so-called model, at least I think it is very misleading, the RMB appreciation can not be 40% our business can not stand, it should not support this argument, no matter from which perspective. Of course different people have different views, different models, the problem is that we now how to send to our own voice. (7:55 p.m. )
Zhang: The question I want to talk about three points, the first point, the mainstream view that China's trade surplus with the U.S. interpretation of existence, the Chinese savings rate, the U.S. savings rate is low, because the current account surplus equal to the reduction of domestic savings of a country domestic investment, it should be decided within the external causes, and only this point of view that the exchange rate is not important, even if the RMB exchange rate appreciation, the Chinese current account surplus in the United States still exists. (19: 56)
Zhang: The second point, immediately by the U.S. economists ask, since the Chinese people feel that China's revaluation will not affect exports to the U.S., then you worry about? So from that point of view, the exchange rate is not the most important, but it also will affect China's exports to the U.S. important factor. (19: 56)
Zhang: The third point, we believe that if we think that the RMB should be revalued, the Americans should not be led by the nose. like Tom the teacher said, many of the U.S. to revalue its currency will always , the terms were too harsh. Conversely, a few years ago it was considered undervalued against the dollar by 40%, but I would like to remind them that in 2005 and 2008 we have already risen by 21%, 40% of you say, you have There is no reason? (19: 56)
Moderator: There is also a point of view, the teacher looked at the left post, you said the RMB against the U.S. trade imbalance is the most important factor, but the exchange rate reform, the RMB against the U.S. dollar has been appreciated a lot, but this time the trade surplus was still there, at least not decrease. From this factor precisely that Sino-US trade imbalance in the exchange rate had little effect. (19: 56)
Tang Min: Yes, the evidence can prove that He also said that you can rise enough, you rose 50%, 60% not bad looking even worse, the say. now for us Chinese, we argue this thing is not used directly, the key we see their appreciation of the renminbi is greater than our own pros and cons of interest, or more harm than good, it would like to know, and we decided that our exchange rate policy. (19: 57)
Min Tang: I recently wrote an article, I think we are the U.S. dollar the exchange rate itself has a misunderstanding, and we stared at dollars, we seem to be a fixed exchange rate of RMB, but from the U.S. point of view, from the perspective of the yen, the euro point of view we are changing every day, every minute, every second is changing. China's trade up or with Europe, is not with the United States, we are now looking at the dollar, fought all day, in the end right. (19: 57)
Min Tang: I now propose a new method, we have to jump out of this ideas, we are to truly re-formulate our exchange rate policy, to achieve lasting solution to these problems. I propose that we have to a basket of currencies, we also said before a basket of currencies, but said that a basket of currencies or U.S. dollars. even primarily U.S. dollars, we are now also the extent of the dollar too much to do, this is the first. (19: 57)
Tang Min: Second, you said a package, but not from any of the figures to prove that you really are a package, and You basket in the end who is much, a little opaque, you have a non-transparent, then everyone to speculation that you may have to appreciate, even if the appreciation will come again. In the past we appreciate by 20%, this is not to reduce trade, trade The surplus did not reduce, or even more of. (19: 57)
Tang Min: how to do? First, we have to do a package, because from the perspective of our country, do you really want this exchange rate stable, in fact, should be in one basket, we are not only trade with the United States. Second, the basket should be transparent, opaque, they say he has come to you a package of speculation. (19: 58)
Tang Min: how to do this specific ? I said that if this is the case, first package, second, to be transparent, I suggest that in the present case I stare directly at SDI, he was a small basket, he is the dollar, euro, Japanese yen, British pound, between There is a very transparent, very fixed ratio. U.S. 40, 30 euro, yen how much is very clear. I pegged the RMB in accordance with this, you all very clearly, how they change every day I was changing in accordance with this basket . or there will be speculation, but this speculation is not blocking you devaluation of RMB appreciation, is to look at the dollar, euro, Japanese yen currency changes between. (19: 58)
Min Tang: What are the benefits of this approach? There are several benefits. the first one, I really become a stable RMB exchange rate, because I was more than currency stability in accordance with the exchange rate. (20: 01)
Tang Min: Second, my business, or the international community to see I have the exchange rate is changing every day, Americans can not say I did not change against the dollar, so that our enterprises to gradually adapt to changes in exchange rates, because our business a long time staring at the dollars, we do not reflect changes in the exchange rate the RMB to float sooner or later, so we now have a process. (20: 01)
Min Tang: the third, the RMB can be part of the play through the role of international currency, international currency Chinese yuan to go slowly . But in the present circumstances the International Monetary you want, for example, you have to appreciate, you have a subsidy equal to the appreciation of him. (20: 02)
Moderator: Do you not staring at the U.S. currency as an international currency. (20: 02)
Min Tang: But you're staring at a package of SDR, he had a certain sense, like buying stocks when he is to buy an index, he bought a package. This package of investments in itself the significance of which . For example, we now ETS's five o'clock on the card, I bought up five o'clock I bought an average, you hold the RMB is equivalent to holding the four currencies, the RMB exchange rate I am moving the exchange rate than the other are small, this can speed up the RMB internationalization process. (20: 02)
Tang Min: Finally, this world is so unfair, the dollar is too strong, we are now promoting a variety of exchange rate policies. We are the so-called floating interest rate policy, the actual is the beginning of 73 years, 73 years ago, the exchange rate is fixed over the world. We have such a package if the exchange rate, or SDR, some time ago that we push the SDR, but the SDR is virtual, but very important, as the currency of RMB, staring at the SDR, then maybe we will slowly push the currency out of another one. (20: 02)
Min Tang: China to do so, it is likely that some countries do, SDR could become reality. of course I said stare SDR is not necessarily a death staring at me, I might stare at an SDR, I get ten, some more, but I have to do a transparent basket, do not do a non-transparent basket. People say you're transparent basket completely out of control. Anyway, U.S. is not looking out of control, you lose more control, so this point I think we have a new idea. (20: 02)
Moderator: Dr. Chang how the teacher's point of view to see Tom. (20: 05)
Zhang: Tom pegged to a basket into the teacher about the merits I agree, but I would like to make three slightly different view. First, the exchange rate pegged to a basket The same may be overestimated and underestimated, the choice to see the base rate. If we choose the current exchange rate of RMB against the U.S. dollar, Japanese yen, British pound package to do, people will accuse you also underestimated, and now ask these countries, they think you are underestimating the bilateral exchange rate the. (20: 05)
Zhang: The second point, SDR against the dollar, the euro, the pound has it's proportion. that from the economics we usually pegged to a basket of trade structure associated with that country, or associated with the import structure , or associated with the export structure. SDR exchange rate in accordance with the proportion of do and nothing to do with China, the so-called co inappropriate worth discussing. (20: 06)
Zhang: The third point, the exchange rate in the final analysis is a national domestic funds and price ratio of foreign capital, from the perspective of the real exchange rate is a national trade balance, trade balance of non-parity, the exchange rate should be based on your country's economic strength and economic strength relative to other countries, the adjustment process, it is generally not a large country practice exchange rate regime pegged to a basket. At present we look at the world countries, only about a country such as Singapore, he was strict exchange rate regime pegged to a basket, we have implemented a package pegged exchange rate would solve some problems. (20: 06)
Zhang Ming: I own point of view, I think that the RMB to appreciate, is the appreciation of China's domestic economic situation, but the appreciation of the renminbi is not a single policy, I learned from it in two levels. (20: 06)
Zhang: No. First, the appreciation of the renminbi is now to achieve two objectives, the final appreciation of the renminbi is to allow domestic resources in the non-tradable goods and trade goods to balance the two departments, which is the goal. But this process, we need to do two things, first things, the impact of the export sector to make it is controllable. (20: 06)
Zhang: The second thing to be able to curb the inflow of hot, it should combine the flexibility and transparency. And I that the appreciation of the renminbi needs to have two complete work, the first work in the same time appreciation of the renminbi, the domestic market to adjust factor prices, factor prices do not adjust it, not on behalf of the RMB is going up inside and outside the real price. Second, strengthen supervision of capital projects, the process of hot money out of exchange rate adjustment is inevitable, so you have to minimize the appreciation of the process on the foreign trade sector and the impact of asset prices and market. (20: 06)
Min Tang: I agree with Chang Dr. just said, after adjusting for exchange rate adjustment factor prices before, because of China's problems, many economists view is that the exchange rate is overvalued, undervalued we do not know, because we have other price distortions within the very severe, factor prices, land prices, labor prices, these distortions are very powerful. (20: 06)
Min Tang: Do not shun this tune, you just go to adjust the exchange rate may result in greater distortion, and this distortion also very dangerous, because you are with the international standards. For example, we now see very clearly that we have low incomes of migrant workers, we should have been migrant workers have social insurance, which should have medical insurance, should have had the normal social welfare , but for various reasons we did not. should now be added to this, you go after these are added, this time we look at the exchange rate also Gao Bugao it? may then not high, why? because after that time Our cost is very high, we do not get so many ports, it is possible appreciation of the RMB should not be devalued. (20: 07)
Min Tang: So the first thing we should be quicker to step up the price of these elements, including land price . Of course, the price you say all straightened out and then do a long time. but we few key prices, energy prices, the basic labor discussions, which should quickly get up. In addition, we some other prices, including our the price of some social welfare, to seize the time to straighten out the future of these, this time we look at our exchange rate is how a situation. This is a. (20: 07)
Tang Min: Second, I recently, an idea, what if the foreign than domestic cheap, why do we import so little? you say Chinese products shipped to the United States cost so much, why not sell these products in China? you said that Chinese demand enough? so much large package travel abroad, carry packets back, why Xiaofei not? is likely to have problems in our import mechanism, we may have in the past for a long time for various reasons, may we import mechanism too many obstacles, some obstacles may not that is the obstacle, we do not know it. we are now considering how to increase China's imports. (20:07)
Moderator: It may not just be imported, many products exported to foreign countries than in China, the domestic distribution system a lot of problems. (20: 07)
Tang Min: Now many people say the first Chinese domestic tax is too high, the second, we too high transaction costs and logistics costs, and if so, then we ourselves would like to solve the problem . otherwise you will never know about these things, but there is no reason these problems began, started, we rush to move the exchange rate may be far away, they might cause more problems. (20: 07)
Zhang: First, I very much agree with Tom teachers mentioned these two points, the first point, elements of market reform should be earlier than the exchange rate reform. The second point is very important to rationalize the import mechanism. But I want to talk about is We talked about how much less price reform? we change it? In fact, the prices of the various elements of the reform will have interest groups to block, in addition to the recent rise in wages of migrant workers, this is not the factor price adjustment can become an opportunity, we are now still waiting to see. In fact, we compare the look, we also believe that the exchange rate is only one factor prices, but instead we think the price compared to other factors, such as interest rate market, we feel that a further increase in the exchange rate flexibility could be easier. rate market, how would you look at the commercial banks against. (20: 08)
Zhang: The second point, let's import mechanism problem, in fact, while the pressure of RMB appreciation from the foreign exchange reserves continue to accumulate foreign exchange reserves accumulation partly because the increase in exports, on the other hand we have absorbed a lot of FDI. Now China is a relatively capital abundant country, and then absorb so much FDI, in particular, so much excess to foreign orders also reasonable unreasonable? (20: 11)
Moderator: This fact has been discussed for a long time. (20: 11)
Zhang: I think there is a way to ease the appreciation pressure, should be changed double surplus, I admit that there are often years ahead we account surplus, we should match with the capital account deficit, even lower FDI, at least to foreign and domestic companies alike. In addition, we have to let more Chinese enterprises overseas mergers and acquisitions, of course, in addition to state-owned enterprises, we should allow private enterprises to overseas mergers and acquisitions. (20:11)
Zhang: I want to say, we have recently met with private companies to make overseas acquisitions policy level, a lot of resistance, the money was his own money, how he should make his own decisions, even if failure they would exchange a lot of valuable experience. (20: 11)
Moderator: We have many people in China on the yuan exchange rate appreciation, the devaluation of the problem, we special care and concern, when the Plaza Accord in Japan, most people know, but Many people think that was precisely because of the Plaza Accord, made the United States to suppress the yen appreciation, which leads to the decline of the Japanese economy for years. (20: 13)
Moderator: It was the Plaza Accord Plaza Accord was not because of the appreciation of the yen Japan's economy was a result of such a situation? This seems also controversial. appreciation of the yen against the Japanese economy in the end what kind of situation? a great blow to him, or good? is also controversial. including you Dr. Chang Japan had a very long time until you compare this piece of history is to understand. (20: 13)
Zhang: We also continue and the Bank of Japan Ministry of Finance officials, including many Japanese economists have had exchanges, they think Plaza agreement itself not enough to just have such a big bubble in Japan, so Japan's economic bubble a more important reason, so that appreciation of the yen, the Japanese government fears the decrease in import and export of the role of Japan's tight, so for a long time to implement too loose monetary policy for a long time low interest rates, which yields a very significant asset price bubbles. (20: 13)
Zhang: The second point, many many articles reflect on the Plaza Accord, they found that the appreciation of the Plaza Accord the Japanese currency, agreement to bring value-added exports to Japan increased, the Forced appreciation of the Japanese industry. (20: 13)
Zhang: a conclusion, in fact, the bubble mechanism, more macroeconomic imbalances, exchange rate policy and monetary policy with the process is a problem, I think this is the Chinese government is particularly worthy of our wake-up call. (20: 14)
Min Tang: I agree with this question, said Dr Cheung, this problem is in fact the main problem is not the exchange rate, but rather the exchange rate After things. but this thing is not necessarily the Chinese can really not such a big impact? I doubt it. you say appreciation of 3%, 2%, will not have much impact, I agree that not even 5% have much impact. (20: 14)
Min Tang: But if the appreciation of 40% or even 80% as the yen, 70%, you will want to have a great impact on China? I think that the impact of certainly significant. recent appreciation of the renminbi business to do a stress test, of course, not necessarily accurate, many companies say that I can not stand this, you have to appreciate 1%, 2% I can not stand. (8:15 p.m. )
Moderator: I want to feel different in different types of enterprises, such as Baosteel, I was a net importer of iron ore, for me I would greatly reduce the cost. (20: 15)
Tang Min: Yes, we are on the whole, a small amount of RMB appreciation, purely political purposes, in order to resist the pressure of western countries about a small amount of appreciation, chipping away of moving about on the Chinese economy will not have a significant impact, this I do not doubt. However, if in the short term a lot of appreciation, as he expected, I think that the Chinese economy still has a great impact. Japan was worried about is not groundless, and he 30000000000-200 billion, and finally to 70, certainly has his problems. (20: 15)
Moderator: And the situation, the Plaza Accord on Japan did not force him to rise so high, and later rose so much that the requirements of his own initiative. ( 20: 19)
Min Tang: The increase of the things you once then he forces you to continue to rise, the RMB rose by 3% now, will definitely up again, because we expect is 40%, 40% of you to rise to his would say 60%, 80%, he will continue to quarrel, because those things you want to listen to him no peace in the country. We now have a very good policies that 2%, 3%, he will follow You argue, you are not satisfied his 40%, he would have been arguing with you. (20: 19)
Min Tang: Do you dare to rise into the 40%? our businesses can not afford 40%? economists that the yuan talk From the year, within six months rose to 40%, from more than seven money into more than four, it is impossible for Chinese enterprises and China's economy is not a huge impact. So this is the core of the problem, not the problem of rising rise, if do some general problem is not the appropriate point of l, but the problem is there will be more symbolic of the rise of people come. (20: 19)
Tang Min: Now you simply do not move, but the past six months, one year came in less, as you move later, we think that once you move can move twice, move twice to move ten times. turn the pressure he told us the same, since you can with the 3%, 5%, why not Activity 10% 41% counted, why can not you rise 41%? This is a very complex matter, we must fully consider this matter. (20: 19)
Zhang: I agree with Professor Tang argument, we can not allow the yuan to annual 40%, of our people 40% of the equilibrium exchange rate is not so much that we can afford, according to our appreciation of their own needs and controllable, one can not appreciate substantially, so that we can not stand. (20 : 19)
Zhang: The second point, we turn this view, assuming that the RMB exchange rate has indeed been underestimated, both inside and outside the formation of a consensus, the Chinese government to carry long? you refuse to minor adjustments, I have to maintain some 6.8 In the last there must be a big adjustment. We feel that through the gradual appreciation of the small, supplemented by more stringent controls on hot money, which can release the pressure on the yuan, which is the better deal with the international aspects of pressure on a good result. (20 : 20)
Zhang: I am rational and restrained, as a responsible big country, now not only the developed countries, emerging markets are also increasing our dissatisfaction, I can adjust, but I have to tell you, I already risen more than 20%, and the domestic factor prices are not adjusted, and said I'm sorry, I'm sure the rise is gradual, I slowly adjusted to a substantial transfer of domestic factor prices than to make him a better balance. Even I can give a long timetable, I think I'm a long term commitment to the appreciation of the process, certainly more than I do not rise, it seems more appropriate point in the outside world. (20: 20)
Tang Min: Now There are several problems, the first question, it is not already formed a consensus in the community, that the yuan undervalued. because the yuan is undervalued or overvalued in the end, just what we say abroad cheaper than China, why the renminbi undervalued? (20: 21)
Zhang: I can say that the logo is the central bank does not intervene in the foreign exchange market, the exchange rate to get there. (20: 21)
Moderator: China's exchange rate is the exchange settlement system. (20:21)
Zhang: Now exchange settlement and sales have been largely liberalized. (20: 21)
Min Tang: The question now is put the central bank of light, others are letting go, how much of this released? This is not reasonable, we had reasonable and rational, can not say that you put this place, you see how much he is, you put another hold? else I did not put light before I put this, so now is the equilibrium exchange rate of RMB in the end how much one can say now is not clear. (20: 22)
Min Tang: In such circumstances, we can only be said to be pressing, I would have you think I appreciate the appreciation, people think you are not pressing , there will be more than two years, the problems more than three years, the constant influx of hot money, we continue to have this problem. You say we have the views of many countries, you as a great power, a rising power, any time people will have any comments, you now treats us that developing countries have different views, opinions have always been. (20: 22)
Tang Min: you can not provide their views, no comments or so, we first have to consider our own views. United States is considering his own policy, our views on his big, big for his opinion of developing countries, he considered that others do not? He did not take into account, we first want to clear himself before his own, we want to solve this thing, the most well there is a mature solution, otherwise it will cause even greater distortions, that is the case with the last few years is exactly the same. (20: 22)
Zhang: I did a few responses, we can not have a timetable, I RMB exchange rate does not rise, within the next five years to straighten out all the prices to further liberalize the exchange rate when the Chinese government has no such courage? five years, long enough, I straighten out the domestic factor prices , we can not do this. (20: 23)
Moderator: Now may be related to the domestic decision-makers do not believe that the domestic factor price distortions. (20: 26)
Zhang: We talk about the RMB exchange rate has been flexibility of RMB exchange rate floating is good for us. I give two examples, in 2009 China's export tax rebate 700 billion yuan, then why do we export tax rebates, to preserve jobs. At that time Chen said we have 20 million unemployed migrant workers, we are more 25 million migrant workers, with 700 billion yuan is expected to do the export tax rebate, why do not you put 700 billion subsidy to 2500 people? I think you are to maintain an undervalued exchange rate through a, plus the export tax rebate to boost export growth, capital growth and employment, circles ...
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