What Is The Thrust Of The European Debt Crisis?

The European sovereign debt crisis is "high tide". Emerging market economies also have significant potential risks due to the reversal of the primary product market, and have shown sharp fluctuations since last year.

China is generally regarded as the biggest winner of economic globalization since the 90s of last century. Therefore, leaping over the two largest country in the world is also sensitive to the external economic environment.

In such an adversity, "

What is the gist?

The primary task of stabilizing external demand is to determine the right objectives.

Though we must try our best to ensure

The volume will not slide down, and strive to achieve moderate growth. However, for many industries, the goal of stabilizing foreign demand should not be blindly pursuing stable export amount, but stabilizing export market share.

Why? Because today's export of China is not the former Wu Xia Meng, many industries account for more than 50% of global capacity and sales market, or even more than 80%.

In the past, China's industries accounted for only 10% of the world's total market share. Even if the overall size of the global market was shrinking, we could still achieve export growth. If China's industry has accounted for 80% of the global market, and the global market size has shrunk to 80% of the original market due to the impact of the crisis, can we still monopolize the global market without the decline in exports? Therefore, in this case, we need to pursue relative goals instead of absolute goals. It should be the upgrading of the relative position of our country and the industry in the global economic and political system, rather than blindly pursuing the absolute growth of the export scale of a certain industry or region in the case of the absolute shrinking of the global market.

After determining the realistic goals, we need to seek "stable external demand" from the two directions of commodities and regions, and fully tap the potential of all policy tools.

In terms of export commodities, we must actively expand the export of new industries on the basis of domestic industrial upgrading. On the other hand, we must stabilize the export of traditional labor-intensive industries.

After all, in addition to the favorable conditions of diligence and culture, disciplined human resources, good infrastructure and huge scale domestic market, we also have a unique industrial system. All the industrial categories listed in the United Nations industry classification can be found in China, laying a good foundation for the development of new advanced manufacturing industry and the struggle with developed countries in China.

Meanwhile, in the first 4 months of this year, China's mechanical and electrical products exported 346 billion 790 million US dollars, an increase of 8.5%, which is 1.6 percentage points higher than the overall growth rate of China's exports in the same period. This also shows that China's emerging industries as the main source of export growth is feasible.

At the same time, the export of some labor-intensive products such as textiles, clothing and shoes has declined slightly, or the increase is lower than the total export growth. It also shows that the focus of our stable export front should be traditional labor intensive industries.

On the regional level, the main hope for our export growth this year is in the emerging market. However, we must remain vigilant against the impact of the continued decline in the primary commodity market on the import demand and solvency of the emerging market, and guard against the emerging market economic crisis which may result from it, and even the political crisis and social crisis.

We need to take risks on the basis of understanding risks, but don't risk our nets blindly.

In terms of policy instruments, the measures commonly used include adjusting the incentive measures for fiscal incentives such as export rebates, and increasing the use of financial instruments such as export financing and export credit insurance. Besides, we need to actively explore the pressure to drive exports through outward direct investment and aid, and to ease the cost increase and damage the competitiveness of export prices through the pfer of industries from the east to the central and western regions.

After all, our situation has made us more capitals than most of our competitors to make full use of these policy tools.