Export-Oriented Developed Provinces Strive To Promote Foreign Trade

Zhejiang is expanding its opening to the outside world.

We should speed up the planning and construction of the free trade port area and the opening of the Yung Yong boat in Zhoushan, and actively promote the integration and upgrading of the development zones and special supervision zones.

Improve the investment environment and make positive use of it

We should work together to promote the return of Zhejiang businessmen and the construction of Sino foreign cooperative industrial parks.

Run the Zhejiang investment and trade fair, China - Central and Eastern European countries investment and trade fair, international island tourism conference.

The three year action plan of private pnational corporations is formulated to support qualified enterprises to go out to carry out international mergers and acquisitions.

- accelerating the pformation and upgrading of foreign trade.

We should vigorously develop general trade, do a good job in building a technological innovation base and so on, and cultivate a new export leading industry. Kuo Dazhong will export high-end products.

Launching a pilot project for the development of service trade and accelerating the development of service outsourcing.

And cultural services export.

We will improve the cross-border electricity supplier policy support system, create a functional area of cross-border electricity supplier industry, and support qualified cities to declare cross-border electricity supplier comprehensive test area.

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In the short term, the main reason for the low RMB exchange rate in recent days is that the newly released foreign trade data and foreign exchange reserves data are "poor".

From a longer period of time, the increase in depreciation expectations is a natural reaction to China's domestic economy and global market economy.

A year ago, it was often said that "the trend of RMB appreciation will slow down". What worries us now is whether the renminbi will depreciate significantly.

China's economic stabilization and financial risks are all bad, and the Fed's rate hike is expected to boost the US dollar, which has become a factor to lower the exchange rate of the RMB against the US dollar.

After August 11th this year, the central parity of RMB exchange rate was further modified, with a one-time depreciation of 3% and exchange rate fluctuations closer to the market.

Although RMB has joined the SDR (SDRs) for a while, it has temporarily boosted the confidence of the renminbi. However, judging from the current market reaction, in the short term, the two factors of "pushing up" and "pulling down" are still gaining the upper hand.

After the RMB's close to the equilibrium exchange rate, the more severe market volatility will be normal. But as the Yi People's Bank of China (micro-blog) vice president Yi Gang said earlier, the rapid growth of China's economy has not changed. There is still a big surplus in the trade of goods. Foreign direct investment (FDI) and China's foreign direct investment (ODI) continue to grow, and foreign exchange reserves are also abundant. These factors determine the basis for the RMB's no sustained depreciation.

Yi Gang's words also show the strong determination of the monetary authorities to stabilize the exchange rate.

Of course, the cost of intervention by the monetary authorities to stabilize the exchange rate is increasing. In fact, part of the reason for the "shrinking" of foreign exchange reserves is that the central bank intervened in the market and consumed some "ammunition". However, there is no need to worry about the market, because China's foreign exchange reserves are very abundant.

Although the tolerance of the central bank to exchange rate fluctuations will increase during the pition to floating exchange rate, the frequency of intervention will also decrease, but it will never be soft when necessary.

The renminbi will not be as strong as it used to be, but it would not be possible to have a "cliff type" depreciation.

Yi Gang said: "we now have a managed floating exchange rate system. The future goal is to clean up the exchange rate. This is a pitional process.

In the process of pition, under the best possible conditions, the central bank [micro-blog] will respect the decisive role of market supply and demand.

However, if this fluctuation exceeds a certain range, or there are some changes in the balance of payments discussed in the International Monetary Fund [micro-blog], or if there is a change in international capital flows, the central bank will also intervene decisively.

It is rare for the monetary authorities to make such a clear public statement.