Early Thistle Yan Chunqiu
Guo Shuqing, Secretary of the Communist Party of the People's Bank of China and chairman of the China Banking Regulatory Commission, expressed his views on hot issues such as the Sino -US trade war, the fluctuation of the RMB exchange rate, and the role of the Communist Party of China in the enterprise.This is also the first time that the Sino -US trade war has been fully upgraded this month.
At the Tsinghua Wudaokou Global Financial Forum held the day before yesterday, Guo Shuqing failed to attend the forum for his accompanying Prime Minister Li Keqiang, but he commissioned the Chief Risk Officer and Office of the Office of the Bank of China Insurance Supervision and Administration to read his speech.Essence
Guo Shuqing said that the United States has a limited impact on the level of tariffs to the extreme level on the Chinese economy.First of all, most of China ’s output of American products is very suitable for domestic sales. The huge market of rapid expansion of China will digest a large part of them; the diversification of the Chinese market has made great progress.More Chinese products; a considerable part of Chinese products will be exported to the United States, some are because they cannot find alternatives, and some are because American importers are willing to share tariff costs; the Chinese financial market has been excessively affected last year, and the current toughness has been significantly enhanced.Further impact will not be too large.
He believes that the trade war will cause the United States to be hit by almost the same strength. Exports to China will shrink and harm the interests of American companies. Some high -tech companies' income will decline. American consumers and importers will pay high.Costs, low -income classes, especially farmers and blue -collar workers, have more benefits.The United States has a huge overseas assets and liabilities, which rely more on the international financial system dominated by the US dollar than any country. The trade war will inevitably cause shocks and downturn in the international financial market.
Guo Shuqing also pointed out that the United States has actually gained great benefits from the trade deficit with China, which is equivalent to peeling a lot of skin from a cow.These include: the US importers and multinational companies have received most of the profits in the trade difference. Nearly 60%of the US cargo trade deficit with Chinese cargo trade comes from foreign investment companies, of which a part of the US -funded enterprise is sold.Increase and profits; Chinese products that are highly cost -effective products have continued to enter the United States, reducing the cost of living in American families; the United States has obtained cheap capital backflow, and the capital accumulated by China's trade surplus has supported US consumption and assets to purchase US Treasury bonds.invest.
Guo Shuqing emphasized that in the past 40 years, foreign investment in China has been based on the mutual benefit of enterprises. No project contract was signed by the Chinese government for compulsory foreign parties. Now the United States suddenly accused Chinese laws for compulsory obtaining foreign intellectual property rights, and even using theft.Words, this is an insult to the Chinese people.
Regarding the RMB exchange rate, Guo Shuqing said that since the early 1990s, the United States has continuously threatened China with allegations of exchange rates.According to the current definition of the U.S. Finance, the exchange rate manipulation needs to meet the three quantitative standards at the same time: the US trade surplus exceeds $ 20 billion (S $ 27.5 billion); frequent project surplus accounts for 3%of the GDP (GDP);The foreign exchange purchased through exchange rate intervention exceeds 2%of GDP.China ’s frequent account surplus in 2018 accounted for only 0.37%of GDP, and did not buy a large number of foreign exchange, and did not rely on the exchange rate depreciation to obtain trade competition advantages.It is difficult for the US government to put this hat on China.
He believes that the RMB exchange rate fluctuations are normal in the short term, but in the long run, China's economic fundamentals determine that the yuan cannot continue to depreciate.
Guo Shuqing also said that China will unswervingly promote the opening of the financial industry to the outside world, but while expanding financial opening, the contagious and complexity of financial risks will also increase.For a major development country like China, it is particularly important to prevent and control financial risks.We must be particularly alert to the large -scale output of overseas funds and the hype of hot money, and resolutely avoid excessive bubbles of real estate and financial assets.
Guo Shuqing refuted the rapid development of the Chinese economy as the result of the implementation of national monopoly capitalism, saying that this statement was basically not foundation.He said that the market share of Chinese state -owned enterprises has continued to decline.Coupled with government economic activities, the proportion of state -owned economy in GDP is less than 40%. Many of the state -owned enterprises are also listed at home and abroad. In fact, it is a joint -stock enterprise. There are very few pure state -owned enterprises.
In response to the role of the CCP's organization in an enterprise, Guo Shuqing said that Chinese private enterprises have always been based on the company's articles of association and organizational structure. As an independent subject, it operates independently and operates effective operations in accordance with the principles of marketization.He acknowledged that the Chinese Communist Party has always played its core role in state -owned enterprises, but the establishment of a modern enterprise system and adherence to the leadership of the Communist Party of China can be completely compatible.The Communist Party committee mainly implements the direction, the overall situation, and the implementation of the business decision.
After the U.S. upgrade of economic and trade conflicts in China, Chinese official media have repeatedly attacked the US hegemony for many days, emphasizing that China is unwilling to fight and is not afraid of the trade war. However, Chinese leaders and senior officials have rarely discussed the impact of the trade war.
Guo Shuqing came forward to explain the position of the Chinese side, showing that the senior management of Chinese seniors has basically reached a consensus on the consequences of the trade war and how to cope with the trade war. It is expected that more senior officials will express their views on the battle of the National Games in the future.
