Zhou Xiaochuan, president of the Chinese Society of Finance and former President of the People's Bank of China, believes that taking a short -term macro policy to respond at the same time, the problem of trade must be fundamentally solved by trade methods.There are two methods for governing the root cause. First of all, through trade negotiations and reforms through the World Trade Organization, the wrong trade policy returns to normal; second, for China, the part of the reduction of US exports should be as much as possible through the expansion of sales channels as much as possible, exporting exports to exportsTo other countries.
Zhou Xiaochuan, president of the Chinese Society of Finance and former President of the People's Bank of China, pointed out that short -term macro policies are difficult to cope with all negative impacts of the trade war, and trade issues must eventually be resolved by correcting wrong trade policies.
He is also alert that the large -scale outbreak of the trade war may once again trigger the competitive depreciation of all countries and impact the global financial order.
Zhou Xiaochuan pointed out in the dialogue session of the Shanghai Lujiazui Forum yesterday in the dialogue link of the Shanghai Lujiazui Forum. When responding to the problem of trade friction between China and the United States, the parties to the trade war are facing contraction of different degrees of domestic product (GDP).Policies can reduce the side effects of growth and shrinkage.
However, he did not deny that macro policies are the total policy and difficult to compensate for exporters and importers who have suffered losses due to trade issues.
Zhou Xiaochuan said: If the United States is rich in wealth, they can take out some money to compensate for the farmers who produce soybeans, but they cannot truly maintain the production of soybeans to maintain hellip; hellip.It is impossible to apply the right medicine.
Tariff measures have caused profit reduction
Affected by the Sino -US trade war, the Chinese economy has been greater uncertainty this year. The official adopted various macro policies to deal with the downward pressure on the economy, including the announcement of 2 trillion yuan (S $ 400 billion) in March this year.Fees.
Many senior officials such as Liu He, Vice Premier of the State Council, and the Chairman of the CSRC Yi Hui Man, also pointed out at the opening ceremony of the Lujiazui Forum the day before that China has sufficient policy reserves to cope with external pressure and challenges.
However, the impact of tariff measures has made some companies face challenges such as decline in sales and reduced profits.According to Reuters, a survey announced by China ’s large investment bank China Gold Corporation this month shows that foreign trade products in Dongguan, Guangdong are affected by tariffs on additional tariffs and fell by more than 20 % of the US sales.New tariffs of percentage points.
Zhou Xiaochuan said that taking a response to a short -term macro policy, at the same time, trade problems still need to be fundamentally solved by trade methods.
He believes that there are two methods for governance. First, through trade negotiations and reform through the World Trade Organization (WTO), the wrong trade policy returns to normal; second, for China, the part of the reduction of US exports should be as much as possible to as much as possible for as much as possible.By expanding sales channels, export to other countries.
He said: Most of the products and services exported by China are good things, the quality of the product is good, the price is moderate and reasonable. Hellip; hellip; the world's 7 billion people, the demand for several billion yuan, and there are many places to sell these.product.
Worried about triggering the competitive depreciation of countries
However, Zhou Xiaochuan acknowledged that enterprises should do certain homework, open up sales channels, understand the characteristics of local demand, and establish after -sales service. Generally, it takes two or three years.
In response to the impact of the trade war on global finance, Zhou Xiaochuan was concerned that this may once again trigger the competitive depreciation of many countries around the world.
He observed that in addition to the trade war between China and the United States, there are trade frictions in the United States, Canada, Europe, Japan, and India. The trade war is likely to have a large area of outbreak, which allows the world to depreciate in competitiveness after the global financial crisis.Essence
In 2016, the Group of Twenty Group (G20) Finance Minister and the Central Bank President Meeting had consensively reached a consensus on avoiding monetary competitive devaluation and not staring at the exchange rate for competition.Zhou Xiaochuan believes that this is an important achievement achieved by the G20 summit, but once the trade war fights, it may re -challenge the consensus reached by the past countries, leading to chaos in the world's financial order.
He added that competitive devaluation is often not a government or policy maker hoping to restore export competitiveness, but the response made by market participants to the trade war and trigger such consequences.
Zhou Xiaochuan hopes: As the trade policy adjustment returns to the right track, confidence can be recovered.The G20 Osaka Summit will be held soon. The Global Financial Stability Council should use such occasions to focus on studying this issue and stable signals to global financial markets.
