The Hong Kong Asian Times website published on May 6th, which was entitled to the absurd statement that exposed China's "excess capacity". The author is David Goldman./p>
In the past few years, China has shifted its export advantage from developed markets to global southern south. At the same time, production facilities have also been established in the southern global south, and then exported to developed markets.
Some Western economists complained darkly that China's export achievements must be greasy behind their export achievements.They claim that China is in a tightness, so they sell goods at low prices.
The Wall Street Journal of the United States recently claims that foreign officials are worried that the "China Intellectual" at the beginning of this century will repeat it. At that timeUndertake the industry competitors in other places.
Crisana Srinwanan, director of the Asia -Pacific Ministry of the International Monetary Fund, said in an interview with the Wall Street Journal that the actual depreciation of the RMB "obviously promoted the growth of China's exports."
But the problem of this view is that according to the data of the International Clearance Bank, China's actual effective exchange rate (the exchange rate after considering the inflation factor) rose from the index level in 1994 to about 90 today, not a decline.It has declined in the past two years, but its decline is far less than the yen.
In addition, although Japan's exchange rate fell sharply after considering inflation, its exports still stagnated, and China's exports increased significantly.This is a proper comparison, because China and Japan have direct competition in important industries in the world -the automotive industry.
In 2023, China exported 522,000 cars, an increase of 57%year -on -year, while Japan -the world's largest car exporter -only 4.42 million exports, an increase of 16%year -on -year.
The affordable Chinese electric vehicle, including the BYD seagulls priced at about 9,500 US dollars, meets the global southern countries' demand for low -cost and reliable small cars.
Ford's T -type car came out in 1908 and sells for $ 850.Due to the scale economy, by 1925, the price of Ford T -type car had dropped to about $ 250.China has completed what Ford has done in just a few years.
The significant decline in electric vehicle prices did not originate from currency fluctuations, but from the huge scale economy of automobile production.In 2022, the number of industrial robots installed in China exceeded the sum of other countries and regions in the world.
It is worth noting that China's exports of developed markets have not changed much, and exports to the south of the world have grown rapidly in the past few years.
China ’s exports to the south of the world have obviously helped those countries with relatively low income establishment of production capacity.In other words, China is creating infrastructure and manufacturing, not just to pour cheap consumer goods into the global southern countries.In some less wealthy countries, cars are production materials and can provide capacity for small enterprises.
I concluded in a research report written by American Affairs Magazine in November 2023: "A historic comparison is that China has cultivated unprecedented entrepreneurial entrepreneurs in developing countries through the construction of mobile broadband networks worldwide in the south of the world.Inspiries.
Various existing evidence shows that China's excellent export performance is promoted by manufacturing industry created by investment in robots and artificial intelligence applications.(Compilation/Wang Haiyu)
