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1、编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第1页 共1页The Impact and Countermeasures of RMB Appreciation on Export-Based Enterprises in ChinaMin YuanSchool of Economics, Tianjin Polytechnic UniversityTianjin 300387, ChinaE-mail: Zhuang ZhouSchool of Economics, Tianjin Polytechnic UniversityTianjin 300387, ChinaE-
2、mail: AbstractRMB appreciation will pose a challenge to export-based enterprises in China, and bring a sense of crisis to them. Therefore, Chinas export enterprises should take active measures to deal with the impact caused by the RMB appreciation, so that export-oriented enterprises can better adap
3、t to the changes in the global economy, thus materializing their sustainable and stable development.Keywords: RMB appreciation, Export-based industries, Pros and cons, CountermeasuresThe appreciation of the RMB has become much-discussed focus in the international economy and society. China has begun
4、 to implement the managed floating exchange rate system based on market supply and demand, with reference to a basket of currencies. RMB exchange rate is no longer pegged only to the U.S. dollar, and instead China has formulated a more flexible RMB exchange rate mechanism. RMB appreciation will pose
5、 a challenge to export-based enterprises in China, and bring a sense of crisis to them. Therefore, Chinas export enterprises should take activemeasures to deal with the impact caused by the rising Yuan, so that export-oriented enterprises can better adapt to the changes in the global economy, thus m
6、aterializing their sustainable and stable development.In June, 2008, the exchange rate of RMB against the U.S. dollar exceeded the 7:1 boundary. The trend of a Yuans rise is foreseeable, and in the irreversible environment, we must take appropriate steps to prevent large fluctuations in RMB to mitig
7、ate its negative impact on the import and export trade, while at the same time making full use of the small rise in yuan to promote trade development. Yuans rise is not only conducive to a decrease in import costs and domestic inflation, stimulation to consumption, acceleration of structural adjustm
8、ent, promotion of foreign investment and the reduction in trade friction, but in the short term will also have a negative impact on exports, influencing foreign investment and employment.1. Major industries damaged by and benefiting from Yuans riseThe impact of a Yuans rise on various kinds of secto
9、rs varies according to the different characteristics of industries. RMB appreciation brings advantages to the industries that need to import raw materials, but is not favorable to ones that are export-oriented. It also brings opportunities to the upgrade and optimization of these industries, though
10、certain industries will be adversely affected by it.The main industries benefiting from Yuans rise are as follows: (1) real estate and infrastructure ones, which belong to the non-real estate industry, with its domestic real estate value comprehensively enhanced by a rise in Yuan; (2) ones such infr
11、astructure industries as airports, ports, railways, and highways characterized by limited resources, monopoly, the long construction period, and small supply elasticity; (3) the financial sector, especially banking and securities, which is among capital-intensive industries dealing with currencies a
12、nd capital. Because of good liquidity, it is categorized into the industry with a high value of RMB assets, benefiting from attracting a large amount of international capital; (4) ones such as aviation, electricity, oil refining, paper-making, engineering machinery, and so on, which will see a reduc
13、tion in costs owning to its main dependence on procurement of foreign raw materials or equipments, or because of the benefits resulted from large amounts of external debt service and the exchange gains and losses, in particular the aviation industry with the dominance of the domestic market; (5) hig
14、h-tech ones relying upon importing technology, which dont have any advantage in intellectual property rights related to key sciences and technologies, will also maintain the momentum of a large amount of imports in a certain period of time, and are able to keep up their advantage in costs under the
15、premise of a rise in Yuan.Major industries damaged by Yuans rise are as follows: (1) as for export-oriented ones, such as the textile industry (especially garment industry with the high degree of dependence on exports more damage, followed by the cotton spinning industry and wool industry), househol
16、d appliances, building materials, whose product competitiveness will be weakened to a large extent; (2) foreign trade enterprises have a disadvantageous position in the industry chain, and their import business will be unable to gain excess profits from the appreciation of the RMB, with the export business suffering a lot; (3) mining, petrochemical, and non-ferrous metal industri
