| With the reform and opening--up deepens and with the fast development of the economy. The condition of International revenue and expenditure in our country has changed a lot. It has been keeping the "double surplus" pattern of regularly account and the account of capital and finance for more than ten years since 1994, which is against the bill making ways of International balance form of revenue and expenditure and it is also a break the classical theory of International revenue and expenditure. This rare pattern brings a series of malpractices such as it leads the large increase of the foreign exchange store, which makes the rise of its management cost as well as the risk level of foreign exchange to a great extent. At the same time, the trade friction increased because of the large amount sum of the surplus of the trade revenue and expenditure, this is also attract more and more scholars to focus on this phenomenon.The point of view of this article is from International structure of revenue and expenditure, the main topic is around the question of our country's persistently "double surplus" which is raised from International revenue and expenditure.Firstly, introduce the basic concept of International revenue and expenditure as well as the reason of imbalance of International revenue and expenditure. Through analyse the condition of the International revenue and expenditure and the "double surplus" phenomenon in our country.Except very few years, our country has been keeping the "double surplus" of the frequently item and capital item since 1990s, especially after the entry of the 21st century, the "double surplus" showed its increase trend.International financial market disturbed sharply, the subprime lending crisis of America is still expanding. The speed of economic increase around the world slows down, gradually we can see the uncertain factor of International economic environment affect the economy of our country and it is clear to see that the growth of our country's economy and the amount of the companies' profit is retarded. Financial income decreases fast, the new situation such as the persistently fluctuation and depression of the capital market has expanded the uncertain factor of International revenue and expenditure of our country. Today, the "double surplus" pattern of China surely reflect the distortion of domestic financial market and the policy of foreign capital. Although the domestic savings is very plentiful, the banks are also store a large amount of savings, the middle and small types of enterprises can hardly receive enough financial support from bands. The capital market is undeveloped, and we can't turn the banks' savings into domestic investment. There are many kinds of favorable policy for enterprises to draw foreign money into them through joint venture. With the entry of FDI, it brings foreign money, but it is not in such way of purchase foreign capital products ( through the form of frequently unfavorable balance of item) to run out these money. The foreign exchange which is brought from FDI is easily sold to the banks of China, then use these Chinese currency to purchase domestic capital products, the products which through investment production are exported so as to realize frequently item surplus and the pattern of "double surplus" comes. The specific reasons could be concluded as followed: Firstly, the economic contradiction between high rate of savings and low rate of purchase. Secondly, the metastasis of International industrial structure. Thirdly, the export policy lead by the government and the present policy of foreign exchange surrender business. Fourthly, the desired pressure of appreciation to Chinese currency is still not decreased. All in all, the basic reasons are made by policy.The effects of the "double surplus" which comes from International revenue and expenditure are different during the different period and different economic environment. It has some positive sides to our country as followed: Firstly, "double surplus" which comes from International revenue and expenditure is good for strengthen the state's macro--control and regulatory capability. The result of the "double surplus" which comes from International revenue and expenditure is increase the savings of foreign exchange. The savings of foreign exchange is an important means for a country to adjust its economy so as to realize the balance of domestic economy as well as outside economy. The savings of foreign exchange is an indispensable method for realizing the balance of economy, especially under the condition of the continuous development of economic globalization. Because it is easier for one country to be influenced by other countries' economy, so it's necessary for a country to keep suitable scale of foreign exchange savings in order to enhance the state's macro--control and regulatory capability. Secondly, surplus of International revenue and expenditure is good for a country and its enterprises to safeguard their worldwide reputations. Foreign exchange savings is also make our country increase the ability of resisting International economic risk and this is good for our country to face the International economic risk, and make the Chinese people are full of confidence for the economic development of China. This is also a dependable security for our country's persistent development in economy. Thirdly, "double surplus" is also favorable for increase the ability of mixing foreign money. The increase of foreign exchange savings is caused by "double surplus" and it is shows our country has good pay off ability. With the growing of this ability, our International reputation is also risen, which makes our country more easier to achieve all kinds of loan under lower cost when we accumulate capital in International market. Fourthly, abundant foreign exchange savings promote domestic development massively. Fifthly, plentiful foreign exchange savings is a necessary qualification which makes Chinese currency realize its fully and freely exchange eventually. Abundant foreign exchange savings makes central bank adjust foreign exchange market efficaciously. Chinese currency keeps the exchange rate basically steady when it tries to realize freely exchange. All this is due to the basically balance of International revenue and expenditure. But the International revenue and expenditure has its own bad influences as followed: Firstly, the increasingly International revenue and expenditure make inflation more serious. Secondly, it aggravates International trade friction. Thirdly, it leads the shock to our country's economy which comes from International speculative capital. Fourthly, it enlarges the difficulties of the adjustment to currency's policy. Fifthly, "double surplus" of International revenue and expenditure brings tremendous loss of welfare to our country. Today, China not only has large amount of capital item surplus but also frequently item surplus. Too much foreign exchange savings always means the loss of economic efficiency, it would restrain the economic increase as well as a country's welfare.The article express the benefit sides to our country's economy which due to the "double surplus" and through analysis we can also see the present economic problems that appear gradually. But we must pay more attention to the malpractices which brings from "double surplus". It let us know more severe points about the problem of "double surplus" when we compare the scale of the first foreign exchange savings of the world with out country's most suitable foreign exchange savings. According to the important factors analysed before, this article promotes the relevant adjust directions and efficient policy. There are six suggestions as followed: Firstly, improve the level of people's life, enlarge domestic need. Secondly, cancel the preferential policy about attract foreign money as soon as possible. Put national treatment into effect not only to domestic business but the foreign enterprises. Thirdly, optimize industrial structure, improve the original capability of our enterprises. Fourthly, keep on implement the limitation on the export of parts products, enlarge direct investment to foreign countries, broaden employable channel of foreign money. Fifthly, build a elastic exchange rate system.Currently, the uncertain factor which influence our country's International revenue and expenditure is increasing. Economy of International main developed countries are growing feebly. Their purchase demand is lowing, the subprime lending crisis of America is further evolved and deteriorated, the international financial market continues turbulent. It is clear to see that the growing speed of domestic economy is slowing down as well as the growing speed of the enterprises benefits and financial earnings. Parts of the middle and small types of enterprises are hard to manage, capital market is continue disturbed and depressed, the risk of the real estate growing, too. In a short--term, Chinese International revenue and expenditure may stay in a interim period of contiguous change. But for a long--term consider, though the imbalance of International revenue and expenditure is the present situation, we should face it positively. The worldwide financial crisis and economic droop is an opportunity for China. It will force our country turn outer need into domestic need, adjust out own industrial structure, change the economic increase mode, at the same time we should make efforts to solve the problem of excess products. Regulate the gap between rich and poor, adjust economic structure, solve the unbalanced development, work hard to tackle the short of domestic need from its root. Basically reverse the problem of International unbalance of revenue and expenditure in our country. |
PDF Full Text Request