An Empirical Study Of The Export Tax Rebate Policy On The Impact Of Foreign Exchange Reserves

Affected by the2008global financial crisis,China’s foreign trade has been a serious decline in2009, The measure, total imports and exports fell by14%, with exports down17%and imports fell11.2%. Subsequent years gradually restore growth, especially in2010, total imports and exports rose34.7percent, with exports rising by31.3%, imports increased by38.7%. Among these, China’s export tax rebate policy has played a crucial role.With the reform and development of China’s economy, the export tax rebate policy is constantly to change. At the same time, China’s foreign trade is growing fast, also will be rapid expansion of foreign exchange reserves. Through the export tax rebate policy adjustment for China’s foreign trade at the same time, we also need to be aware of the high foreign exchange reserves to the adverse effects of economic development.The export tax rebate policy as an important means to regulate imports and exports,for encouraging and expanding exports,optimizing the allocation of resources,stimulating the national economy have played a very important role.In recent years, China’s trade surplus remains high,a serious imbalance of international payments,increasing the pressure of RMB appreciation and intensified international trade friction.Huge amounts of foreign exchange reserves has become a hot issue to be solved,some scholars believe that reducing the export tax rebate can improve China’s trade surplus,and ultimately ease the high foreign exchange reserves. To this end, the author were studied the relationship between the export tax rebate policy and foreign exchange reserves.In this paper,the evolution of China’s export tax rebate policy were collate,and changes in foreign exchange reserves in the same period corresponding to the sort,expounded China’s export tax rebate policy overall relationship with the foreign exchange reserves. Analysis of the impact of the export tax rebate mechanism of foreign exchange reserves,indicating a role for the implementation of the export tax rebate policy to control foreign exchange reserves.This paper analyzes the impact from the six major export tax rebate policy on foreign exchange reserves.The first part is the introduction. Consolidated reserves elaborated considering the issue from the perspective of export tax rebates research background, purpose and meaning. Including the export tax rebate of research at home and abroad, further describes research methods, and lack of innovation. The second part is the concept of export tax rebate to elaborate.Including the concept of export tax rebates,export rebates and the impact analysis of the economic effects of export tax rebates on the import and export of three aspects.The third part of our country’s foreign exchange reserves and the export tax rebate policy-relevant analysis. First, according to changes in foreign exchange reserves in recent years, the analysis described in stages. Secondly, the export tax rebate policy adjustment in stages in recent years were analyzed. Finally, the two combine to adjust export tax rebate policy to analyze whether changes in foreign exchange reserves correspond, and the corresponding theoretical explanation.The fourth part of the export tax rebate on the influencing factors of foreign exchange reserves for analysis. Includes two aspects:First, the export tax rebate policy, Export tax rebate adjustment path for impact analysis of foreign exchange reserves, Considering the major export tax rebate policy adjustment selected two time node, Analyze its trends, Changes in policy changes after inspection of foreign exchange reserves. Second, the impact of other factors and causes of foreign exchange reserves to do in detail.The fifth part is the export tax rebate policy empirical research on the impact of China’s foreign exchange reserves. Select the topic of the first quarter1997to the fourth quarter of2012related data between the export tax rebate for foreign exchange reserves and the dynamic relationship between empirical research and concluded empirical. China’s export tax rebate increase the amount of foreign exchange reserves will increase the long-term equilibrium,the foreign direct investment also has a positive impact on the foreign exchange reserves,the real effective exchange rate index rose,will make reducing foreign exchange reserves,lower real interest rates,foreign exchange reserves in term will be reduced.Can be drawn from the evidence,although the export tax rebate has a positive impact on the foreign exchange reserves,but relative to foreign direct investment factors, the effect is small,compared to the real effective exchange rate and real interest rates,the effect will be better:The sixth part is the conclusion and policy recommendations. Through empirical analysis of the foregoing, draw relevant policy recommendations to deal with our country’s high foreign exchange reserves.