Fluctuations In The US Economy On Export Of China’s Enterprises

Economic globalization has deepened economic exchanges between countries，playing a significant role on China’s foreign trade. Since the20th century, China’sforeign trade is constantly increasing, and finally in2009to surpass Germany as theworld’s largest exporter of goods. However, influenced by international economicfluctuations, China’s foreign trade have been negatively affected. For example, theAsian financial crisis in1998, the global financial crisis in2008, the European debtcrisis in2010, these crisis have an adverse impact on China’s export enterprises.Therefore, the relationship between the foreign market fluctuations and the export ofenterprises has become a hot topic of economists and government.This paper focuses on the impact of economic fluctuations in US on Chineseenterprises’ export. This paper will distinguish US economic fluctuations intoAmerican consumption fluctuation and Sino-US real exchange rate fluctuation,and distinguish impact into the impact of export decision and the impact ofexport-scale. The most cutting-edge enterprise heterogeneity theory works as thetheoretical framework of this paper states. This paper uses30,000micro-enterpriselevel data in2001-2009, to study the impact of economic fluctuations in US onChina’s enterprises’ export.Received corresponding results as follow: US economic fluctuations caused ahuge impact on Chinese enterprises’ export. For different types of firms, there aredifferent mechanisms. From the perspective of export selection, facing USeconomic fluctuations,(1) there is a productivity paradox, this is most evidentin Hong Kong-Macao-Taiwan enterprises.(2) The enterprises with the largerproduction scale would be more inclined to make export decision, this is mostevident in state-owned enterprises.(3) The export decision made in the last timehave a significant positive role in promoting export decision-making currently.From the perspective of export scale, facing US economic fluctuations,(1) theexport scale is proportional to the US consumption and Sino-US real exchangerate.(2) The export scale of the enterprise with higher productivity levels, have agreater rate of increase, this is most evident in private-owned enterprises and leastevident in collective-owned enterprises.(3) The export scale of the enterprise with larger production scale, have a greater rate of increase, this is most evidentin state-owned enterprises.Therefore, in the course of China’s foreign trade development, the focus notonly on the positive effects, but also not ignore the negative impact of externaleconomic fluctuations on China’s enterprises’ export. The right way is to makeChina’s export structure reasonable and strengthen the government’s support forChina’s export enterprises. There is a targeted guidance for heterogeneous enterprise,in order to avoid the impact of market fluctuations in the economy, resulting inadverse consequences.