日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

USEUROPEAFRICAASIA 中文雙語Fran?ais
Opinion
Home / Opinion / Op-Ed Contributors

Careful handling of hot potato

By Zhang Ming | China Daily | Updated: 2013-05-22 07:52
Authorities need to crack down on illegal activities that are facilitating the influx of speculative capital

China is under mounting pressure from an influx of short-term capital, as is indicated by a newly increased 1.22 trillion yuan ($198.4 billion) in its funds outstanding for foreign exchange in the first quarter, a big increase on the 494.6 billion yuan for the whole of last year. The country's capital and financial account surplus has also soared, to $101.8 billion in the first quarter of this year, up from only $20 billion in the fourth quarter of last year.

Short-term capital, other than direct investment and securities, has constituted the lion's share of China's newly increased capital influx in recent months. This speculative capital has chosen to flow into China mainly through transfer pricing in trade transactions, especially through over-reporting of export volumes, instead of via normal financial channels. The evidence is China's unbelievable year-on-year export growth over the past months, a growth that has drawn wide speculation.

In the context of lingering contraction in its external demand, the 25, 22, 10 and 15 percent year-on-year monthly export growth China has reported from January to April has prompted widespread doubts considering Asian export competitors, such as the Republic of Korea, have suffered export slumps over the past months. Data released by China's main export destinations also show that their imports from China are much less than China has reported. A majority of domestic oceangoing shipping companies engaging in international trade have also reported gloomy performance over the past months. All these, together with China's feeble purchasing managers' index, a protracted recession in the world's major economies and a fast rise in the yuan's effective exchange rate, mean China is not on a sound foundation for robust export growth.

China's good-looking export figures are possibly the result of some domestic exporting enterprises over-reporting their export revenues as a way of gaining more export refunds from the government. The possibility also cannot be ruled out that some local governments have played a role in beautifying local export performances in order to meet their promised export growth targets. Renewed expectations for the yuan's appreciation since the end of 2012 and the considerable rise in domestic property prices have also attracted the flow of a large volume of short-term capital to China via false trade deals.

Some believe that the latest influx of speculative capital will only last half a year. Due to the further deceleration of China's economic growth that is expected in the latter half of this year, a possible adjustment of domestic property prices and the decline in appreciation pressure on the yuan, along with a possible withdrawal of the US Federal Reserve from its years-long monetary easing policy, China, they believe, will experience an outflow of short-term capital in the latter half of this year, such as the one it experienced in 2012.

Previous 1 2 Next

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 国产精品国产三级国产aⅴ入口 | 成人小视频在线观看免费 | 欧美日韩国产中文字幕 | 亚洲综合一二三区 | 一级a毛片 | 一级毛片网| 成人黄色短视频在线观看 | 欧美福利专区 | 日本黄色大片免费观看 | 美女爽到呻吟久久久久 | 奇米4色 | 成年网站免费观看 | 夜夜操夜夜骑 | av毛片| 欧美成人欧美激情欧美风情 | 99热国产精品| 亚洲呦呦系列视频 | 日本综合欧美一区二区三区 | 久久免费99精品久久久久久 | 色老头久久网 | 国产精品99久久久久久动医院 | 国产人成激情视频在线观看 | 狠狠色欧美亚洲狠狠色五 | 污视频网站在线免费看 | 成人午夜网 | 国产成人精品免费视频大 | 午夜小视频免费 | 日本在线高清视频 | 91九色首页 | 高校处世王 | 亚洲欧美韩国日产综合在线 | 成人精品视频在线观看 | 午夜99| 加勒比久久综合 | 桃色网站入口 | 亚洲一区二区三区四区五区中文 | 欧美大黑bbb | 天天综合色天天综合 | 亚洲不卡| 黄色免费高清网站 | 色在线观看视频 |