CICC Peng Wensheng: Moderate Depreciation Of The RMB Exchange Rate Can Not Only Stabilize Growth, But Also Help Adjust The Structure.

< p > "GDP growth rate of 7.4% in the first quarter is not so bad, but we see that PPI has been negative for more than two consecutive years. In deflation stage, GDP's deflator is 0.4%, a href=" //www.sjfzxm.com/news/index_c.asp "> CPI < /a" is also relatively low, so the nominal growth of China's economy is still relatively weak. Peng Wensheng said at the China chief economist forum held on Saturday. < /p >
< p > Peng Wensheng pointed out that under the pressure of economic downward pressure, the Chinese government wants to stabilize economic growth and not bring sequela to the long-term economic structural adjustment. The most suitable policy at present is the moderate depreciation of the RMB exchange rate. < /p >
< p > > a href= "//www.sjfzxm.com/news/index_c.asp" > Peng Wensheng < /a > said that moderate depreciation of RMB can not only stabilize short-term growth, but also contribute to medium and long term economic structural adjustment. Short term steady growth is more understandable. Devaluation of the renminbi can help exports. < /p >
The depreciation of P > a href= "//www.sjfzxm.com/news/index_c.asp" > RMB < /a > is beneficial to the economic structural adjustment mainly in two aspects. The first is the real economy, and the export help to the economy is not only reflected in the demand side, but also the improvement of the economic supply side and efficiency. Because the competition in the global market depends on quality, efficiency, innovation and cost savings, so a country's increasing participation in the global market competition is conducive to the optimization of the economic structure. < /p >
< p > second is the depreciation of exchange rate, which is conducive to reducing the gap between the rich and the poor in society. Assuming that the RMB exchange rate is appreciated, the price of imported goods will decline, and at the same time, it will be unfavorable to exports. < /p >
< p > generally speaking, high income groups consume imported goods, while exports have greater impact on the manufacturing industry and the middle and low income groups. Therefore, the depreciation of the RMB interest rate is conducive to reducing the gap between the rich and the poor in society. < /p >
In addition, the exchange rate is not only the relative price of goods, but also an asset price. In the past, the continued appreciation of the RMB exchange rate is related to the bubble of China's real estate. The depreciation of the exchange rate can also help to squeeze the real estate bubble while helping exports, and it also helps the real estate economy to provide a support for the economy in the stage of falling down. "P Peng Wensheng said. < /p >