Peking University Professor Wang Yong, director of economic research center to the partners rather than excludes the United States, bilateral economic rebalancing is necessary for both sides to expand opening up to trade and investment rather than protectionism.
bilateral economic relations is still the
Wang Yong: You can say that the current Sino-US economic cooperation mechanism to form a network, involving all aspects of economic relations. In addition to the cooperation between local governments, the central government level, from low to high, both sides have dozens of deputy ministerial level functional organization, on top of this there is the Strategic Economic Dialogue, high-level dialogue, China and the U.S. Joint Commission (JCCT) three Vice-Prime-level mechanism.
the president took office, we have strategic economic dialogue and combined high-level dialogue, known as the Strategic Economic Dialogue, in this based on the most important thing is communication between the two heads of state, including regular summit meeting from time to time, the hotline consultations and so on.
Daily: China and the U.S. economy what is the most important mutual concern?
Yong: Sino-US economic interdependence so that both sides are highly concerned about the other macro-economic stability.
Specifically, China's main concerns are three aspects. The first is the U.S. macroeconomic policy stability, continuity, especially toward the dollar; the second is the safety of the assets in the United States, which mainly is the safety of U.S. Treasury bonds purchased; the third is the open U.S. market , including the United States on China to increase investment in the U.S. Open, and U.S. trade protectionism.
U.S. concern about China's economy can be summarized as three points. First, China's macroeconomic policies, including the issue of China's economic growth, and formation mechanism of RMB exchange rate reform to the problem; the second is the issue of Sino-US trade balance; third-invested enterprises in China, the U.S. market opening concerns and the adjustment of foreign direct investment policy, including the independent innovation of China's policy, government procurement, intellectual property protection and other policies.
by the end of December 2010 JCCT 21st annual meeting, the two countries in these areas of common concern and reached some agreement, both sides are satisfied with the results, it is also economic as the Hu President's visit created a good atmosphere.
Daily: Do you think the economic aspects of Sino-US competitors or collaborators in the end is?
Yong: I think this issue should be a more accurate representation of the Sino-US economic relations in the end is more competitive or more cooperative. From the Sino-US economic structure, industrial structure and development stage, it is more between the two complementary, cooperative stronger. Moreover, such a trend in the future for a long period of time will exist within, will continue to promote Sino-US relations toward a more healthy direction.
Sino-US relations in almost all fields is not zero-sum game, by creating a cooperative atmosphere between the two sides of the strategy is not to improve relations of trust, develop mutual trust between the two sides, so that Sino-US relations have may return to the past to cooperate to promote the kind of virtuous cycle of cooperation, the track up.
I believe that the Sino-US economic relations, China-US relations on the whole play, Now some people think that economic and trade relations also lead to instability, so the But I think it is the function of a stable relationship will continue to exist, the breakdown of this relationship for both sides are very high costs.
economic integration in East Asia do not have to exclude the United States
Daily: How do you view the current East Asian integration in the United States in the role?
Yong: East Asian economic integration is not just an economic issue, also related to strategic and security issues.
United States as the sole superpower after the Cold War, and its policy bias in all major regions of the world occupies a dominant position. Under this premise, it does not want to form an East Asia without U.S. participation, there is no US-led regional cooperation mechanisms. The early 90s from the 20th century, Malaysia's then the last two years in Japan's
from the perspective of regional integration, the United States is now more hope for greater cooperation to replace the form of regional cooperation in East Asia, so the United States proposed the ) plans as Obama
Daily: that it wants to integrate itself into the leadership of East Asia?
Wang Yong: Yes. To turn America into a major driving force to build a US-centric regional cooperation mechanisms, the United States and the countries concerned to sign a free trade agreement on deepening cooperation agreements, so that one can guarantee that these areas continue to open to American products gate, while ensuring that these countries are still under the influence of the United States.
Daily: How do you view the current East Asian economic integration, the phenomenon appeared excludes the United States?
Yong: First, such cooperation itself, we should not over-interpret the common development of countries in the region needs, it is necessary to establish such a body, not necessarily compete with more meaning and the United States , and more out of intrinsic motivation.
in the post-crisis era of the global political economy, the United States on many issues over the past dominant position has been watered down, a lot of things it can not intervene. The current world trend is that many areas may not necessarily have to be the development of relations between the United States, but also not necessarily subject to American influence, because it has the region's needs, as long as the interest in the relevant countries can be carried out together, on The United States should adjust their mentality.
the other hand, these cooperation mechanisms and related institutions, it should be open to U.S. capital, not the exclusion of the United States, if the United States is willing to contribute, it should be encouraged to play a constructive role. So that we can put some people described some of the possible competition between China and the U.S. relationship into a cooperative relationship.
must be vigilant that there are accustomed to a zero-sum game mentality to look at the trend of the two sides of the issue, which makes us unable to move. Multilateralism and regional integration is a worldwide trend, not all Asian regional cooperation are seen as competition between China and the United States, which is absolutely wrong idea.
China needs more effective
Yong: This is a very complicated but it is worth exploring.
first to adopt a pragmatic attitude. China should not be simplistic, emotional, especially the conspiracy theory perspective on the United States and other countries in some of the views on the currency issue. China's economy today has grown to the world economy and plays a decisive role in regional economic level, but our positioning and our awareness of the changes still have some gaps, we do not recognize that our component requires us to assume corresponding responsibilities.
must also recognize that the reform of RMB exchange rate not only affect China-US economic and trade relations, but also affect the future of China's macroeconomic development. Most economists now believe that a modest appreciation of the yuan, to better reflect the market value in China's long-term interests.
highlighted the problem of inflation in the current circumstances, the adjustment of RMB exchange rate, increase imports, to stabilize prices through imports, which for the balanced development of our overall economy is good. Meanwhile, the continued reform of the RMB exchange rate of RMB as an international currency for the expansion, in particular the role of the international reserve currency is very large.
Daily News: We are very worried about the current appreciation of the renminbi caused a dramatic decline in Chinese exports, how should we respond to this concern?
Wang Yong: Yes, many people worry that RMB appreciation makes Chinese exporters being squeezed profit margins and cause the closure of factories and workers lose their jobs. But I personally think that this loss may be measured by our specific method of calculation of a relationship. If far as exporters and unemployed workers, the loss does exist. But on the whole national economic restructuring and economic growth mode transformation, we very much need more international experience, the formation of the RMB exchange rate and capital controls greater strides. By attracting more investment, while more imports, and promote innovation and economic system go faster and farther.
Daily News: We are very concerned about the current quantitative easing policy of the United States (QE2) due to China's
Yong: similar to QE2's approach not only do the United States, the European Union, Britain, Japan, including our own are doing, and its sole purpose is to market by expanding the money supply to reduce financing costs, thereby increasing the investment artificially stimulate the economy.
the U.S. dollar in the international monetary system in the leading position, we are particularly concerned about the United States, primarily for two reasons QE2. First, the United States when implementing this policy did not discuss the main affected countries, in particular the G20 members did not discuss with a very strong unilateral nature; Second, the specific impact, the United States issued currency in the international economy cycle ultimately into other countries, the domestic currency in circulation, increasing the pressure on other countries, that is what we call
from the global economy, we are in a new phase in the global economy, the level of global inflation in recent years are very powerful, although the U.S. currency over the years made led to this result, but had to say that the major countries are too dependent on the means of issuing currency to stimulate the economy. This is not a Chinese problem, but economic globalization global issues.
Although not expect to changes in the exchange rate formation mechanism reform.
Daily: How do you think China should deal with the U.S. currency over-fat and other types of irresponsible policy?
Yong: This relates to our ability to effectively carry out the For instance, we and other international mechanisms in the G20 will be negative impact on U.S. policy to unite the country to put pressure on the United States, making it more responsible policies. We can also mobilize and our interests, policy goals similar to some countries put pressure on the United States, such as the EU and even some countries in Southeast Asia, many countries are the U.S. dollar foreign exchange reserves, can cooperate.
regret is that we still do not see this step, on the contrary to be used by the Americans. To do this, we must realize that we own in the global economy and a more important role in the important responsibilities, which gives us a more basic use of a more open attitude to carry out effective
bilateral economic re-balance the need to be open and collaborative
Daily: the face of economic crisis, the current Sino-US economic adjustment in focus, how you see the two countries in economic adjustment coordination?
Wang Yong: China's economic adjustment is not easy to achieve, and are subject to the current economic situation and has formed the industrial structure, adjustment costs on society as a whole is not uniform, and by the damage to the industry must put pressure on the government, resulting in adjustment costs, such political and economic phenomenon of economic adjustment are similar in all countries, will not be smooth.
to adjust the direction, China needs a domestic demand-driven economic growth, to reduce dependence on the international market, this industry need to gradually upgrade the product structure, increase the technological content of products to enhance self- innovation, and increase local value-added share of products, which rely on cheap labor and the change in the international value chain in the low level state. The United States needs to reduce dependence on imported products, to save more in order to reduce dependence on foreign financing instruments, but also need to produce more and more to export, the U.S. proposed to revitalize the U.S. manufacturing sector, develop their own strategies in emerging industries is out of this consideration.
as trade and investment between China and close ties adjustment will have a significant impact on each other, but the current situation can be said that the two countries to adjust to the center from both ends. We are too dependent on overseas markets, the United States too dependent on overseas products, this adjustment is conducive to both increase the similarity of economic structure between the two countries to address the economic imbalance.
Daily: What is the adjustment of the current outstanding problems, you should think how to solve these problems?
Yong: The current adjustment process does have some contradictions, the most fundamental is the U.S. trying to expand domestic production and exports while reducing imports to China to improve the trade balance. For example, in cross-border investment, the United States wants to put more capital to stay in the United States to revive the manufacturing sector, while China wants to continue to absorb the United States to invest in China, especially for large multinational corporations, high-quality investment, making it a conflict of interest between the two countries .
but a cooperative approach is to be found. Now it seems, first of all is that both sides want to conclude bilateral investment agreements as soon as possible. The agenda of the Bush administration in late 2008 has been launched, but has not yet been reached. Points of the agreement the two sides to be more open to investment, especially U.S. investment in China to be more open, so as to compensate for the outflow of capital, thereby contributing to U.S. economic prosperity. Many local governments in the U.S. investment in China is very welcome, but due to that China's investment in advanced technology may lead to the loss of the United States, these efforts suffered a so-called
Second, I think we can to sign a China and the U.S. economies are highly complementary, and now both sides have very low tariffs, the conclusion of the Agreement is entirely feasible, although both sides have some industries will be affected, but on the promotion of bilateral economic and trade relations to a more positive direction is meaningful.
The third is that we should seize the new opportunity for the WTO Rapid economic development in China today, more than any other country we have the bargaining power, we should make full use of this advantage. This year the new WTO Ministerial Conference was held again, Japan and the United States and Europe need to further coordinate their positions four, the Chinese tariff reductions and market opening in the positive attitude contribute to better coordination and the United States. In short, the face of
practical actions and positive attitude will help improve our foreign relations in 2010, there were the passive situation, the strategic mutual trust can not be changed overnight, we are now the most effective economic card is to lay hands and create a platform for cooperation.
Daily: Zbigniew Brzezinski recently wrote to President Hu Jintao visited the United States comparable to this 30 years ago, Deng Xiaoping visited the United States, you have to look at?
Yong: Zbigniew Brzezinski as a strategist, experienced in January 1979 by Deng Xiaoping's visit to the U.S., but today and the prevailing strategic environment has been very different. At that time China and the U.S. response to the former Soviet Union have a common basis of security threats, on top of this Sino-US alliance formed between one and a half, and now the international strategic environment has changed, we do not have a common enemy and competitor.
but in view of the adjustment of U.S. policy toward China has not yet finally set the tone for the visit is very important. For China, we have to an open, positive attitude to shape their strategic mutual trust. In the past three decades of experience tells us that open attitude is the key to success. I believe a word, China will change the world, we must first change yourself. China's best interest to change the world, must be the most feasible way to achieve by changing their own.
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