Internationalization of the renminbi is the only option for China to fully integrate into the global economic and financial systems. It is not only necessary but imperative as well. With the discussion of advancing re...Internationalization of the renminbi is the only option for China to fully integrate into the global economic and financial systems. It is not only necessary but imperative as well. With the discussion of advancing renminbi internationalization, benef its and costs must be addressed. We need to closely monitor possible risks and bring out the benefits while averting disadvantages. The overall strategy is to consolidate the groundwork and at the same time actively advance renminbi internationalization and opt for a "three-step" strategy at both strategic and policy levels. To overcome the constraints standing in the way of renminbi internationalization, the basic goals should be: to enhance the readiness of renminbi internationalization, dialectically assess the preconditions, and increase the currency's international circulation as a way to achieve major progress in renminbi internationalization.展开更多
The recent global financial crisis has revealed great defects in the US dollar dominated international monetary system.In response,countries and international organizations have developed numerous proposals for reform...The recent global financial crisis has revealed great defects in the US dollar dominated international monetary system.In response,countries and international organizations have developed numerous proposals for reform of the system.With China's growing economic presence,the renminbi is gaining recognition and acceptance in international markets and is slowly beginning to play a significant role in trade settlement and offshore market development.Meanwhile,it is important to remain aware of the limitations of renminbi internationalization and the gaps that exist between it and other major world currencies.Once fully implemented,renminbi internationalization will result in it becoming a major currency on the world stage in approximately 15 years.展开更多
This paper investigates the stability of the international monetary system using the new open economic analysis framework. Our research has discovered that conditions for the stability of the international monetary sy...This paper investigates the stability of the international monetary system using the new open economic analysis framework. Our research has discovered that conditions for the stability of the international monetary system are such that the economic volume of reserve currency countries must be large enough and that the solvency capacity growth rate of reserve currency countries should be no lower than the real output growth rate of non- reserve currency countries and the real return of the reserve currency,＂ the existence of the valuation effect cannot secure the stability of a reserve currency,＂ and inclusion of the euro and the Japanese yen into international reserve currencies cannot stabilize the international monetary system, while Renminbi internationalization plays an irreplaceable role to the stability of the international monetary system.展开更多
The current global financial crisis's severity is rarely seen once in a century. Due to a lack of liquidity-attracting new industries, the economic adjustment might be prolonged; and the multiplier effects of inte...The current global financial crisis's severity is rarely seen once in a century. Due to a lack of liquidity-attracting new industries, the economic adjustment might be prolonged; and the multiplier effects of international finance and international trade call for joint rescue plans on a global basis. China's recent price adjustment has proven a failure and its domestic consumption-stimulating policy is ineffective. Investments and exports remain the growth engine for China's economy. So the country should make efforts to maintain export competitiveness with output adjustment, restoration of interest rate parity and reduction of the tax rate parity. Internationalization of the U.S. dollar-permeated renminbi is not a sensible choice, as the renminbi is not, in essence, an international currency, and it lacks a micro-foundation.展开更多
Jiangsu is situated on the Yangtze Deltaon China’s east coast, and is a provincewith a developed economy, science,technology, education and culture. Its area is102,600 sq km, 1.1% of the total area ofChina, the popul...Jiangsu is situated on the Yangtze Deltaon China’s east coast, and is a provincewith a developed economy, science,technology, education and culture. Its area is102,600 sq km, 1.1% of the total area ofChina, the population is 70.66 million, 5.8%of the total population of China, and the GNPwas RMB515.5 billion in 1995, 8.9% of thetotal GNP of China. Since the early 1990s, the province hasseized various opportunities to expand展开更多
Exchange rate functions under systems of centrallyplanned economy and market economy are quite different,and the mechanism to determine such exchange rate is alsodifferent. To adopt a socialist market economic system ...Exchange rate functions under systems of centrallyplanned economy and market economy are quite different,and the mechanism to determine such exchange rate is alsodifferent. To adopt a socialist market economic system inChina, the exchange rate mechanism of Renminbi must bethoroughly transformed. To accomplish this goal, I believethere are three problems that must be solved: first,展开更多
There is a great potential of both supply and consumption in oil ＆ gas market in Northeast Asia, and the prospects of further cooperation is very broad. Sino-Russia cooperation on oil ＆ gas will lay a crucial founda...There is a great potential of both supply and consumption in oil ＆ gas market in Northeast Asia, and the prospects of further cooperation is very broad. Sino-Russia cooperation on oil ＆ gas will lay a crucial foundation for building a regional oil ＆ gas market, and an increasingly opened trading system for oil ＆ gas will also meet Japan and South Korea＇s need in building a diversified and stable assurance system of oil ＆ gas supply. The strategic role played by Kozmino Port in Far East Russia and Shanghai oil and gas trading platform in China will be highlighted. Competition and cooperation through market mechanism will help to activate the interactions of resource flow and capital flow in Northeast Asia region, thus can also help energy consuming countries in the region to promote their disclosure power in global pricing system and gradually eliminate the Asian Premium.展开更多
On June 2-3,International Textile and Clothing Bureau held its inaugural meeting for Private Sector Consultative Committee(PICC)in Geneva on June 2-3 to discuss the issues of common concerns and impacts that challenge...On June 2-3,International Textile and Clothing Bureau held its inaugural meeting for Private Sector Consultative Committee(PICC)in Geneva on June 2-3 to discuss the issues of common concerns and impacts that challenged textile and clothing sectors against global economic recession.展开更多
Since the outbreak of the global financial crisis,doubt has been cast upon the dollar-centered international currency regime,and there have been calls for reform.Chinese economists have begun to deliberate the role of...Since the outbreak of the global financial crisis,doubt has been cast upon the dollar-centered international currency regime,and there have been calls for reform.Chinese economists have begun to deliberate the role of the renminbi in the future international currency system.Having surveyed papers and articles of the past two to three years,we find that most favor internationalization of the renminbi,though some are against it or remain skeptical.For the time being,the ultimate role of the renminbi in the future global currency system is highly path-dependent.展开更多
文摘Internationalization of the renminbi is the only option for China to fully integrate into the global economic and financial systems. It is not only necessary but imperative as well. With the discussion of advancing renminbi internationalization, benef its and costs must be addressed. We need to closely monitor possible risks and bring out the benefits while averting disadvantages. The overall strategy is to consolidate the groundwork and at the same time actively advance renminbi internationalization and opt for a "three-step" strategy at both strategic and policy levels. To overcome the constraints standing in the way of renminbi internationalization, the basic goals should be: to enhance the readiness of renminbi internationalization, dialectically assess the preconditions, and increase the currency's international circulation as a way to achieve major progress in renminbi internationalization.
基金National Social Sciences Foundation(Approval No.10ZD&054)China Postdoctoral Science Foundation(Approval No.2012T50193)Beijing Higher Education Young Elite Teacher Project(Approval No.YETP0226)
文摘The recent global financial crisis has revealed great defects in the US dollar dominated international monetary system.In response,countries and international organizations have developed numerous proposals for reform of the system.With China's growing economic presence,the renminbi is gaining recognition and acceptance in international markets and is slowly beginning to play a significant role in trade settlement and offshore market development.Meanwhile,it is important to remain aware of the limitations of renminbi internationalization and the gaps that exist between it and other major world currencies.Once fully implemented,renminbi internationalization will result in it becoming a major currency on the world stage in approximately 15 years.
基金the research program Renminbi Internationalization and Adjustment of Internal and External Imbalances of China’s Economy(NKZXB1222)supported by the Special Fund of Fundamental Scientific Research of Central Universities
文摘This paper investigates the stability of the international monetary system using the new open economic analysis framework. Our research has discovered that conditions for the stability of the international monetary system are such that the economic volume of reserve currency countries must be large enough and that the solvency capacity growth rate of reserve currency countries should be no lower than the real output growth rate of non- reserve currency countries and the real return of the reserve currency,＂ the existence of the valuation effect cannot secure the stability of a reserve currency,＂ and inclusion of the euro and the Japanese yen into international reserve currencies cannot stabilize the international monetary system, while Renminbi internationalization plays an irreplaceable role to the stability of the international monetary system.
文摘The current global financial crisis's severity is rarely seen once in a century. Due to a lack of liquidity-attracting new industries, the economic adjustment might be prolonged; and the multiplier effects of international finance and international trade call for joint rescue plans on a global basis. China's recent price adjustment has proven a failure and its domestic consumption-stimulating policy is ineffective. Investments and exports remain the growth engine for China's economy. So the country should make efforts to maintain export competitiveness with output adjustment, restoration of interest rate parity and reduction of the tax rate parity. Internationalization of the U.S. dollar-permeated renminbi is not a sensible choice, as the renminbi is not, in essence, an international currency, and it lacks a micro-foundation.
文摘Jiangsu is situated on the Yangtze Deltaon China’s east coast, and is a provincewith a developed economy, science,technology, education and culture. Its area is102,600 sq km, 1.1% of the total area ofChina, the population is 70.66 million, 5.8%of the total population of China, and the GNPwas RMB515.5 billion in 1995, 8.9% of thetotal GNP of China. Since the early 1990s, the province hasseized various opportunities to expand
文摘Exchange rate functions under systems of centrallyplanned economy and market economy are quite different,and the mechanism to determine such exchange rate is alsodifferent. To adopt a socialist market economic system inChina, the exchange rate mechanism of Renminbi must bethoroughly transformed. To accomplish this goal, I believethere are three problems that must be solved: first,
文摘There is a great potential of both supply and consumption in oil ＆ gas market in Northeast Asia, and the prospects of further cooperation is very broad. Sino-Russia cooperation on oil ＆ gas will lay a crucial foundation for building a regional oil ＆ gas market, and an increasingly opened trading system for oil ＆ gas will also meet Japan and South Korea＇s need in building a diversified and stable assurance system of oil ＆ gas supply. The strategic role played by Kozmino Port in Far East Russia and Shanghai oil and gas trading platform in China will be highlighted. Competition and cooperation through market mechanism will help to activate the interactions of resource flow and capital flow in Northeast Asia region, thus can also help energy consuming countries in the region to promote their disclosure power in global pricing system and gradually eliminate the Asian Premium.
文摘On June 2-3,International Textile and Clothing Bureau held its inaugural meeting for Private Sector Consultative Committee(PICC)in Geneva on June 2-3 to discuss the issues of common concerns and impacts that challenged textile and clothing sectors against global economic recession.
文摘Since the outbreak of the global financial crisis,doubt has been cast upon the dollar-centered international currency regime,and there have been calls for reform.Chinese economists have begun to deliberate the role of the renminbi in the future international currency system.Having surveyed papers and articles of the past two to three years,we find that most favor internationalization of the renminbi,though some are against it or remain skeptical.For the time being,the ultimate role of the renminbi in the future global currency system is highly path-dependent.
