After the decoupling of the US dollar from gold in 1971,US Treasuries replaced gold as the value benchmark of the international monetary system and acquired an exorbitant privilege.Subsequently,the total amount of US ...After the decoupling of the US dollar from gold in 1971,US Treasuries replaced gold as the value benchmark of the international monetary system and acquired an exorbitant privilege.Subsequently,the total amount of US debt exhibited an exponential expansion trend,unbound by any substantial constraints.The so-called debt ceiling is a partisan game rather than a rigid fiscal constraint on the United States.As long as there are no fundamental changes in the global monetary system,the international credit of US Treasuries will stay stable,and their trend of infinite expansion will be sustained.Massive quantitative easing policies have failed to significantly shake this stability,and the notion of global investors offloading US Treasuries is more an illusion than a fact.The exorbitant privilege of US Treasuries grants its federal government the“freedom to borrow,”shielding the American financial sector from due penalties during global financial crises and securing excessive returns in global capital cycles.In the old days when running“twin surpluses”on capital and current accounts,China kept the value of Renminbi low to support its export manufacturing sector along the southeast coast.As a result,China accumulated huge foreign exchange reserves,mainly US Treasuries.Nowadays,this practice is no longer necessary,yielding low returns and posing significant security risks.展开更多
Asuccession of shock waves from international financial crisis has revealed pro-found transformations in the power balance of international finance,which willredraw the global financial landscape and exert a tremendou...Asuccession of shock waves from international financial crisis has revealed pro-found transformations in the power balance of international finance,which willredraw the global financial landscape and exert a tremendous impact on the worldconfiguration in the next century.A scramble is on among major powers for com-manding heights in the new financial scene through strategic adjustments.Chinashould seize the opportunity to seek a niche for itself in this emerging world map,while guarding against risks in the defense of national economic security.展开更多
According to customs statistics, China’s exports of machinery and electric products in 1996 were worth US$ 48.21 billion, an increase of 9.9 percent over the preceding year, and 8.4 percent higher than the growth rat...According to customs statistics, China’s exports of machinery and electric products in 1996 were worth US$ 48.21 billion, an increase of 9.9 percent over the preceding year, and 8.4 percent higher than the growth rate of the nation’s total exports. The proportion of machinery and electric product exports in the nation’s total foreign trade volume\ increased from 29.5 percent in 1995 to 31.9 percent in 1996, a growth at 2.4 percent.展开更多
Joining in WTO will bring both positive and negative impacts on all kinds of industries in Nanjing. Nanjing should hold the chance of developing hi - technique industries, aborb more international technology transform...Joining in WTO will bring both positive and negative impacts on all kinds of industries in Nanjing. Nanjing should hold the chance of developing hi - technique industries, aborb more international technology transform, develop hi - technique processing trade, and speed up hi - techique independent innovation and R&D.展开更多
文摘After the decoupling of the US dollar from gold in 1971,US Treasuries replaced gold as the value benchmark of the international monetary system and acquired an exorbitant privilege.Subsequently,the total amount of US debt exhibited an exponential expansion trend,unbound by any substantial constraints.The so-called debt ceiling is a partisan game rather than a rigid fiscal constraint on the United States.As long as there are no fundamental changes in the global monetary system,the international credit of US Treasuries will stay stable,and their trend of infinite expansion will be sustained.Massive quantitative easing policies have failed to significantly shake this stability,and the notion of global investors offloading US Treasuries is more an illusion than a fact.The exorbitant privilege of US Treasuries grants its federal government the“freedom to borrow,”shielding the American financial sector from due penalties during global financial crises and securing excessive returns in global capital cycles.In the old days when running“twin surpluses”on capital and current accounts,China kept the value of Renminbi low to support its export manufacturing sector along the southeast coast.As a result,China accumulated huge foreign exchange reserves,mainly US Treasuries.Nowadays,this practice is no longer necessary,yielding low returns and posing significant security risks.
文摘Asuccession of shock waves from international financial crisis has revealed pro-found transformations in the power balance of international finance,which willredraw the global financial landscape and exert a tremendous impact on the worldconfiguration in the next century.A scramble is on among major powers for com-manding heights in the new financial scene through strategic adjustments.Chinashould seize the opportunity to seek a niche for itself in this emerging world map,while guarding against risks in the defense of national economic security.
文摘According to customs statistics, China’s exports of machinery and electric products in 1996 were worth US$ 48.21 billion, an increase of 9.9 percent over the preceding year, and 8.4 percent higher than the growth rate of the nation’s total exports. The proportion of machinery and electric product exports in the nation’s total foreign trade volume\ increased from 29.5 percent in 1995 to 31.9 percent in 1996, a growth at 2.4 percent.
文摘Joining in WTO will bring both positive and negative impacts on all kinds of industries in Nanjing. Nanjing should hold the chance of developing hi - technique industries, aborb more international technology transform, develop hi - technique processing trade, and speed up hi - techique independent innovation and R&D.
