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1、RMB appreciation on Chinas export-oriented SMEs and CountermeasuresAbstract Since the exchange reform, the RMB has remained slightly rising trend. RMB appreciation on Chinas export-oriented small and medium enterprises created a significant impact, on the one hand, is conducive to Chinas export-orie
2、nted small and medium enterprises optimize and upgrade industrial structure and change foreign trade growth, improve international competitiveness and ability to resist risks; but on the other hand, it increased business risk and improve international trade relative prices, reducing the ability to a
3、ttract foreign investment and undermine the international competitiveness of exports. Chinas export-oriented SMEs should better bring the foreign exchange settlement to take the right way, strengthening management, improving product technology content and added value products in the international ma
4、rket to enhance competitiveness and ability to resist risks. Key words RMB appreciation; small and medium export enterprises; the international competitiveness of Appreciation of the renminbi as an important macroeconomic phenomenon, the entire social and economic life will have far-reaching impact,
5、 affecting Chinas foreign trade, investment, consumption, and other fields. Since the second half of 2006, significantly speeding up the appreciation of the RMB yuan against the U.S. dollar continue to hit a new high. Since 2008, the RMB against the U.S. dollar is not even a new high since the forei
6、gn exchange reform. To May 22, 2008, the yuan central parity against the U.S. dollar for 6.9428 yuan. 8.11 when the exchange rate reform in accordance with the exchange rate calculation, the accumulated appreciation of the RMB exchange rate reform has reached 14.4%. RMB appreciation on Chinas export
7、-oriented small and medium enterprises had an important impact, not only conducive to Chinas export-oriented small and medium enterprises optimize and upgrade industrial structure and change foreign trade growth, improve international competitiveness and ability to resist risks; but also enhanced Ch
8、inas international trade in relative prices, weakened the international competitiveness of SMEs in exports for the development of enterprises have serious negative effects. Chinas export-oriented SMEs have to rational thinking and scientific decision-making, calmly, to take corresponding countermeas
9、ures and measures to continuously improve the products in the international market competitiveness and ability to resist risks. First, the RMB appreciation on Chinas export-oriented SMEs, the positive effects of In recent years, with the constant development of Chinas economy and foreign trade of th
10、e growing pressure on RMB appreciation. Continuous appreciation of the RMB against the export-oriented SMEs can cause greater damage, but the appreciation of the RMB has its positive side, for a positive impact on export-oriented SMEs. 1, there is conducive to reducing the rate of inflation and main
11、tain price stability. In recent years, Chinas price rises too fast, CPI index high, inflation issue has become Chinas economic development ills. Devaluation of the currency means that its internal representative of the magnitude of value be reduced accordingly; yuan appreciation, it means that its i
12、nternal representative of a corresponding increase in the magnitude of value. RMB appreciation will help to maintain price levels, reduction of production costs. The devaluation of the currency means the central bank to further increase the injection of the yuan, accelerating inflation, and improve
13、enterprises production costs. Devaluation of the renminbi, also forced the central bank to continue to take a moderately tight fiscal and monetary policies, to a significant impact on corporate finance is not conducive to enterprises to expand production scale, to upgrade its technology. 2, is condu
14、cive to export-oriented SMEs to optimize and upgrade industrial structure and change foreign trade growth, improve international trading conditions. For a long time by my export the impact of the guiding principles, Chinas export-oriented small and medium enterprises are the most extensive pattern o
15、f development, labor-intensive and technology content is not high, showing three high and one low (high-consumption, high energy consumption , high pollution and low value-added) is characterized by a true representation of high-tech, high value-added content of production factors need to be importe
16、d from abroad. Enterprises export growth, mainly depend on the comparative advantage of abundant cheap labor, volume expansion and low-priced competition. RMB appreciation helps the introduction of foreign equipment, technology, capital, put more focus on developing high value-added and high-tech pr
17、oducts, inhibiting enterprises to lower prices Wo Lidou phenomenon, export promotion, business optimization and upgrading of industrial structure and change foreign trade growth mode, and fundamentally improve the export products of Chinese enterprises in international trade. 3, contribute to reduci
18、ng international trade frictions. China and the United States, Japan, the European Union and other major trading partners, has accumulated a huge trade surpluses, often so by the United States, Japan, the EUs internal political groups and interest groups criticized the international trade frictions
19、and trade disputes, showing the growing trend, becoming almost some years, anti-dumping investigations than any other country, the problem is mainly focused on the RMB exchange rate undervalued. Whether the appreciation of the renminbi has become the reduction of international trade frictions and tr
20、ade disputes, the key. RMB appreciation will not only help to strengthen our country and the major trading partners, to reduce trade frictions and disputes, but also help set up China as a big countrys good international image. 4, will help export-oriented SMEs to improve their international competi
21、tiveness and ability to resist risks. First, the RMB appreciation and reduce the scale of energy and raw materials import costs. In the context of the dollar, reduce the scale of energy and raw materials import costs to enable enterprises to purchase crude oil, steel, copper, aluminum and other ener
22、gy and major raw materials, the ability to increase exports actually reduced the cost of production. If similar products on the international market price of the original of the International Monetary remain unchanged, Chinese companies profit margins will increase. Second, reduce the scale of the i
23、mport of foreign advanced equipment, advanced technology costs. Appreciation of the renminbi, which means imports of advanced equipment, advanced technology, cost reduction will help enterprises to introduce overseas advanced equipment, advanced technology, advanced management experience and high-qu
24、ality talents, enhance technological transformation of enterprises, technological innovation, enhance the international competitiveness of export products force. Once again, help enterprises to increase the ability to resist risks. In order to expand exports of Chinese Government adopted a series of
25、 preferential policies to encourage exports, such as for export enterprises to provide preferential loans, interest subsidies, export subsidies, tax rebates. These measures have made the export enterprises are mainly occupy the market at low prices, corporate profits are very thin, and even many sma
26、ll and medium export enterprises and the relevant preferential policies on export tax rebates in order to maintain exports and poor corporate ability to resist risks. Appreciation of the renminbi, forcing Chinas export-oriented small and medium enterprises optimize the product structure, the yuan ap
27、preciation pressure into the technological progress and business innovation, motivation, improving product technology content, with management, quality and technology, relying on strength, occupy the international market. Second, the RMB appreciation on Chinas export-oriented SMEs, the negative impa
28、ct of RMB appreciation, so that the export prices of our products is relatively higher decline in price competitiveness in foreign countries, export-oriented small and medium enterprises operating costs and higher export volume and export earnings reduced business risk increases, competitive pressur
29、es and reduced ability to attract foreign investment. 1, the production costs considerably. As the U.S. dollar devaluation, exchange rate changes, raw material prices, labor costs, land prices rise, leading to production costs of SMEs in China, operating costs increased dramatically. The main raw ma
30、terials companies, such as steel, copper, iron, corn, soybeans, etc., from early 2007 to June 2008, or basically 60% or more. Some enterprises have led to the production cost price is higher than the price of export products. Chinas small and medium export enterprises, the main price-competitive tac
31、tics, export price elasticity is low, price cuts little space. RMB appreciation will significantly weaken our small and medium enterprises in the international market competitiveness. Sharp increase in the cost of production circumstances, the export-oriented small and medium enterprises face great
32、difficulties. As the rapid increase in production costs and other reasons, Wenzhou 300,000 SMEs, 20% of face closure. 2, reduced export profits. Appreciation of the renminbi, which means the relative prices of exports increased, leading to price our products in foreign markets, declining competitive
33、ness, exports decline in market share, profits of export enterprises damaged. La dime yuan, the company thousands of million deficit , which is that people in the 100 session of the Canton Fair, the most heard a complaint. In addition, the export enterprises into export revenue suffered exchange los
34、ses of RMB, so that the profits of export enterprises further reduced. Because Chinas export-oriented SMEs, mainly in primary products and processed products mainly labor-intensive, high-tech, high value-added products is relatively small, mainly rely on cheap labor, the role of traditional industri
35、es, comparative advantage, through the price advantage in international markets competition, export profit margin is very low. Appreciation of the renminbi, it will directly undermine the international competitiveness of export commodities has seriously affected by low prices to win low-tech SMEs in
36、 the export, leading to decline in corporate profits, economic downturn, many companies risk being left behind the situation. If Chinas textile and clothing, home appliances, toys and processing, communications equipment, computer and other processing and manufacturing industries, mainly in the inte
37、rnational market, low-cost access to a certain degree of comparative advantage, the yuans appreciation will greatly affect our exports of such products and the entire industry profits. Appreciation of the yuan for every 1 percentage point, textile export profits to decline in different degrees. Amon
38、g them, the profits of cotton textiles declined by about 12%, down 8% wool textiles, clothing decreased by about 13%. Reposted elsewhere in the paper for free download http:/ 3, increased business risk. Appreciation of the RMB exchange rate uncertainty and exchange rate changes in the increase in ex
39、port-oriented SMEs as a result of greater trading risk, accounting risk and economic risks. In the export of goods and services trade in those goods have been sold but not yet received payment, or have signed orders for export enterprises, since the appreciation of the RMB exchange rate, export ente
40、rprises should pay more of the national currency, bringing trading risk and accounting the risk of the formation of a direct exchange losses. RMB exchange rate, foreign currency accounts to those accounts for SMEs has also brought more pressure. As Chinas foreign trade mechanisms and the financial i
41、s not sound, the lack of mature foreign exchange market, export-oriented SMEs in the exchange rate risk prevention awareness and resistance are weak. Rapid pace of yuan appreciation, from the companys long-term impact, and further increased the difficulty of pricing of export products, increase the
42、risk of the enterprise, resulting in the deteriorating state of business. This is also against the appreciation of trading enterprises is an important reason for the deterioration degree of the specific situation with the company, depending on market focused companies in foreign markets, such as a l
43、arge number of processing trade enterprises, the financial deterioration of the degree may be more serious. 4, competitive pressure has increased. For a long time, most of the small and medium enterprises are labor-intensive products, mainly low value-added export products, management and technologi
44、cal innovations lower the intensity of the RMB revaluation led to substantial increase in cost of doing business, which rely on low-price competition to win international competitive advantage in the market difficult for SMEs, some of the difficulties facing SMEs closed closure. Appreciation of the
45、renminbi, but also to make our labor costs significantly higher than Pakistan, Bangladesh and other neighboring countries. Garment enterprises such as Chinas labor cost is 66 68 cents / hour, Pakistan and Bangladesh, labor costs were 41 cents / hour and 39 cents / hour. Wage level of workers in Chin
46、as coastal areas and 69 cents / hour, while in Bangladesh, 25 cents / hour, Pakistan is 35 cents / hour. RMB appreciation, so that Chinas textile garments, home appliances, manufacturing industries such as export-oriented SMEs, the original occupation of mainly rely on low-price advantage in interna
47、tional markets no longer exists, reducing their competitiveness. 5, a reduced ability to attract foreign investment. RMB appreciation, resulting in increased production costs, profits lower business risks increased, so would weaken the enthusiasm of foreign investors to make foreign direct investmen
48、t in China, the rising costs of foreign capital in the neighboring region where there are competitive situation, this is likely to lead our country to introduce the use of the reduction of foreign direct investment , thus restricting the expansion of SMEs in the scale of production and production capacity expansion. As the yuan appreciation, Shandong Province, has emerged in recent years, South Korea produced the phenomenon of capital flight. Third, export-oriented SMEs yuan revaluation should take measures and countermeasures Appreciation of the renminbi, to the many repercussi
