|
Soaring 90%! China's trade surplus hits another record A few days ago, we announced the import and export data for July. Among them, China's trade surplus in July was 682.69 billion yuan, an increase of 90.9%, setting a historical record again. There are two reasons behind it. The devaluation of the renminbi is indispensable! This year, from the high point in February to now, the RMB has depreciated by 8%. The depreciation is good for exports, needless to say. Plus, imports are frighteningly low. It stands to reason that with international commodity prices at historically high levels this year, imports will cost more, but our imports have only grown by 2%. This out and one in, the trade surplus hit a record. At a time when the world is flat and the supply chain has basically recovered, it is certainly a joy to be able to achieve this result in our exports. This shows that we have the most complete industrial chain in the world and can achieve the lowest cost, which is a manifestation of competitiveness. However, from another point of view, we are subsidizing Europe and the United States with cheap goods to ease their inflation problems. Domestic consumption is very weak, and it is the worst performer in the troika of economic growth! Enterprises can only vigorously expand foreign markets. In the past two years, our trade has contributed a lot to the economy, no problem. But in the long run, we still have to turn to consumption. This transformation has been shouted for more than 10 years. We hope that it can truly become the main force of China's economic growth, and this can be a long-term sustainable development model. |