中国外汇储备与产业结构

中国外汇储备快速巨额增长与劳动密集型为主体的产业结构密切相关。这种产业结构以及为之服务的税收优惠和外汇管制等宏观经济政策有利于货物出口而不利于进口;有利于引进外资而不利于对外投资;迫使国内金融机构和企业到国外借债以及吸引对宏观经济稳定和发展具有破坏性的国际短期资本。基于产业结构及其派生的这些原因,经常帐户和金融与资本帐户连续双顺差,外汇储备也因此达到巨大规模。

China's Foreign Exchange Reserves and the Industrial Structures

The fast and great increase in China's foreign exchange reserves relates closely to the industrial structure,of which most part is based on comparative advantage in labor.This kind of industrial structure along with the macroeconomic policies serving it,such as tax preferences and foreign exchange control,promotes exporting,not importing,benefits absorbing foreign capital,not investing abroad,and also compels domestic financial organizations as well as other enterprises to borrow foreign debts from international community,even lets destructive short-term capital flow in freely.Because of the characteristics in our industrial structure and it's derivative results,China has the double surpluses of current account balance and financial and asset account balance,which leads to the great increase in foreign exchange reserves.