The benefits of RMB appreciation are related to the "benefits of RMB appreciation" and can be summarized as the following nine aspects. 1. The decline in the price of foreign products is conducive to increasing the import of foreign consumer goods and production equipment, and improving the living standards and industrial level of China people. 2. Manufacturers with higher proportion of imported raw materials will reduce their production costs. In some areas that are open to the outside world (such as Shanghai), they use imported raw materials for 50% of the cost of their exports, and they don't like the depreciation of the RMB. 3. Enterprises' foreign investment ability will be enhanced. In order to expand sales channels, China enterprises will expand overseas investment. 4. The appreciation of RMB will increase the profits of foreign-funded enterprises that have invested in China, which will encourage foreign investors to increase investment or reinvest. With the gradual opening-up, the appreciation of RMB will attract foreign investment into China's securities market, and the proportion of indirect investment is expected to increase. 5. Non-manufacturing industries such as science, education, culture and health will be of great significance. For example, the appreciation of the renminbi is conducive to the training of talents studying abroad, and more families will be able to send their children abroad at their own expense; It is conducive to the expansion of international tourism. When a tourist visa reaches a certain standard, it becomes a business visa, which can promote China's foreign investment. 6. The amount of local currency needed to repay the outstanding foreign debt will be reduced accordingly, which can alleviate the debt burden to some extent. 7. Reasonable valuation of China's assets. China's low labor force and low assets were formed in a certain historical stage, and they must be adjusted in a certain historical stage. While adjusting the import and export trade policies, China must adjust its monetary policy and asset prices. 8. It is beneficial to the position of China's GDP in the international economy. The proportion of China's GDP in the world economy (in US dollars) was 2.5% in 1980, and decreased to1.8% in 1998, and 3.4% in1998. The reason is that the exchange rate of RMB against the US dollar depreciated between 1980 and 1994. As long as the RMB appreciates, China's GDP will surpass that of Germany and France and become the third largest economy in the world. 9. Increase national tax revenue. The essence of low exchange rate is that the whole people subsidize the interests of exporters through export tax rebate. This is not logical for China, the world's second largest foreign exchange reserve country. The disadvantage of RMB appreciation is 1. It interferes with the exit, but it is not decisive. Under the current RMB exchange rate, the annual growth rate of China's exports is between 23% and 27%, and its imports are between19% and 24%. After the appreciation of RMB, the export growth rate may be around 6%, but it cannot be zero. 2. It may lead to the prevalence of speculation. Due to the rapid increase of national wealth expressed in dollars, the stock market and real estate reached a climax, and the development and polarization of "bubble economy" continued to expand, which may hit economic development. 3. It may worsen the domestic investment environment, and new overseas investment will be reduced, because this kind of investment becomes relatively expensive. On the other hand, the speculation of international hot money may increase. 4. At present, most of the products exported by China are labor-intensive products with low technology content, and the blocked export will inevitably increase the employment pressure. 5. Deflationary pressure. After the appreciation of RMB, China's imports increased and its exports decreased, which further hit domestic production enterprises. 6. Many uncompetitive industries will be directly affected. For example, in the field of agriculture, there is a big gap between the internal and external prices of many basic crops. Even if the current exchange rate remains unchanged, the opening of the market after China's entry into the WTO will make people nervous. The raw material industries such as steel and chemistry, which are dominated by state-owned enterprises, also lack competitiveness. 7. Produce the "get rich effect". Japan is an example. After the war, the ratio of Japanese yen to US dollar was 350∶ 1 at first, then it became 250∶ 1, and the highest was 70∶ 1. As a result, the Japanese are too rich to spend money and unable to continue to accumulate capital.