At present, the reasons for China's excess liquidity are as follows:
At present, the world is in a state of excess liquidity (the international financial system is based on the US dollar, but due to the current and past political and economic reasons at home and abroad in the United States, the world is in a state of excess liquidity), and this problem is particularly prominent in China because its economic development is at a specific stage. The exchange rate of RMB is undervalued and the rate of appreciation is artificially limited, which leads to a large influx of international capital. China's foreign exchange settlement and sale system leads to the direct conversion of foreign trade surplus into base currency, which leads to the increase of foreign exchange holdings. After the base money is put into the central bank, it will be amplified by the multiplier effect of the banking system (commercial banks).
Economic globalization refers to the large-scale flow of goods, services, technology, money and capital around the world.
An economic phenomenon that makes the economies of various countries closely linked and increasingly interdependent.
With the deepening of reform and opening up and socialist modernization.
Exhibition, in the wave of economic globalization, China and the world economy as a whole is increasingly closely linked. Admittedly,
Economic globalization is bound to have more and more extensive and profound influence on the construction and development of China: both positive and negative; This is both a new development opportunity and a severe challenge.
The former is mainly manifested in the following aspects:
1. is conducive to attracting foreign investment. For western developed countries, the development of China has provided them with a huge market. At present, China has become one of the largest foreign direct investment countries in the world, and basically belongs to a net capital inflow country. At the end of 1979- 1999, China's actually utilized foreign capital reached US$ 459.56 billion, including US$ 305.92 billion in foreign direct investment, and 210.2 million foreign-funded enterprises were approved. The stock of foreign direct investment has exceeded 20% of China's GDP. The massive introduction of foreign capital has made great contributions to meet the domestic capital demand, made up for the urgently needed funds for China's modernization to a certain extent, and promoted the improvement of industrial structure and the development of productive forces. While attracting foreign investment, we also introduced some advanced technology and management experience, which also played a positive role in China's modernization.
This is conducive to expanding foreign trade. After more than 20 years' efforts, foreign economic relations and trade have become an important growth point of China's national economy. From 65438 to 0999, China's total import and export volume reached $360.63 billion, accounting for 36.4% of GDP. In recent years, the growth of China's gross national product is driven by foreign trade, which accounts for about two percentage points. In other words, about 1/4 of the annual economic growth is achieved by foreign trade. In fact, since 1990, except 1993, it is mainly due to the huge trade surplus of goods that supports the balance of payments current account to maintain the surplus balance. The trade surplus has increased year by year since 1994, and even in the harsh export environment of 1998, the export growth of 0.5% has been achieved.
3. It is conducive to absorbing rural surplus labor. Today, China is still a populous country with a relatively backward economy. In the process of industrialization, the huge rural population and surplus labor force have always been an urgent problem to be solved. However, in recent years, the rise of a large number of township enterprises, the development of foreign-funded enterprises and the growth of foreign trade have provided an opportunity for China to transfer rural labor. By the end of 1999, foreign-funded enterprises had absorbed more than 6 million people. The foreign trade processing zones all over the southeast coastal areas of China have absorbed nearly 200 million rural laborers. This has promoted the process of industrialization and rural urbanization in China to some extent.
Compared with the aspects that constitute opportunities, economic globalization will inevitably bring some challenges. The fundamental reason is that international monopoly organizations often maximize their own interests at the expense of the interests of other countries. The situations that pose challenges are complex, some of which have already appeared, while others have not been fully exposed. According to our current understanding, there are mainly the following aspects:
1. Economic globalization has opened up a region and space for international capital, mainly developed countries, to seek higher profits. Against the background of huge differences in economic strength, economic globalization has widened the income gap between us and developed countries, and it is unlikely that we can effectively narrow this gap in a certain period of time.
2. Economic globalization is beneficial for developed countries to establish an international economic and trade foundation with economic globalization as the core, and developed countries will put us in a passive position in industrial development by virtue of their strong economic and technological advantages. Developed countries will give priority to high-profit and export-oriented foreign investment for their own interests. In this way, for us, the introduction of foreign capital can promote the development of a few industries or industries, but it can not promote the overall development of the whole country's industries. In this regard, many countries have learned serious lessons. South Korea, for example, has indeed modernized a number of export-oriented industries, and some large enterprises have entered the "top 500 in the world", but a large number of industries and enterprises that focus on domestic demand are still quite backward and in the so-called "semi-modernization" state. At the same time, the entry of multinational companies may also manipulate and control our pillar industries and markets, and inhibit the independent development of national industries.
3. Economic globalization has strengthened the transmission and synchronization of economy. The changes of economic cycle, exchange rate and interest rate in developed countries will be more transmitted to us, causing adverse fluctuations in China's economy. A large amount of hot money from western countries may also impact our financial market from time to time, and even trigger a financial crisis. The Asian financial crisis, like 1998, did not cause great harm to our country, but it only reflected the impact of economic globalization from one side.
Economic activities have never been carried out in isolation. While exporting capital, international capitalism has never forgotten and abandoned the political strategy of "westernization" and "differentiation" of socialist countries. They promote political globalization and capitalist ideology globalization with economic globalization, and guarantee economic globalization with political globalization and capitalist ideology globalization, which is the overall strategy of international capitalism leading economic globalization. All these pose a serious realistic threat to China, a developing socialist country. If we can't grasp the initiative of development, we may be manipulated or controlled by foreign countries.
In this complicated situation where opportunities and challenges coexist, how to deal with them becomes the key.
It should be said that economic globalization is an inevitable historical process. If we close our doors and isolate ourselves from the world trend, we will stifle the vitality of our own development. To develop, we must join the tide of economic globalization. Neither avoiding nor blindly following, firmly grasping the initiative of development with the attitude of fostering strengths and avoiding weaknesses and pursuing advantages and avoiding disadvantages; We need both economic development and national economic independence (free from foreign manipulation or control). In this difficult practice, we should pay attention to the following basic principles:
1. We should persist in taking economic construction as the center. Economic strength and scientific and technological strength are important indicators of comprehensive national strength, which determine the power contrast between countries and different social systems in the world today. In this regard, Comrade Deng Xiaoping once said that in the wave of economic globalization, "whether China can resist the pressure of hegemonism and power politics and adhere to our socialist system depends on whether it can strive for faster growth and realize our development."
Exhibition strategy ".
2. Appropriate protection, safeguarding national economic security, and conditionally participating in economic globalization. This condition is to adhere to the socialist economic system. The proportion of international trade in GDP should not be too large; The proportion of foreign investment is moderate; Borrowing foreign debts should be moderate: only by controlling the lifeline of the national economy and effectively realizing the planned macro-management of the national economy can the country's economic sovereignty and economic security be guaranteed.
3. Adhere to independence and self-reliance. In economic construction, we hope to have foreign aid, but we can't rely on it, let alone expect charity from others. 2 1 century will be a century of further rapid development of science and technology. According to the needs of national economic development and the changing trend of international industrial structure, we should actively adjust the industrial structure, strengthen independent research and development, attach importance to scientific and technological innovation, develop high-tech industries, strive to occupy the commanding heights of science and technology in some fields, enhance the scientific and technological content of commodities, transform the traditional industrial structure with new science and technology, promote structural optimization and upgrading, and form an advantageous industrial structure and economic system with China characteristics.
4. Hold high the banner of peace and development and promote economic regionalization. China and many developing countries in Asia, Africa, Latin America and Eastern Europe both belong to the third world, and they are all under the pressure of developed countries' economic and technological advantages, western hegemonism and power politics. For these developing countries, cooperation is an important field, which helps to eliminate the negative impact of economic globalization and enhance the ability of national and regional economies to resist the impact of globalization.
Generally speaking, as a historical process, economic globalization is inevitable. For developing China, participating in economic globalization is a means, not an end. It is through economic globalization that we can achieve the goal of developing productive forces, developing economy and consolidating and developing China's socialist system.