The post-financial crisis era is not an accurate academic concept, but an optimistic estimate created by the media itself that the most critical moment of the financial crisis has passed and the world finance is now in a period of recovery. However, since 2008, the American Wall Street crisis has not only spread rapidly to the global financial market, but also spread from the virtual economy to the real economy. At present, the economic growth rate of major economies is declining, and the signs of world economic recession are obvious. Due to the weakening demand in overseas markets such as the United States and Europe, China's economy is also facing many difficulties, such as insufficient demand, overcapacity, declining corporate efficiency and obvious slowdown in economic growth.

What are the main challenges facing China's economic strategy in the post-financial crisis era?

In this wave of financial crisis, although China's economy has also been impacted and affected, its economic development speed is still outstanding, maintaining an 8% growth rate, and its economic aggregate is approaching Japan.

First of all, Europe and the United States jointly put pressure on the RMB exchange rate issue, demanding RMB appreciation. The appreciation of RMB is relative to other currencies, just like RMB 1 can buy more dollars, which is basically not seen in the domestic market.

The popular meaning is that China people's money is valuable. For example, in the international market (only in the international market can the purchasing power of RMB be enhanced), 1 yuan can only buy 1 unit of goods, and more units of goods can be purchased after the appreciation of RMB. The appreciation or depreciation of RMB is directly reflected in the exchange rate.

2/kloc-0 Since the beginning of the century, the global economy has been sluggish, and many western countries are facing enormous deflationary pressure. Contrary to the situation in some developed countries, China's economy has maintained rapid growth. The double surplus of international payments and the increasing huge foreign exchange reserves have become the direct reasons to promote the appreciation of RMB. Western countries, led by the United States and Japan, think that China's exporters are robbing the world market at "unfairly low prices", so they want to force the RMB to appreciate, and then turn this economic problem into political censure and put pressure on China. Under the complicated domestic and international economic and political situation

Five major drawbacks

First, it will hit China's export enterprises, especially labor-intensive enterprises. In the international market, the export price of China products, especially labor-intensive products, is far lower than that of similar products in other countries. The reason is that China's labor price is low, and the fierce domestic competition makes export enterprises compete to adopt the strategy of selling at a low price and paying no expense. Once the RMB appreciates, in order to keep the bottom line of RMB price unchanged, the price of China's export products in foreign currency will increase and weaken its price competitiveness; If the foreign currency price of export products remains unchanged, it will inevitably squeeze the profit space of export enterprises and have an impact on export enterprises, especially labor-intensive enterprises.

Second, it is not conducive to the introduction of foreign direct investment in China. China is the country that attracts the most foreign direct investment in the world. At present, foreign-funded enterprises are playing a more and more obvious role in China's industry, agriculture, service industry and other fields, which has a great impact on promoting technological progress, increasing employment and expanding exports, thus promoting the development of the entire national economy. The appreciation of RMB will not have a substantial impact on foreign investors who have already invested in China, but it will have a negative impact on foreign investors who are about to invest in China, because it will increase their investment costs. In this case, they may transfer their investment to other developing countries.

Third, increase domestic employment pressure. The impact of RMB appreciation on export enterprises and overseas direct investment will eventually be reflected in employment. Because most of China's export products are labor-intensive products, blocked exports will inevitably increase employment pressure [2]; Foreign-funded enterprises are one of the departments that provide the most new jobs, and the slowdown of foreign investment growth will make the domestic employment situation more severe.

Fourth, it affects the stability of financial markets. If the RMB appreciates, a large number of short-term speculative funds abroad will seize the opportunity to speculate on the RMB exchange rate. Under the condition that the development of China's financial market is not perfect, it will easily lead to financial and monetary crisis. In addition, the appreciation of RMB will further increase the actual amount of existing non-performing assets of banks in US dollars, which is not conducive to the reform of the entire banking industry and the adjustment of debt structure.

Fifth, the huge foreign exchange reserves will face the threat of shrinking. At present, China's foreign exchange reserves are as high as US$ 2,454.3 billion, ranking first in the world. Adequate foreign exchange reserves are an important symbol of China's growing economic strength and improving the level of opening up to the outside world, and also a powerful guarantee for us to promote domestic economic development and participate in foreign economic activities. However, once the RMB appreciates, the huge foreign exchange reserves will face the threat of shrinking. If RMB appreciates by 10% against USD and other major convertible currencies, China's foreign exchange reserves will shrink by 10%. This is a serious problem that we have to face.

Secondly, the stability of the domestic financial market is challenged by the turmoil in the international financial market. 1. After the financial crisis, China will face increasingly fierce economic competition.

In this wave of financial crisis, although China's economy has also been impacted and affected, its economic development speed is still outstanding, maintaining an 8% growth rate, and its economic aggregate is approaching Japan. This situation makes more countries, especially developed countries, regard China as their competitors and put pressure on China in various fields of economic development to guard against China.

First of all, Europe and the United States jointly put pressure on the RMB exchange rate issue, demanding RMB appreciation. In February, 2003, at the meeting of finance ministers of the Group of Seven, Japanese Finance Minister Masajuro Shiokawa proposed to follow the Plaza Accord of 1985 to let the RMB appreciate. A game about RMB exchange rate has continued since then. After the financial crisis, world trade has shrunk severely, and the trade deficit of developed economies, especially the United States, is serious. These countries blame this on the undervaluation of the renminbi. Therefore, after the crisis, Europe and the United States joined forces to force the RMB to appreciate, and increased the accusation of the RMB exchange rate. 1 1 In his trade policy speech at the annual meeting of the Export-Import Bank of the United States in March this year, US President Barack Obama called for a further transition of RMB to a "market-oriented exchange rate mechanism". He also said that the US government will decide whether to designate China as a "currency manipulator" in the semi-annual report of the Ministry of Finance released on April 15. Once China is positioned as a "currency manipulator", the United States can impose trade sanctions on China. China's export growth accounts for more than 30% of the total economic growth. If the sharp appreciation of RMB will inevitably weaken the competitiveness of exports, then the reduction of exports will lead to the slowdown of economic growth and the reduction of employment opportunities.

Secondly, the stability of the domestic financial market is challenged by the turmoil in the international financial market. At present, countries have put delisting on the agenda, which shows that the impact of the financial crisis has weakened, but it may trigger another turmoil in the international financial market in the short term, including a large number of international "hot money" flowing out of China. Once a large amount of hot money flows out in a short period of time, the impact on China's capital market cannot be underestimated.

Third, China will face more and more serious trade protectionism. Since the second half of 2009, the economies of various countries have shown signs of recovery. As countries get out of the financial crisis and achieve economic recovery, the central topic of the crisis is no longer to discuss how to get out of recession, but how to maintain fiscal sustainability and ensure domestic employment. In order to alleviate the pressure of economic growth, finance and employment and the political pressure of domestic people, trade protectionism will become the choice of many governments. In 2009, China surpassed Germany to become the world's largest exporter, accounting for more than 9% of the global export share. However, while China's export competitiveness has increased, China is also facing more trade frictions. According to the statistics of the Ministry of Commerce, 70% of global protectionist measures in 2009 were related to China's export trade. By the end of 2009, China has been the country with the largest number of anti-dumping investigations in the world for 15 years and the country with the largest number of countervailing investigations in the world for 4 years. Among them, from June 2006 to October 2009 10, especially since the outbreak of the financial crisis, the United States launched ***23 "double opposition" investigations against China. In 2009 alone, the United States launched 10 "double opposition" investigations against China. Therefore, under the background of the slow development of the world economy and the increasing protectionism, China will face increasingly fierce economic competition.

Third, China will face more and more serious trade protectionism.

First, the international financial crisis has had a serious impact on China's foreign trade exports; Second, it has brought huge downward pressure to China's economy; Third, it has had a serious impact on urban and rural employment in China; Fourthly, it has increased the financial risks in China.

In the post-financial crisis period, the external environment of China's economic development will be a "slowly recovering world economy". The deep adjustment of the global economy has brought unprecedented challenges to China's economic adjustment and transformation. The sharp contraction of external demand has led to a sharp decline in exports and a rapid decline in domestic industrial production and employment, mainly due to the intensification of structural contradictions accumulated in the economic growth model, which are not only manifested in the demand structure, the imbalance between domestic demand and external demand, the uncoordinated relationship between investment and consumption, and the low contribution rate of consumption to economic growth; Moreover, in the supply structure, the proportion of low value-added industries is too large, the ability of independent innovation is not strong, and the contribution rate of scientific and technological progress and innovation to economic growth is low.

With the deep adjustment of the global economy, the pressure of China's economic slowdown has increased. The financial crisis triggered the worst economic recession since World War II, which made China's export situation face unprecedented difficulties for many years and had a wide impact on investment, consumption and employment. International trade protectionism is on the rise again, and various restrictions on China's export products have increased significantly, making it more difficult for China to stabilize its export market and share; The rebalancing adjustment of global imbalances has aggravated the contraction of external demand and prolonged its duration.

The deep adjustment of the world economy and market contraction brought about by the international financial crisis have significantly reduced the contribution of external demand to economic growth; In the past, when the economic scale and the total consumption of energy resources were relatively small, relying on the high-intensity input of low-cost resources and factors could support high-speed growth. Then, with the rapid expansion of economic scale and the change of supply and demand balance, the original low-cost advantage will be weakened continuously, and the constraints of energy resources and ecological environment will be intensified continuously.

The green energy revolution makes the development of science and technology in China face greater competitive pressure. The green scientific and technological revolution makes China face the severe challenge of the green energy revolution when the information technology diffusion has not been completed, and the great pressure to develop a low-carbon economy when the technological transformation of energy saving and emission reduction in traditional industries has not been completed.