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The increase in labor costs is inevitable for the development of the Chinese economy.
Author:管理员    Released in:2017-07-21 10:42:01    Written words:【Big】【In the】【Small
Abstract:In addition to labor costs, input costs for resources such as land and water are also increasing. "International market crude oil, iron ore and other bulk products enter the price recovery channel as of March this year
Although the import and export data in May exceeded expectations of optimism, the cost of China's foreign trade companies facing high prices is still full of worries. The rise in labor costs, the rise in the real exchange rate of the renminbi, and the rise in commodity prices all put pressure on corporate profitability. At the same time, the change in the growth mode of foreign trade also faces the force of passive adjustment. Experts said that we must change ourselves from passive adjustment to active adjustment and realize the goal of “going to cheaper” and structural upgrading in the process of gradual progress.
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 "The increase in labor costs is inevitable for the development of China's economy." Professor Wang Jinbin of the School of Economics at Renmin University of China stated that the reform of the social security system in China's economy lags behind, while the income distribution system in the Chinese economy has obvious deficiencies. The proportion of income in initial distribution has decreased over the past decade or so. In addition, foreign-funded enterprises have long-term compensation for the labor force of vulnerable labor groups. Therefore, the rapid increase in labor wages can be seen as a self-correction of the market in which the above three factors are clearly insufficient. “The increase in salary is a good thing for the Chinese economy, and it can achieve the ultimate goal of everyone sharing the fruits of economic growth; but on the other hand, under the current economic situation, there is no doubt that the cost of foreign trade companies has increased, and in the short term, exports and growth have come about. The impact." Wang Jinbin said.


In addition to labor costs, input costs for resources such as land and water are also increasing. “The bulk of international market crude oil, iron ore, and other products have entered the price recovery channel. As of March this year, China’s primary product import prices have risen double-digitly for four consecutive months, and the increase has increased month by month.” Professor of the University of International Business and Economics Bai Shuqiang said. In addition, China is still facing the pressure of RMB appreciation. Sun Huaxi, director of the China International Monetary and Economic Research Center and a professor at the University of International Business and Economics, said that according to the real effective exchange rate announced by the Bank of International Settlements on June 15, from January to May 2010, the euro zone’s overall devaluation was 7.84%, and the US dollar appreciated 2.62%. The RMB appreciated 5.49%. This means that although the bilateral nominal exchange rate of the renminbi against the US dollar has remained unchanged, the real effective appreciation of the renminbi relative to the euro area is close to 13.33%, and the actual effective appreciation of the renminbi is nearly 2.87%. The actual substantial appreciation of the renminbi against the euro will slow down the recovery of China’s exports to the European market and promote the increase in imports. At the same time, it will also increase the pressure of competition between Chinese products and the euro zone products in non-eurozone markets.

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