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China/Asia On Demand
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The Demographics, Trade Balance and Exchange Rate Policy Adjustment in China
Author(s): 
Pages: 3-9
Year: Issue:  9
Journal: THE JOURNAL OF WORLD ECONOMY

Keyword:  人口年龄结构贸易差额汇率政策;
Abstract: 长期内,贸易差额与人民币汇率的相关性不显著.中国对外贸易出现持续顺差的重要原因是人口赡养率下降、国民储蓄增加及消费需求不振刺激了出口增长;青壮年人口比重上升,强化了中国劳动力成本低的优势和出口竞争力.未来15年内,国民高储蓄率和劳动力低成本的优势可望维持,对外贸易即使出现短期波动,顺差的大格局也不会发生根本变化.因此,汇率政策不必过于考虑汇率水平对进出口的影响,汇率的形成应更加市场化.
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