英文摘要

《财经》杂志   

2022年09月05日 14:58  

本文3500字,约5分钟

The RMB Will Remain Stable Despite Fluctuations in Recent Months; China’s Six Major Economic Provinces Urged to Strengthen the Foundation for Economic Recovery; Single Mothers in China are Likely to Get the Same Benefits as Married Ones; China and U.S. Sign Historic Audit Oversight Cooperation Agreement

The RMB Will Remain Stable Despite Fluctuations in Recent Months

On August 29, the exchange rate of the RMB against the US dollar fell below 6.9207, hitting a two-year low. Since April, the RMB has depreciated by about 8.5%. Against the background of US dollar interest rate hikes and RMB interest rate cuts, the RMB exchange rate is undergoing an unprecedented adjustment cycle in the past two years.

Some scholars believe that regulators will not allow the RMB to depreciate too fast, otherwise it will easily cause market panic.

Consumption, investment and foreign trade are the major pillars that support sustained economic growth. The People’s Bank of China chose to cut interest rates and then allow the exchange rate to depreciate gradually, which is expected to boost foreign trade growth, which in turn can help China’s economy achieve the goal of stabilizing growth and economic stability. So far, the People’s Bank of China has made no apparent move to intervene in the market.

 

China’s Six Major Economic Provinces Urged to Strengthen the Foundation for Economic Recovery

China’s economy is at a critical moment of recovery, and six major economic provinces have been repeatedly asked by policymakers to play a leading role. The six provinces of Guangdong, Jiangsu, Zhejiang, Shandong, Henan and Sichuan have close to 60% of the country’s total import and export volume and foreign capital utilization.

At present, a number of major economic provinces have stated that they will go all out to complete the annual goals and tasks. Some other provincial governments have indicated that they will adjust the industrial structure based on their own advantages and the trend of industrial changes. China’s economy is facing the “triple pressure” of shrinking demand, supply shock and weakening expectations. Large economic provinces are expected to make efforts and maintain development momentum through innovation.

 

Single Mothers in China are Likely to Get the Same Benefits as Married Ones

From urban to rural areas in China, there have been many women who chose to be single mothers. There are many deep-seated factors behind the phenomenon of a woman raising her children outside of a marriage, which are related to the transformation of China’s entire society, the transformation of families, and the change of ideas.

In recent years, the phenomenon of unmarried women giving birth has increased, but this group has been facing many policy obstacles including being denied of public benefits in raising children. Now the situation is going to change positively. Currently, birth restrictions for unmarried women are gradually being loosened. Some scholars believe that for most Chinese, marriage is still the premise of childbirth. This status quo has not changed, but the inherent relationship between marriage and childbirth has loosened. Out-of-wedlock births are popping up in every country. In recent years, in Europe and the United States, nearly 40% of births are out of wedlock.

 

China and U.S. Sign Historic Audit Oversight Cooperation Agreement

On the evening of August 26, China Securities Regulatory Commission (CSRC) and the Ministry of Finance signed an audit oversight cooperation agreement with the US Public Company Accounting Oversight Board (PCAOB). All sides concerned will start related cooperation in the near future. The CSRC stated that the signing of the cooperation agreement is an important step taken by the regulators of China and the United States in addressing the issue of common concern of audit supervision cooperation, and has laid a foundation for the two sides to actively, professionally and pragmatically promote cooperation in the next stage.

After more than 20 years of talk and negotiation, China and the United States have finally achieved a historic breakthrough in cross-border audit supervision. The agreement is only the first step, and whether it can successfully pass the evaluation at the end of this year is the biggest test. Companies such as Alibaba have become the first Chinese companies to be audited by U.S. regulators.