英文摘要

《财经》杂志     

2021年11期 2021年06月07日出版  

本文3703字,约5分钟

As the Pandemic Rages on, Vaccinations are Becoming Increasingly Crucial; China’s Birth Policy Relaxed in A Major Policy Shift; A New Law Implemented, Marking A New Age of China’s Rural Revitalization; Volatility of RMB Exchange Rate Poses Challenges for the Foreign Trade Industry

As the Pandemic Rages on, Vaccinations are Becoming Increasingly Crucial

The peaceful life of residents in two of China’s first-tier cities was scattered on May 21, 2021. In Yantian Port, Shenzhen, a person operating on an international freighter received routine nucleic acid tests and was found to be asymptomatically infected with COVID-19 virus. Then in Liwan District, Guangzhou, one person, 75-year-old Ms. Guo, was also diagnosed with the infection. The cases came suddenly and quickly. In just 10 days, five generations of transmission cases have been reported.

So far, more than 3.5 million people worldwide have died during the pandemic. It is estimated that by the end of 2021, the economic loss caused by the novel coronavirus will reach 10 trillion US dollars. The WHO has called for every country to vaccinate at least 10% of its population by September this year, reaching 30% by the end of the year. Only when everyone is safe will each individual be safe. It is expected that social distancing and other protective measures will have to be carried on for several years. Vaccines are the key to getting our life back to normal.

 

China’s Birth Policy Relaxed in A Major Policy Shift

After the three-child policy (couples are allowed to have up to three children) is launched, can China’s population growth rate increase? The current birth policy is in urgent need of adjustment. However, a considerable proportion of families can’t afford to have another child even if they really have the will. The aging society is approaching step by step.

As a matter of fact, the release of the three-child policy caused a lot of controversies. Some people said that having a third child, is no longer a question of whether the policy allows it, but a question of whether it is affordable. Raising children is too expensive for most of the ordinary people.

 

A New Law Implemented, Marking A New Age of China’s Rural Revitalization

Starting from June 1, the Rural Revitalization Promotion Law has been officially implemented. This is China’s first law that is directly named after “village revitalization”, marking a new stage in the strategy of rejuvenating the country’s rural areas. The enactment of the rural revitalization law will make it clearer about the importance of the status of the village as a social and communal unit. This will hopefully assist villages better perform. It will also help to turn the already effective policies, systems, and measures into concrete laws and regulations.

At the same time, with the deepening of the reform of the rural land system, a new urban and rural China will gradually emerge. The traditional path of using land finance for urban development has come to an end. It will be difficult to sustain the development of industry at the expense of agriculture. China’s rural reform has once again come to a critical point. Some scholars believe that China’s future land system should be more flexible, and the reform of the rural land systems should be used to promote the restructuring of rural industries— this will permit villages to grow and rejuvenate.

 

Volatility of RMB Exchange Rate Poses Challenges for the Foreign Trade Industry

People’s Bank of China kicked off a series of policies which has seen the RMB exchange rate fall below the 6.40 yuan mark. The previously strong unilateral rise was blocked by these measures. The once hotly discussed situation in the industry where the stock market and foreign exchange rose at the same time is also facing challenges. The more realistic question is how to hedge exchange rate risks as the bidirectional volatility of the RMB intensifies—because this will make foreign trade companies feel rising pressure.

Some scholars believe that the current economic recovery of China still relies too heavily on foreign investment. Therefore, foreign trade is of great significance for stabilizing and guaranteeing jobs. It is hence necessary to maintain close attentions to exchange rate appreciation figures. But it does not mean that exchange rate depreciation is no problem. One scholar has even pointed out that from a policy perspective, it is better to formulate plans based on various situations to speed up policy response and intervene in time when abnormal signs of the market are discovered—not make predictions alone.

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