英语翻译Their paper has many strong points.They use Chinese trade as a share of world trade,thus avoiding the use of proxies such as the CPI for trade prices.They control for seasonality and for the effect of the Chinese New Year.They are careful

英语翻译Their paper has many strong points.They use Chinese trade as a share of world trade,thus avoiding the use of proxies such as the CPI for trade prices.They control for seasonality and for the effect of the Chinese New Year.They are careful
英语翻译
Their paper has many strong points.They use Chinese trade as a share of world trade,thus avoiding the use of proxies such as the CPI for trade prices.They control for seasonality and for the effect of the Chinese New Year.They are careful to focus on econometric specifications exhibiting parameter constancy,white noise residuals,and the smallest standard error of the regression (SER).
Their results indicate that an increase in the real effective RMB exchange rate would help to reduce China's trade surplus.
Exchange Rates and Triangular Trading Patterns
The effect of a Chinese appreciation on China's trade balance would be even larger,however,if it led to a generalized appreciation in Asia.This is because China plays a unique role within global trading networks.It imports large quantities of intermediate goods from the rest of East Asia and exports large quantities of final products throughout the world.Table 1 sheds light on China's role in this triangular trading structure.
The data are taken from China's Customs Statistics,which distinguish between imports and exports linked to processing trade and ordinary imports and exports.Imports for processing are goods that are brought into China for processing and subsequent re-export.Processed exports,as classified by Chinese customs authorities,are goods that are produced in this way.Imports for processing are primarily intermediate goods but also include some primary goods and some final goods.They are imported duty free and neither these imports nor the finished goods produced using these imports normally enter China's domestic market.By contrast,ordinary imports are goods that are intended for the domestic market and ordinary exports are goods that are produced using local inputs.
Table 1 shows that in 2005 42% of China's imports were for processing.Of this 42%,seven-tenths came from other East Asian countries.By contrast,less than one-twentieth each came from the U.S.and from the EU.This indicates that the U.S.and the EU do not produce many intermediate goods demanded by China for processing.
The Table also shows that in 2005 55% of China's exports were processed exports.Of this 55% one-quarter went to the U.S.,another one-quarter went to East Asia (excluding Hong Kong),one-fifth went to Hong Kong (largely as entrepot trade),and one-fifth went to Europe.
Because of these trading networks,Chinese value-added in processed exports is about 20%-30%,with the remainder coming from intermediate goods imported from the rest of Asia.Thus a unilateral appreciation of the RMB would not affect the costs of processed final products measured in the importing country's currency and hence China's trade surplus as much as a joint appreciation throughout Asia.

英语翻译Their paper has many strong points.They use Chinese trade as a share of world trade,thus avoiding the use of proxies such as the CPI for trade prices.They control for seasonality and for the effect of the Chinese New Year.They are careful
他们的纸有许多优点.他们使用中国贸易作为世界贸易份额,如此避免对代理人的用途譬如CPI 为批发价.他们控制为季节性和为中国新年的作用.他们小心集中于经济计量学的规格陈列参量定型性、白色噪声残余,和退化的最小的标准误差(SER) .
他们的结果表明,增量在真正的有效的RMB 交换率会帮助减少中国的贸易顺差.
交换率和三角贸易的样式
中国欣赏的作用在中国的贸易平衡会是更大的,然而,如果它导致了广义欣赏在亚洲.这是因为中国充当一个独特的角色在全球性贸易的网络之内.它进口很大数量的中间物品从剩余东亚和在世界各地出口很大数量的最终产品.表1 显示清楚中国的角色在这个三角贸易的结构里.
数据被采取从中国的风俗统计,区别在进口之间并且出口与处理贸易和平凡连接进口和出口.进口为处理是被带领进入中国为处理和随后再输出的物品.被处理的出口,依照由Chinese 海关部门分类,是被生产这样的物品.进口为处理是主要中间物品而且包括一些主要物品和一些最后的物品.他们被进口免税并且不这些进口亦不制成品被生产使用这些进口通常进入中国的国内市场.相反,普通的进口是意欲为国内市场并且普通的出口是物品被生产使用地方输入的物品.
表1 表示,在2005 42% 中国中的进口是为处理.这42%,seven-tenths 来自其它东亚国家.相反,较少比一第二十每个来自自美国和欧共体.这表明,美国和欧共体不生产许多中间物品由中国要求为处理.
表并且表示,在2005 55% 中国中的出口是被处理的出口.这55% 四分之一去到美国,另外四分之一去东亚(除了香港),五分之一去到香港(主要当仓库贸易),并且五分之一去欧洲.由于这些换网络,中国增值在被处理的出口是大约20%-30%,用剩下的人来自中间物品从亚洲其他地区被进口.因而RMB 的单边的欣赏不会影响被处理的最终产品的费用被测量在输入国的货币和因此中国的贸易顺差尽量联合欣赏遍及亚洲.