Since the new century, China's economy has grown at an average annual rate of 10.5%, ranking the first in global economic growth for two consecutive years. Japan, which has maintained its second place in the world for more than 42 years in 2010, has become the world's second largest economy after the United States. In the ten years since China's accession to the WTO, exports have grown by 4.9 times and imports have grown by 4.7 times. In 2009, China's foreign trade accounted for 9.6% of the world's total trade, becoming the largest exporter, with trade surpluses and current balances maintaining a large surplus. In 2010, foreign exchange reserves reached 2.8473 trillion US dollars, ranking first in the world. In the United States and other developed countries, due to the continued economic downturn, the United States has launched a second round of quantitative easing measures to stimulate the economy. In particular, the United States has launched a second round of quantitative easing measures. The total amount of government bonds to be repurchased is 900 billion U.S. dollars, causing global funds to flood and the appreciation of the renminbi is The trend of the times. In response to the appreciation of the renminbi, recent media talks about expanding renminbi-denominated exports and promoting the renminbi to become an international currency are conceivable. Although it is very good, it is difficult to achieve. Not only is it reminiscent of the "internationalization" of the Japanese yen when Japan raised its value against the US dollar after the "Plaza Conference" in the mid-1980s. However, to this day, the "internationalization" of the Japanese yen has been proposed for nearly 30 years, and it has not been realized. It is worth learning. The most important thing is not how to manage the appreciation of the renminbi, but should focus on cultivating growth-oriented enterprises with R&D capabilities, independent brands, strong competitiveness, and “going out†by the appreciation of the renminbi. Such enterprises can participate in any market competition in the world. Even if the renminbi appreciates again, renminbi-denominated products will not be sold out and will continue to expand market share or occupy relevant markets. Japan is no longer mentioning the "internationalization" of the yen today. In addition to Japan’s weak economic growth, the yen’s exchange rate has been at a peak, and the yen’s “internationalization†is difficult, Japan’s emphasis on cultivating growth-oriented enterprises and promoting international The huge progress in the management of the business is closely related. Nowadays, there are a lot of strategic growth companies in Japan, so it is not as worried about the appreciation of the yen against the US dollar as in the 30th century, and it is no longer mentioning the "internationalization" of the yen. While Dongfeng, which is accelerating the appreciation of the Japanese yen, is actively expanding its foreign investment, it is striving to promote the localization strategy of the company, not only in local production, local sales, but also to reinvest locally in the local benefits, so that the company becomes a local legal entity, even Listing transaction. The internationalization of enterprises has caused subversive changes in both the operating and exporting environments. The impact of exchange rate changes is getting smaller and smaller. For example, major Japanese automakers export their cars to their car sales subsidiaries in the United States. If they are exported in yen, they need to be sold in dollars, and their exchange rate changes. The risk is borne by the local subsidiary. On the contrary, if the US dollar is denominated in US dollars, the exchange rate risk is borne by the head office in Japan, because the head office exports cars from all over the world, both in dollar terms and in euros or other currencies. It is obvious that it is more advantageous for the head office to uniformly manage exchange rate risks, so it is reasonable for Japanese automakers not to export cars in yen. In addition, other major manufacturing companies such as Japan's major electromechanical companies have already invested in subsidiaries or assembly plants in many countries and regions such as Asia, where they will export finished products or assembled products directly to the US or European markets. The manufactured goods or parts exported by the Japanese head office to subsidiaries and assembly plants in the Asian region are denominated in Japanese yen, and the export of manufactured goods from the Asian region to the United States or Europe must be settled in US dollars or euros. It is obviously unreasonable for the risk to be borne by a subsidiary or assembly plant in Asia, so it is settled in US dollars at the beginning, and the risks are all managed by the head office. The most advanced method today is that many Japanese companies have set up subsidiaries specializing in exchange rate risk in financial trading centers such as Singapore and London. These companies manage the exchange rate risk of international exchanges. The head office, subsidiaries and assembly plants only study. It is a business of its own, and there is no need to consider exchange rate risk. The enlightenment for China is: First, most enterprises that are in trouble due to the appreciation of their own currencies are mostly enterprises with weak research and development capabilities, no independent brands, no competition for products, and have not “goed outâ€. Explain that the most important thing is not how to cope with currency appreciation, but to cultivate a strategic enterprise with growth. It is necessary to cultivate growth-oriented enterprises with R&D capabilities, independent brands, strong competitiveness, and “going out†to actively participate in international competition and internationalization. Second, in order to cultivate strategic enterprises with growth, the government should also increase exports and foreign investment for these enterprises, that is, “going out†to establish a good external environment, such as establishing a free trade agreement (FTA) with the other country that exports or invests. Relationship, reduce or abolish tariff and non-tariff barriers, reduce corporate tax, etc., reduce barriers to enterprises' expansion of exports and tax burden on foreign direct investment. Third, growth-strategic enterprises must have an international management awareness, and employees must also have an international awareness that employees must have certain knowledge, skills, and language skills to work overseas, and should have the ability to work abroad at any time. ready. The language ability of managers engaged in overseas operations should be at a minimum to the extent that they can speak in English. Therefore, the ideology and education methods of business managers and general employees need to be “powerfulâ€.
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