Views: 1 Author: Site Editor Publish Time: 2021-05-14 Origin: Site
2014 "New Normal"
In 2014, "New Normal" became one of the most popular words in China's economy. Its main characteristics are: speed—turn from high-speed growth to medium-high-speed growth; structure—continuous optimization and upgrading of economic structure; and power—turn from factor-driven and investment-driven to innovation-driven.
This year’s GDP growth rate was 7.4%, while the slowdown in import and export growth was even more pronounced, with a year-on-year increase of 3.4%. From January to April, there was a “double decline” in imports and exports and exports, which have been rare in many years. . On the other hand, new trade methods such as cross-border e-commerce and market procurement are gradually becoming new growth points for foreign trade development. In 2014, the growth rate of cross-border e-commerce reached more than 30%, and the growth rate of Yiwu market procurement trade exports reached 36.8%.
2015 "811 Exchange Rate Reform"
In the 12 months of 2015, China faced a year-on-year negative growth in exports for 10 months. This situation has not been seen since 2009.
On August 11, 2015, the renminbi exchange rate reform kicked off. The central bank announced the improvement of the quotation mechanism for the central parity rate of the renminbi against the US dollar to enhance its degree of marketization and benchmarking. From that day on, the central bank no longer guided the establishment of the central parity rate of the RMB exchange rate, but gave the pricing power to the inter-bank foreign exchange market, and the supply and demand of the market determine the price of the RMB exchange rate.
On August 11, the RMB exchange rate depreciated by 1136 basis points at the opening, a one-time depreciation of nearly 2%. In the following days, the central parity of the RMB exchange rate went from 6.1 to the 6.4 era. As of August 27, the central parity rate of the renminbi against the U.S. dollar fell by 4.7% in the two weeks from the day before the exchange rate reform.
Another major foreign trade event in the same year was that my country and Australia formally signed the China-Australia Free Trade Area Agreement. In the next five years, Australia will grant zero tariffs on imports of some goods from the People’s Republic of China, and the two countries will give each other most-favored-nation treatment. This is one of the free trade agreements with the highest overall level of trade and investment liberalization that my country has negotiated and signed with other countries.
Also in this year, the "Belt and Road" initiative began to be vigorously promoted.
