The ten years since joining the WTO are also the ten years in which China’s policymakers have used this opportunity to promote domestic reforms. After ten years, the easier reform areas have completed the process of marketization. WithWTOThe lag in its own reforms and the global economic cycle entering a trough have resulted in the decline of its international coordination function and influence. The motivation of China's policymakers to promote reforms with the help of external forces has begun to weaken. As China's economy grows rapidly, the resistance to reform brought by new interest groups will inevitably increase.

Vice President Zhao Zhongxiu of the w88 casinoAccepted " a few days agoFirst Financial Daily》In an exclusive interview, the reporter pointed out that further reform requires political wisdom, because joining the WTO is only a technical reform promoter. New sectoral interests are influencing central state decision-making, as well as overall open-door policy. As national strength increases, some enterprises will expand domestic businessHidden rulesGetIn international situations, we are frustrated from time to time. This is a key issue that needs to be addressed in the next decade.

The total amount of wealth has increased, but the distribution is not in place

First Financial Daily: What do you think are the problems China has solved and the core reform issues left over in the past ten years since joining the WTO?

Zhao Zhongxiu: The focus at the beginning of the WTO accession negotiations was to solve the core issue between China and the United States at that time: the issue of most-favored-nation status. But my personal judgment is that joining the WTO is a milestone and strengthens the environment for reform and opening up, and this environment ensures the optimization of the subsequent allocation of development factors and the marketization of the entire Chinese economy.

China’s previous reforms, including the last century90The reform of state-owned enterprises in the 1990s has a tragic feeling of a strong man losing his arm, because w88 online live casino is actually very difficult to change from the system of the past few decades, so everyone unanimously speaks highly of Premier Zhu Rongji on this issue. In the same period as the reform of state-owned enterprises, tax reform, financial reform, exchange rate reform, etc., these part of the battle have already been tackled in the last century90After the completion of the 1990s, the direction of market-oriented reform was established, and China's accession to the WTO gave a greater impetus to this direction with the help of external forces.

But the problem of insufficient reforms has begun to amplify today. The core is that while the total amount of wealth increases, the distribution is not in place, leading to the current social injustice problem. Today we see problems with real estate and land. The problem stems from the fact that the ownership of the assets was not clear at first. As a result, after assets that were not priced in the past were generally assigned a value, some people became rich. In this process, due to China’sM2(Broad money)w88 online live casino is increasing, but w88 online live casino must match the assets accordingly,1995YearM2Yes6More than one trillion yuanRMB, to2010At the end of the year72More than one trillion yuan, but hyperinflation has not occurred in China because resource assets continue to be given value.

Ten years after joining the WTO, this trend has been further strengthened, so more idle rural laborers have come to work in cities. From the perspective of resource classification, labor is a non-storable resource. If you don’t use w88 online live casino, the value will be lost. Our globalization and openness provide a possibility for the combination of labor and resources, so that the value of labor can be reflected. Although the remuneration received by the labor force may not be fair in this process, looking at w88 online live casino objectively and historically, the value created or the remuneration received when he works in the city and when he is idle in the countryside is also different.

The value of land is similar. The value of agricultural land is different from the value of industrial land. Therefore, in the entire process, the price of the asset is fully reflected. So what we see is actually an increase in the accumulation of wealth, and this accumulation process is more thanGDP14636_14645

Why are the Chinese suddenly rich? In the past, the things we guarded did not have a value, but now they have value and can be exchanged, and w88 online live casino is possible to obtain a large amount of liquid assets. For example, I can sell this land or house and get a large amount of money, which may be as much as tens of millions of yuan. These funds have real purchasing power. The place where this purchasing power can go is to buy a house, or food and clothing, etc.whatTravel，But w88 online live casino cannot be consumed in time, so w88 online live casino will lead to an increase in the prices of some properties, such as housing prices, art, etc., because they must match this liquidity.

The current problem is that the central bank continues to issue currency, but once the currency flows into the actual economy, w88 online live casino is diluted and occupied. Some funds do not form working capital. Therefore, enterprises also feel that there is a shortage of working capital. The reason is that once these funds are injected into the land, they are combined with the land; once they are combined with resources and calligraphy and painting, the money is occupied, and the original calligraphy and painting may be worthless.

Private enterprises are not naturally better than state-owned enterprises

Daily: When talking about the issue of social injustice, people will think of the issues surrounding social injustice in the past ten years“The country advances and the people retreat”and“The country retreats and the people advance”The debate you think is currently“The country advances and the people retreat”What is the root cause of the problem?

Zhao Zhongxiu: I think this is a phased phenomenon. through the last century90After the reform and transformation of the 1990s, state-owned enterprises have become new state-owned enterprises. Their sensitivity to the market is much better than in the past. We cannot deny the scientific nature of state-owned enterprises. In the past, state-owned enterprises were actually administrative companies, but now they have become market-oriented. Although the core things at the top have not changed, they have actually improved.

I think the management level of new state-owned enterprises is much better now than w88 online live casino was ten or twenty years ago, and some of the smartest people can also work there. The problem now is that insider control cannot be ruled out. Because although they are all owned by the state, they can control the income rights and pay very high wages and subsidies to internal employees. This is also a relatively dissatisfied part of society.

However, we should not automatically think that private enterprises are efficient. Private capital has its natural flaws. For example, very few Chinese enterprises are engaged in industry. China's private capital has this problem, over-reliance on a shrewd and capable boss. The success of most companies does not depend on the ability of the company itself, but comes from the external environment. w88 online live casino is in the intermediate stage of development. In other words, as long as you are in office, you have opportunities because you are in a period of economic expansion and have not experienced cyclical washouts. Once you experience the Great Depression, you will see how many companies will die. If such a situation occurs, private enterprises may not live better than state-owned enterprises.

In this process, private enterprises are not necessarily naturally superior to state-owned enterprises. China's state-owned enterprises are also improving. Entry barriers are mainly concentrated on central enterprises. For example, nuclear power and railways can only be done by central enterprises. The question that everyone is worried about is how competitive these central enterprises will be once they withdraw from policy protection; and how much of the growth in profits will come from their own competitiveness or the rents brought by the monopoly power granted by the government.

China’s hidden rules do not apply to the international market

Daily: Some people say that in the process of further deepening reforms, internal negotiators are far more unruly than external negotiators. Do you agree?

Zhao Zhongxiu: I agree that reform requires political wisdom. Because joining the WTO was only a promoter of reform, w88 online live casino was also a technical one. In fact, an important consideration for joining the WTO was to rely on external pressure to promote internal reforms, because at that time, the reform of state-owned enterprises was very difficult. Therefore, when we said that we must abide by international rules, we actually relied on external pressure to suppress domestic reforms. Therefore, many state-owned enterprises could not resist at that time because w88 online live casino was a political decision.

But now, new departmental interests will even affect the central government’s national decision-making, as well as the overall open policy. The most direct example is what we are currently facingFTACan’t talk anymore. For example, China now wants to negotiate a free w88 area with the Gulf countries. It is because Sinopec opposes opening up the domestic oil refining market that our negotiations with the Gulf countries cannot proceed. Because the free w88 area is meant to be mutually beneficial, Gulf countries cannot only buy China's light textile industrial products, but also need to intervene in China's downstream oil refining system. The Ministry of Agriculture discussed fishery cooperation with Norway, but ultimately did not open it up. The reason the Ministry of Agriculture finally gave was that there is a kind of fish that is not produced in China, but because this fish is delicious, domestic people may not eat domestic fish. There are so many examples.

In addition, some domestic officials have brought their confidence in their ability to control domestic departments to the international arena, and this has become increasingly apparent. On some important international occasions, this so-called domineering power was prematurely displayed. This sense of proportion needs to be grasped, which does not mean we should hide our capabilities and bide our time, but rather do not go from one extreme to another. We should be strong but relatively restrained, so that people can feel our weight.

Some state-owned enterprises also apply some domestic principles or unspoken rules to others and apply them internationally. The root cause of the failure of some Chinese companies to go global is that they take some domestic experience and apply w88 online live casino internationally. Many projects are losing money, and they do w88 online live casino even though they know they are losing money, because they mistakenly believe that if they can default on their debts domestically, they will work internationally.

Business activities with Chinese local characteristics such as these are not feasible internationally and are subject to conflict. This is a question that needs to be addressed in the next decade.

The financial system is unlikely to be liberalized too quickly

Daily: China’s policymakers have included WTO accession in their overall strategy to promote domestic reform. So what do you think will be the driving force for the next step in reform?

Zhao Zhongxiu: This involves usWTOHow to see w88 online live casino, and how to choose the road for China.

Let’s go thereWTOw88 online live casino is treated at an inappropriate height, in factWTOw88 online live casino also needs reform. w88 online live casino is also quite weak in such a world system becauseWTOAfter all, w88 online live casino is a place for all members to reach consensus. While w88 online live casino has discretionary powers, w88 online live casino is not an organization with enforcement powers.

We needed w88 online live casino in the past, so we gave w88 online live casino enough respect. But in the next ten years, China’s path andWTO26007_2605380The ideology of the era, but the marketization represented by the United States has also experienced a financial crisis, and w88 online live casino is time for reflection. Therefore, at this point, China's path or state capitalism can replace the market to a certain extent.

Daily: Another difficult area of reform now is the reform of the financial sector represented by the RMB exchange rate and interest rates. How do you think reforms can not only ensure the competitiveness of export enterprises, but also smoothly promote the process of RMB internationalization and interest rate marketization?

Zhao Zhongxiu: I am quite pessimistic on the issue of exchange rate policy reform. The exchange rate issue is not a one-man attack. The reform of the entire financial system is linked.

The measurement of enterprise competitiveness should be that if w88 online live casino does not rely on lowering wages and reducing environmental costs, but still makes profits, the enterprise is competitive. The threshold for many enterprises in China is too low now. If you go to Zhejiang, a farmer can just open a factory and he can produce and make money. There is no technical content, and then everyone will copy w88 online live casino and there will be no creation. Why is w88 online live casino that German manufacturing is so good? Others are sophisticated and have accumulated experience, but we just haven’t. China is a place that does not need entrepreneurs. As long as you have machines, you can work. If you no longer make money, you will close down and be done with w88 online live casino. Therefore, few Chinese companies have long life cycles. Wenzhou once had3There were more than ten thousand shoe factories, but now w88 online live casino is said that there are only a few thousand, and few have persisted like Aokang. If you really want to live a long-term life, you need to make everyone realize that survival of the fittest is actually a good thing.

The current financial system artificially expands interest spreads to ensure the profitability of financial companies. China's financial market is actually a highly regulated and intervened market. Once w88 online live casino is completely left alone, w88 online live casino will fluctuate greatly, just like the prices of garlic and ginger. So I believe the financial system will be very careful and unlikely to let go too quickly.

Zhao Zhongxiu resume

● 1966Year3Yue Sheng, a native of Jiangsu. Doctor of Economics, professor, doctoral supervisor, expert enjoying special government allowance from the State Council.

● 1988Graduated from the Department of International Economics, Peking University, with a bachelor's degree.

● 1991Graduated from the Party w88 casino of the Central Committee of the Communist Party of China in World Economics with a master's degree.

● 2000Graduated from the w88 casino, majoring in international w88, with a PhD degree in economics.

● 1997Visiting scholar at the University of Manchester, UK,2003Visiting scholar at Michigan State University in the United States.

● 1991Year7Since September, he has been teaching at the w88 casino of International Economics and w88, w88 casino.

● 1997Year6Since September, he has served as deputy dean, dean and assistant to the principal of the w88 casino of International Economics and w88, w88 casino.

● 2011Year5In August, he served as member of the Standing Committee of the Party Committee and Vice President of the w88 casino.

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