CPPCC member economist Xu Shanda: China can boldly try currency output

Economist Xu Shanda, a former deputy director of the State administration of taxation and a member of the CPPCC, said yesterday in the 21st century forum that after the baptism of the financial crisis, the export of money has become the most important way of wealth distribution in the world.　　China can use its abundant foreign exchange reserves to invest in some developing countries that need capital, and to achieve new breakthroughs in the way of economic growth. He said that since the collapse of the Bretton Woods system in the late 70, the export of money gradually replaced the export of goods and capital, becoming the most important way to distribute wealth in the world. The United States relies on the export of money to obtain huge wealth, but at the same time the financial crisis is the culprit of the bubble burst of currency derivatives.　　He expects the dollar to continue to depreciate in the future, in order to reduce domestic labor costs and boost exports, to address the current high unemployment and slow economic recovery. Economist Xu Shanda suggested that China could draw on the experience of U.S. capital export, and make good use of the current abundant foreign exchange reserve funds to invest actively in order to reduce the reliance on the U.S. dollar and achieve a new breakthrough in the way of economic growth. Many emerging markets have plenty of resources, markets and demand, but they are relatively scarce; This will not only solve the shortage of funds in these countries and regions, but also improve the international speed of the renminbi, so that the renminbi in the world currency system occupies a place. (Reporter Shen Yu green)