Li's rhetoric on American economists: a big appreciation is bad for nobody

March 20 Morning News, China Development Forum held in Beijing in 2010, Tsinghua University China and the World Economic Research Center Director Li Li and economists from the United States and Japan debated the renminbi exchange rate issue, he said if the United States friends demand that a one-off huge revaluation, not only to China's disadvantage,　　It is also bad for American consumers. Li said China is well aware that the renminbi must be adjusted to increase flexibility and flexibility in the long run, "but it would be no good for anyone to adjust quickly in the short term." "Li said, for example, Japan's rapid adjustment of the exchange rate of 1.5 after the continued trade surplus, and the more than 20-year trade surplus has never changed."　　Therefore, he advises US lawmakers not to spend time on the so-called Chinese currency's fancy issue. Roach, chairman of Morgan Stanley (Asia), said the politicians in Washington did not realise that this was a multilateral trade issue, not a bilateral and China-specific issue. If China's trade deficit shifts to other countries, American consumers and American jobs will not necessarily rise.　　American politicians need to take this responsibility, especially to find China to carry the blame. According to the Japanese scholar, "if the renminbi is devalued, for the world's manufacturing industry to help cope with global inflationary pressures, Li said China is now an export-oriented economy, and its challenge is to curb the rapid growth in food and energy prices;　　A revaluation of the renminbi does not actually help China's economic recovery, and a reasonable appreciation is beneficial. Li said that a huge, one-off revaluation, like American friends, would not only be bad for China, but also bad for American consumers. (Huayan from Beijing)