Trade surplus due to competitiveness竞争力带来的贸易顺差
CHINA's trade surplus is not driven by subsidies or an undervalued exchange rate. Instead, it reflects a combination of structural factors, including stronger manufacturing competitiveness, greater import substitution, the restructuring of global supply chains and the expanding presence of Chinese firms in overseas markets, economists said at a recent forum in Beijing.
A drone photo taken on July 14, 2026 shows a view of the international container terminal at Yantai Port in East China's Shandong province. [Photo/Xinhua]
CHINA's trade surplus is not driven by subsidies or an undervalued exchange rate. Instead, it reflects a combination of structural factors, including stronger manufacturing competitiveness, greater import substitution, the restructuring of global supply chains and the expanding presence of Chinese firms in overseas markets, economists said at a recent forum in Beijing.
At the 2026 Tsinghua PBCSF Chief Economists Forum, Wang Tao, senior research adviser at UBS Investment Bank, said that China's trade surplus has multiple underlying causes and should not be attributed to subsidies or an undervalued exchange rate.
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2026年7月14日拍摄的无人机照片显示了位于中国东部山东省烟台港的国际集装箱码头。[图片/新华社]
经济学家在近期于北京举行的一次论坛上表示，中国的贸易顺差并非由补贴或低估的汇率驱动，而是反映了一系列结构性因素的综合作用，包括制造业竞争力增强、进口替代率提高、全球供应链重组以及中国企业在海外市场影响力不断扩大。
在2026年清华人民银行经济论坛首席经济学家论坛上，瑞银投资银行高级研究顾问王涛表示，中国的贸易顺差有多种根本原因，不应归咎于补贴或汇率低估。
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