WTO框架下人民币汇率补贴论研究
发布时间：2018-12-11 12:16
【摘要】：近几年来，有关人民币汇率的争论越演越烈。2000年，日本率先对人民币汇率发难，认为人民币被低估，要求升值。2003年后，美国取代日本成为指责人民币汇率被操纵的先锋和主力。美国试图要求IMF认定中国政府操纵人民币汇率，但是由于操纵汇率的主观要件难以认定，IMF拒绝了美国的要求，所以美国转而向WTO寻求制裁中国的可能性，由此造成人民币补贴论甚嚣尘上。本文通过对国内外学者有关观点和论证的对比分析，从《SCM协定》入手，介绍了补贴的相关理论基础以及人民币汇率补贴论的主要内容，并分析了人民币汇率论中涉及到的一些法律问题，得出要想讨论人民币汇率构成补贴必须满足三个前提:必须是影响到国际贸易的汇率行为;人民币汇率被低估;WTO有管辖权。并且在《SCM协定》下，由于人民币汇率被低估，人民币汇率构成了财政资助，中国人民银行通过外汇指定银行以结售汇的方式授予了出口商资金，构成了资金的直接转移，根据“汇率问题顾问组（CGER）构造的均衡市场汇率，出口商获得了其在市场条件下所不能获得的利益，因此构成了《SCM协定》第1.1条a项第1款中（i）项所指的补贴。在专向性审查中，因为此项补贴以出口实绩为条件，所以人民币汇率可能构成WTO下的禁止性出口补贴。虽然有这样的可能性，但是我国仍然应该积极地将此案提交到WTO框架内去解决，避免美国等西方国家采取国内法来解决；另外，提交WTO之后，WTO虽然有管辖权，但是不能越俎代庖来解决本属于IMF决定的汇率问题。IMF对汇率问题拥有实质管辖权。GATT15条第9款为符合IMF的外汇措施在违反WTO规则的情况下提供了例外。由于根据IMF无法认定中国操纵汇率，所以某种意义上说，即使构成出口补贴，也可以成为WTO框架下的豁免。最后，也是最根本的是要逐步加快汇率市场化建设，，这也是中国汇率制度真正避免被人诟病的方法。本文的研究意义在于认识到了人民币汇率问题构成WTO框架下出口补贴的可能性，并提出了中国面临这样的境况可以采取的一些对策。
[Abstract]:In recent years, the debate over the RMB exchange rate has intensified. In 2000, Japan took the lead in criticizing the RMB exchange rate, believing that the RMB was undervalued and demanding appreciation. After 2003, The United States replaced Japan as the vanguard and main force accusing the yuan of being manipulated. The United States tried to ask the IMF to determine that the Chinese government manipulated the RMB exchange rate, but because the subjective elements of the manipulation of the exchange rate were difficult to determine, the IMF rejected the request of the United States, so the United States turned to the WTO for the possibility of sanctioning China. As a result, RMB subsidy theory is rampant. Based on the comparative analysis of the views and arguments of domestic and foreign scholars, this paper introduces the theoretical basis of subsidy and the main contents of the theory of RMB exchange rate subsidy, starting with the "SCM Agreement". It also analyzes some legal issues involved in RMB exchange rate theory and concludes that to discuss RMB exchange rate component subsidies must satisfy three prerequisites: it must be the exchange rate behavior that affects international trade; The renminbi is undervalued; the WTO has jurisdiction. And under the "SCM Agreement," because the RMB exchange rate is undervalued, the RMB exchange rate constitutes financial support. The people's Bank of China, through designated foreign exchange banks, grants the exporter funds in the form of foreign exchange settlement, which constitutes a direct transfer of funds. According to the equilibrium market exchange rate constructed by the Group of Advisers on Exchange rate (CGER), the exporter has obtained benefits that he could not obtain under market conditions and thus constitutes a subsidy referred to in article 1.1 (a) (1) of the SCM Agreement. In the ad hoc review, because the subsidy is conditional on export performance, the renminbi exchange rate could constitute a prohibited export subsidy under the WTO. Although there is such a possibility, our country should actively submit the case to the WTO framework to solve it, and avoid the United States and other Western countries to adopt domestic law to solve the problem. In addition, after submitting the WTO, WTO has jurisdiction, The IMF has substantial jurisdiction over the exchange rate. Section 9 of GATT15 provides an exception for foreign exchange measures in compliance with the IMF rules in case of violation of WTO rules. Because China cannot be held to manipulate its currency under the IMF, it could, in a sense, become an exemption under the WTO, even if it constituted an export subsidy. Finally, the most fundamental is to speed up the construction of exchange rate marketization, which is the real way to avoid being criticized for China's exchange rate regime. The research significance of this paper is to recognize the possibility that the RMB exchange rate constitutes the export subsidy under the framework of WTO, and to put forward some countermeasures that China can take in the face of such a situation.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D996.2
本文编号：2372532
[Abstract]:In recent years, the debate over the RMB exchange rate has intensified. In 2000, Japan took the lead in criticizing the RMB exchange rate, believing that the RMB was undervalued and demanding appreciation. After 2003, The United States replaced Japan as the vanguard and main force accusing the yuan of being manipulated. The United States tried to ask the IMF to determine that the Chinese government manipulated the RMB exchange rate, but because the subjective elements of the manipulation of the exchange rate were difficult to determine, the IMF rejected the request of the United States, so the United States turned to the WTO for the possibility of sanctioning China. As a result, RMB subsidy theory is rampant. Based on the comparative analysis of the views and arguments of domestic and foreign scholars, this paper introduces the theoretical basis of subsidy and the main contents of the theory of RMB exchange rate subsidy, starting with the "SCM Agreement". It also analyzes some legal issues involved in RMB exchange rate theory and concludes that to discuss RMB exchange rate component subsidies must satisfy three prerequisites: it must be the exchange rate behavior that affects international trade; The renminbi is undervalued; the WTO has jurisdiction. And under the "SCM Agreement," because the RMB exchange rate is undervalued, the RMB exchange rate constitutes financial support. The people's Bank of China, through designated foreign exchange banks, grants the exporter funds in the form of foreign exchange settlement, which constitutes a direct transfer of funds. According to the equilibrium market exchange rate constructed by the Group of Advisers on Exchange rate (CGER), the exporter has obtained benefits that he could not obtain under market conditions and thus constitutes a subsidy referred to in article 1.1 (a) (1) of the SCM Agreement. In the ad hoc review, because the subsidy is conditional on export performance, the renminbi exchange rate could constitute a prohibited export subsidy under the WTO. Although there is such a possibility, our country should actively submit the case to the WTO framework to solve it, and avoid the United States and other Western countries to adopt domestic law to solve the problem. In addition, after submitting the WTO, WTO has jurisdiction, The IMF has substantial jurisdiction over the exchange rate. Section 9 of GATT15 provides an exception for foreign exchange measures in compliance with the IMF rules in case of violation of WTO rules. Because China cannot be held to manipulate its currency under the IMF, it could, in a sense, become an exemption under the WTO, even if it constituted an export subsidy. Finally, the most fundamental is to speed up the construction of exchange rate marketization, which is the real way to avoid being criticized for China's exchange rate regime. The research significance of this paper is to recognize the possibility that the RMB exchange rate constitutes the export subsidy under the framework of WTO, and to put forward some countermeasures that China can take in the face of such a situation.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D996.2
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