China's trade surplus in July, the appreciation of $ 31.5 billion in January 2009 reached its highest level since this may trigger a new round of the yuan is unfairly undervalued complain, but in the big express their views on this issue before the U.S. politicians should consider Federal Reserve Bank of San Francisco, a recent research report findings.
In the San Francisco Federal Reserve Bank senior economist and research advisor Hob Haier gold view, the Chinese-made goods in the U.S. consumer market share so far is not generally considered high.
They analyzed the U.S. Department of Commerce, U.S. Bureau of Labor Statistics and Census Bureau data found that U.S. household consumption of goods and services, 88.5% is produced in China in the United States, while the remaining part of that 11.5% of imports, the Chinese manufacturing the proportion of goods barely more than 1/4, the overall U.S. consumer spending that accounts for only 2.7% and pointed out that the data also exaggerated the Chinese exports to the U.S. in the United States in the proportion of overall consumer spending, because almost all consumer goods manufacturers are involved in many aspects, accurate statistics on every link in the retail price will be further reduced in the proportion of "Made in China" products in the United States in the proportion of overall consumer spending. for shoes, for example, if a pair of Chinese-made shoes In the United States to sell $ 70 which $ 70 is not all owned by Chinese manufacturers. In fact, most of the retail price will be used to pay for the shoes shipped to U.S. shipping, sports shoes, retail rents, to shareholders of U.S. retailers dividends and the cost of marketing of sports shoes and these costs include the United States to this process involves the payment of workers and management staff salaries, wages and benefits.
San Francisco Federal Reserve Bank calculated that, on average, 36% of the price of imported goods went to the pockets of American businesses and workers for goods imported from China, theThe percentage is even higher.
Haier and Hob Kim pointed out that in the "Made in China" goods for every dollar spent on average 55 cents went to the U.S. service sector in China's commodity composition of the reason why the U.S. is much higher than the overall U.S. imports of American components, mainly because of consumer electronic products and apparel retail and wholesale profits to be higher than in most goods and services. American families above the U.S. consumption of manufactured goods expenditure to total expenditure 88.5%, but which also contain "China manufacturing "." Made in China "goods in the U.S. share of total household consumption share of only 1.9%.
Chinese exports in the U.S. share of total consumption may be growing rapidly, but still insignificant relative to overall U.S. employees and enterprises from China's export to obtain a considerable profit. Some people think that RMB appreciation in the U.S. market U.S. manufacturers to create more space for its sales of products (in fact, already saturated), this expectation seems to be more unreliable, if "Made in China" imports most of the cost actually goes to the pockets of U.S. employees and the company , then the appreciation of the renminbi would be only the competitiveness of U.S. manufacturers have limited impact.
Haier and Hob gold that China's 2011 inflation rate close to 5 percent if Chinese exporters would be passed on to all Chinese exports to the inflation of commodity prices in the United States, the U.S. personal consumption expenditures price index growth will only be five % were 1.9%, equivalent to the index increased by 0.1 percentage points, so from an economic point of view, one advantage of this situation, "China" also means that China accounted for a relatively small effect of inflation on commodity prices push up U.S. limited impact.
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