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(chinadaily.com.cn)
Updated: 2007-07-27 14:50

A recent survey showed that despite continuous RMB revaluations in the past two years, two thirds of exporting enterprises find the impact manageable.

Over one third of the surveyed considered exchange rates their biggest concern. Statistics show that RMB has gained 7.02 percent in value since July 2005.

Another one third said some shifts in policies, such as export tax rebates, caused much impact on exports. The government eliminated or cut tax rebates for more than 2,800 export items from July 1.

Despite all the government restrictions on exports, China saw a year-on-year export increase of 27.6 percent in the first half of this year, compared with the 25.2 percent growth in the same period last year.

This reflects Chinese products' comparative advantages in the global market and Chinese exporters' confidence in offsetting impact from RMB appreciation.

Half of the surveyed won't trim their staff if RMB keeps appreciating, one quarter may cut work force by 5 percent, while some companies even plan to employ more.

Special coverage: RMB in Spotlight Related readings:  Yuan value in spotlight during Paulson's visit  Economists warn of risks of continued yuan appreciation  Economist: Yuan could top Asia's currency market  Yuan likely to be more flexible

Almost no companies intend to deal with RMB appreciation by laying off workers, reducing payments or transferring production to less costly places, partly because rising product prices may bridge the gap created by RMB revaluation. Some 70 percent of companies expect product prices to increase between one and five percent.

Statistics from the Ministry of Labor and Social Security showed that in the second quarter labor demands and supplies in 89 cities increased by 14.4 percent and 9.1 percent respectively from a year earlier to 470,000 and 315,000 people.

An economist from Citibank China said average export prices jumped 21 percent from a year earlier. In comparison, the figures for 2006 and 2005 were 11.7 percent and four percent respectively, signaling high bargaining abilities for Chinese companies.

Despite the bright outlook, risk abounds. Three fourths of the companies surveyed are taking no anti-risk measures, and only one-third try to minimize risks by boosting efficiency, upgrading products and employing more technology.

In the survey, two-thirds of enterprises can withstand appreciation of five percent and another one-third will survive if RMB revalues by five to 10 percent.

China Business News carried out the survey in July among 130 exporting companies in over ten industries such as clothes, electronics, hardware, food processing, and chemical. Eighteen percent of the companies surveyed have revenues below 300 million yuan (US$39.7 million), which are typical of Chinese exporters.