英语翻译Their paper has many strong points.They use Chinese trad

英语翻译
Their paper has many strong points.They use Chinese trade as a share of world trade,thus avoiding the use of proxies such as the CPI for trade prices.They control for seasonality and for the effect of the Chinese New Year.They are careful to focus on econometric specifications exhibiting parameter constancy,white noise residuals,and the smallest standard error of the regression (SER).
Their results indicate that an increase in the real effective RMB exchange rate would help to reduce China's trade surplus.
Exchange Rates and Triangular Trading Patterns
The effect of a Chinese appreciation on China's trade balance would be even larger,however,if it led to a generalized appreciation in Asia.This is because China plays a unique role within global trading networks.It imports large quantities of intermediate goods from the rest of East Asia and exports large quantities of final products throughout the world.Table 1 sheds light on China's role in this triangular trading structure.
The data are taken from China's Customs Statistics,which distinguish between imports and exports linked to processing trade and ordinary imports and exports.Imports for processing are goods that are brought into China for processing and subsequent re-export.Processed exports,as classified by Chinese customs authorities,are goods that are produced in this way.Imports for processing are primarily intermediate goods but also include some primary goods and some final goods.They are imported duty free and neither these imports nor the finished goods produced using these imports normally enter China's domestic market.By contrast,ordinary imports are goods that are intended for the domestic market and ordinary exports are goods that are produced using local inputs.
Table 1 shows that in 2005 42% of China's imports were for processing.Of this 42%,seven-tenths came from other East Asian countries.By contrast,less than one-twentieth each came from the U.S.and from the EU.This indicates that the U.S.and the EU do not produce many intermediate goods demanded by China for processing.
The Table also shows that in 2005 55% of China's exports were processed exports.Of this 55% one-quarter went to the U.S.,another one-quarter went to East Asia (excluding Hong Kong),one-fifth went to Hong Kong (largely as entrepot trade),and one-fifth went to Europe.
Because of these trading networks,Chinese value-added in processed exports is about 20%-30%,with the remainder coming from intermediate goods imported from the rest of Asia.Thus a unilateral appreciation of the RMB would not affect the costs of processed final products measured in the importing country's currency and hence China's trade surplus as much as a joint appreciation throughout Asia.

纸张有许多长处.他们利用中国的贸易是世界贸易中的份额,从而避免了使用授权书等物价贸易价格.他们控制季节性和效益的农历新年.他们小心翼翼地侧重于经济指标呈现parameter constancy ,白噪声残差 和最小标准误差的回归( 49.8% ) .其结果表明,增加了人民币实际有效汇率将有助于减少中国的贸易盈余.汇率及三角贸易格局的影响,中国的升值对我国贸易平衡将更大,但是,如果它导致了普遍赞赏,在亚洲.这是因为,中国发挥了独特的作用,在全球贸易网络.进口大量的中间产品,从其他东亚和出口大量的最终产品 遍及世界各地.表1揭示了中国的角色,在这个三角贸易结构.数据取自中国海关统计,区分进口和出口与加工贸易和一般进出口贸易.加工进口的货物,被带入中国加工以后再出口.加工出口,如按中国海关当局,都是货物,制作成这个样子.加工进口主要是中间产品,但也包括一些初级产品和某些最终产品.他们实行免税进口,并没有这类进口或制成品的生产采用这些进口通常进入中国 国内市场.相比之下,一般进口货物,其目的是为国内市场和一般的出口货物,生产采用 当地的投入.表1表明,在2005年的42% ,中国的进口分别办理.这42 % ,7成来自其他东亚国家.相比之下,只有不足二十分之一分别来自美国和欧盟.这表明,美国和欧盟不产生许多中间产品的需求,中国加工.该表还表明,在2005年的55% ,中国的外贸出口中加工出口.这55 %的1/4到美国,另1/4到东亚地区(不包括香港) ,1/5到香港(主要是转口贸易) ,1/5到欧洲.由于这些交易网,中国附加值加工出口约为20% -30% ,与其余来自中间产品的进口来自亚洲.因此单方面人民币升值不会影响成本的加工产品,最后测得进口 国的货币,因此中国的贸易顺差高达联合对整个亚洲.