(ECNS) -- The Chinese yuan could gradually appreciate from about 7.0 to around 6.0 against the U.S. dollar over the next decade, a former mayor of Chongqing said Sunday at the 2025 Shenzhen Xiangmihu Financial Annual Conference.
Huang Qifan, the academic consultant of the Finance 40 Forum and former mayor of Chongqing, said moderate appreciation of the renminbi would boost its purchasing power, stimulate import growth, and help achieve the medium- to long-term goal of doubling per capita GDP in U.S. dollar terms.
China should promote more balanced two-way trade, improve the quality of foreign trade, and further internationalize the renminbi, according to the advisor.
He proposed reducing export tax rebates in certain sectors based on industry-specific conditions and overall economic needs, redirecting more fiscal resources toward domestic livelihoods and innovation-driven development.
China's strong foreign trade performance is the natural outcome of profound transformation and high-quality development in the manufacturing sector over the past decade, Huang said.
He noted that currently, about 60% of China's exports consist of high-end equipment and electronic products, while industrial goods account for around 90%.
China is the only country that covers all 41 major industrial categories defined by the United Nations, along with more than 200 medium categories, 500 subcategories and over 700 detailed segments, he noted.
The share of processing trade has fallen from more than 50% in the past to less than 20% today, while more than 80% of export products now have domestic value-added ratios above 80%, reflecting strong industrial clustering, he added.
(By Gong Weiwei)
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