ounts　to　＄70　billion，　of　which　＄58.6　billion　from　Sino－US　trade.　With　its　expanding　of　trade　surplus，　its　eic　rapid　growth　tinues　for　decades.　At　the　same　time，　ese　factories　are　famous　for　dumping　cheap　goods　from　advantages　of　its　low－cost　bors　and　poor　enviro　standard.　After　all，　a　is　developing，　much　faster　than　EU，　US，　Japan　or　any　other　major　power　of　the　world.　There　is　no　doubt　that　a　is　regaining　its　strength　and　will　be　a　major　eic　power　in　the　21st　tury.

What　will　a　bring　to　the　globalization　of　ey?　Even　for　a　try　of　1.2　billion　popution　and　960　square　kilometers，　there　is　no　unlimited　supply　of　cheap　bor　or　unlimited　tolerance　of　enviro　pollution.　However，　the　demand　of　the　1.2　billion　popution　market　in　a　fast－growing　ey　could　be　the　powerful　engine　of　the　global　ey　in　human　history.　Some　of　ese　key　officials　and　schors　has　turo　pro－deficit　attitude　on　this　debate　and　more　and　more　people　realize　that　a　has　no　responsibility　to　supply　the　world　with　cheap　goods　while　the　living　standard　of　ese　people　are　below　average　level.　While　those　booming　ese　panies　have　shown　their　appetites　for　raw　materials　on　the　global　market，　the　extravagance　of　ese　wealthy　family　in　cities　has　given　hopes　to　global　manufacturers.

Most　of　the　pressure　to　grow　imports　es　from　a’s　trade　partners，　especially　US　and　Japan.　A　strong　wind　calling　for　the　revaluation　of　RMB　has　been　blowing　sihe　beginning　of　2003，　and　some　even　criticize　a　as　an　exporter　of　deftion.　At　the　same　time，　huge　amounts　of　hot　money　flow　into　a　despite　capital　trols　that　strictly　limit　money　flows　into　this　try.　ese　officials　have　openly　refused　to　revaluate　RMB　under　pressure　and　some　even　say　that　its　a　spiracy　to　sacrifice　a’s　ey　without　bringing　bes　to　the　global　ey.　But　those　strong　words　against　the　revaluation　of　RMB　were　more　or　less　for　internal　politics.　The　goverhen　began　to　boost　the　imports　to　ease　the　pressure　on　the　currency.

Domestically，　there　are　more　and　more　criticisms　against　the　stimuting－export　policies，　especially　the　tax　reimbursement　policy.　The　tax　reimbursement　to　exporters　has　aggravated　the　fiscal　deficit　of　the　tral　gover.　The　gover　has　paid　125　billion　RMB　and　115　billion　RMB　for　tax　reimbursement.　This　appropriation　was　far　from　the　amount　incurred　every　year　and　up　to　the　end　of　2003，　the　tax　reimbursement　in　arrears　reached　to　340　billion　RMB　（＄41.06　billion）.　The　profit　margin　rates　of　many　exporters　are　below　the　reimbursement　rate.　As　the　default　of　payment　accumuted　year－by－year，　some　exporters　have　fallen　into　liquidity　problem　while　waiting　for　the　payment　of　tax　reimbursement　in　arrears.

So　a　should　not　be　afraid　to　bee　red　in　trade，　like　it　has　during　many　periods　of　greatness.　If　the　dragon　bees　be　red　for　years　or　even　decades，　the　most　foreseeable　sequence　is　that　RMB　will　be　an　iional　currency.　To　support　an　iional　currency，　a　should　build　‘a　stable　macroeiviro，　an　effit　market　meism　and　a　healthy　banking　system’　as　ese　Premier　Wen　Jiabao　mentioned　as　the　preditions　for　a　revaluation　of　RMB.　It　is　easy　to　say　what’s　good　but　it　is　difficult　to　identify　the　problems　and　solve　them.　When　the　growth　is　still　enough　to　sustain　the　system，　who　will　be　brave　enough　to　cut　the　mess　behind　the　rise?　a　should　not　be　afraid　to　bee　red　again.

Make　your　fate　in　trol