美联储议息会议推出的QE4让大洋彼岸的中国出口企业倒吸了口凉气。截至目前，美国对华实际投资近700亿美元，中国对美金融和非金融类投资近100亿美元。QE4的推出或将直接影响大宗商品价格，增加人民币升值压力，进而直接影响中国出口企业。

The federal reserve interest against the launch of the meeting QE4 let ocean the other shore of Chinese export enterprise fall suction mouth air.So far,America's actual investment in China nearly $70 billion,China to the financial and non-financial investments nearly $10 billion.QE4 launch or will have a direct impact on commodity prices,Increase the appreciation of the renminbi pressure,And then directly affect China's export enterprise.

　　北京时间12月13日凌晨，今年最后一次美联储议息会议的结果终于从太平洋(601099,股吧)彼岸传来。

Beijing time on December 13, at,The last time the federal reserve this year against the outcome of the meeting finally interest from the Pacific Ocean(601099,guba)From the shore.

　　议息会议后发布的声明透露，为支持经济更强劲复苏，并帮助确保通胀随着时间的推移达到与目标最一致的水准，美联储麾下的联邦公开市场委员会将继续按每月400亿美元的进度购买机构抵押支持债券(MBS)。同时，委员会还将购买较长期公债，初步进度为每月450亿美元，即推出第四轮量化宽松(QE4)，加上此前的QE3，则每月总计购买资产约850亿美元。

Discussion interest after the meeting issued a statement said,To support more strong economic recovery,And help ensure that inflation as time goes on to target the most consistent level,The federal reserve of the army of the federal open market committee will continue to usd 40 billion per month progress purchase agency mortgage-backed bonds(MBS).At the same time,Still, the committee will buy a long bond,Preliminary schedule for $45 billion a month,That is the first round out quantitative easing(QE4),With previous QE3,The monthly total assets of about 85 billion U.S. dollars to buy.

　　美联储还首次为维持0~0.25%的超低利率政策设定了具体门槛，即：失业率高于6.5%，未来1~2年通胀预期不超过2.5%，长期通胀预期稳定于接近但不超过2.0%的水平。

The federal reserve for the first time in order to maintain 0 ~ 0.25% low interest rate policy set a specific threshold,namely:The unemployment rate is higher than 6.5%,The future 1 ~ 2 years inflation expectations are not more than 2.5%,Long-term stable inflation expectations in close to but not more than 2.0% of the level.

　　此外，联邦公开市场委员会调降了对2012直到2015年的经济增长预期，这也从一个侧面说明了美联储为何推出新的QE项目。

In addition,The federal open market committee a reduction in the 2012 to 2015 years of economic growth prospects,This also from a side, illustrates why the new QE projects.

　　或推高全球通胀水平

Or push up global inflation

　　“QE4充分说明了美国经济存在问题，”清华大学中美关系研究中心高级研究员周世俭表示，“每月加印450亿美元的钞票购买国债，必然带来以美元计价的大宗商品价格上涨，推高世界范围的通胀。”

"QE4 further proof that the American economic problems,"Tsinghua university relations between China and the United States, a senior fellow at the center ZhouShiJian said,"Monthly put a $45 billion bill to buy national debt,Must lead to a dollar denominated in commodity prices,Push up inflation worldwide."

　　美国对自身经济的复苏力度还不满意。议息会议后发布的声明显示，虽然美国近几个月经济活动和就业继续温和扩张，失业率自夏季已经有所下降，但联邦公开市场委员会认为这一比率仍处于高位；家庭支出已继续增加，楼市进一步显露改善迹象，但企业固定投资增速已经放缓。委员会仍担心如果没有足够的宽松政策，经济成长可能不够强劲而无法令就业市场状况持续改善。

The United States for its economic recovery efforts is not satisfied.Discussion interest after the meeting issued a statement shows,Although the United States in recent months economic activity and employment continued to moderate expansion,The unemployment rate has already declined since the summer,But the federal open market committee think this ratio remains high;Household spending has continued to increase,The property market further show signs of improvement,But the enterprise fixed investment growth has slowed.Commission is still worried that if not enough loose policy,Economic growth may not powerful enough to make employment market conditions continue to improve.

　　周世俭指出，虽然从一方面看QE4对美国经济复苏有一定的帮助，可带动中国产品出口，但另一方面，美联储的印钞机加印了450亿美元，等于翻了一番，这是在透支美元信用。“美国没有承担起国际大国的责任，通过印钞来掠夺全世界的财富以刺激美国经济，所印的钞票只有约30%在美国国内流通，而另外70%则注入了国际市场，导致美元缩水。”周世俭认为，综合两方面的因素来看，美国的行为对世界弊大于利。

ZhouShiJian pointed out that,Although QE4 from one perspective to the United States economic recovery has certain help,Can promote China's export products,But on the other hand,The fed's managers put $45 billion,Is doubled,This is the dollar credit overdraft."The United States does not assume the responsibility of the international power,Through the print chao to plunder the wealth of the world to stimulate the U.S. economy,Printed money only about 30% in the United States circulation,And the other 70% into the international market,To cause the dollar to shrink."ZhouShiJian think,Comprehensive two factors to see,America's behavior to the world more harm than good.

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(Turn the A3 version)

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(Connected to A1 version)

　　周世俭还指出，不仅美国，欧盟、日本等发达资本主义国家都在搞量化宽松，这实质上是在进行印钞比赛，必将推高世界范围的通胀，这种行为损人不利己。

ZhouShiJian also pointed out that,Not only the United States,The European Union/Japan and other developed capitalist countries are in make quantitative easing,This is essentially in print chao game,The world will push up inflation,This kind of behavior benefit dog in the manger.

　　但中国国际贸易学会中美欧研究中心主任何伟文则认为，对量化宽松不应公式化地套用过时的分析。严格地说，量化宽松并未带来货币发行量的猛增和美元泛滥，其实质是美联储主要通过改变资产负债表的结构来提供流动性，而不是大量增发流动性。

But the China association of international trade in the us and Europe HeWeiWen, director of the center is considered,To quantitative easing should not formulation to form out of date analysis.Strictly speaking,Quantitative easing did not bring in money circulation explosion and the dollar flood,Its essence is the fed mainly by changing the structure of the balance sheet to provide liquidity,Instead of a large number of additional liquidity.

　　中国出口企业承压

China's export enterprise bearing

　　美联储议息会议结果出来后，非美货币涨势明显，金银、原油、美三大股指及CRB指数（期货价格指数）均上涨，唯独美元指数跌至79.89点，下跌了0.21%。“QE4的推出必然会推高大宗商品价格，美元贬值会进一步增加人民币升值的压力，中国企业产品出口美国难度加大。从生产及销售的成本投入产出比来看，中国企业想要保证利润，有一定的困难。”商务部研究院国际市场研究部副主任白明表示。

The federal reserve interest meeting discussion results come out,The American currency rise significantly,Gold and silver/Crude oil/Beautiful three big stock index and CRB index(Futures price index)Are rising,But the dollar fell to 79.89 points,Dropped 0.21%."QE4 launch will push higher commodity prices,The dollar will further increase the pressure of RMB appreciation,China enterprise products are exported to the United States more difficult.From the production and sales cost input-output ratio to see,Chinese companies want to guarantee profits,Have some difficulties."The ministry of commerce, deputy director of the institute of international market research bai Ming said.

　　从今年前11个月的数据来看，中美双边贸易额增速出现下降趋势，今年年初预计的突破5000亿美元的目标难以实现。加之欧洲市场需求紧缩，我国外贸环境较为严峻。白明指出，在世界市场整体不振的情况下，我国企业的产品价格上不去，若人民币进一步升值，则兑换成人民币后，企业所得的利润会更少。

11 months from years ago to see the data,Bilateral trade between China and the United States growth decline trend,At the beginning of this year is expected to breakthrough the $500 billion goal is difficult to achieve.Together with the European market demand squeeze,Our country foreign trade environment is more severe.Bai Ming pointed out that,In the world market of the whole of the case,Our country enterprise product price couldn't get on,If a greater appreciation of the renminbi,After the conversion into RMB,Enterprise profits will be less.

　　财政部财政科学研究所博士、武汉大学国际问题研究院副教授苗迎春也表示，美联储继续扩大QE3规模，增加了国际市场的资本流动，虽不是专门针对中国，但中国也必然会受其影响。“这会进一步抬高我国的物价，提高大宗商品价格，推高通胀水平。美国通过货币政策来保证美元地位，中国出口企业的难度肯定会加大。”苗迎春说。但他同时指出，因为人民币币值变化主要还是取决于国内经济状况和政策，因此QE4可能会提高人民币升值的压力，但这种压力仍在可控的范围内。

The ministry of finance financial science institute doctor/Wuhan university institute of international issues, an associate professor MiaoYingChun also said,The federal reserve continues to expand QE3 scale,Increase the international market capital flows,Is not just for the Chinese,But China will inevitably influenced by it."This will further raise our prices,Improve commodity prices,Push up inflation.The United States through the monetary policy to ensure that the dollar's status,China's export enterprise difficulty will increase."MiaoYingChun said.But he also pointed out,Because the yuan currency changes mainly depends on the domestic economic situation and policy,So QE4 may improve the pressure of RMB appreciation,But this kind of pressure is still in the controllable range.

　　为化解QE4中国产品出口带来的不利影响，思考如何通过提高产品技术含量、品牌知名度、附加值，从而提高国际竞争力仍是老生常谈。白明也表示，我国企业现在已经意识到转方式、调结构的重要性，地方政府出台了相应的扶持措施，9月国务院出台了外贸“国八条”，都在积极探寻中国外贸企业的新出路。

To resolve QE4 China products are exported to the negative influence of,Think about how to improve the product technology content/Brand awareness/Added value,So as to improve the international competitiveness is still commonplace.Bai Ming also said,China's enterprises have now realized that turn way/The importance of structure adjustment,The local government issued a corresponding supportive measures,September the state council issued a foreign trade"Eight countries",In China's foreign trade enterprise actively explore new way out.