A Quote by Wu Yi
We are now preparing for the reform of the yuan's exchange rate system. For such reforms to take place, we need good economic conditions... and we need to do it under tight control.
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If a country is an attractive place for foreigners to invest their funds, then that country will have a relatively high exchange rate. If it's an unattractive place, it will have a relatively low exchange rate. Those are the fundamentals that determine the exchange rate in a floating exchange rate system.
We need a new tax system. We need entitlement reform. We need immigration reform. These are not easy things. But it is going to take our political system working better.
Since China embraced Deng Xiaoping's reforms on 22 December 1978, China has experimented with different exchange-rate regimes. Until 1994, the yuan was in an ever-depreciating phase against the U.S. dollar.
We need to create jobs for 300,000 youth graduating from high school in the next three years. We need to produce growth so we can have an economic system that can turn our natural wealth into a productive system. We need services, because poverty reduction cannot take place without effective citizenship.
Not just the jobs building the infrastructure, but you need to have a good highway system. You need to have a good bridge system, a good pipeline system, a good canal and waterway system for economic growth to occur, for a modern economy to succeed.
We need first of all the reform of our justice system. We need reform of the education system, because of quality of education because of innovation and technology. And we need administrative reform. Too much bureaucracy.
One of my priorities is criminal justice reform, and there is certainly bipartisan appetite for that. I think we need to eliminate the cash bail system. We need to eliminate mandatory minimums. We need sentencing reform. I think we need parole reform as well.
Our entire judicial system in Liberia has broken down because of the many years of lawlessness, indiscipline and warfare. We need more training to get more qualified judges. We need infrastructural reforms. All of our laws need to be re-examined by a law reform commission.
After the maxi yuan depreciation of 1994 and until 2005, exchange-rate fixity was the order of the day, with little movement in the CNY/USD rate.
There are clearly some policies that need to change, and the reputation of the credit card industry is not high. Reforms need to take place.
It is for the poor people's sake, above all, that we urgently need more unity and better organization and need to concentrate our reform efforts in order to really to achieve reforms, one by one.
If we could create the conditions that make racism difficult, or discourage it, then there would be less stress and less need for affirmative action programs. One of those conditions would be an economic policy that would create tight labor markets over long periods of time. Now does that mean that affirmative action is here only temporarily? I think the ultimate goal should be to remove it.
A nation's exchange rate is the single most important price in its economy; it will influence the entire range of individual prices, imports and exports, and even the level of economic activity. So it is hard for any government to ignore large swings in its exchange rate.
If I take you back to the Nineties, our party came up with very bold reforms in the country, economic reforms. They were really revolutionary reforms.
India should go at their own pace and not compete with anyone. They have a league system in place and a huge fan base, but the thing they need the most is a good structure. They need to create a good footprint for football in the future because they have the numbers, but they need to improve the quality of the game.
The problem is that, in a world of floating exchange rates, as Italy was before the euro, if one country is subjected to a shock which requires it to cut wages, it cannot do so with a modern kind of control and regulation system. It is much easier to do it by letting the exchange rate change. Only one price has to change, instead of many.
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