The Effect of RMB Appreciation on the Profits Change of All Industries In China
利用2007年42个行业的投入产出表，计算各行业贸易汇率风险暴露，模拟不同升值幅度下行业利润率动态变化，发现人民币升值提高22个行业利润率、降低20个行业利润率，劳动密集型行业受冲击严重，资本（技术）密集型行业受益最大。
Using the input-output table of 42 industries in 2007,the paper computed the risk exposure of trade exchange rate with all industries,and constructed a new quantitative analysis method to describe the influence of RMB appreciation to the Chinese Export and Import.The paper also simulated the dynamic change of all industries' profit margin under the different range of RMB appreciation.The First conclusion is that the RMB appreciation can increase the profit margin of 22 industries,lower the profit margin of 20 industries.The second conclusion is that the Labor-intensive industries were hit seriously by the RMB appreciation,the Capital(skill)-intensive industries benefited mostly from the RMB appreciation.The paper indicates that the range and timing of RMB appreciation should coordinate with the industry policy,we can reduce the risk exposure of exchange rate by adjusting the trade structure,which contributed to the adjustment of economic structure and growth pattern.