Jorge Giordani, the planning minister, said this money will be used to "encourage import-substitution, reduce dependence on oil and create new jobs".
That has led Beijing to pour billions of dollars into strategic industries like clean energy and high-speed rail and to encourage imports of advanced machinery.
In practice, that means that export-oriented surplus economies like China, Japan and Germany should foster domestic demand and encourage imports, while debt-burdened deficit countries, like the United States, should trim their trade and budget deficits.
But each time the peculiar men sent to govern Hong Kong balked, with the support of locals, notably Chinese businessmen who perhaps learned too much about socialism from the devastation unfolding on the mainland to encourage importing it.Free-market faith reached its apogee in 1961-71, when Sir John Cowperthwaite was the colony's financial secretary.
Yes it will hurt exports, and it will also encourage imports.
It may, however, ease capital control rules said to encourage imports.
This rise in prices would consequently discourage exports while encouraging imports.
A country whose economy relies mostly on oil exports inevitably has an exchange rate that encourages imports and hinders exports.
This encourages imports and discourages exports, so it is easy to develop a current account deficit (meaning that the country buys more goods and services from the rest of the world than it sells).
What is needed instead, he argues, is a workable timetable under which America agrees to rethink restrictions on sophisticated exports to China, and Beijing reduces tariffs to encourage the import of cutting-edge green technology.In this context, another development in Sino-American relations strikes a discordant note.
