| 摘 要： | Since adopting` the reform and opening-up policy in the late 1970s, China has constantly expanded its foreign trade by giving full play to its comparative advantage in production cost. However, nowadays, problems previously camouflaged by high GDP growth have begun to emerge from the woodwork. Externally, China is faced with pressure on the yuan's appreciation resulting from the trade surplus, as well as trade frictions with the United States and the EU. Internally, the problem is excess liquidity due to over $1 trillion in foreign exchange reserves, coupled with a sizzling stock market and sharply rising housing prices. In a recent interview with 21st Century Business Herald, Professor Justin Yi-fu Lin from China Center for Economic Research, Peking University, who was the first person to introduce the concept of "comparative advantage" to China, responds to the many doubts people have about the theory. Excerpts:
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