非贸易品

在对引入贸易品和非贸易品资本生产率的扩展模型进行理论推导的基础上对人民币实际汇率进行实证研究，用以论证巴拉萨&萨缪尔森效应扩展模型在中国是否成立。

The paper also makes an empirical study on RMB real exchange rate based on theoretical analysis of extended mode which introducing capital productivity of tradable goods and non-tradable goods .

人民币汇率的不断改革对中欧之间的贸易关系的影响并不是一个简单的过程，贸易品与非贸易品的相对价格因为汇率的低估而扭曲，贸易品价格也因此而被高估。

It is not a simple process of the continuing reform of the RMB exchange rate policy on trade relation between china and Europe . Tradable and non-traded goods relative price distortions due to exchange rate undervalued , therefore trading goods prices were overvalued .

鉴于非贸易品生产部门通胀相对较高，这些国家的实际利率也相对较低。

With inflation in sectors producing non-tradeables relatively high , real interest rates were also relatively low in these countries .

实际汇率升值也会有助于改善服务（非贸易品）相对于工业品（贸易品）的贸易条件。

A stronger real exchange rate would also help improving the terms of trade for services ( non tradables ) compared to manufacturing ( tradables ) .

最后得出的结论是农业、工业、服务业各行业之间存在很强的替代性，工业制成品中贸易品与非贸易品有很强的替代关系。

Finally , the conclusion is there have strong substitution between agriculture , industry and service departments , tradable products and non-tradable products have strong substitute relationship in Industrial products .

贸易条件、政府非贸易品支出、开放程度、技术进步、外国直接投资、利差、通胀率之差是人民币均衡实际汇率的长期决定因素。

Trading condition , non-trading commodities export by government , technology development , and direct foreign investment , difference in interest rate , and inflation are all decisive factors of the practical equilibrium RMB exchange rate .

如果中国试图过快地做到这点，国内供需失衡将拖低经济增长率，而由于资金无法足够迅速地转入非贸易活动，贸易品巨大的过剩产能也将拖累增长和就业。

If China tried to do this too quickly , domestic supply-demand imbalances would lower the growth rate , with large excess capacity in tradable goods acting as a break on growth and employment because capital could not shift rapidly enough into non-tradable activities .