But if he can be confident that the exchange rate will remain stable, he will not need to restrain wages – and China has experienced 10-15% annual wage growth already. With faster wage growth at a stable nominal exchange rate, and by encouraging unit labor costs to converge to those in developed economies, China’s real international competitiveness would be better calibrated.
但是，在快速增长的新兴市场，工资通常足够灵活，能够向上调整。比如，如果雇主（特别是出口商）担心未来人民币升值，他可能会踌躇于让工资随生产率增长而增长，以此控制成本。但如果他有信心汇率将保持稳定，他就不需要约束工资——而中国目前的年工资增长已经达到了10—15%。随着名义汇率的稳定，工资增长会加快，再辅之以鼓励单位劳动成本向发达国家靠拢，中国的真实国际竞争力将进一步提升。