关键词: 汇率风险, 中美贸易摩擦, 产业竞争, 产业政策, 企业国际化

Abstract: Under the new development paradigm, modern industries should pay more attention to the balance between development and safety This paper analyzes how exchange rate fluctuation and foreign industry competition affect Chinas industries using a comprehensive data from 2005 to 2018 The results show that 425% of Chinas industries are exposed to USDRMB risk, and the resource product industry is most affected by exchange rate shocks The tradable goods industry has benefited from the devaluation of the RMB against the US dollar, but the importance of the exchange rate is much lower than the JapanUS trade war period (19751997). Similarly, 389% of industries face industrial competition from the United States, and industrial policy support has enhanced the competitiveness of Chinas industries In addition to the United States, Chinas industries also face industrial competition from developed European countries such as the United Kingdom and France On this basis, the difficulties and countermeasures of enterprise internationalization in the post epidemic era are discussed The research has abundant policy applications for exchange rate risk management and industrial policy formulation

Key words: exchange rate risk, industrial competition, ChinaUS trade friction, industrial policy, firm internationalization