Tim Brinton

中国资本帐户的诱惑

发自北京——尽管时有波动,但中国的总体经济增长在过去三十年里一直保持稳定,这不仅源自于其强大的经济基本面,还得益于中国政府对跨境资本流动的成功管理。

资本控制使中国能够在1997至1998年的亚洲金融危机中大体无碍——尽管其金融系统至少和那些受危机影响国家一样脆弱。而这场危机也让中国领导人搁置了1994年启动的资本账户自由化进程。

到了2002年,中国重启自由化进程,放宽中国企业开设外汇银行账户的限制,并允许其居民开设外汇账户、每年将等值于5万美元的人民币转换为外币。当局还引入了“合格境内投资者”(QDII)项目使其居民能够投资海外资产——这是旨在通过鼓励资本外流来缓解人民币汇率上升压力的众多举措的其中一项。与此同时,“合格境内投资者”(QFII)项目则允许被授权的外国实体投资国内资本市场。

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