Tim Brinton

L’allettante conto capitale della Cina

PECHINO – Malgrado le fluttuazioni la crescita economica generale della Cina è stata stabile negli ultimi tre decenni, non solo grazie ai solidi fondamentali economici, ma anche per la riuscita gestione da parte del governo dei flussi di capitale oltrefrontiera.

I controlli sui capitali hanno consentito alla Cina di uscire indenne dalla crisi finanziaria asiatica del 1997-1998, anche se il suo sistema finanziario era tanto fragile quanto quello dei Paesi colpiti. La crisi finanziaria asiatica ha convinto i leader cinesi ad accantonare quei piani, lanciati nel 1994, tesi alla liberalizzazione dei conti capitali.

Nel 2002 la Cina si era riattivata sul fronte della liberalizzazione, sollevando le restrizioni sulla capacità delle imprese cinesi di aprire conti bancari in valuta estera e consentendo ai residenti sia di aprire conti in valuta estera sia di convertire ogni anno l’equivalente in renminbi di 50mila dollari in monete estere. Le autorità avevano altresì introdotto il programma “qualified domestic institutional investors” (Qdii) per consentire ai residenti di investire in asset esteri – una delle tante iniziative finalizzate ad allentare la pressione verso l’alto sul tasso di cambio del renminbi incoraggiando i flussi di capitale verso l’esterno. Allo stesso tempo, lo schema “qualified financial institutional investors” (Qfii) ha consentito agli enti esteri ufficiali di investire nei mercati di capitale domestici.

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