Tim Brinton

China y la tentación de la cuenta de capital

PEKÍN – A pesar de las fluctuaciones, el crecimiento de la economía china en general se ha mantenido estable durante las últimas tres décadas, no solo por la solidez de sus aspectos centrales, sino también por la exitosa gestión gubernamental de los flujos de capital transfronterizos.

Los controles de capital permitieron a China salir en gran medida indemne de la crisis financiera asiática de 1997-1998, aun cuando la fragilidad de su sistema financiero era al menos similar a la de los países afectados. La crisis financiera asiática persuadió a los líderes chinos para archivar sus planes, lanzados en 1994, de liberalización de la cuenta de capital.

En 2002, China retomó sus esfuerzos de liberalización, eliminando las restricciones a sus empresas para abrir cuentas bancarias en moneda extranjera, y permitiendo a los residentes tanto abrir cuentas en moneda extranjera como convertir el equivalente a $50.000 yuan al año en otras monedas. Las autoridades introdujeron también el programa de «inversores institucionales nacionales cualificados» (IINC) para permitir a los residentes invertir en activos extranjeros –una de las muchas iniciativas para reducir la presión al alza sobre el tipo de cambio del yuan fomentando la salida de capitales. Simultáneamente, el esquema de «inversores institucionales extranjeros cualificados» (IIEC) permitió que entidades extranjeras autorizadas pudieran invertir en los mercados internos de capital.

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