新形势下的中国资本项目管理

China's capital account administration under new circumstances

资本项目可兑换乃至最终实现人民币完全可兑换是中国外汇管理的最终目标。但从国情看,中国近期内不具备实行完全可兑换的条件。对于未来的资本项目管理,我们始终要遵照有计划、有选择、有限制的开放方针,根据中国经济发展不同时期的不同要求,结合中国宏观经济的变化状况,审慎地提高资本项目可兑换程度,有步骤地适度开放资本账户。

Convertibility under capital account and full convertibility of renminbin are the ultimate objectives of China's foreign exchange administration. However, in light of China's situation, prerequisites for full convertibility are not available at present. According to various requirements at different stages of China's economic development, and the changes in China's macro economy, we should prudently widen the convertibility scope of RMB capital account, and gradually and moderately liberalize the capital account in a planned and optional manner with certain restrictions.