进入中国市场的境外资金研究

Foreign Capital Entering China's Market

1997年东南亚金融危机的一个深刻教训在于:越是开放的经济体,越应该对进出本经济体的境外资金加强监测和管控。这对处于经济转型和加快开放的中国经济来说,尤其具有参考意义。从2002年下半年开始,境外资金大量、持续地流入中国境内,并在我国的经济金融运行中占据着越来越重要的份量。然而,目前国内尚未对境外资金的流入进行系统、深入的跟踪研究,导致无法对境内的境外资金做出准确的把握。在人民币汇率制度加快改革的大背景下,加强对境内的境外资金监控更具有突出的战略意义。本文在估算境外资金的流入态势和规模的基础上,分析了其入境的主要途径和动因,最后提出了相应的对策建议。

One profound lesson drawn from the financial crisis of Southeastern Asia in 1997 is that: the opener an economy becomes, the stricter supervision and control are to be exercised over the foreign capital coming in and going out. This is extremely meaningful to China as a transitional economy accelerating her opening up program. Since the second half of 2002, huge amount of foreign capital have begun to muscle in continuously and become increasingly weightier in our economic operations. Nevertheless, so far there has been little or no comprehensive and deep tracking and study of such foreign capital inflow, making it impossible to determine the actual amount of incoming foreign capital. Under the backdrop of speedy RMB exchange rate reform, it is of strategic significance to tighten control over the influx of foreign capital. Based on the predicted trend and scale of incoming foreign capital, major entry channels and underlying cause are analyzed and countermeasures are provided.