资本管制到金融全球化时代的美国对外投资

The U.S.International Investments from the Era of Capital Restriction to Financial Globalization

战后以来的半个多世纪里,以强大的综合国力为基础,随国际资本流动的开放程度加深,美国的对外投资规模持续扩大,对外资产总量日益庞大,形成以高收益对外直接投资和股票投资为主导的对外资产结构,并在美国政府的利率政策作用下持续保持着正的国际投资收益。这种发展态势从一个角度表明了美国综合国力的强大。中国在未来的国际投资中,借鉴美国的经验,在控制外汇储备增量的基础上扩大非政府对外投资以提高对外投资的收益性,是一种可考虑的政策选择。

The US international investment has been keeping growing with an increasingly large amount of external assets for more than half a century after the World War II with a strong comprehensive national strength and international capital flowing. Therefore, the external assets of US investments have been formed as a high yield foreign direct investment and stock investment, and continued to maintain a positive international investment income by interest rates and interest rate policy under the U.S. government. To some degree, this shows the strength of the United States. It would be a considered policy option for China in future international investment to expand nongovernmental foreign investments to improve the profitability of＂ foreign investment to enhance the reserves increment in foreign exchange drawing on the experience of the U nited States.