资本市场自由化、经济发展与中国经济外交

Capital market liberization, economy development and China economic diplomacy

经济全球化最受争议的一个问题是资本市场自由化,其中包括外国直接投资规制措施和短期资本流动规制措施的自由化。虽然大部分外国直接投资能够促进经济发展,但是,包含投机性热钱在内的短期资本流动,带来的是虚假经济繁荣。资本市场自由化会加剧顺经济周期的短期资本流动,带来消费的急剧波动,造成宏观经济动荡,阻碍经济增长,不利于经济发展。中国在国际金融领域的经济外交,应该加强资本控制,抑制短期资本投机活动;适时推进货币整合进程,分散短期资本流动带来的金融风险;推动国际经济治理民主化,公平分担短期资本冲击的代价。

The most controversial aspects of global- ization is capital market liberalization--not so much the liberalization of rules governing foreign direct investment （FDI） but those affecting short-term capi- tal flows that can come into and out of a country. Al- though most FDI can promote economic development, short -term capital flows, including speculative hot capital, leads to false economic prosperousness. Therefore,capital market liberalization will increase short-term capital flow pro-cyclically, and lead to more consumption volatility and more overall economic volatility, hindering economic growth and economic de- velopment, China＇s economic diplomacy should be aimed at strengthening capital controls, advancing the pro- cess of monetary integration at the right time and pushing international economic governance towards the goal of democracy.