中国外汇储备规模和归属性质研究

The Research on the Scale and the Ownership of China's Foreign Exchange Reserves

外汇储备,是中国经济改革和发展中特殊且重大的问题,外汇储备规模过大,对中国经济的结构调整、长期增长都造成一定程度的负面影响。而外汇储备投资的安全性,外汇储备的最终归属,也是困扰外汇储备的重大问题。本文认为,追求贸易顺差的重商主义情结是外汇储备规模累计过大的主要原因,外汇储备的最终归属是全体居民而非央行,把外汇储备在居民间分解,是可以而且应该考虑的。放开民间对外投资,是解决中国外汇储备问题的根本性措施。

Foreign exchange reserves is a special and major problem in China＇s economic reform and development. The scale of foreign exchange reserves is too large, which, to a certain extent, has the negative impact on the structural adjustment and longterm growth of China＇s economy. However, the security of the foreign exchange reserves in vestment and the ultimate ownership of the foreign exchange reserves are also the major issues of foreign exchange reserves. This paper argues that the mercantilism complex pursuing trade surplus is the main reason for the excessive foreign exchange reserves ac cumulated. The ultimate ownership of foreign exchange reserves is the people rather than the central bank. The foreign exchange reserves can be divided among the inhabit ants, which should be considered. Releasing the nongovernmental foreign investment is a fundamental measure to solve the problem of China＇s foreign exchange reserves.