中国资本市场国际化的演进阶段及其实施

Development Periods and the Realization of Internationalization of China's Capital Markets

资本市场的国际化是现代世界各国资本市场的发展趋势 ,其实质是 :金融资本的跨国流动。中国资本市场国际化是经济转轨时期的国际化 ,从本质上说 ,是市场制度的变迁过程。基于上述认识 ,本文在分析过程中 ,建立了资本市场制度变迁的“两阶段模型” ,指出了中国资本市场国际化应分为初级和高级两个阶段来进行 ,初级阶段是以引进外资为主的资本市场国际化阶段 。

Internationalization of capital markets is the development tendency of capital markets in the modern world. This article establishes the two periods of model and points out that internationalization of China's capital markets should be divided into the preliminary and the advanced phrases. In the former periods, it should mainly deal with the introduction of foreign investment; and in the latter period, it should both introduce the foreign investment and export the capital.