中国国际收支的结构性变化及其动因

Changes in China's Balance of Payments since the Reform and Opening up

改革开放以来,我国国际收支大体经历了三个阶段的变化:第一个阶段是由政府主导的管理平衡阶段(1978～2000年);第二个阶段是由返销式直接投资主导的国际收支非均衡扩张阶段(2001～2014年);第三个阶段是由市场主导的再平衡阶段(2015～2018年)。文章分析了这三个阶段的内涵和形成的动因。

Since the reform and opening up,China's balance of payments has undergone three stages of change. The first stage is the government led management balance stage( 1978～2000). The second stage is an unbalanced expansion stage( 2001～2014),which is led by the Return Selling direct investment. The third stage is the market led rebalancing stage( 2015～2018). This article will analyze the details and motivation of these three stages.