我国跨境资本流动管理的新发展问题研究

Research on New Development in Management of Cross-border Capital Flow in China

当前全球经济处于触底反弹的关键时期,世界主流新兴经济体均面临着较为突出的跨境资本管理瓶颈问题。我国管控跨境资本流动面临着两难抉择:一方面,通过放开资本账户虽能有效地协调国际金融资本资源配置,但或将带来较为突出的金融衍生性风险。另一方面,传统的外汇管制、货币政策、财政政策等跨境资本流动管理工具的管控针对性、科学性、实效性程度有所降低,因此基于宏观管理的思路来管控我国跨境资本全周期流动具有较强的可行性和适用性。据此,提出我国跨境资本流动管理的有效路径,并围绕资本流入端征税管理、宏观金融政策协调、跨境资本流动性管理工具的合理使用等方面构建了管理政策体系。

In this critical period of bottoming out of the global economy,the world’s major emerging economies are facing more prominent problem:cross-border capital management.For China the dilemma is:on the one hand,while the liberalization of the capital account can effectively coordinate the allocation of international financial capital resources,it may also bring more prominent financial derivative risks;on the other hand,the traditional foreign exchange control,monetary policy,fiscal policy and other cross-border capital flow management areas are less targeted,scientific,and effective.Therefore,the entire cycle of cross-border capital in China based on the concept of macro management flow has strong feasibility and applicability.Based on this,an effective path for cross-border capital flow management in China is proposed,and a management policy system is constructed around taxation management at the capital inflow side,coordination of macro financial policies,and rational use of cross-border capital liquidity management tools.