中国金融开放的三个阶段:从局部开放走向全面开放

Three Stages of China’s Financial Opening-up:the Process from Partial to Full Opening-up

文章把中国金融开放划分为三个阶段:第一阶段,经济追赶启动期的金融开放(1978~2005年),该阶段的金融开放以直接投资为主要对象,以放松资本流入管制为主要内容;第二阶段,经济快速崛起期的金融开放(2005~2016年),这一阶段的金融开放以缓解人民币升值压力为主要目的,以放松资本流出管制为主要内容;第三阶段,新时代中国作为经济大国的金融开放(2017年至今),这一阶段的金融开放以全面金融开放为主要目标,中国作为全球第二大经济体,推进全面金融开放是必然选择。就发展趋势而言,中国的金融开放正在从局部开放走向全面开放。

This paper divides China’s financial opening-up into the following three stages. The first financial opening-up stage( 1978 ~2005) is in the period of economic catch-up,in which the main object of financial opening-up is capital inflow;the second financial opening-up stage( 2005 ~ 2016) is in the period of rapid economic rise,in which the main object of financial opening-up is capital outflow;the third financial opening-up stage( 2017-present) is in the period when China has become one of the biggest economic power in the world. At this stage,the goal of financial openness is to realize full opening-up. Generally speaking,the process of China’s financial openness is from partial opening-up to full opening-up.