人民币国际化、资本市场开放和中国金融改革

The Internationalization of the RMB, Capital Market Openness and Financial Reforms in China

通过对近年来中国金融贸易一体化、经济增长及金融政策的梳理,本文认为中国出口导向型增长模式是一项成功的策略,但目前中国还需要实现国民经济的再平衡。同时本文分析了中国金融改革秩序的内在逻辑,认为过快的人民币金融国际化的机会收益可能存在高估,而忽视这一点或将给中国(乃至全球)带来危险。

The following article makes an integrated assessment of China's trade and finance, looking at its economic growth and financial policies. It concludes that China's export-oriented growth mode was successful in the past but the economy now requires rebalancing. The article analyzes the internal logic of the nation's financial reforms, and concludes that there may be an overestimation of the benefits of rapid renminbi internationalization. Overlooking the downside to this process could bring risks to China and the rest of the world.