The Strategy Of China's Capital Account Openness

In the economic globalization context, any country must be confronted with the problem of capital account openness which is a necessary requirement for all- round participation in world competition. Especially under the current account exchange situation, the efficiency of controlled capital flow becomes much lower than before with the gradual deeping of opening up, thus capital account openness a necessary result of one country merging into the globalization.Now, China is in the process of opening its capital account. From the activity ofattracting foreign investment to the establishment of B-share and QFII, the degree ofopening is going further. Under such circumstances, it is quite necessary for us tofurther study the opening degree of China' s capital account openness and the relationship between capital account openness and other reforms.This thesis intends to measure the degree of capital account openness by applying the quantitative method, and analyze the relationship between capital account openness and other reforms. At the same time, basing on the analysis of typical capital account openness cases in developing countries, the author provides some suggestions to the selection of capital account openness and the arrangement of opening sequence according to the China' s actuality after its entry WTO.The available creations: in the fifth chapter, the author attempt to use AHP to analyze capital account openness degree which entitles different weight to different subitems of capital account; thus the capital account openness degree of every year can be objectively measured. In the last chapter, the author analyzes the influence of China' s entry WTO on capital account liberalization by applying sequence theory, and then raises the measures of opening up while reforming.Deficiency of this thesis: so far, there is no definite conclusion about the measurement of capital account openness degree and the opening-up sequence of capital account openness. And due to the limitation of my own ability and the research materials, there are many problems in this thesis to be further studied.