| It is inevitable for China to open its capital account if it wants to play a significant role in the world economy and new finance system as a great power. And China's entry into WTO boosts its capital account liberalization. However, the discussion of how to realize China's capital account liberalization step by step has not been in one mind. So official and academics should pay more attention to consider capital account liberalization in depth, and this paper is written under such a background in order to study the subject.In this paper, China's capital account liberalization is the thread running through the whole discussion. In short, we focus on three issues about China's capital account liberalization: theory, current framework and strategy study. The first part: It starts with the definition and effects of capital account liberalization by using the existing economic theory and regressive models in econometrics. Then, it illustrates the necessity of liberalizing China's capital account in the background of economic globalization; The second part: the actuality of China's capital account liberalization and opening capital markets are summarized, also the characteristics of capital account liberalization management is discussed. The third part: on the basis of the above analysis, it focuses on the strategy, which concludes some recent policy issues related to this reform. At last, the author brings forward that the sequence of China's capital account liberalization should be a "positive gradualism", and point out that some accounts must be reserved till the time is ripe.China's capital account liberalization is not only the practical demand of the system evolvement, but also the urgent need under the rules of WTO. However, capital account liberalization is a historical task that requires to be pushed impersonally. More researches need to be worked over and relevant legal systems as well as the measures of supervision need to be well prepared. |
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