Adjustment Of Capital Flows Policies In The Process Of Chinese Financial Opening

The scale of the international capital flows has being expanding continuously since 1990s,and the liquidity has being also enhanced.This phenomenon has affected the global economy and it will bring important influences in the future.Many former researches about capital flows policy have existed.In the face of the new trends of international capital flows,how can we take use of the international capital to develop the domestic economy and to avoid unstable factors on economy and finance brought by the large-scale and frequent capital flows simultaneously? This problem is studied macroscopically in this paper.Beginning with the phenomenon of expanding international capital flows,the author analyzes the effects on economy especially on the inflow countries by capital flows.Then relative researches are summarized.Relative data and trend lines reflect the characters of capital flows in our country during these years.Our FDI increased stably while Non-FDI was unstable.At the same time,the status of being a host country of FDI decreased and that of being a home country of investment increased.The author predicts the possible new trends of capital flows in our country according to the new characters and developing situation.And the possible promotions and risks of the new trends are also analyzed.After reviewing the capital flows policies and their influnces on real capital flows in China,the author proposes the necessity of adjusting the current policies.At last, by referring to the international experiences and lessons,the author proposes relevant suggestions of adjusting our capital flows policies both from the short term,the medium and long term,especially on enhancing the supervision of Non-FDI flows,implementing multi-party supervision of FDI,ecouraging and supervising the capital outflows,and increasing the exchange rate elasticity of Renminbi in short term.