【正文】 nce in meeting foreign exchange surrender requirements, active intervention by the central bank in the foreign exchange market, heavy use of circulars for policy clarification and changes, and continuous crackdowns on illegal foreign exchange transactions. In November 2020, China concluded its accession to the WTO. As China is mitted to opening its domestic financial markets substantially to foreign investment, the WTO accession may bee another driving force for the liberalization of its capital mobility control regime. While benefits of opening capital account transactions have been well documented, the process is more plex than that of current account liberalization。 Capital mobility 1. Introduction After 18 years of persistent efforts, China achieved current account convertibility for its currency in December 1996. As the authorities started to plan the next phase of exchange reform, the Asian financial crisis occurred. The financial crisis reminded policy makers about the high risk of opening up the capital account without a sound financial system in Place. A cautious approach to capital account liberalization has gained even greater credibility. In the aftermath of the Asian financial turmoil, the Chinese authorities intensified their efforts to reform and strengthen the financial sector. In November 2020, China concluded its accession to the World Trade Organization (WTO). As the result of the negotiations, China has agreed to open domestic financial markets substantially to foreign investment. While detailed analysis is still needed to assess the implications of those mitments for the current capital control regime, pressure for capital account liberalization will certainly increase. China has moved to the last frontier of its foreign exchange reform. Previous reforms have generally focused on gradual liberalization of the current account and inward direct investment, aimed at strengthening the real sector and export capacity of the economy, whereas the next phase of capital account liberalization tends to be closely related to the development of the domestic financial sector. China is faced with a formidable task of shaping its financial sector in a way that would sustain capital account liberalization. The purpose of this paper is twofold: First, it will describe the process of China’s foreign exchange reforms as they unfolded since 1979。 Section 4 focuses on the rapid development of the foreign exchange swap market after the mid1980s until 1993。本文的結(jié)論是，中國(guó)的外匯改革的核心，自 1979 年以來(lái)一直在逐步轉(zhuǎn)變其外匯分配機(jī)制，從一個(gè)受中央計(jì)劃經(jīng)濟(jì)到市場(chǎng)力量發(fā)揮了顯著作用。在 2020 年 11 月，中國(guó)結(jié)束了加入世界貿(mào)易組織（ WTO）。本文的組織如下 ：第 2 節(jié)簡(jiǎn)要介紹了改革前的外貿(mào)和匯率制度的紙張作為一個(gè)起點(diǎn)，第 3 節(jié)討論從 1981 年到1979 年外部的改革，并通過(guò)內(nèi)部結(jié)算率。在1979 年采取的改革措施主要集中在一些的外貿(mào)經(jīng)營(yíng)權(quán)下放，并允許更多的外貿(mào)企業(yè)要建立。在同一年，當(dāng)局推出了外匯留成制度，向出口商提供激勵(lì)。一組建議，按現(xiàn)行官方匯率低估了人民幣幣值，要求重估人民幣官方匯率。為了鼓勵(lì)外商投資的流入，政府決定開(kāi)放 4 月外商投資的主要沿海地區(qū)。 在 1985 年 8 月至1986 年 7 月，它保持 3 年以上 。因此，外匯掉期業(yè)務(wù)來(lái)虛擬停止。 1989 年 6 月后，當(dāng)局采取了非常強(qiáng)有力的措施，以遏制在經(jīng)濟(jì)，收緊信貸和提高利率。這項(xiàng)改革的核心是取消出口補(bǔ)貼。到 1993 年，在 1991年之前，全國(guó)各地共有 108 家外匯調(diào)劑中心調(diào)劑市場(chǎng)匯率，中國(guó)的外匯交易的50％左右，但 1991 年后，份額上升至 80％。在新制度下，國(guó)內(nèi)企業(yè)需要將所有外匯收入出售給外匯指定銀行。此外，已采取措施以減少貿(mào)易障礙，在 1996 年4 月，進(jìn)口關(guān)稅降低 4994 項(xiàng)，占中國(guó)稅目總數(shù)的 83％以上 。到目前為止，資本賬戶(hù)的措施已經(jīng)具有高度選擇性和主要集中在外來(lái)直接投資自由化。因此，它是關(guān)鍵，以解決金融部門(mén)的弱點(diǎn)提前，或同意與資本賬戶(hù)自由化，這可能是中國(guó)未來(lái)的匯率改革的一個(gè)重要問(wèn)題。隨著中國(guó)入世承諾開(kāi)放國(guó)內(nèi)金融市場(chǎng)，外國(guó)投資大幅可能會(huì)成為資本流動(dòng)的自由化控制制度的另一個(gè)驅(qū)動(dòng)力。因此，正式宣布的時(shí)間表提前 3 年，中國(guó)實(shí)現(xiàn)了經(jīng)常項(xiàng)目可兌換的目標(biāo)。在 3 月，國(guó)家外匯管理局開(kāi)始試驗(yàn)一個(gè)系統(tǒng)，允許外商投資企業(yè)購(gòu)買(mǎi)和出售外匯交 易及結(jié)算所通過(guò)外匯指定銀行在江蘇 、 上海 、 深圳 、 大連，并允許外資銀行提供此類(lèi)服務(wù)的外商投資企業(yè) 。事實(shí)上，這些措施，主要是鋪平了道路，為中 國(guó)最終加入世界貿(mào)易組織于 2020 年 11 月。因此，在 1991 年 12 月，外匯掉期市場(chǎng)的銷(xiāo)售幾乎沒(méi)有任何限制。改善的情況設(shè)置了階段為最終實(shí)現(xiàn)人民幣可兌換，當(dāng)局獲得了信心和經(jīng)驗(yàn)，在宏觀經(jīng)濟(jì)穩(wěn)定。 很長(zhǎng)一段時(shí)間，外匯平衡的要求，是一個(gè)最嚴(yán)重的問(wèn)題，為外商投資企業(yè)（外商投資企業(yè)）經(jīng)營(yíng)的鼓勵(lì)更多的資本流入，國(guó)務(wù)院允許外商投資企業(yè)實(shí)際利用外資互相交換交換 1986 年，而在經(jīng)濟(jì)特區(qū)，外商投資企業(yè)，甚至允許與國(guó)內(nèi)機(jī)構(gòu)交換。雖然這個(gè)系統(tǒng)是一個(gè)非常復(fù)雜的多重匯率安排，但它確實(shí)超出中央政府提供外匯資源的控制措施。 如果擬議的改革方案全面實(shí)施后，可能已發(fā)生根本性的變化。例如，在 1978 年無(wú)利可圖的出口占中國(guó)出口總額 66％。保留外匯收入可以用于國(guó)家政策批準(zhǔn)的進(jìn)口貨物和服務(wù)。在 1981 年， 10 個(gè)傳 統(tǒng)外貿(mào)企業(yè)出口占出口總額的 ％和 ％，進(jìn)口。 2． 在 1979 年的改革和采用的 ISR 外部改革的第一輪開(kāi)始于 1979 年。以往的改革一般集中在經(jīng)常賬戶(hù)和外來(lái)直接投資的逐步開(kāi)放，旨在加強(qiáng)真正的制造業(yè)和出口的經(jīng)濟(jì)能力，而下一階段資本賬戶(hù)自由化往往是國(guó)內(nèi)金融的發(fā)展密切相關(guān)部門(mén)。由于當(dāng)局開(kāi)始部署下一階段匯改，發(fā)生了亞洲金融危機(jī)。 Chen 1989, p. 47). In essence, people who held this view were mainly concerned about the situation in the export sector and growing export with the two conflicting views, the authorities decided to choose the middle of the road by adopting a dual exchange rate system, with the official exchange rate applied to nontraderelated foreign exchange transactions and the more depreciated ISR applied to traderelated transactions. 3. Development of the foreign exchange swap market China launched the second round of external reform in 1984. To encourage inflows of foreign investment, the government decided to open up major coastal areas to foreign investment in April. Reform proposals submitted by the MOFTEC were approved in September. The proposals provided for greater management independence from the government of traderelated enterprises and increasing integration of the trade sector with the nontrade sectors of the ec