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【Liqing ZHANG】 Steadily Open up Capital Market and Prevent Cross-Border Capital Flow Risks

Published:2019-06-05  Views:


The paper The Development of China’s Capital Account Convertibility: Experience and Prospects”, co-authored by Professor Liqing ZHANG and doctoral student Siying CAI, was published in the 11th issue of 2019 by the well-known journal “China Foreign Exchange”. The journal is a national publication on foreign exchange management and an important publication for publicizing and explaining China's foreign exchange regulations.


In recent years, the pace of capital account liberalization, which is an important part in the opening-up of China’s finance industry, has accelerated markedly. On the one hand, with the relaxation of market access restrictions, more and more overseas securities institutions are entering China’s capital market through joint ventures; on the other hand, two-way cross-border capital flows are also increasing, and the scale is gradually expanding. Generally speaking, the opening-up of capital market will help improve the efficiency of resource allocation in China's financial market, but at the same time it may significantly increase the volatility of the market. How to effectively prevent cross-border capital flow risks while steadily opening up capital markets has become an important issue facing the current decision-making departments.


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