Professor Liqing ZHANG's paper “The Process of China’s Capital Account Convertibility: Experience and Prospects” was published in the 7th 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.
From capital account control to capital account convertibility is an important part in the reform of China’s foreign exchange management system. Before the mid-1990s, due to the shortage of foreign exchange, China has been applying strict controls on capital flows. In November 1996, after the People’s Bank of China announced the acceptance of Article 8 of the IMF, which is the convertibility of the current account, the focus of China’s foreign exchange management system reform has been gradually shifted to the convertibility of the capital accounts. During the past 20 years, China has moved a large step towards the capital account convertibility and gained a wealth of experiences in the process, which is worth reviewing and summarizing.