中国对外金融的政策排序——基于国家对外资产负债表的分析

文章立足于中国国际投资头寸表,以提高中国对外净资产为目标,讨论了中国对外金融开放的政策排序。增加对外负债的前提是提高对外资产的投资收益,这一逻辑决定了人民币汇率形成机制改革、外汇储备管理体系改革、资本流出管理改革是当前最迫切的改革内容,人民币国际化与资本流入管理改革应该在上述改革的基础上推进。

Policy Priorities of China's Foreign Financial:Analysis Based on External Balance Sheet

Based on China's international investment position,this article discusses policy priorities of its foreign financial opening up with a view to increasing its net external assets.The prerequisite for increasing foreign debt should be increase in investment returns of its foreign assets,which indicates that reforms of the renminbi exchange rate formation regime,foreign reserves management regime and capital outflow management are the most urgent tasks for policymakers.The renminbi internationalization and cap...