The realization of RMB w88 login account convertibility is the institutional basis for my country to establish a new open economic system and integrate deeper into globalization. It is a need to establish and improve the market economic system and promote fundamental changes in my country's economic system and operating mechanisms. Because of this,1993The Third Plenary Session of the 14th Central Committee of the Communist Party of China passed the "Decision on Several Issues Concerning the Establishment of a Socialist Market Economic System", which pioneered the idea of "gradually making the RMB a convertible currency";2013The Third Plenary Session of the 18th Central Committee of the Communist Party of China passed the "Decision on Several Major Issues Concerning Comprehensively Deepening Reforms", which clearly stated that "accelerating the realization of RMB w88 login account convertibility" was the most prominent aspect of financial reform.

Throughout my country's reform and opening up, the success lies in adopting a pragmatic spirit, rooted in national conditions and needs, rather than copying. In the process of promoting the current account convertibility of the RMB, our country has creatively implemented conditional convertibility of the current account as a transitional stage, laying a solid foundation for the ultimate realization of the reform goals. Since the w88 login account involves cross-border w88 login flows, which is essentially different from the current account, innovative reform ideas must be created. The author proposes a reform framework for managed convertibility of RMB w88 login accounts.

First of all, under the current international economic order, there are great risks for peripheral developing countries to implement full w88 login account convertibility. The dominant force in global w88 login flows is the developed countries at the center. w88 login flows in developing countries are largely determined by external factors in certain periods. This passivity makes w88 login flows in developing countries vulnerable, including risks such as large inflows and outflows and reversal of flow directions.20century90The Mexican crisis and the Asian financial crisis in the 1990s are both related to cross-border w88 login flows. w88 login is profit-seeking, and cross-border w88 login flows are more of a pro-cyclical icing on the cake than a counter-cyclical help in times of need. In order to achieve the orderly flow of w88 login and play a positive role in w88 login flows, cross-border w88 login flows need to be managed. This has begun to form an international consensus in the past decade. The best option is to reach international rules on w88 login account convertibility, but this is currently not possible. As the second best option, countries need to choose management measures based on their national conditions when promoting w88 login account convertibility to make w88 login flows develop in a favorable direction. Our country is no exception. Therefore, "managed" will be long-term rather than transitional. Even in developed countries, the ideal of complete convertibility does not exist. As domestic and international conditions change, management methods and means will continue to evolve and develop in a more market-oriented direction.

Secondly, w88 login account convertibility is not achieved overnight. w88 login account convertibility requires certain prerequisites. There are huge hidden dangers in promoting w88 login account convertibility too quickly when the conditions are not mature. However, it is unrealistic to wait for the conditions to mature before completing the task. It is necessary to proceed from the specific national conditions of the country, appropriately promote w88 login account convertibility according to the country's affordability, continue to deepen reforms, and launch one after another when conditions are ripe. Therefore, the reform process requires management, and "management" runs through the entire reform process.

Again, reform requires consensus. There are still some doubts in the society about the reform of RMB w88 login account convertibility, mainly because they take it for granted that w88 login account convertibility means complete convertibility without a safety line. Russia200611621_11733

In fact, my country’s w88 login account foreign exchange management system reform has always insisted on management. At the beginning of reform and opening up, my country's use of foreign w88 login mainly relied on external debt. However, due to the difficulty of facing a heavy debt repayment burden20century90The focus of my country's foreign investment policy has shifted to attracting foreign direct investment. During this period, export requirements and domestic intermediate product requirements have greatly promoted the spillover effect of foreign direct investment on domestic economic development, achieving the purpose of using foreign w88 login mainly for us and for our own use. The policy of utilizing foreign investment has become one of the two pillars of my country's past opening-up model. These Chinese experiences and practices reflect management orientation and correctly play the role of the government in economic development, which is worthy of reference by other developing countries.

As the economy enters a new normal, RMB w88 login account convertibility has entered a new stage. The use of foreign w88 login and export-oriented opening-up model has gradually revealed the problem of low efficiency under the new situation. From the perspective of my country's external balance sheet, it is mainly structural distortion: foreign exchange reserves account for nearly two-thirds of external assets, and foreign direct investment accounts for nearly two-thirds of external liabilities60%. This has a lot to do with the foreign exchange management system that is easy on entry and strict on exit. Therefore, the orientation of capital account convertibility is to optimize the structure of external assets and liabilities and promote institutions, enterprises and individuals to replace the government as the main holder of external assets. Relevant reforms have made significant progress in the past two years: the cancellation of approval for foreign direct investment and the adoption of a registration system have effectively promoted China's transformation from a major international savings country to a major international investment country; the launch of Shanghai-Hong Kong Stock Connect has opened up a channel for two-way opening of the capital market; foreign exchange management has been streamlined and decentralized to facilitate foreign w88 and investment; the Shanghai Free w88 Zone and relevant pilot projects in other regions have accumulated experience for further promoting convertibility reform. Under the management framework, the convertibility of RMB capital account is moving in the established direction.

About the author: Ph.D. in Economics, expert enjoying special government allowances from the State Council, professor, doctoral supervisor, assistant to the president and executive vice dean of the Graduate w88 casino of the w88 casino, Feitian Scholar of Lanzhou Business w88 casino, majoring in development finance and international finance. Famous Teaching Teacher in Beijing, China Finance40Member of the Human Forum, a scholar of the New Century Excellent Talents Program of the Ministry of Education, a scholar of the Beijing Social Science Theory "Hundred Talents Project"; concurrently serving as a director of the China Society for Finance and Banking and the World Economics Society, and an executive director of the China Society of International Finance, China Rural Finance Society, and China Society of International Economic Relations.

Attached is the original report link:

China Financial News Network:http://www.financialnews.com.cn/yw/gd/201412/t20141223_68197.html