日前国务院常务会力排众议，明确要求“提出人民币资本项目可兑换的操作方案”。这凸显中央的决心，关键领域资本项目可兑换终于可期。

Recently the state council Wednesday presided 20 million-plus,Clear requirements"The scheme of the operation of the RMB capital account convertibility".This highlights the central determination,Capital account convertibility can be finally period in key areas.

　　资本项目可兑换是建立开放型经济体系和更深层次融入全球化的制度基础。无论是横向比还是纵向比，中国外贸依存度都很高，但很少被认为是开放型经济。中国主要是以贸易和利用外商直接投资为主的方式参与全球化，对外投资近年来才有所发展，处于较低的层次。推进资本项目可兑换改革，实现跨境资本的有序合理流动，在全球范围内配置、利用各种资源，会显著提高与世界一体化的程度，有助于打造升级版的中国经济。

Capital account convertibility is establishing the open economy system and deeper into the institutional basis of globalization.Than horizontal or vertical,China's foreign trade dependence is very high,But rarely is considered to be an open economy.Is the main trade and use of foreign direct investment on China's way of participating in globalization,Foreign investment in recent years to grow,At a lower level.Promote the reform of capital account convertibility,Implement reasonable orderly cross-border capital flows,In the global configuration/Use a variety of resources,Will significantly improve the degree of integration with the world,Help to build upgrade version of the Chinese economy.

　　资本项目可兑换将带来经济体制和运行机制根本性变革，赋予国内外投资者在投资目的地选择上的更大自主权，资本自由流动对经济制度有着内在的要求。资本项目可兑换的这种制度趋同效应，有助于推动改革原有制度中不合理的、无效率的部分，促进制度变迁和创新，防止市场化改革的有名无实和倒退。资本可以用脚投票的潜在威胁，也促使政府采取负责任的宏观经济政策。

Capital account convertibility will bring fundamental change economic system and operation mechanism,Assigned to the foreign and domestic investors in investment destination choice of greater autonomy,Capital is intrinsically requires the free flow of economic system.The system convergence effect of capital account convertibility,Help to push forward the reform of the original system is not reasonable/No part of the efficiency,To promote institutional change and innovation,Prevent the market-oriented reform of nominal and backwards.The potential threat from capital can vote with their feet,Also prompted the government to adopt responsible macroeconomic policies.

　　资本项目可兑换改革牵一发而动全身。中国经济存在诸多分割和保护，造成效率低下。改革也进入深水区，面临既得利益集团的巨大阻力，动谁的利益都难。资本项目可兑换，本身既是开放又是改革的内容，还能促动、倒逼其他领域的改革，抑制寻租行为和套利空间，消除过度保护和垄断。

Capital account convertibility reform social phenomena.China's economy has many segmentation and protection,Due to low efficiency.Reform has also entered the deep waters,Facing huge resistance of vested interests,Whose interests are difficult to move.Capital account convertibility,Itself is open and the contents of the reform,Activation can also/Reversed transmission reform in other fields,Inhibition of rent-seeking behavior and arbitrage space,Eliminate excessive protection and monopoly.

　　对当前资本项目可兑换改革的一个重要分歧是改革顺序问题。从理论上，一般应先国内改革再对外开放。然而，这不排除在某一时间段和操作层面上，先启动对外领域的改革。例如，资本项目可兑换和利率、汇率市场化互为条件，先启动谁、后启动谁，更多是技术问题。当前情况下，放松过严的管理和取消无效的管制，不会造成过度的资本项目可兑换。

The current capital account convertibility reform differences is an important reform of the order problem.In theory,,General should be domestic reform and opening to the outside world.however,That doesn't rule out at a particular time period and operating level,Start the reform in the field of foreign.Such as the,Capital account convertibility and interest rates/Exchange rate marketization mutually conditional,Start the who/After start the who,Is more a technical problem.The current situation,Relax too strict management and control of cancel the invalid,Not cause excessive capital account convertibility.

　　跨境资本流动风险认识的不同是另一个重要分歧。资本项目可兑换，很容易让人联想起热钱、游资这些国际资本流动带来的冲击，带来各种担心和质疑。我国长期采取宽进严出的外汇管理模式，对资本流入管理得松，对资本流出管理得严，尤其是本国资本的流出，带来了一系列问题。未来一段时间改革重点是放松、取消对境内机构、企业、个人持有海外资产的管制，改变过去宽进严出的模式，风险基本是可控的。这次国务院常务会专门提出建立个人投资者境外投资制度，表明了这个取向。

Cross-border capital flow risk awareness is another important differences.Capital account convertibility,Reminiscent of the hot money easily/The impact of the idle fund the international capital flow,Bring all fear and doubt.Take wide into severe out over a long period of time in our country foreign exchange management mode,Management of capital inflows to loose,The management have strict capital outflow,Especially the country's capital outflows,Has brought a series of problems.Reform will focus on the future a period of time to relax/Cancellation of domestic enterprises/enterprise/Individuals hold control of overseas assets,Change the past wide into severe out mode,Basic risk is controllable.The state department Wednesday presided specifically proposed system of overseas investment of individual investors,Shows the orientation.

　　对于资本项目可兑换的风险确实应引起足够的重视。随着可兑换的推进，资本流动大进大出、逆转等潜在风险加大，潜在风险变成现实风险的可能性也加大。正确的选择不是回归资本管制，而是管理好风险，保持宏观经济金融稳定以增强抵御风险的能力，把握好改革力度和程度实现与承受能力相当的可兑换程度。

For the risk of capital account convertibility should cause enough attention.With the development of convertible,Large capital flows into the larger/Reversal potential risk, etc,The possibility of potential risk to real risk also increases.The right choice not to return to capital controls,But to manage risk,Keep the macro economic and financial stability to enhance ability to resist risk,Hold good degree of reform and implementation degree of convertibility and bear ability is quite.

　　十二五期间中国有能力实现资本项目基本可兑换。资本项目可兑换降低国内外市场分割和差异。作为一个发展中国家，中国在相当长时间里还不可能把围墙完全拆除。对跨境资本流动进行必要的管理，在国际社会已达成共识。随着时间的推移，汇兑环节的限制和行政性管制手段基本取消，合理的跨境资本活动不受限制或受到较少限制，保留的管制主要是针对跨境资本流动的风险管理，中国就可以宣布实现资本项目可兑换。

During the 12th five year China's ability to make the RMB convertible under capital project basic.Capital project convertible market segmentation and difference at home and abroad.As a developing country,In China for a long time still can't put the wall completely dismantled.The management of cross-border capital flows are necessary,In the international community has reached a consensus.With the passage of time,Exchange link restrictions and administrative controls,Unlimited or reasonable cross-border capital activity is limited to less,Keep control is mainly in view of the risk management of cross-border capital flows,China announced it would make the RMB convertible under capital accounts.