CAJ | 학술논문

人民币自1996年实现经常项目下可自由兑换，迄今已经17年。关于人民币资本项目下的开放问题，理论界的观点有较大分歧，主要表现在“是否应该加速推进人民币资本项目开放，人民币资本账户开放是否具备了相关条件以及开放之后的风险能否控制”等方面。该文分析了人民币资本项目开放的现状，提出了人民币资本项目开放是大势所趋，资本项目开放不等于门户洞开，要认真比较资本项目中的各子项目开放的利弊，在风险可控的前提下，优化资本项目开放次序，同时借鉴发达国家的控制风险手段，进行宏观审慎管理，从而有效防范跨境资本流动可能带来的风险，趋利避害。
인민폐자1996년실현경상항목하가자유태환，흘금이경17년。관우인민폐자본항목하적개방문제，이론계적관점유교대분기，주요표현재“시부응해가속추진인민폐자본항목개방，인민폐자본장호개방시부구비료상관조건이급개방지후적풍험능부공제”등방면。해문분석료인민폐자본항목개방적현상，제출료인민폐자본항목개방시대세소추，자본항목개방불등우문호동개，요인진비교자본항목중적각자항목개방적리폐，재풍험가공적전제하，우화자본항목개방차서，동시차감발체국가적공제풍험수단，진행굉관심신관리，종이유효방범과경자본류동가능대래적풍험，추리피해。
RMB has realized free convertibility in current account for 17 years since 1996. Theorists hold fairly different viewpoints toward the opening of RMB capital account, mainly involving such aspects as whether people should speed up the promotion of opening RMB capital account, whether relevant con-ditions have been obtained, and whether the subsequent risks can be controlled. This paper analyzes the current situation of RMB capital account opening and puts forward that the opening of RMB capi-tal account represents the general trend; the opening of RMB capital account is not equal to the portal opening; the advantages and disadvantages should be carefully compared in the subprojects opening of capital account;the opening sequence should be optimized in the opening of capital account within the risk control; risk control measures in advanced countries should be used for reference for macro pru-dential management; and so that the possible risks resulted from cross-border capital flow can be ef-fectively prevented to pursue interests and avoid risks.