【摘要】 本文通过考察国内商品市场和服务市场(尤其是金融服务市场)的逐渐开放对资本市场的影响,以及 WTO框架下《与贸易相关的投资措施协议》、《服务贸易总协定》中有关资本流动的内容,分析说明:(一)贸易和服务限制的减少将大大增加实施外汇管制的复杂程度,进而削弱资本管制措施的有效性;(二)较为严格的资本管制措施扭曲了资本的价格,是资本外逃的因素之一;(三)一些 WTO 协议也在某种程度上要求开放资本项目。因此,中国的入世将在很大程度上削弱目前中国资本项目下较为严格的外汇管制制度的有效性,继而人民币的自由兑换的趋势不可避免。更多还原

【Abstract】 Through estimating the effects of the increasing opening-up of the domestic commodity and services market- especially the finance services market on the capital market,and exploring the content of the Trade Related Investment Measures(TRIMS)and of the General Agreements on Trade in Services(GATS),this paper suggests,that:(1)the lift of the restricts of trade and services adds difficulties to the implementation of the foreign exchange control policy,in turn,de- functioning the measures;(2)the restrict exchange policy distorts the capital market price,which is one of the factors of the capital flee;(3)some frameworks of the agreements under the WTO,to some extent,require the opening-up of the capital accounts.It is concluded that the effectiveness of China’s foreign exchange policy,to a large extent,is decreasing with China’ s entry into the WTO,and the RMB’s convertibility is supposed to be inevitable in the near future.更多还原