China to continue liberalizing capital account
Print Edition
CHINA will advance the liberalization of its capital account by encouraging funds to enter or leave its borders and allowing foreign investors to participate in domestic mergers and acquisitions, a deputy chief of the central bank said.
The central bank’s Deputy Governor Yi Gang said China will also relax curbs for Chinese investing overseas so that individuals and companies can play a leading role in foreign investment.
Opening the capital account is one of the hardest financial reforms that China is pursuing as it requires authorities to cede control in parts of the economy, and the fear is that the change may destabilize markets if it happens prematurely.
Yi, who also heads the agency that manages China’s US$3.9 trillion foreign exchange reserves, made the remarks in an opinion piece that ran in the People’s Daily newspaper yesterday.
China will write open and transparent rules and a “negative list” of industries that are barred for foreign investors, he said.
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