China's capital account liberalisation: international perspective

Introduction

This volume collects the papers presented at the joint BIS/SAFE seminar on Capital account liberalisation in China: international perspectives, held on 12-13 September 2002 in Beijing, China. Seminar participants from outside China were mostly experienced practitioners and policymakers from 13 economies across four continents. Chinese participants consisted mainly of staff from the State Administration of Foreign Exchange, the People's Bank of China and the Chinese Academy of Social Sciences. The main aim of the seminar was to draw on the diverse international experiences in managing cross-border capital flows and to shed light on how China should proceed to implement capital account liberalisation in the years ahead, following its recent historic entry into the WTO. The present collection includes 16 seminar papers, which are organised under the following six topics:

• Overview
• Japanese experience
• Bank-related capital flows
• Corporate and non-bank flows
• Equity portfolio flows
• Offshore banknote flows

Our introduction should be read in close conjunction with the welcome speech by SAFE Deputy Director General Ma Delun and with the SAFE summary chapter by Wang Yungui and Xie Yuelan, which follow immediately.