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经济全球化最受争议的一个问题是资本市场自由化,其中包括外国直接投资规制措施和短期资本流动规制措施的自由化。虽然大部分外国直接投资能够促进经济发展,但是,包含投机性热钱在内的短期资本流动,带来的是虚假经济繁荣。资本市场自由化会加剧顺经济周期的短期资本流动,带来消费的急剧波动,造成宏观经济动荡,阻碍经济增长,不利于经济发展。中国在国际金融领域的经济外交,应该加强资本控制,抑制短期资本投机活动;适时推进货币整合进程,分散短期资本流动带来的金融风险;推动国际经济治理民主化,公平分担短期资本冲击的代价。
One of the most debated issues of economic globalization is the liberalization of capital markets, including the liberalization of FDI regulation measures and short-term capital flow regulation measures. While most FDI can promote economic development, short-term capital flows, including speculative hot money, bring about a false economic boom. Capital market liberalization will exacerbate the short-term capital flows along the economic cycle, bring about drastic fluctuations in consumption, cause macroeconomic turmoil, hinder economic growth and be detrimental to economic development. China’s economic diplomacy in the field of international finance should strengthen capital controls and curb short-term capital speculation; promote the process of currency integration in a timely manner and diversify the financial risks brought by short-term capital flows; promote the democratization of international economic governance and equitably share the cost of short-term capital shocks .