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capital strongaccountstrong liberalisation in china international
Capital account liberalisation in China:
international perspectives
André Icard
1. Introduction
The Asian financial crisis led to a rethinking of the issues related to capital account liberalisation.
Before that crisis, it had been well understood that sound macroeconomic policies were needed to
minimise the risks entailed in an opening of the capital account. After that crisis, the critical role played
by a well capitalised, well managed and well regulated financial system came into sharper focus. The
risks of a highly leveraged corporate structure without effective shareholder discipline also became
clearer. Policymakers better appreciate that successful capital account liberalisation depends on
effective policies on a broad front.
This seminar on Capital account liberalisation in China: international perspectives is particularly
opportune as China prepares for the next phase of financial liberalisation following its recent entry into
the World Trade Organization (WTO).
My introduction seeks to provide the broad background and set the stage for the next two days. I shall
first briefly describe the lessons drawn from the experience of capital account liberalisation in other
countries. Then, I shall sketch some key features of the Chinese economy and contrast them with the
standard scenario assumed when capital account liberalisation is being discussed. In doing so, I shall
argue that China’s peculiar initial conditions pose unusual risks and offer unusual opportunities.
Finally, I shall highlight this seminar’s main features and outline its programme.
2. Stylised facts and conventional wisdom
The liberalisation of the capital account has frequently been associa
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