摘要
香港与内地之间的资金流动渠道包括贸易服务渠道、金融渠道和地下渠道。过去20年,两地间跨境资金流动总体呈上升趋势,但也存在波动。两地经济增长率、利率和股市差异、人民币币值变动预期、两地制度规则变化、两地金融管理制度和发达程度的差异影响两地资金流动。两地间的资金流动一定程度上突破了内地资本管制的“防火墙”,内地资金流向香港尤其值得关注,需采取措施推动该渠道的规范发展。
Capital flows between HongKong and Mainland through trade and service, financial and underground channel have been increasingly showing uprising trend in the past two decades. Bilateral difference in GDP growth, interest rate and stock market performance, RMB appreciation expectation, institutional building and innovation largely accounts for the volume and volatility of capital flows, which has, to certain degree, broken through mainland's firewall,and it deserves more efforts in monitoring and regulation.
出处
《金融研究》
CSSCI
北大核心
2006年第8期111-121,共11页
Journal of Financial Research