聚焦“十五五”规划建议丨提升资本项目开放水平

Core Insights - The "14th Five-Year Plan" emphasizes enhancing the level of capital account openness as a crucial aspect of high-level opening-up [1] - The scale of China's foreign financial assets and liabilities is projected to reach $18.32 trillion by the end of Q2 2025, reflecting an 18% increase from the end of 2020 [1] - The proportion of capital account-related foreign exchange payments to GDP is expected to rise by 20 percentage points to 41% in the first half of 2025 compared to 2020 [1] Group 1 - The characteristics of China's capital account openness include a wide range of sectors and a steady process, with over 90% of projects achieving varying degrees of openness according to IMF and OECD standards [1] - In the past five years, China has actively optimized management and streamlined processes to broaden capital flow channels, enhancing policies to facilitate the use of domestic and international markets [1] - A robust cross-border capital flow management framework has been established to adapt to higher levels of openness, successfully addressing multiple external shocks [1] Group 2 - Future high-quality capital account openness should combine "bringing in" and "going out," encompassing a wide range of investments and comprehensive market access [2] - Compared to the relatively stable cross-border capital flows associated with the current account, capital account openness involves higher volatility and sensitivity in financial sectors, necessitating careful planning of opening steps [2] - The State Administration of Foreign Exchange aims to build a more convenient, open, secure, and intelligent foreign exchange management system, establishing a dual framework for macro-prudential and micro-regulatory management of cross-border capital flows [2]