Professor Yu Yongding Gave a Lecture at Luojia Forum of Wuhan University

 

 

 

In the afternoon of Oct. 22, Professor Yongding, a doctor of economics at Oxford University and a member of the Chinese Academy of Social Sciences, gave a lecture entitled “China's Balance of Payments Structure and Capital Flight” at the 203rdLuojia Forum of Wuhan University.

At the beginning of the lecture, Prof. Yu Yongding analyzed the phenomenon of China's international balance of payments structure and capital flight. He divided the development of China into six stages, namely a young debtor country, an old debtor country, a debtor repayment country, a young creditor country and a mature creditor country. He then raised two important issues accordingly, namely, the issue of China's balance of payments structure and the loss of overseas net assets.

In the first part, Professor Yu used Japan as an example, illustrating the phenomenon of Japan's maintenance of current account surplus by interest. Then he contrasted China with different countries, revealing the problem of our international monetary system. He pointed out that China's debt problem is a special case of debt problems compared with other countries, and further analyzed that the irrationality of "assets and liabilities structure" is related to "double surplus".

In the second part, Professor Yu put forward the method of gap decomposition and exclusion, and answered the question whether error and omission are related to the problem of capital flight. Then, Professor Yu pointed out the difference between capital outflow and capital flight, and channel of capital flight and the seriousness of the problem. He believed that it is entirely correct for the Chinese government to take a series of policies to curb capital flight, though it might be a little bit late. The solution to the problem of capital flight depends on further deepening of reform in China's economic system, financial system and exchange rate system.

 

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