How to combine safety and convenience as well as stability and flexibility has become the major theoretical and practical issue faced by the reform and opening up of
According to Chairman Guo, a number of thoughtful arrangements were adopted in furtherance of the opening up, including prioritizing “
The Chairman also emphasized that there is no absolute and one-size-fits-all standard for capital accounts convertibility. Therefore, countries with different development levels must take their respective path of opening up and particular circumstances into consideration. He pointed out that the concept of fully free convertibility does not exist in reality; and should be considered in a prudent manner. In any country, he reasoned, capital account convertibility does not translate into total abandonment of regulation and control.