構造調整に直面する中国の金融経済と国際金融政策の展開 : 軋む金融経済システムと対外収支の悪化の中で

Abstract

2015年夏、中国経済は株価暴落に見舞われた。また、2005年₇ 月の為替相場制度改革以来、この間一貫して上昇続けてきた人民元為替相場も下落に転じた。2013年以降、地方都市から不動産バブルが徐々に弾けてきた中国経済にとり、事態は容易ならぬ局面に差し掛かっているといわねばならない。本論文では、「新常態」とも形容される中国経済について、国有企業を軸に明らかにする共に、金融「自由化」と人民元「国際化」を両輪とする経済政策の目標と現実について検討し、併せてAIIB をはじめとする中国の世界経済戦略についても考察する。

In the summer of 2015, China faced sudden and harsh crash of the Shanghai stock market. Since then to the present, her economy has seemed to be mired in such post-bubble blues as the advanced countries, including Japan, had suffered for the past decades. On the other, China proclaims 'Internationalization of RMB' by 2020. For its realization, however, she has to put in effect financial liberalization in the domestic market as well as liberalization of international financial transaction; the latter is sure to change its current foreign exchange system from the controlled into the floating. China, can she make it? In this paper, the bubble-burst economy of China, led by SOE under the control of PRC, is analyzed and the prospect of her international monetary strategy with AIIB should be referred to.