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1、金融0801班殷玮20081214Moreover,whiletwo-thirdsofallFDIisintradables(i.e.,manufacturing),theotherthirdisinthenontradedsectorincludingconstruction,propertydevelopment,andvarioustypesofservices.Ofthese,propertydevelopmentisthelargest,accountingforabout10percentofFD
2、Iinrecentyears(NationalBureauofStatisticsofChina2004,736).ItappearsthatforeigninvestorscontributedtoconditionsinthepropertymarketinsomeChinesecitiesin1993–94andagainin2003–04thatataminimumcouldbecharacterizedasfrothyandthatsomesawasanoutrightbubble.Inshort,
3、notonlyistheforeign-financedcapitalstockinChinatinybutalsonotallofitproducesgoodsthatarecompetitiveininternationalmarkets.Aboutone-thirdoftheforeigncapitalstockisinthenontradablesectorandabouthalfoftheforeigncapitalstockinthetradablegoodssectorisusedtoprodu
4、cegoodssoldonthedomesticmarket,someofwhichareclearlynotcompetitiveontheinternationalmarket.13ContrarytotheDFGview,Chinacan’tbuildaworld-classcapitalstockwithoutreformingitsdomesticfinancialsystem,particularlyitsbanks.Domesticbankingreformiscrucialtoreducing
5、inefficienciesintheintermediationoffundsbetweensaversandinvestors,todevelopingstockandbondmarkets,tomakingmoreactiveuseofinterestratepolicyformacrostabilizationpurposes,andtopreparingthewayforaneventualmovetoconvertibilityoncapitalaccounttransactions.Therei
6、snoescapefromthat,andarelativelysmallforeign-financedcapitalstockprovideslittlecompensationfornotdoingit.V.PARTICIPATIONOFFOREIGNFIRMSINCHINA’SEXPORTSECTORDFGarguethataccumulatinglargeamountsofdollarreservesbyAsiancountriesinordertomaintainundervaluedexchan
7、geratesissensible“whenviewedaspartofadevelopmentstrategybasedonchannelinginvestmenttoexportindustries.”Whilethesecountrieswilllosemoneyontheirdollarreserveswhentheirdomesticcurrencieseventuallyappreciate,thislosswillbemorethanoffsetbyasuperiordomesticcapita
8、lstock“thatisanimportantpartoftheirassetportfolio”(Dooley,Folkerts-Landau,andGarber2004a,2).Thesuperiorityofthecapitalstockisassuredbecausethegoodsproducedaresoldintothecompetitiveinternationalmarket.Y
