关键词: 金融市场, 资本管制, 结构调整

Abstract: The countries in practicing the liberalization of capital control have roughly experienced three different consequences: no crisis, no crisis but the imbalance occurred in national economy, and financial crisis. China’s financial market has high similarities with the third category. Besides its small scale of the market with low resistance of risk, the speculative factor is quite active, which originates from the disproportion of China’s market structure. Therefore, according to the financial structure theory of Raymond W. Goldsmith, we need to carry out structural adjustment of financial market so as to avoid financial crisis with the liberalization of capital control. We should establish a structure of capital market with the core business of corporate bonds, set up a structure of monetary market with the note discounts as the major part, and strengthen the connection between fundamental and derivative financial futures markets.