全球外国资产在2024年达到227万亿美元，相当于全球GDP的204%，仅略高于2007年的201%，这表明资本全球化按结果衡量基本停滞，与贸易的放缓相似。这个比例趋势显示跨境资本存量庞大但扩张有限。

基于IMF《汇兑安排与汇兑限制年报》的新指标显示，资本管制在1999年至2010年代初总体放松，在2016年至2019年再次下降，但自2019年以来出现温和反弹，已有41个国家扩大了限制覆盖面。按强度五分制的FinOpen指数看，2022年不丹最封闭，而完全开放的经济体同时包括安道尔、巴拿马和利比里亚。

印度和中国这两个最大新兴经济体的资本账户开放度均低于平均水平且低于其发展阶段应有水平；在比中国更富且更不开放的经济体中仅有4个：阿根廷、阿鲁巴、巴哈马和俄罗斯。自1999年以来，中国进行了150多次政策调整、印度进行了300多次（仅次于阿根廷），且多数调整是放松限制，形成了“相对不开放但持续开放”的渐进趋势。

Global foreign assets reached $227trn in 2024, equal to 204% of world GDP, only slightly above 201% in 2007, indicating that capital globalisation has largely plateaued on an outcomes basis, similar to trade’s slowdown. This ratio trend shows a vast cross-border capital stock but limited expansion.

New IMF-based metrics from the Annual Report on Exchange Arrangements and Exchange Restrictions show that controls generally eased from 1999 to the early 2010s, fell again in 2016-2019, then staged a modest comeback after 2019, with 41 countries widening their restrictions. On the five-point-intensity FinOpen scale, Bhutan was the most closed economy in 2022, while fully open economies included Andorra, Panama, and Liberia.

India and China, the two largest emerging economies, both remain less open than average and less open than expected for their development level; only 4 richer-than-China economies are less open: Argentina, Aruba, the Bahamas, and Russia. Since 1999, China has made over 150 policy tweaks and India over 300 (second only to Argentina), and most changes removed restrictions, producing a gradual pattern of “still relatively closed, yet becoming more open.”

Source: Protectionists dislike trade and migration. And capital flows?

Subtitle: The amount of money crossing borders has flattened off—but not because of capital controls

Dateline: 2月 26, 2026 08:24 上午 | Hong Kong