Research Of The Implementation Of Tobin Tax In China:in The Process Of Chinese Capital Account Opening

Tobin Tax is essentially a financial transaction tax,aiming at controlling and relieving the flow of international capital,especially short-term speculative capital,keeping a country’s exchange rate stability and improving the independence of a country’s monetary policy.As an important political financial control tool,due to its flexibility,pertinence and ease of operation,Tobin tax has often been used by some countries to manage and control short-term capital flows during the process of capital account liberalization.For a long time,main capital control methods used in China are administrative management methods.Their disadvantages are gradually exposed under the background of further opening of the capital account,such as lack of flexibility and pertinence,limited control effect on short-term capital flows,etc.With the further opening of capital account,China urgently needs a more effective control method.Based on this,this thesis explores possibility of implementation of Tobin tax in China.This thesis focuses on the possibility of implementation of Tobin tax and probe further into how to implement,under the background of Chinese capital account opening process.Firstly,it sorts out and summarizes the theoretical review and current research of Tobin Tax from the perspective of its meaning,effect and implementation methods.Next,this thesis explores the possibility of implementation of Tobin tax in China from three aspects,namely the necessity,possibility and restraints of implementation of Tobin tax,under current process of capital account opening.On this basis,this thesis further investigates the instance analysis of Chile,Thailand,Malaysia and Brazil,and draws on the experience and enlightenment of these regions.Finally,combined with Chinese reality,this thesis discusses schematic design,including tax object,tax base,tax rate,pattern of taxation,tax department and tax application,and gives related operational suggestions of implementing Tobin tax in China.