外国资本的流入对于促进中国经济增长起到了不可忽视的作用。随着外资不断涌入,各种深层次问题也日渐暴露出来。同时中国的资本流出也日益受到人们的关注。本文从发展经济学的国际资本流动的双缺口模型出发,来探讨中国的资本流动状况。本文认为,90年代以来,中国的资本流动出现了很多不同于其他发展中国家的特殊现象。由此传统的模型并不能够很好地解释中国的经济现实,我们有必要对中国资本流动中出现的各种特殊问题转换视角进行分析,从而得出正确的结论。 The inflow of foreign capital has played a non-negligible role in promoting China’s economic growth. With the continuous influx of foreign capital, various deep-seated problems are also gradually exposed. At the same time, China’s capital outflow is also increasingly subject to the people’s attention. This article starts from the double-gap model of international capital flow in development economics and explores the capital flow in China. This paper argues that since the 1990s, there have been many special phenomena in China’s capital flows that are different from other developing countries. As a result, the traditional model does not explain China’s economic reality well. We need to analyze the perspectives of various special problems that have emerged in China’s capital flows and come to the correct conclusions.