Abstract: The conventional two-gap model analysis associates introduction of foreign capital with shortage of savings and foreign currency. Thus, coexistence of excess savings and introduction of foreign capital is considered impossible. However, this is not true of the reality of China today where excess savings and inflow of large amounts of foreign capital go hand in hand. This is an indication of both low efficiency in operation of the capital, and disorder and imbalance of savings and investments under circumstances of economic opening-up. The author points out that this problem can be solved neither by controlling savings nor by limiting inflow of foreign capital, as these measures will only intensify the imbalance of savings and investments, and eventually affect our long term economic development. The author suggests that solution to this problem lies in raising efficiency of capital operation and evenly distributing savings from home and abroad. Then, we will be able to adjust foreign capital and foreign investment, in order to raise the balance between savings and investments.

Key words: excess savings, inflow of foreign capital, investment capacity

摘要： 传统的两缺口分析把引进外资与储蓄缺口或外汇缺口相联系,认为储蓄过剩与引进外资是不可能并存的,这与我国的实际情况不同。在我国经济运行中,一方面存在储蓄过剩,另一方面又有大量外资流入。这种矛盾既是我国资本运行低效率的反映,同时也是我国经济开放条件下储蓄投资不协调、非均衡的反映。储蓄过剩与外资流入的矛盾既不能通过控制国内储蓄来解决,也不能通过限制外资流入来解决,解决的根本之路是在提高资本运行效率的基础上,按照储蓄国内和国际均衡配置的要求协调引进外资与对外投资,提高储蓄投资的均衡水平。

关键词: 储蓄过剩, 外资流入, 投资能力