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pital controls may also help the country to maintain the stability of the real exchange rate. In order to affect exchange rate, the authorities will need the required stage of foreign reserves and manipulate the terms of trade to protect the domestic products from foreign competition. One of the ways for a country to make its exports competitive is by devaluing its exchange rate and not to encourage imports. As a matter of choice a country is often to use the exchange controls with the combination of tariffs and trade controls.

-. Capital controls may support countries to secure its foreign exchange for capital goods, debt servicing and capital goods. This is often experienced in developing countries which have small foreign exchange reserves. Capital controls may also help the government by generating government revenue through custom duties, taxes and the controlled exchange rate.

A Country Study with Capital Controls 资本管制的国家研究
China

China has been successful to avoid the Asian financial crisis in 1997 with the help of implementing capital controls. China governments have supported financial stability by using independent monetary policy and fixed exchange rate. The use of capital controls mainly use to reduce the capital flight by restricting short term inflows and outflows and encouraging long term capital inflows. China has received mostly its capital flows in form of foreign direct investment. The policymakers have been encouraging inflows of FDI by reducing tax policies and other regulation. China has been tightly enforcing restrictions in international capital flows via issuance and investments in bond and equities, implementing strict limits on quantity of money that can be taken in and out by its citizens, and cross border fund raising and bank lending. Those strategies have supported China to build its enormous foreign reserves, current account surplus, and large domestic savings.

CONCLUSION 结论
Capital controls have been implemented for some countries in order to achieve their economic growth. It can be concluded that capital controls are indeed useful for supporting the economic policy and may bring benefits to the countries. It is essential to know that capital controls should be used as part of the government development plan and the intervention strategy to achieve the development growth. One example will be China which successfully develops its economic growth with the help of capital controls.
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