摘要
1994年以來，中國的固定匯率政策協助(facilitate)出口擴張貿易政策，促成以外資出口帶動增長的經濟奇蹟，成為中國在1990年代初的總體經濟危機後，新一波的成長引擎。本文以1994年到2004年固定匯率政策為研究對象，利用Frieden(1991)的Specific- factors model為模型，分析中國自1980年代「放權讓利」改革政策，到1990年代「宏觀調控」的經濟成長成果有何不同，以及經濟增長在國內不同部門的分配性效果，藉以了解固定匯率政策，如何成為中共第三代領導人創造經濟穩定增長的工具之一，從而維護其權威統治的合法性。換言之，本文嘗試為中國中央領導人如何透過1994年到2004年的固定匯率政策改革，在(1)提供穩定總體經濟環境；(2)引進外人直接投資與增加國際市場為另一個成長引擎；(3)鞏固沿海各省份(尤其是長江三角洲)的政治支持等三個面向獲利，提出解釋觀點。

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