From the perspective of cross-border free flow of capital, jiang bo defines capital account convertibility as "lifting the trading restrictions imposed on economic activities in capital accounts and basically realizing the free flow of capital"; Ji believes that capital account liberalization "refers to avoiding restrictions on cross-border capital transactions and related payments and transfers, avoiding discriminatory monetary arrangements, and avoiding taxes and subsidies on cross-border capital transactions"; Wang Wenping believes that the opening of capital account "means that a country allows all kinds of capital in its capital account to flow freely"; Wen Jiandong analyzed the concepts involved in capital account convertibility and their correlation, and held that "capital account convertibility refers to avoiding restrictions on current account transaction income, capital transaction and its related payment, transfer, income and cross-border convertibility of related currency areas, and canceling discriminatory taxes and subsidies and separate exchange rates".
From another point of view, He Zhu believes that the concept of capital account liberalization "focuses on relaxing the currency exchange control on capital transactions", which is the result of the interaction between capital account and internal and external equilibrium. Therefore, from the perspective of capital account liberalization, "the essence and connotation of capital account liberalization can be correctly grasped". Qiang Jianxin believes that capital account liberalization includes not only the deregulation of cross-border capital transactions themselves, but also the deregulation of foreign exchange related to capital transactions (including cross-border transfer of funds and exchange of local and foreign currencies). It was once thought that the opening of the capital account meant that "the transfer payment of capital account transaction funds was not restricted or delayed" and "it could flow freely not only within China, but also between China and overseas", and it was also specifically mentioned that the contents of the opening of the capital account included "avoiding approving or restricting the outflow of RMB foreign exchange purchase or the corresponding foreign exchange inflow being carried forward into RMB"