Capital Account Openness is the new power for China to accelerate economic transformation and stimulate the economic growth. Based on de jure and de facto perspectives,this paper measures the openness of China's capital account and the major restricted items separately from 1999 to 2013 by the modified methods. The results indicate that,in recent years, China's capital account has shown a trend towards opening gradually in general and stayed in a level of higher than medium at present,and the de jure deregulation leads to the de facto openness effectively. The restrictions of capital inflow and outflow mainly remain the same step to loosen. Besides,the level of openness in the fields of direct investment and other investment is comparatively much higher,the restrictions on real estate transactions in the capital item have liberated remarkably,while control on personal capital movement have a smooth process of openness,it's still the strictest in the field of security investment,especially for the item of money market instruments,collective investment securities,derivatives and other instruments. Hence,the paper proposes to improve the efficiency and structure of direct investment,and raise the level of liberalization in the field of capital item and security investment,promote the reform through further openness and make full use of the positive effect of two kinds of market and resource.%资本账户开放是加速我国经济转型和刺激经济增长的新动力。基于法定和事实两个层面，通过改进的研究方法，对中国1999—2013年资本账户的整体开放情况以及各具体管制项目的开放程度分别进行测算研究，结果发现：近年来我国资本账户法定层面的放松有效地带动了事实层面的开放，整体呈现出更加开放的趋势，并在现阶段已处于一个中等偏上的开放水平。资金流入与流出的管制基本保持了同步调的放松趋势。直接投资和其他投资领域开放程度相对较高，资本项目中的房地产交易限制开放趋势显著，私人资本流动的管制则开放步伐相对平缓，证券投资仍处于管制最为严格的领域。因此，应积极改善直接投资的效率和结构，提高资本项目和证券投资项目开放程度，以开放促进改革，并充分发挥“两个市场、两种资源”的积极作用。
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