PURPOSE: To obtain a polycarbonate having improved cracking resistance and heat resistance safely and easily, by esterifying a dihydroxydiaryl compound with a compound having N,N'-carbonyl bond and a carbonate-based compound.

CONSTITUTION: (A) A dihydroxydiaryl compound (e.g., 4,4'-dihydroxy-biphenyl, etc.) is reacted with (B) a compound (e.g., N,N'-carbonyl-diimidazole, etc.) having N,N'-carbonyl bond and (C) a carbonate-based compound (e.g., dimethyl carbonate) as esterifying agents usually by solution polymerization process at room temperature W230°C with stirring, to give the desired polycarbonate. Preferably the compound C is used in excess to serve as a solvent.