PURPOSE: In the presence of a base and a selenium compound, the reaction of an aromatic polyhydroxy compound with carbon monoxide is effected to produce a polycarbonate with industrial advantage without use of noble metal catalyst.

CONSTITUTION: The reaction of an aromatic polyhydroxy compound of the formula: Ar-(OH)n (Ar is aromatic group; n is 2W4) as bisphenol A with carbon monoxide is carried out in the presence of a base as diisopropylmonoethylamine and selenium or its compound preferably under carbon monoxide partial pressure of 1.5W100kg/cm2. The amounts of the base and selenium or its compound used are preferably controlled so that the molar ratio of the base to the selenium becomes 0.1W20:1 and the molar ratio of the selenium to the hydroxyl compound of the formula becomes 0.1W10:1.

EFFECT: The recovery and reuse of the selenium or its compound can be readily done.