PURPOSE: To obtain a high-molecular-weight polycarbonate having a low terminal hydroxyl concentration, being substantially free from chloride ions and having good heat stability and an excellent hue without using toxic phosgene.

CONSTITUTION: A polycarbonate is produced by adding an ester compound of the formula: R1COOR2 (wherein R1 is a phenyl group, a 5-10 C branched alkyl group or a 6-12 C aryl-substituted phenyl group; and R2 is a phenyl group, a 1-10 C branched alkyl group or a 3-8 C cyclic alkyl group) to the reaction system in the melt polycondensation of a bisphenol with a carbonic diester in the presence of at least one member selected from a basic nitrogen compound and an alkali metal or alkaline earth metal borate to thereby block the terminal hydroxyl groups of the formed polycarbonate with R1CO groups.