Abstract: A process for producing a carbonic ester, characterized in that an aromatic monohydroxy compound or an aliphatic monohydroxy compound is subjected to oxidative carbonylation with carbon monoxide and oxygen in the presence of a palladium catalyst using a compound having a carbonate bond as a reaction solvent. A process for producing a polycarbonate, characterized in that an aromatic dihydroxy compound or an aliphatic dihydroxy compound is subjected to oxidative carbonylation with carbon monoxide and oxygen in the presence of a palladium catalyst using a compound having a carbonate bond as a reaction solvent is also described. The carbonic ester can be produced with a higher yield and at a higher reaction rate and, also, a polycarbonate having a higher molecular weight as compared with the conventional method can be produced with a higher yield and at a higher reaction rate.