上海自贸区金融改革与开放的规则研究——阶段性评估与政策建议

Research on the Financial Reform and Opening-Up Rules of Shanghai Free Trade Zone——Periodic Assessment and Policy Suggestions

上海自贸区作为连接我国国内市场和国际市场的纽带、金融制度革新的实验田和先行者,肩负着金融改革与制度创新两项重任。如何在宏观审慎和风险可控的前提下进行金融改革与开放的制度设计,成为目前自贸区改革过程中面临的重大问题。本文以"金改40条"为标尺,结合上海自贸区七年多的金融改革历程,从规则层面对人民币资本项目可兑换、扩大人民币跨境使用、金融服务业对内及对外开放、国际金融市场建设、金融监管与风险防范等五个方面的改革落地情况进行了阶段性评估,深入剖析了上海自贸区金融改革与开放过程中出现的问题,并提出相关政策建议,以期推动上海自贸区金融改革与开放的规则设计与实践。

As the link between China’s domestic market and the international market,Shanghai free trade zone is the experimental field and pioneer of financial system innovation,shouldering the two important tasks of financial reform and institutional innovation.After seven years of construction,Shanghai Free Trade Zone has formed a series of successful financial reform and opening-up system innovation,which has been popularized and copied to the construction of other free trade zones,making significant contributions to China’s financial reform.With the increasing uncertainty of the global economy,how to design the financial reform and opening-up system in a macro-prudential and risk controllable environment has become a major problem in the process of free trade zone reform.Therefore,it is very important to evaluate the financial reform and opening-up rules of Shanghai Free Trade Zone,in order to fully understand the implementation of the current system,and explore institutional loopholes and problems.In this context,this paper takes the"40 items of financial reform"as the yardstick,combines with the progress of financial reform in Shanghai Free Trade Zone,and makes a phased evaluation on the implementation of the reform from the rule level in five aspects:RMB capital account convertibility,expansion of cross-border use of RMB,opening of financial service industry to the outside world,construction of international financial market,financial supervision and risk prevention.In conclusion,the current financial reform in Shanghai free trade zone has made great achievements.However,there are a few biases in the design of rules,and the coordination mechanism between the central and local governments as well as their respective trade zones still need to be strengthened.Meanwhile,the policy framework should be improved to strengthen the consistency and coordination.In the future,we should promote the formulation of financial supervision methods and rules,promote the opening of cross-border capital accounts,increase the support for financial institutions to"go out",strengthen the top-level design,and enhance interests coordination as well as policy integration.