对上海自贸区的认识与建议

My Understanding of the Shanghai Free Trade Zone and Suggestions

对中国政府而言,上海自贸区改革最大的挑战是金融改革。当务之急是既要打通自贸区与"区外境内"中国其他地区的资金往来,又要防止外来资金大进大出的冲击。为此,唯一的制度设计,只能以设立资金往来的"特别账户"通道,满足自贸区内投资、贸易、航运业务发展中的资金往来需求,同时便于中国监管部门的监控。之后,在上海浦东、天津、广东深圳等地开设"特别账户",复制上海自贸区的改革需求,由此推动中国资本账户的开放。

For Chinese government, financial reform is the biggest challenge of the reform in the Shanghai Free Trade Zone. It's urgent that money flows between the zone and other areas of China must be got through on one hand, and the massive turnover of foreign capitals must be prevented on the other hand. Thus the only in stitutional design is to set up a'Special Account'for the capital flows, which both can meet the capital movement need of the zone and is easy for China's regulatory administration to monitor. And thereafter, the experience can also be applied to other cities in China.