国际离岸金融市场发展对上海自贸区建设的借鉴意义

Experience Drawn from the Development of International Offshore Financial Markets for Shanghai Foreign Trade Zone

中国(上海)自贸区的成立将引领我国新一轮改革开放。根据自贸区建设方案,发展离岸金融市场是该方案的重要内容。围绕离岸金融市场建设,本文选取了香港、日本、新加坡自贸区和开曼群岛四个不同类型的离岸金融市场作为研究对象,基于不同国际自贸区的制度建设和管制措施,分析在自贸区框架下离岸金融市场建设与运作的经验,为上海自贸区开展金融离岸业务提供借鉴。研究认为,上海自贸区应该通过实行利率市场化、保持存款准备金率、建立存款保险制度、推动资本项目开放、取消利息预扣税等措施加快离岸金融市场建设,同时应该在放开市场的同时加强监管、建立防火墙制度以降低市场风险。

The establishment of Shanghai Foreign Trade opening up. According to the construction offshore financial market is an important development of finance and trade, offshore plan of Shanghai Zone will lead a new FTZ, the promotion round of reform and and development of content of reform and innovation. With the interactive financial business will become an important breakthrough of the FTZ in the future. With a theme of the construction of offshore financial market, this paper selects four offshore financial markets-Hong Kong, Japan, Singapore FTZ and the Cayman Islands-as the research object. Based on the system construction and control measures of different international FTZs, the paper analyzes the construction and operation of the offshore financial market in the framework of FTZ and provides a researches that reference for the offshore financial business of Shanghai FTZ. It is suggested through Shanghai measures as marketization deposit insurance system, tax and so on. Shanghai FTZ should speed up the construction of offshore market by taking such of interest rates, keeping of the deposit reserve ratio, establishment of a promotion of the opening of capital projects, abolition of interest withholding FTZ should also strengthen supervision in order to reduce the market risk.