抵补套利贸易问题研究及应对分析

A Study on Countermeasures for the Trade for Covered Arbitrage

抵补套利贸易是一种为实现抵补套利而构造出的,用以规避资本项目管制的贸易形态。2013年初,粤港两地资金内流式抵补套利贸易剧增,其带来的外贸数据失真引起了外界的关注,也给政府监管部门带来了难以回避的应对困境和挑战。本文从分析抵补套利贸易的产生、运作模式和影响等方面入手,围绕其"以国际贸易之表,行金融套利之实"的本质,研究提出了我国政府应对的建议原则:海关监控定位、优化管理统计、外管分析遏制、规范管理约束,并循此提出了具体应对措施。

The trade for covered arbitrage is a trade pattern created to realize covered arbitrage and evade the regulation of capital account. The beginning of 2013 saw a rapid increase of the inward flow of capital in trade for covered arbitrage from Hong Kong and Macao, which resulted in unreliable statistic data of foreign trade, triggering public suspicion and inevitable difficulties and challenges on the part of governmental authorities. Apart from the analysis of what greets the eye, this article explores the impact of trade for covered arbitrage based on the assumption of ＂international trade in name but financial arbi- trage in reality＂, while proposing guidelines to address those possible problematic areas, that is, to put in place Customs control, to optimize statistics, to block it in foreign exchange control after analysis and to regularize control and constraint, and recommends some specific countermeasures.