Achievements and Problems of Reform of Investment Management System for Shanghai Pilot Free Trade Zone

The establishment of Shanghai Pilot Free Trade Zone provides many possibilities for China's economic construction. This paper made a comparative analysis on investment management system of Shanghai Pilot Free Trade Zone and traditional investment management system,discussed achievements and problems of reform of investment management system of Shanghai Pilot Free Trade Zone,and finally came up with pertinent policy recommendations.

Pilot Free Trade Zones:Taking Reform and Opening-up to New Heights

CONSTRUCTION of Pilot Free Trade Zones(PFTZs)is a strategic measure of China’s reform and opening-up policy.Since the 18th National Congress of the Communist Party of China(CPC),it has taken the policy’s effectiveness to new heights.

Hainan Island to Construct Free Trade Pilot Zones

In April of 1988,the establishment of Hainan Province was officially approved at the first session of the 7th National People’s Congress and Hainan Island was designated as a special economic zone.Since then,the beautiful Hainan Island has embraced unprecedented development opportunities and entered into a new historical stage of deepening reform and opening up economically.By virtue of continuous efforts throughout the past 30 years,Hainan has turned into an important portal for China’s reform and opening up as a frontier island.

Shanghai Pilot Free Trade Zone and the National Strategy of Opening-up to Boost Reform

China＇s Shanghai Pilot Free Trade Zone （hereinafter referred to as ＂SHFTZ＂） has been running for more than one year so far. The establishment of the SHFTZ is an important Chinese strategy in a key stage when the global and Chinese economies are both undergoing significant transitions, which will have a far-reaching impact on China＇s transformation and development in the long term. Based on his own experience accumulated from participating in the preparation of the overall plan for the SHFTZ and his observations since its official operation officially began, the author conducts review of issues such as expected goals, selection of implementation methods and determination of evaluation criteria with respect to the establishment of the SHFTZ. In his view, the SHFTZ is a key element in China＇s national strategy of using opening-up to force further reforms.

Does the Establishment of Pilot Free Trade Zones Improve the Efficiency of Financial Services for the Real Economy?Empirical Evidence from Four Pilot Free Trade Zones in Shanghai,Tianjin,Guangdong,and Fujian

In the process of the high-quality transformation and development of China's economy,one of the issues that needs to be resolved is how to strengthen the ability of finance to serve the real economy and improve the efficiency of financial operations.Pilot Free Trade Zones(PFTZs),highlands of institutional innovation,have played the role of a natural testing ground for China to deepen its financial supply-side reform and improve the efficiency of financial services in the real economy.On that premise,this paper discusses the policy effects and transmission channels for the financial reform of PFTZs to improve the efficiency of financial services in the real economy within China.The findings of the papar are the followings,(1)The reform of PFTZsshas significantly improved the efficiency offinance in the real economy,having even achieved a sustainable effect.That is to say,with the extension of gment This work wasthe duration of free trade zone constructionand the gradual implementation of financialreform measures,the regional impactof financial services in the real economyhas shown a year-on-year upward trend.(2)The effects of financial agglomeration,financial transparency,and optimizationof financial infrastructure produced by thereform of PFTZs have played a significantregulatory role in the process of improvingthe efficiency of financial services in thefree trade zones.(3)The effect of China'sfinancial reform on PFTZs has fosterednoticeable regional diversity;an importantreason for the diversity of policy effectrests with the difference in transmissionmechanisms.The conclusions of this paper expand the research dimension of theliterature evaluating the effect of policy onPFTZs,and provide policy references fromthe perspective of financial reform in thefree trade zones for China to further deepenfinancial supply-side reform and improvethe efficiency of financial services in the realeconomy.

Review of Managing the Risks of Offshore Banking and Its Implications for the China(Shanghai) Pilot Free Trade Zone

As more and more Chinese and foreign-funded banks settle in the China(Shanghai) Pilot Free Trade Zone(CSPFTZ), it has become an imperative to enhance risk management of offshore banking. At the international level, the regulatory effort for offshore banking mainly focuses on tax evasion and money laundering.Existing regulatory frameworks have established standards to identify countries providing facilities for money laundering and developed punitive measures. In terms of strategy, it is suggested that, firstly, relevant regulatory measures should be improved in the short term, and it is necessary to define the scope of offshore banking and regulatory measures for Chinese banks and foreign-funded banks under a suitable legal framework. Secondly,it is necessary to establish risk exposure mechanism and risk evaluation system for the offshore banking in the CSPFTZ, while risk management measures are implemented based on on-site supervision. Thirdly, in the medium and long term, it is necessary to enhance management of potential risks which can be created by offshore banking due to deregulation. Fourthly, on the one hand, specific regulations should be formulated to provide a regulatory basis for taxation; on the other hand, tax informational exchange agreements(TIEAs) may be used as a reference for achieving effective tax regulation.

The Impact of the Pilot Free Trade Zone on Regional Financial Development

This paper focuses on the Shanghai pilot free trade zone(FTZ).It investigates the effect of the FTZ policy on regional financial development.The synthetic control method employs quarterly data from 2005 to 2019 at the provincial level to investigate counterfactual states before and after the pilot FTZ was set up.First,our results reveal that the Shanghai pilotFTZ had a positive influence on the following four variables proxied for regional financial development:(i)the scale of regional financial development;(i)the efficiency of indirect financial development;(ii)the efficiency of direct financial development;(iv)the structure of financial development.Second,our results found that the policy effects that began to emerge from 2014 onwards exhibited a steadily increasing trend.As a result,the four proxy variables have increased by(i)197 percent,(i)202 percent,(ii)9.4 percent,and(iv)15.2 percent,respectively.That is,the scale of regional financial development and the efficiency of indirect financial development have increased more than theother proxy variables.

上海自贸试验区全面对接国际高标准数字贸易规则研究

数字贸易已成为全球经济发展“新引擎”,上海自贸试验区应率先全方位对接《全面与进步跨太平洋伙伴关系协定》(Comprehensive and Progressive Agreement for Trans-Pacific Partnership,以下简称“CPTPP”)、《数字经济伙伴关系协定》(Digital Economy Partnership Agreement,以下简称“DEPA”)等国际高标准数字贸易规则,以更高水平压力测试推进制度型开放,为数字贸易规则创新和制度建设提供更多“上海方案”。目前上海自贸试验区在对接CPTPP、DEPA上总体仍处于探索阶段,在对接的广度和深度方面尚有所欠缺。对此,应加快建立安全合规、便利有序的数据跨境流动机制,持续深化数据技术应用创新,建立高效的数据开放共享机制,建立和完善数字贸易领域的风险预警和防控机制,构建适应国际规则的争端解决渠道,出台一系列支持和指导中小企业开展跨境数字贸易的政策和机制。

自由贸易试验区与区域产业升级的影响研究——基于31个省(自治区、直辖市)的面板数据

自由贸易试验区是国内国际双循环战略下进一步推进改革开放的“试验田”,其所蕴含的制度创新必将对所在省份经济高质量发展产生影响。据此本文从贸易开放、投资自由、金融创新和制度创新四个方面分析了自贸试验区对区域产业升级的影响机制,并利用2004—2022年31个省(直辖市)的面板数据,采用多期双重差分模型,分析自贸试验区的设立对区域产业结构升级的影响,研究结果表明自贸试验区对区域产业升级具有积极影响。

青岛自贸片区金融开放创新研究

深化金融领域开放创新是青岛自贸片区发展的重要方向。面对金融聚集度不足、特色优势不明显、创新业务规模偏小等问题,打造高水平对外开放和金融改革发展新高地需要加大金融政策支持力度,统筹各功能区金融资源,形成涵盖片区管委、金融监管部门、金融机构等多个方面的合力,提升人才引进、环境营造、特色业务、区域联动、国际合作等多个方面的水平。

陕西自贸试验区金融创新成果及发展建议

陕西自贸试验区自2017年4月挂牌成立至今已满6周年,作为我国西北部地区唯一的自由贸易试验区,陕西自贸试验区无疑发挥着重要的引领作用。近年来随着“先行先试”政策的不断深入推进,陕西自贸试验区在贸易、投资、金融等多个领域都取得了丰富的创新成果。文章主要围绕陕西自贸试验区在金融领域的创新现状进行深入研究,在总结其创新成果的同时进一步分析陕西自贸试验区在金融创新发展过程中存在的问题,并提出相应的发展建议。

我国自贸试验区金融开放的制度创新效果评估

当前,自贸试验区建设在我国经济高质量发展和加快金融开放的过程中发挥着重要作用。基于此,本文首先分析了自贸试验区金融开放的制度创新的重要意义,并介绍了指标设定与数据来源。其次,构建实证模型对我国自贸试验区金融开放的制度创新效果进行评估。最后,文章提出正确认识建设自贸试验区的真实价值、立足国际化环境,通过灵活多样的方式激发自贸试验区的内在动力,通过制度创新构建开放的健康市场生态,破解不良“光环效应”、推动贸易开放的转型升级等政策建议,以供参考。

制度型开放背景下上海自贸区离岸贸易发展的国际经验

发展离岸贸易对于促进我国外贸高质量发展具有重要意义。离岸贸易作为服务贸易的重要组成部分,积极推动其发展是上海自贸区打造国家制度型开放示范区的核心工作之一。本文通过对中国香港、新加坡和迪拜等具有代表性的国际贸易中心发展离岸贸易的做法进行经验总结,发现制度创新主要集中在:实施优惠的税率水平,自由的外汇制度和金融环境,宽松的合规管制,以及通过灵活的海关监管措施推进贸易便利化水平的提升等方面。针对上海自贸区离岸贸易发展面临的瓶颈,提出放宽外汇管制限制,推出具有国际竞争力的税收政策,通过金融制度创新打造良好的金融环境,加强集约有效监管,提高营商环境这五方面的对策建议。

自贸试验区助力供给侧结构性改革的理论逻辑与实现路径

自贸试验区建设和供给侧结构性改革都对中国经济高质量发展具有重要的作用,两者之间存在较强的内在联系。自贸试验区建设和供给侧结构性改革的最终目标是一致的,而两者的中介目标和重点工作既有相似性又有差异性。其中,制度创新是自贸试验区助力供给侧结构性改革最为关键的路径。

自由贸易试验区的多维审视与深化路径

自由贸易试验区(以下简称“自贸试验区”)主动适应国际经贸规则变迁,瞄准国内经济发展面临的深层次矛盾,以制度创新为核心,已探索形成不少全国可复制推广的经验,改革事项相对集中,参与部门呈多元化,改革成果各具特点。但是,参与主体认识受限、改革判定依据不足、部门之间协同欠佳以及专业人才较为匮乏等问题,制约着自贸试验区深化改革创新。为适应全面深化改革开放的要求,自贸试验区要注重培育创新文化,把脉企业需求,按需下放管理权限,合理对标国际规则,突破法律痛点,强化部门协同,创新人才管理机制。

上海自贸区金融开放的定位与路径分析——兼与香港自由港金融演进路径比较

上海自贸区是"以开放促改革"国家战略的新试点,金融开放是上海自贸区服务业扩大开放的有机组成部分,其配套性、渐进性定位立足于满足贸易及其相关服务业的金融需求。从国家金融改革的大局而言,上海自贸区金融开放是中国全面金融改革的战略突破口之一,有其超出自贸区框架相对独立的市场化路径。在顶层设计和具体路径上,上海自贸区金融与香港自由港金融有一定相通性和竞争性,但由于发育程度差距,在可预见的未来彼此并无可替代性。

上海自贸试验区运行三周年评估研究

上海自贸试验区通过3年制度创新,实现了在保证安全、风险可控条件下,国家深化改革开放战略创新所需的重点难点问题突破,为我国参与国际贸易新规则的制定提供了实践经验。上海自贸试验区以重大制度基础设施构建为主线,以信息化集成为手段,构建了比较完整的投资、金融、贸易监管制度和便利化体系,充分体现了国家治理技术的现代化、国家治理制度的法制化。上海自贸试验区重大制度创新在全国的可复制和推广,为全国开放型经济新体制建设和进一步对外开放提供了有效制度供给。

中国(上海)自由贸易试验区对江苏经济的影响分析

中国(上海)自由贸易试验区是新形势下中国深化改革和扩大开放的重大举措,也是打造中国经济升级版的重要载体。短期内,上海自贸试验区会对省内周边城市的引资和总部经济产生一定的负面外溢效应;但从长期看,发展经验和精细区域分工的机遇也会率先在长三角产生正面联动效应。为此,江苏省各级政府和企业应加快与上海自贸试验区对接,主动学习了解自贸区内各项政策的进展情况和实施经验;同时,围绕三大国家战略赋予江苏"先行先试"的政策优势,创新政府管理模式,引导企业转型升级,以迎接未来更大范围、更高层次的开放。

中国(上海)自由贸易试验区政府职能转变的注意力配置研究——基于83篇政策文本的加权共词分析

[目的/意义]上海自贸区承担着全面深化改革的重要使命,改革成败的关键在于政府职能转变是否到位,研究上海自贸区政府职能转变对全国范围的改革具有重要的现实意义。[方法/过程]以上海自贸区成立以来政府职能转变相关政策文本(2013—2016)为分析对象,运用扎根理论提取主题关键词,生成加权共词矩阵,并通过社会网络分析方法测量上海自贸区政府职能转变的注意力配置情况。[结果/结论]研究发现上海自贸区系统化地推进了政府职能转变,但注意力资源配置存在一定的偏差。当前自贸区在政府内部业务模式变革、信息化技术应用和流程再造投入了过多的注意力资源,在传统公共权力结构的重组以及结构性利益格局重构方面关注不够,未来的深化改革应该纠正注意力配置偏差。

上海自由贸易区实施“国际船舶登记制度”的法律问题研究

我国范围内现行的船舶登记制度对于处于开放前沿的上海自由贸易区并不适用。究其原因,这种严格的船舶登记制度不利于上海自由贸易区的繁荣和发展。因此借鉴特案免税登记制度以及上海洋山、天津东疆保税港区对于船舶登记制度的探索经验,上海自由贸易区实行国际船舶登记制度,摒弃严格船舶登记制度和开放船舶登记制度。在此基础上提出符合上海自由贸易区特点的国际船舶登记制度的对策,具体包括对登记条件实行有条件的开放、解除单船融资租赁公司资本限制、完善配套法律法规、简化登记手续和降低船舶登记税费,为上海自由贸易区国际航运中心的建设和其他申请自由贸易区的地区提供示范作用。