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.

The Tenth Anniversary of Free Trade Pilot Zones in China:Fundamental Experiences and Enhancement Strategies

Since the 18th National Congress of the Communist Party of China,the country has established 21 Free Trade Pilot Zones(FTZs),achieving significant pioneering results in reform and opening up and creating a strong demonstrative effect nationwide.The basic experience from a decade of FTZs includes:adhering to the centralized and unified leadership of the CPC Central Committee;combining top-level design with encouragement of grassroots innovation;leveraging the distinct characteristics and strengths of FTZs to form a differentiated development pattern;maintaining the integration of opening up with domestic reforms;using openness to drive reforms;and organically combining openness with national security assurance.Under the current and future new circumstances,China’s FTZs face new challenges and tasks.In accordance with the directives of the 20th National Congress of the Communist Party of China,an enhancement strategy for the FTZs needs to be implemented.This involves the following:First,accurately understanding and responding to the changing situation to create strategic opportunities.Second,shifting paradigms to implement innovation-driven strategies,using the new development pattern concept to guide the reform experiments and construction of the FTZs.Third,granting more autonomy to FTZs for reforms,pursuing progress while maintaining stability,and solidly advancing the reform experiments in the FTZs.Fourth,orderly expanding the opening up of the service sector and cautiously advancing the internationalization of the renminbi.Fifth,promoting innovative development in trade to build a strong trade nation.Sixth,establishing synergy with bilateral FTZs,Belt and Road cooperation,and national diplomatic strategies to enhance the linkage effect.

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.

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.

Development of Pilot Free Trade Zones and Regional Economic Growth in China:Comparison on the Conducting Paths and Dynamic Mechanisms

This study discusses the effect and the dynamic mechanism of free trade zone(FTZ)development promoting regional economic growth in China from the perspective of institutional innovation,and finds as follows.(1)The identification process based on difference-in-differences(DID)testing and Bayesian information criterion(BIC)indicates that the institutional innovation of FTZs not only drives regional economic growth,but acts as one of the core factors among the many drivers.(2)The rapid development of investment and trade,as the primal core function of FTZs,is an important dynamic factor for FTZs to promote regional economic growth.It means in the macro-context of lasting and repeated China-U.S.trade frictions,FTZ development should refer to the practice of China(Shanghai)Pilot Free Trade Zone and China(Zhejiang)Pilot Free Trade Zone in aligning to high-standard investment and trade criteria,return to the origin of free trade,and actively seek policy support in improving trade openness and investment facilitation.(3)With the synthetic control method used,the study finds a wide gap in the“experimental effect”of setting up FTZs in different areas.The effect is better in coastal FTZs than in inland ones,and FTZs established later usually have less noticeable effect.On this account,FTZs in China should be positioned differently based on their characteristics of location and endowment;featured development modes should be explored to reduce homogeneous competition;development of coastal and inland FTZs should be balanced and coordinated.

Chongqing Pilot Free Trade Zone:A New Channel for Trade with Europe

The Ministry of Commerce announced in August last year that a pilot free trade zone was envisioned for Chongqing and six other provinciallevel areas.This means that Chongqing will benefit from favorable policies in trade and investment in the near future,and goods can be imported and exported without tariffs.In September,Secretary of the CPC Chongqing Municipal Committee

China Pilot Free Trade Zones Call Reform of Arbitrator Liability

Arbitration is vital for China Pilot Free Trade Zones(PFTZs). Though both of the Criminal Law and the Arbitration Law have clauses on liability of arbitrator, the ambiguity is risky for foreign arbitrators. There are three main theories on immunity of arbitrator in the world while China does not choose any one or set up a new one. For PFTZs' development, it is time to establish details on liability of arbitrator and arbitrator immunity.

以制度型开放创新为核心 高标准高质量推进中国(新疆)自贸试验区建设

在我国自贸试验区建设十周年之际,2023年10月国务院印发了《中国(新疆)自由贸易试验区总体方案》,正式批准设立中国(新疆)自由贸易试验区,使新疆成为我国第22个自贸试验区,也是我国西北边境地区首个自贸试验区。文章深入研究分析了新疆自贸试验区设立的重大意义,并就自贸试验区在拉动我国经济增长和实现高质量发展中的作用,制度创新在自贸试验区打造一流营商环境、提升现代产业国际竞争力等方面所发挥的作用和影响,以及制度型开放创新与逆全球化背景下深入实施自贸试验区提升战略的关系等问题进行了全面分析与思考。在此基础上,就如何以高水平开放为引领,以制度创新为核心,高标准高质量建设新疆自贸试验区提出了思路与对策建议。

自贸区设立何以赋能经济高质量发展——基于贸易、投资与创新的视角

自贸区是国内国际双循环背景下新一轮改革开放的“试验田”,其带来的制度创新与全方位改革对于驱动经济高质量发展具有重要意义。基于2000—2021年省级面板数据,借助自由贸易试验区设立这一准自然实验情景,系统考察自贸区设立对经济高质量发展的影响。研究发现:自贸区设立显著促进了经济高质量发展,这一结论经稳健性检验后依旧成立。从作用机制来看,自贸区设立通过贸易效应、投资效应及创新效应三条内在路径影响经济高质量发展。异质性分析发现,自贸区建设引致的经济高质量发展效应在不同设立批次、区位特征省份间存在异质性,且对设立批次早、内陆地区省份产生明显偏好。拓展性分析发现,自贸区建设通过空间溢出效应推动邻近地区经济高质量发展。研究结论在理论上为经济高质量发展新路径探索提供了全新视角,实践上为自贸区持续深化改革创新、推进更高水平对外开放提供了经验证据。

黑龙江与俄远东地区对外经贸合作现状分析

黑龙江省与俄罗斯远东地区开展经贸合作有着天然的区位优势,目前两地的对外经贸合作现状呈现经贸合作依赖于中俄两国政府推动、主要以一般贸易和边境小额贸易方式为主、双方投资合作进程缓慢等特点;可以通过建立沟通机制、加强俄语经贸人才的培养等措施,以进一步加强两地经贸的合作。

中国(广西)自由贸易试验区对东盟贸易与投资效应研究

结合广西面向东盟的地域特色,对广西自贸试验区促进对东盟投资与贸易发展的效应机理进行研究,有助于推动自贸区经贸发展、加深中国与东盟的经贸合作。对中国(广西)自由贸易试验区建成前后广西面向东盟的贸易与投资变化进行分析,发现较中国(广西)自由贸易试验区建成之前,广西对东盟的贸易和投资发展速度出现了明显的增长。从静态与动态两个方面对中国(广西)自由贸易试验区所引致的对东盟贸易与投资效应机理进行探究,发现在静态层面,广西自贸试验区产生了贸易和投资扩大效应;在动态层面则将通过加快构建面向东盟的跨境产业链、价值链、供应链积极推动产业协同发展,直接吸收国内外先进技术与创新资源促进经济结构的动态调整与转型的技术创新与协作等进而产生影响效应。

国际自贸区新实践、新规则与我国自贸试验区高质量发展

中国自贸试验区建设已历十载,综合比较国际自贸区发展的理论与实践创新,认真研究和落实国际经贸规则对自贸区建设的相关要求,对推动我国自贸试验区建设高质量发展意义重大。文章首先对国际自贸区研究的学术文献脉络进行了简要梳理,随后总结归纳了国际主要自贸区的最新实践,阐明了国际经贸规则的创新演变。指出当前我国自贸试验区总体上偏重于贸易便利化框架下的制度改革,与投资便利化相关领域的制度创新需要进一步加强,政府采购制度需要进一步深化改革,未来发展战略需要进一步明确等问题。并提出从投资者视角调校自贸试验区建设方向、从可持续发展和新产业技术革命趋势要求出发促进我国自贸试验区(港)高质量发展的思路和政策建议。

中国自由贸易试验区是否抑制了环境污染——来自中国281个城市的实证研究

加快建设贸易强国,提高对外开放水平,是推进高水平对外开放进而实现高质量发展的重大课题。然而,贸易引致而来的环境问题不容忽视,如何有效防治环境污染,推动绿色发展,成为高质量发展中亟须解决的问题之一。本文以自由贸易试验区作为“准自然实验”,利用2005—2019年中国城市的面板数据,通过双重差分法探究贸易与环境的关系。研究发现:自贸区能够显著抑制片区所在城市的环境污染,该结论在考虑内生性问题以及多种稳健性检验后依然成立;自贸区通过优化地区产业结构、提高地区绿色创新能力以及促进地区经济集聚三个作用渠道来抑制地区环境污染;自贸区对地区环境污染的抑制作用存在地理、行政异质性,中西部城市和副省级以上城市的抑制环境污染效应更显著;自贸区在抑制环境污染方面具有空间溢出效应,能够对邻近地区的环境污染起到显著的遏制作用;在抑制环境污染方面,自贸区与“一带一路”倡议之间存在联动作用。本文为丰富自贸区的政策内涵、实现贸易与环境双赢发展提供了新思路。

自由贸易试验区对所属区域经济增长的影响--基于川渝地区的“反事实”分析

自由贸易试验区的成立对所属区域经济增长有着重要的经济意义。以川渝地区为例,利用2008年第一季度至2019年第二季度全国省域样本的GDP季度增长率、进口额、出口额及固定资产投资额数据进行合成控制,对自贸试验区的经济效应进行反事实分析。结果显示:自由贸易试验区的成立促进了川渝地区经济增长,但该影响具有异质性。对四川而言,贸易驱动对经济增长的影响较投资驱动更加显著;对重庆而言,投资驱动大于贸易驱动,且自由贸易试验区成立的经济效应具有一定的滞后性。

整体谋划和系统集成中国(新疆)自贸试验区的制度创新研究

党中央深远谋划和战略部署中国(新疆)自由贸易试验区,并赋予其更高水平开放的历史机遇。自贸试验区在构建新发展格局中的重要地位和作用无可替代。落实好重要战略举措,必须坚持聚焦使命、强化战略意识、深化创新突破,高标准高质量推进自贸试验区和联动发展区以构建新疆开放型经济新格局为重点加快发展。聚焦战略定位及发展目标,强化以制度创新为核心的责任意识,全面深化新时代经济工作的规律性认识,认真落实自贸试验区总体方案确定的目标任务;加快提高“数字政府”建设及运行效能,推进数字化“新动能”快速聚集;促进自贸试验区数字经济创新发展,聚力在战略性、全局性关键问题上实现突破;促进自贸试验区更高质量更高水平的对外开放;深化金融服务和开放创新,强化金融服务自贸试验区的功能。聚焦主要任务和措施,深化内外贸易一体化发展的制度创新,全力以赴推进贸易便利化和外贸新业态新模式的培育,重视RCEP框架下的自贸试验区建设与对外贸易发展,深度拓展海外市场;坚持推动全产业链和对外贸易的创新发展,高质量建设“八大产业集群”,加快培育和大力发展新质生产力;充分发挥国家级棉花棉纱交易中心优势,加快棉产业聚集,培育壮大新疆特色优势产业;持续拓展国际合作与产业融合发展的深度和广度,确保自贸试验区高质量建设行稳致远。

我国自贸试验区制度创新回顾与展望

制度创新是自贸区作为改革开放试验田的核心任务。十年来,自贸区制度创新在政府职能转变、贸易投资便利化、金融创新等多方面取得了先行先试的经验,具有覆盖领域不断扩大、集成化程度不断提高、地域特色明显、制度创新成果从中央到地方多层级复制推广、法律保障持续提升等特点。下一步,自贸区制度创新将扩大领域,提升层次,更加聚焦于对标国际高标准经贸规则、金融开放、数据流动、争端解决及立法支持等方面。

自贸试验区对城市创业活跃度的影响机制分析

自贸试验区作为国家政策的重要实践基地,对于激发城市创业活力具有显著影响。本文采用2006—2019年我国280个地级市的面板数据,运用多时点双重差分方法,探究自贸试验区对城市创业活跃度的影响及其作用机制。结果表明,自贸试验区的设立能够提升城市创业活跃度,并且在Ⅰ型大城市和中小城市的提升效应显著大于Ⅱ型大城市;对中等和高度市场化水平的城市在创业活跃度方面的促进效果显著,而对低市场化水平的城市则具有一定的抑制作用。进一步的机制分析发现,自贸试验区通过促进外商直接投资流入和高端要素集聚提升城市创业活跃度。为充分发挥自贸试验区对城市创业活跃度的积极作用,后续应更加注重在不同区域实施差异化政策,持续推行市场化改革,以激发城市创业的自发性和积极性。同时,加强技术创新和人才引进工作,提升城市技术密集度和知识密集度,从而更好地推动“大众创业、万众创新”政策的落地实施。

中国自由贸易试验区制度创新:特征、问题及对策

为了探研中国自由贸易试验区制度创新的特征以及存在的问题,对中国自由贸易试验区10年来国家和地方层面要求复制推广的2130项制度创新成果进行了全面系统的梳理,通过文本挖掘的方法对其实践特征进行量化分析。研究发现,各自由贸易试验区形成了大批制度创新成果,推动了各地区高质量发展;然而,这些制度创新成果也存在制度供给需求不相匹配、改革领域过于集中以及改革深度不够等问题。研究表明,进一步推动中国自由贸易试验区高质量制度创新的重要途经是,要建立市场与管理双向沟通的渠道,将短期内难以显现改革绩效的考核方式由结果导向转为程序导向;加大放权力度的同时加强数字政府的建设,通过网络平台建立来自政府服务受众的多途径信息反馈机制;在国家、省级层面上对自由贸易试验区制度创新相关事宜进行立法;结合自由贸易试验区提升战略,更加注重产业发展领域的制度创新,加强制度创新的系统集成和协同高效,以及深入推进高水平制度型开放。