Shanghai Free Trade Zone expands and opens up to 6 fields and 19 industries

Abstract According to the information obtained by the reporters, the list of the opening and opening up of the service industry in the Shanghai Free Trade Zone Construction Plan proposed by relevant parties involves 19 industries in six major fields. These open scopes are basically based on existing laws and regulations, some of which are relatively strong, and are expected to be open...
Judging from the information obtained by the reporters, the list of the opening and opening up of the service industry in the Shanghai Free Trade Zone Construction Plan proposed by relevant parties involves 19 industries in six major fields. These open scopes are basically based on existing laws and regulations, and some are relatively strong. It is expected that opening up will be a gradual process. Among them, in the field of financial services, it is recommended to allow qualified foreign financial institutions to set up foreign banks, and eligible private capital and foreign financial institutions jointly set up Sino-foreign joint venture banks. When conditions are available, a limited license bank will be piloted in the pilot area as appropriate.

It is suggested that under the premise of improving relevant management measures and strengthening effective supervision, qualified Chinese banks in the region are allowed to start offshore business.

The Shanghai Free Trade Zone has been approved for many days. So far, no rules have been issued. However, the Securities Times reporter learned from relevant informants that the Shanghai Free Trade Zone is more focused on institutional innovation. It is reported that the plan from the poster to the central government covers nine measures in the four major areas of investment, trade, finance and administration. In summary, it is “one simplified six freedoms”, simplifying management, especially administrative approval, and enabling registered enterprises in the region to enjoy Freedom of trade, freedom of movement of people in and out, freedom of movement of goods in and out, freedom of service in and out, freedom of currency circulation, freedom of storage of goods.

In the investment field, the Shanghai Free Trade Zone focuses on two aspects of innovation. For investment in the Free Trade Zone, explore the establishment of a negative list management model and try to apply for pre-entry national treatment. Generally speaking, it is a matter for Chinese and foreign companies registered in the zone to list matters that are not allowed to be operated under Chinese law. In addition, registered enterprises in the zone are free to operate. Obviously, this involves major policy breakthroughs. This is the reason why the NPC Standing Committee has considered suspending three foreign-related economic legal motions in the region.

For foreign investment in enterprises in the Free Trade Zone, a management system based on the filing system will be implemented, and a general filing system for overseas investment will be implemented to ensure the degree of convenience for overseas investment. At the same time, it is encouraged to set up a project company specializing in overseas equity investment in the pilot area, and support qualified investors to set up an overseas investment equity investment fund.

In the field of trade, multinational companies are encouraged to establish Asia-Pacific regional headquarters and establish operational centers that integrate trade, logistics, and settlement functions. Deepen the pilot of the International Trade Settlement Center and expand the cross-border collection and payment and service functions of service trade in special accounts. Support enterprises in the region to carry out offshore business. Encourage enterprises to coordinate international and domestic trade and achieve integrated development of domestic and foreign trade. At the same time, improve the level of international shipping services and accelerate the development of shipping freight index derivatives trading business. Promote the development of transit consolidation business, allow non-five-star flagship vessels owned or controlled by Chinese-funded companies, and first test the coastal briques business between domestic coastal ports and Shanghai Port. Simplify the international ship transportation and business license process and form an efficient ship registration system.

For the financial sector, under the premise of risk control, the RMB capital account convertibility can be tested in the region. In the region, the marketization of financial interest rates will be realized, and the price of the asset side of financial institutions will be market-oriented. Try first in the cross-border use of the renminbi. Explore internationally-oriented foreign exchange management reform pilots, establish a foreign exchange management system that is compatible with the free trade pilot zone, and fully realize trade and investment facilitation. Encourage enterprises to make full use of both domestic and overseas resources, two markets, to achieve cross-border financing liberalization. Deepen the reform of foreign debt management methods and promote cross-border financing facilitation. Deepen the pilot of centralized operation and management of foreign exchange funds at the headquarters of multinational corporations, and promote the establishment of regional or global fund management centers for multinational corporations. Establish a linkage mechanism between financial innovation in the pilot area and the construction of the Shanghai International Financial Center. Promote the financial services industry to fully open to eligible private capital and foreign financial institutions, and support the establishment of foreign banks and Sino-foreign joint venture banks in the region. Allow financial markets to establish an internationally oriented trading platform in the region. Gradually allow foreign companies to participate in commodity futures trading. Encourage product innovation in financial markets. Support equity escrow trading institutions to establish an integrated financial service platform in the region. Support the development of RMB cross-border reinsurance business and foster the development of reinsurance market.

In the administrative field, the free trade zone deepens the reform of the administrative examination and approval system, simplifies the administrative examination and approval procedures, and establishes a service model of acceptance, comprehensive examination and approval and efficient operation. Establish and improve the information network platform to achieve collaborative management mechanisms in different departments.

Shanghai Free Trade Zone will allow RMB free convertibility

On September 5th, Sina Finance received a draft for the Shanghai Free Trade Zone's overall plan, indicating that the free trade zone will accelerate the innovation of the financial system. Under the premise of risk control, the RMB capital project can be Redeem for the first try.

The plan shows that in the innovation of the financial system, it mainly includes measures such as RMB internationalization and foreign exchange reform.

Under the premise of risk control, the RMB capital account convertibility can be tested first in the China (Shanghai) Pilot Free Trade Zone. Marketization of interest rate in financial markets in the region. Market prices of financial institutions are subject to market pricing. Try first in the cross-border use of the renminbi.

The document pointed out that the Shanghai Free Trade Zone will explore an international foreign exchange management reform pilot, establish a foreign exchange management system that is compatible with the free trade pilot zone, and fully realize trade and investment facilitation. Encourage enterprises to use domestic and foreign resources and two markets to achieve cross-border financing liberalization.

The Free Trade Zone will also deepen the reform of foreign debt management methods and promote cross-border financing facilitation. Deepen the pilot of centralized operation and management of foreign exchange funds at the headquarters of multinational corporations, and promote the establishment of regional or global fund management centers for multinational corporations. Establish a linkage mechanism between financial reform and innovation in the pilot area and the construction of Shanghai's international financial center.

At the same time, in terms of increasing financial services functions, the new policies in the Free Trade Zone include promoting the financial services industry to fully open to eligible private capital and foreign financial institutions, and support the establishment of foreign banks and Sino-foreign joint venture banks in the region. Allow financial markets to establish an internationally oriented trading platform in the region.

In addition, foreign companies will be gradually allowed to participate in commodity futures trading. Encourage product innovation in financial markets. Support equity escrow trading institutions to establish an integrated financial service platform in the region. Support the development of RMB cross-border reinsurance business and cultivate the development of reinsurance market.

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