Negative list: draw a clear line between government and market
The "negative list" is a typical institutional innovation in the Shanghai Pilot Free Trade Zone, which embodies the principle of "endless progress" in the investment field, that is, anything can be done except what is stipulated in the list without the prior approval of the government.
The "negative list" is actually to draw a clear line between the government and the market and clarify what the government needs to manage, rather than reaching out indefinitely. The adoption of this new economic management model in the experimental area is essentially consistent with the new government's emphasis on decentralization and functional transformation, which can better play the basic role of the market in allocating resources.
Wang Xinkui, president of Shanghai WTO Affairs Consulting Center, said: "The future direction is to combine leniency with severity, and the management should be in place and resolutely managed."
Domestic customs clearance: reducing costs and improving market competitiveness
The Shanghai Pilot Free Trade Zone is built on the basis of the bonded area, but compared with the "inside the customs" mode of the bonded area, the pilot area will really move towards "outside the customs".
Ding Wei, director of the Legal Affairs Committee of the Standing Committee of the Shanghai Municipal People's Congress, said that there are more than 1 10 special customs supervision areas in China, including the bonded area. When goods enter the bonded area, they need to be registered in advance, and "no tax for the time being" is not tax-free. The Pilot Free Trade Zone will reform the customs supervision mode of "declaring goods first and then entering the zone" according to the requirements of "full opening of the first line and efficient management of the second line", allowing enterprises to "declare first and then enter the zone". All goods in line with international practice are unimpeded, and there are no tariff barriers and non-tariff barriers.
Feng Zhengzhou, president of the Shanghai Chamber of Commerce for Import and Export, said that there are more than 87,000 foreign trade enterprises in Shanghai alone. The implementation of "domestic customs clearance" mode in the experimental area will fundamentally solve the old problems faced by foreign trade enterprises, such as difficulty in customs clearance and foreign exchange settlement, reduce operating costs and improve market competitiveness.
Opening service industry: creating an equal market access environment
Unlike the WTO, which mainly focuses on trade in goods, "opening the service industry and promoting trade in services" is an important task of the Pilot Free Trade Zone. The plan proposes to expand the areas of financial services, shipping services, business services, professional services, cultural services and social services, and create a market environment conducive to equal access for all types of investors.
Financial innovation: taking the lead in trying out interest rate marketization
Since the beginning of this year, China's financial reform has been accelerating, from the promulgation of the "National Ten Articles" of finance, the cancellation of the lower limit of loan interest rates, to the latest pilot project of expanding credit asset securitization. On the "last mile" road of reform, the Pilot Free Trade Zone will play an important role: in the pilot zone, market-oriented pricing will be implemented to realize the asset price of financial institutions; Promote the full opening of financial services to qualified private capital and foreign financial institutions, and allow financial markets to establish international trading platforms in the pilot areas; Gradually allow overseas enterprises to participate in commodity futures trading.
"Since the reform and opening up, China's general goods and services have achieved market-oriented pricing, but the prices of core factors such as funds are still controlled. The pilot test in this area is of great significance. " Long Guoqiang, an expert from the State Council Development Research Center, said.
Capital account convertibility: promoting the internationalization of RMB
The convertibility of RMB capital account is one of the most striking financial reforms in the Pilot Free Trade Zone.
The pilot zone will explore international-oriented foreign exchange management reform pilots, establish a foreign exchange management system suitable for the free trade pilot zone, and fully facilitate trade and investment. Encourage enterprises to make full use of domestic and foreign resources and markets to realize cross-border financing liberalization.
Liang Xinjun, CEO of Fosun Group, has high hopes for this reform. Promoting financial opening will inevitably encounter some unpredictable risks. He pointed out that the trial of RMB capital account convertibility in the pilot area will partially connect the domestic financial market with the international financial market.
Key points of policy
The field of financial services. Qualified foreign-funded financial institutions are allowed to set up foreign banks, and qualified private capital and foreign-funded financial institutions are allowed to set up Sino-foreign joint venture banks.
The field of shipping services. Relax the restrictions on the ratio of foreign shares of international shipping enterprises with Sino-foreign joint ventures and Sino-foreign cooperative ventures, and the relevant management trial measures shall be formulated by the competent department of transportation of the State Council.
Business service field. Foreign-funded enterprises are allowed to engage in the production and sale of game and entertainment equipment, and the game and entertainment equipment that has passed the content review of the cultural authorities can be sold to the domestic market.
Professional service field. Wholly foreign-owned construction enterprises in the experimental area are not limited by the proportion of Chinese and foreign investment in construction projects when undertaking Sino-foreign joint venture construction projects in Shanghai.
The field of cultural services. Cancel the restriction on the share ratio of foreign-funded performance brokerage institutions, and allow the establishment of wholly foreign-owned performance brokerage institutions to provide services to Shanghai. It is allowed to set up wholly foreign-owned entertainment venues in the experimental area to provide services.
The field of social services. Allow the establishment of wholly foreign-owned medical institutions. Chinese-foreign cooperative operation of education and training institutions is allowed. Chinese-foreign cooperative vocational skill training institutions are allowed.
Four tasks
Analysts pointed out that through the establishment of the Pilot Free Trade Zone, we can promote reform through opening up, establish a "reverse" mechanism that integrates with the new global pattern and rules, and realize the transformation and upgrading of China's open economy. Generally speaking, China (Shanghai) Pilot Free Trade Zone will undertake four major missions:
1. Actively adapt to the new trend and new pattern of global economic governance. A new pattern of global economic governance is taking shape. The purpose of building China (Shanghai) Pilot Free Trade Zone is to actively adapt to this new trend and new pattern, open up more actively, and build a strategic carrier for China to face the world and deepen the Asia-Pacific region in the new era.
2. Actively adapt to the new rules and requirements of international trade and investment.
3. Actively shape China's new dividends and advantages in promoting reform and development through opening up. According to reports, in order to adapt to the new situation at home and abroad, it is imperative to promote reform through opening up.
4. Take the initiative to undertake the new mission and strategy of opening up the country first.
expert opinion/advice
Shanghai Free Trade Zone is expected to become the second season of China's market economy reform.
When talking about the development of China, Ren Keng, former vice chairman of NPC Finance and Economics Committee, said that China's economy has entered the second season of improving quality and increasing efficiency. This "season" is not the second period, but a seasonal change, which cannot be the same as in the past. Summer has passed, so we can't wear spring clothes any more. In the second quarter, to ensure how to improve the quality and increase the support, this requires reform. This support is that all kinds of economies, major economies and all kinds of economies should have an equal market competition environment. More than 30 years ago, Shenzhen Special Economic Zone opened the first season of China's market economy, which was opened by Shenzhen Special Economic Zone. Shanghai Free Trade Zone is expected to truly become the second season of China's market economy reform.
This will open a new stage of China's financial reform.
Wang Dongsheng, CEO of HSBC Asia Pacific, said that the Shanghai Free Trade Zone will open a new stage of China's financial reform and bring more flexibility and new choices to the development of the world's most active economy. As China's economy matures, it needs more mature financial services to give full play to its growth potential. The establishment of Shanghai Free Trade Zone reflects this general trend.
Become a test field for exchange rate marketization