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Since the founding of the Shanghai Free Trade Area in the past three years, in the financial reform of the core areas of exploration, the test has achieved breakthrough results for the national financial reform provides a sample operation. In particular, the role of Free Trade (FT) accounts has been highlighted as a “living eye” in the Shanghai Free Trade Area financial reform game, which substantially reduces the financing costs of enterprises.
To this end, the Shanghai FTA was ushered in the third anniversary of the listing, the Shanghai Securities News reporter an exclusive interview with the People’s Bank of Shanghai, deputy director of the Shanghai Branch of the Shanghai Branch of the State Administration of Foreign Exchange Zhang Xin.
Under the correct leadership of the CPC Central Committee and the State Council, under the guidance of the support of the PBC, the Bank, the Securities and Futures Commission and the relevant ministries, the Shanghai Municipal Committee of the CPC Shanghai Municipal Committee and the Municipal People’s Government of Shanghai Municipality co-ordinate the shanghai massage girls development of the FTA , Shanghai FTA actively as a good financial reform and innovation icebreaker, financial support for the construction of a free trade area has made breakthrough achievements.
Zhang summarized these achievements as “building a reform framework, establishing a management system, promoting the eight reform initiatives, forming a series of replicable and promoteable financial innovation results.” Shanghai Free Trade Area has effectively played the role of the “experimental field” of national financial reform.
Looking to the future, Zhang said that the current focus on the current financial services to focus on the overall situation, reflecting the image of Shanghai financial reform icebreaker reform measures. The central bank Shanghai headquarters will study to further promote the capital market two-way open, and actively promote the convertibility of RMB capital projects, relying on free trade accounts in Shanghai free trade area for international and domestic renminbi assets pool, the establishment of comprehensive financial monitoring and analysis center.
25 financial reform implementation details have landed
Shanghai Securities News: three years, the financial reform has been the reform of the Shanghai FTA’s “main event”, the largest free trade area to change what is the result? Since the beginning of this year, all parties have been focusing on the advancement of the “Golden Reform 40”. What is the current progress?
Zhang Xin: Under the correct leadership of the CPC Central Committee and the State Council and guided by the support of the PBC, the Bank, the Securities and Futures Commission and relevant ministries, the Shanghai municipal government has made a concerted effort to promote the financial reform of the FTA. Depth discussion on the financial innovation of the FTA and the linkage of the construction of the Shanghai international financial center, and promulgated the “51 Gold Reform” and the “40 Gold Reform” to formulate 25 implementation rules.
The results of financial reform in FTA can be summarized as follows: First, a framework for reform is set up, that is, a new framework of financial reform centered on decentralization and negative list management. Second, “the establishment of a management system”, that is adapted to the new financial system after the event management system – free trade account system. Third, the “eight reform initiatives”, namely the first macro-prudent capital cross-border mobile management system to promote the management of capital account convertibility; the creation of interest rate market order self-regulatory organization, the first in the country to achieve full market interest rate ; To speed up the opening of the RMB assets market, and vigorously promote the process of internationalization of the RMB; the construction of an international financial trading platform to strengthen the FTA and the Shanghai international financial center linkage; deepening foreign exchange management system reform to promote trade and investment facilitation; The establishment of “anti-money laundering, anti-terrorism financing, anti-tax evasion” of the monitoring analysis and management system; to strengthen the sharing of FTA information, research and construction of “trinity” of financial risk monitoring and management system; explore the implementation of integrated financial supervision, Enhance the ability to guard against financial risks. Fourthly, more than twenty financial systems can be replicated and promoted, effectively playing the role of “experimental fields” in Shanghai.