Monthly Archives: 9月 2016

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Shanghai FTA foreign exchange business

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From three years of practice, the Shanghai FTA foreign exchange business innovation is not only consistent with the FTA goal, but also reflects the direction of foreign exchange management system reform.

February 28, 2014, in order to implement the “financial support China (Shanghai) free trade zone construction views”, to support the construction of Shanghai Free Trade Area, the Shanghai branch of foreign exchange bureau formally issued “foreign exchange management support experimental zone construction details “In accordance with the service entity economy, deepen the reform of foreign exchange management, effective risk prevention,” mature one, to promote a “principle, the Shanghai FTA implemented the following innovative initiatives: First, simplify the current project settlement, Audit. Banks shall follow the procedures of “Know Your Customer”, “Understand Your Business”, and “Due Diligence”, etc .; the second is to simplify the procedures for foreign exchange registration for direct investment, foreign exchange registration and change under direct investment The registration of decentralization to the bank for the implementation of foreign-invested enterprises will exchange foreign exchange capital; third is to relax external debt management. Canceling the external guarantee and paying the guarantee fee to the foreign country for administrative examination and approval, relaxing the upper limit of the amount of overseas foreign exchange loans by the enterprises in the zone, canceling the examination and approval of the overseas financial leasing claims and allowing the domestic financial leasing business to collect foreign currency rents; Foreign currency pool and international escort in shanghai trade settlement center of foreign exchange management pilot policy to relax the conditions of pilot enterprises to simplify the approval process and account management; Fifth is to improve the settlement and sale of foreign exchange management to facilitate the banks to carry out the region for customers of commodity derivatives counter transactions.

December 17, 2015, in order to better serve the national strategy of Shanghai FTA, SAFE Shanghai Branch has issued “to further promote China (Shanghai) Free Trade Pilot Area of foreign exchange management reform pilot implementation details. This is the first implementation rule promulgated after the issuance of the “Free Trade Area 40” of the Shanghai FTA, focusing on the implementation of the following four innovative initiatives: First, allow enterprises in the region (excluding financial institutions) to implement foreign exchange funds, Second, to further simplify the procedures for foreign exchange receipts and payments of the current account, and to allow foreign exchange earnings of enterprises of Class A in the area of foreign exchange administration of goods in foreign trade without opening an account to be verified; and third, to support the development of headquarters economy And settlement centers to ease the access conditions of centralized operation and management of foreign exchange funds of multinational companies and further simplify the management of capital pools. Fourthly, it supports banks to develop RMB and foreign exchange derivative products services and allow regional banks to handle RMB and foreign exchange derivatives transactions for overseas institutions.

The series of innovative measures, not only embodies the concept of foreign exchange management and the way of change, also in line with the overall requirements of the FTA construction. First, foreign exchange management services to open up a new situation in the real economy, the first to give the FTA foreign exchange capital and foreign exchange funds of foreign exchange settlement autonomy. To facilitate the financial leasing foreign exchange management, to support the rapid development of Shanghai finance leasing industry. To encourage enterprises to make full use of both domestic and foreign resources, two markets to facilitate cross-border investment and financing; Second, continue to promote decentralization, to further reduce foreign exchange administrative approval, simplify business processes, and enhance trade and investment facilitation. Thirdly, to create a better policy environment for the centralized operation and management of multinational corporations’ funds, and to improve the efficiency of capital operation of multinational corporations and to promote the concentration of headquarters economy. Fourthly, to improve the efficiency of foreign exchange management, Is to further expand the scope of services in the area of foreign exchange banking business, the first to allow foreign banks in the region for foreign institutions in accordance with the relevant provisions of the RMB and foreign exchange derivative transactions, help enterprises to avoid exchange rate risk.


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Is the Shanghai economy stable?

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Statistics experts, and consistent with the national situation, exports rebounded since the second half of this year to Shanghai’s economic operation has maintained steady growth in one of the important reasons. From the export structure, Shanghai general trade exports increased by 1.7%, processing trade exports fell 10.4%, processing trade and general trade shift, showing that Shanghai’s industrial structure in the low-end labor-intensive processing industry to reduce the proportion, Quality and higher efficiency of the industry instead.

In the service sector, this year, Shanghai has maintained a rapid growth rate in the first quarter of Shanghai’s tertiary industry accounted for the proportion of GDP for the first time more than 70%. In the market consumption, 1-8 months of total retail sales of consumer goods increased by 7.9%, reflecting the true data of the market consumption of key data, Shanghai and the country in recent years have maintained steady growth.

The author pointed out that the social service industry in Shanghai cultural and entertainment industry profits plummeted, in order to explain the development of Shanghai social services problems. However, in the first seven months of this year, leasing and escort shanghai business services accounted for half of the social services sector, operating profit increased by 1.6%, accounting for 10% of the scientific research and technical service industry operating profit growth of 55.5%; and culture, sports and entertainment Industry operating profit of 240 million yuan, accounting for social services operating profit of two thousandths, its profit decline in the overall profitability of the service industry can be negligible. Statistics experts pointed out that the culture, sports and entertainment industry is to meet the people’s spiritual and cultural needs, profit is not its main purpose, while 1-7 months in the field of operating income increased 24%, indicating that culture, sports, entertainment prices, But the industry is thriving and serves more people than ever before.

Shanghai’s economic growth for the relies on real estate argument, the statistical data also prove that the lack of basis for judgments. In August this year, subject to a number of market factors, the Shanghai housing prices did appear a relatively fast rise. But in August Shanghai new commercial residential sales area of 1.5577 million square meters, down 2.7%; 1-8 months, the city’s new commercial residential sales area increased 9.1% growth rate down 1.9 percentage points.
Shanghai real estate industry’s role in driving the economy in the end how high? The first half of this year, the Shanghai real estate industry added value in the city’s GDP accounted for 6.3%, down 0.5 percentage points last year. The growth rate of added value of the real estate industry is also slowing down. In the first half of this year, the value-added of the real estate industry was 82.131 billion yuan, up 6.9 percent year-on-year, 0.3 percentage points lower than the same period last year and 2.1 percentage points lower than last year. From the data, the Shanghai economy in the stock market, real estate declined in the case of steady growth, indicating that the real economic foundation is still solid, good momentum of development. For example, the tertiary industry in Shanghai, the first half of information transmission, software and information technology services value-added growth is much higher than the real estate industry, second only to the financial industry, the Internet and the integration of all walks of life development, supporting the formation of new economic growth power.
From the statistics department of industry, consumption, foreign trade, investment and other core data, the Shanghai economic operation from January to August remained stable in the second half since July, some indicators have declined, but in August was warmer, the short-term Fluctuations have not changed the trend of steady macroeconomic growth this year. At the same time, the Shanghai economy and the country is similar to the smooth in the face of various pressures and challenges, such as manufacturing is still in the throes of transformation and upgrading, the scale of emerging industries is still relatively limited, the international economic environment is still not optimistic about the recent housing prices Rapid rise is also the economic operation of the problem is difficult to avoid. Faced with the problem, Shanghai insisted on innovation, deepening reform, to push forward the supply side structural reform, complement the short-term stability of the economy.


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Innovation is the first driving force to lead the development

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Innovation is the first driving force to lead the development. Today, Shanghai has accelerated the construction of a globally influential science and technology innovation center, launched a series of fruitful innovation activities, to guide the construction of the system innovation, and accumulated valuable experience in the pilot.

Extend the chain of innovation

At the Fourth Session of the 14th National People’s Congress held in Shanghai in early 2016, Mayor Yang Xiong said that Shanghai will build a comprehensive innovation and reform pilot zone this year, which will give full play to the advantages of “three-zone linkage” and further stimulate the whole society. Shanghai in the Kechuang Center construction, firmly grasp the law of science and technology innovation and development trend, for the past, “there is no technology research and development, technology without test, there is no test industry, there is no industry, industry,” the fragmented, fragmented Pattern, is committed to creating interactive collaborative innovation chain, so that the formation of chain of scientific and technological innovation chain reaction and interaction.

From the trend of technological innovation in developed countries, whether it is supply-driven innovation model or demand-driven innovation model, or supply and demand combination of innovation or system integration and innovation, are built on research and shanghai escort service development, demonstration applications, industrialization and commercialization Technology diffusion and other key aspects of the composition of the chain of scientific and technological innovation on the basis of.

Therefore, Shanghai also strive to build their own innovation chain. For example, in support of Shanghai, Beidou navigation series of enterprises is no longer go it alone, but even the strings, formed into films, to achieve group development. Shanghai satellite navigation positioning industry technology innovation strategic alliance Secretary-General Lu Xinghai said, Beidou navigation system in the application is gradually narrowing the gap with the international advanced level, basic research is also a breakthrough, another 2 to 3 years, Beidou system can International counterparts one to compete. Shanghai Qingpu District, said Xiajia home, Shanghai will be based in Hongqiao base for the base, and further attract Beidou navigation related businesses settled. Under the leadership of these high-tech enterprises, the Shanghai navigation industry output value in 2015 reached 6 billion yuan, this year is expected to grow more than 20%.

From the point of the line to break the bottleneck of fragmented innovation, Shanghai to enhance innovation capacity as the main line, to promote the continuous development and extension of innovation chain; commitment to institutional innovation, from the source of scientific and technological resource allocation system, highlighting the interests of innovation chain coordination , Emphasizing the innovation chain interaction, focusing on the source and focus of the innovation chain, and further enhance the participation of the main body of the innovative power, innovation and innovation vitality.

Shanghai Free Trade Area, Zhangjiang National Innovation Demonstration Zone, the two major strategies in Shanghai Pudong with the floor. Shanghai people see one of the multiplier effect, homeopathy proposed “double self-linkage”, which once again ushered in Pudong, a reform and innovation opportunities.

In an interview with reporters, the Shanghai Free Trade Zone Administrative Director Shen Xiaoming repeatedly referred to a term called “CMO” term, that is, “biological pharmaceutical contract production.” “Since the second half of last year, the international drug licensing system in Shanghai and other 10 provinces and cities pilot, the pilot is based on CMO, located in Shanghai Zhangjiang multinational pharmaceutical company Boehringer Ingelheim is the first to carry out CMO Pilot enterprises, the pilot project is the first product of a new anti-tumor immunity. “Shen Xiaoming said that through the biopharmaceutical contract production of this innovative model, you can help more biopharmaceutical production and listing of new products, so that patients get more High-quality innovative bio-medicine.

Through the “dual self-linkage”, Shanghai is the innovation chain and value chain organic combination, so as to play a multiplier effect of innovation-driven development.

Innovation-driven ultimately reflected in the development of economic strength and value form, the application of innovative achievements in the creation of wealth value is a measure of scientific and technological innovation center of one of the important criteria. In addition to promoting the “double self-linkage”, Shanghai in the Kechuang Center building, but also through the chain of funds effective docking innovation chain, catalyzing innovation and industrialization; implementation of enterprise independent innovation ability and value chain to enhance the organic integration, leading the industry high-end value chain ; With the “Internet +” platform to promote the “four new” economy.

Enhance the comprehensive function

With the improvement of innovation level, more and more people realize that to adapt to the increasingly specialized, high-end and integrated trend of modern scientific and technological innovation, it is necessary to build a strong functional supporting service system to provide the whole process of innovation activities Services and complex services. Therefore, Shanghai to promote the construction of a global science and technology center, not in a certain area of the city to build a “special zone”, but the innovative city construction as a carrier, the whole city to participate in the city to build.

Shanghai also emphasized that it is necessary to break down the institutional barriers to administrative division and self-closure, promote the shanghai outcall massage development of specialized and socialized science and technology service institutions, promote the development of science and technology innovation services oriented to the market and enterprises, and enhance the integrated innovation function of the center.

For example, Yangpu District, Shanghai inherited and carried forward the “three areas of integration, linkage development,” the characteristics of advantages, in docking national innovation strategy initiative, focus on building in the Yangtze River Delta, national and global influential innovation results distribution center node; Jiading Xuhui District make full use of “Internet + services” and “Internet + governance” to focus on the creation of space to focus on creating a unique space, New model to support the public entrepreneurship, Peoples innovative application of innovation, technology innovation and good service and support.

On the whole, Shanghai has broken the traditional narrow layout and pattern marked by several hi-tech parks or science and technology parks, fully exerting the active role of the construction of Kechuang Center in innovation-oriented city construction, taking scientific and technological innovation as the direction of urban development, Into the core functions of the city, according to the different location and development basis of rational division of labor, the formation of distinctive innovative business bearing area.

Integration into the global network

Nowadays, from the trend of distributed and integrated evolution of the innovation organization model, the open innovation based on the global science and technology innovation network is becoming the mainstream of the future innovation mode.

At this point, the development of large aircraft in China is particularly evident. Vice President of Shanghai Commercial Aircraft Design and Research Institute, C919 aircraft project executive director Han Ke-cen said that after 40 years of exploration, civil aircraft manufacturing has finally explored a set of “main manufacturers – suppliers” aircraft development model.

For C919 engines and major airborne systems, China Commercial Flight requires foreign suppliers to establish joint ventures or cooperation with domestic related enterprises to enhance the proportion of domestic production. Sixteen joint ventures have been established, involving avionics, flight control, power supply, fuel and hydraulic Systems. This business model innovation, marks the Chinese commercial aircraft development concept is undergoing profound changes, the original “independent research” and “international cooperation” concept has been a new integration.

In the course of the construction of Shanghai Science and Technology Innovation Center, Shanghai will integrate itself into the global science and technology innovation network, build a comprehensive national science center, rely on major science and technology infrastructure, integrate internal and external innovation resources, adopt trust mechanism, mortgage mechanism and power mechanism And incentive mechanism for comprehensive management, and actively maintain the stability and effectiveness of innovation network, give full play to innovative resources in the network continue to learn the transfer of multiplier effect, at a higher starting point to promote independent innovation.


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China (Shanghai) free trade zone

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September 29, will usher in China (Shanghai) free trade zone listed on the third anniversary of the test, as the first test a free trade zone, Shanghai free trade zone on the test system innovation, financial reform, management bold attempt to form a It can be extended to a number of effective experience of other FTA test area. Construction Bank Shanghai Branch, vice president of Wuyi Jiang said that three years of free trade financing accounts over 560 billion yuan in Shanghai FTA pilot area.
Vice President FTA Shanghai Lixin Accounting Institute of Finance Xiao Hua in an interview with this reporter, said Shanghai FTA pilot area was established three years, mainly in the financial regulatory reform is to hold regional systemic risk does not occur as a precondition, steady promote capital account convertibility and opening up the financial services sector, we made a more significant results. Free cross-border trade account liquidity regulatory practices, not only for low-cost funds into the foreign shanghai escorts enterprises in the area of convenience, but also to prevent the risk of cross-border capital flows, to other FTA test area has a certain reference.
Reporters learned that, as of the end of July 2016, the number of banking institutions Shanghai Free Trade test area a total of 464, 34 more than last month increase in April Shanghai Free Trade test area expanding area, including branches and agencies amounted to more than 164.
Shanghai Banking Regulatory Bureau released the latest data show that Shanghai FTA pilot area banking running smoothly, free trade is more concentrated business focus, cross-border lending, total assets and total liabilities under FT term growth momentum has been maintained.
Wuyi Jiang said that the three years to create a new account free trade zone in Shanghai Free Trade test (abbreviated FT accounts) Ultra 55000, FT account financing over 560 billion yuan.