Original name: 12 measures to support financial innovation in the free trade area. RIS is aimed at promoting transboundary use
Beijing News (Reporter Gu Zhijuan) On November 23, the State Council informed the "Supporting Measures for Reforms and Innovations in the Investment Pilot Region" ("Notification"), the creation of a good investment environment and enhancing trade promotion. Promoting financial innovation aimed at serving the real economy, expanding human resources and improving the reform and innovation of the free trade zone.
Among the above mentioned remarks are 12 measures covering financial innovations covering insurance, banking, securities, funds and other industries to support trade facilitation and reform of the pilot free trade zone.
A range of measures to expand the range of RMB transboundary areas in the free trade zone
The report also offers a range of measures to support RMB cross-border business development in the free trade zone, including providing free access to RMB and derivative products for RMB and foreign banks in a free-trade zone. Provision of support for a free-of-charge pilot zone for cross-border business RMB based on its own accounting system, with a request for cooperation with qualified banking institutions for the purpose of performing futures business or futures currency settlement transactions, Promoting and supporting a pilot free trade zone institutions grant loans to foreign institutions and foreign projects based on specific needs and prudential principles.
Wang Yuikin, a researcher at China's International Finance Institute, said in an interview with Beijing that these measures are crucial to promoting the transboundary use of the Rhumbium. RMB and foreign currency derivatives directly expands market participants and does not provide for the principle of real demand in the document, ie the free float of the free float derivatives trading area. It includes current and sophisticated projects if it is legally consistent and risk-driven.
Earlier in the Shanghai Free Trade Zone, domestic banks were engaged in business dealing with foreigners' RMB derivatives and liberalized. In December 2015, the Shanghai Shanghai Board announced that banks in the Shanghai Free Trade Zone will provide RMB and FX derivatives for foreign financial institutions. The message is equivalent to extending this business to 12 existing free trade zones.
Financial institutions in the Free Trade Zone have extended loans to foreign countries, while only a few pilot regions have been able to do business in the past. Wang Youxin said that the measures taken at this time would improve the RMB's bilateral turnover and help RMB out ". Exit for use on major corporate and offshore projects.
Using the Free Trade Zone pilot zone for the transboundary business on a favorable basis for its own distinctive feature, each free trade zone gives more freedom and allows the respective trade zones to carry out transboundary business in accordance with the specific circumstances, which will stimulate. Business Innovations, the development of more market entities for renminbi use.
In addition, the report recommends the use of RIS in commodity trade in goods traded with Commodity Exchangers and countries with Belt and Road and refineries for "importing and paying foreign currency" banks. Transboundary payments for petroleum products sales and the principle of securing taxable fuel oil in the Tengiz Free Trade Zone. This article concerns only Zhejiang free trade zone.
The purpose of this event is to promote the function of the pricing power of RMB products. On the one hand, renegotiation is a major challenge for the sale of large quantities of crude oil, while promoting the free trade zone and boosting fuel supply in the Rengminbies. RMB price.
The Central Bank is actively expanding its financial sector when creating a free trade zone
The Director of the People's Bank's Research Bureau, Syu Zhong, at the briefing on the Policy of the State Council on November 23, has been a dynamic trans-border RMB business since the establishment of the Free Trade Area, and continued to improve the level of transboundary investments and funding. The People's Bank of China has demonstrated a fully-fledged role of the pilot Free Trade Zone Reform and the role of testing ground in innovation, which facilitated the simplification of trade-offs and investments, transboundary simplification of business processes of RSE on fixed and direct investment, based on the principle of local currency priority. Businesses and individuals in the region are using local currency for cross-border transactions, which reduces exchange costs and reduces exchange rates.
In addition, the innovative financial services of the free trade zone continue to increase the level of financial services. In addition to the Shanghai free-trade zone, other free-of-charge pilot zones have adapted to local conditions for the implementation of various financial innovations. For example, Guangdong Free Trade Zone has launched an e-license bank card to improve the accuracy of registration and operation of businesses in the region. The Tianjin Pilot Free Trade Zone supports the leasing company's willingness to repay external debt through a special financial support policy for leasing industry development. The Fujian Free Trade Zone in Fujian renders its innovative services to finance offshore trade funds and warehouses and is engaged in the construction of the main Silk Road Zone.
Since the introduction of China's roadmap for expansion of the financial sector in April this year, the financial sector's opening, including the removal of foreign investment into Chinese financial institutions, the expansion of business and expansion of foreign financial institutions continued. Please wait.
The People's Bank of China follows three principles of internal and external financial expansion: firstly, national treatment and adoption of the negative list principles, and secondly, the financial industry will be coordinated through the exchange rate regulator and capital accountability processes. Thirdly, at the time of opening, we need to focus on avoiding financial risks, and the financial capabilities of financial control should coincide with financial transparency.
In the next step, the People's Bank of China will actively promote the opening of the Free Trade Zone in the Creation of a Free Trade Zone and will encourage the pilot free trade zone and will focus on the financial sector. Halyk Bank of China will gradually reduce the negative list of financial sector, liberalize the shares of foreign financial institutions in all areas including financial licenses, expand the business of foreign financial institutions, and replace the access and qualification limits, taking into account the requirements for external financing stimulation. Institutions take part in the Chinese financial market's efforts and promote free flow of funds.
Tianjin Free Trade Zone supports open innovation in the financial sector.
In the free trade area, the US stock market will be facilitated to support the investment of individuals in foreign securities
It was recommended to support persons in the pilot free trade zone for investment in foreign securities in accordance with the statutory provisions.
According to a relevant announcement from the Commission on Securities Regulators of PRC, in addition to domestic institutional investors (QDII), including Shanghai-Hong Kong Conoc-Connect and Shenzhen-Hong Kong Corporation Stock-Connect, additional domestic or foreign entities may participate in transactions involving foreign securities did not allow the provision. Business business. Domestic investors who want to invest in foreign securities can buy QDII's products and invest in foreign securities market by participating in Stock Connect deals in Shanghai-Hong Kong.
Previously, domestic investors opened accounts with foreign brokerage firms through domestic internet institutions, invested in US funds, etc., but this model was warned by the Securities and Futures Commission in 2016. Regulatory authorities believe that the platform website or unauthorized domestic Internet companies lack the proper security audit and legal safeguards that the Client has in the foreign securities market operations, and securities investment accounts and funds are out of the country. The investor's rights after an investment dispute and their interests are inexcusable, and can not be safely protected. The industry believes that, while implementing the aforementioned message, domestic investors will be comfortable to invest in foreign capital markets and will also provide security.
Beijing News Reporter Gu Jujuan Wang Quanzhou Editor Zhao Zu Prop Vu Qingfa