Summary December 12 meeting of the State Council executive meeting on the promotion of pilot experience Shanghai Free Trade Area of the deployment, and to determine relying on the existing district, the park, in Guangdong, Tianjin, Fujian particular area and then set up three free economic zone. “This means that the seeds of the Shanghai Free Trade Zone have landed.â€...
The State Council executive meeting held on December 12th deployed the pilot experience of promoting the Shanghai Free Trade Zone, and decided to rely on the existing new districts and parks to set up three free trade zones in specific areas of Guangdong, Tianjin and Fujian. “This means that the seeds of the Shanghai Free Trade Zone have already landed.†Ni Shoubin, deputy dean of the School of Law of Shanghai University of International Business and Economics, told the Shanghai Securities News that it also means that the construction of the national free trade zone has entered version 2.0, and the free trade zone has opened a competitive model.
The three free trade zones are full of imagination
The Guangdong-Jinjin-Tianjin Free Trade Zone has been finalized. What is the difference between the market focus and the three-zone free trade zone and the Shanghai Free Trade Zone? What breakthroughs may be made in the policy? What kind of benefits can the company get?
According to the spirit of the State Council executive meeting, the three free trade zones in Guangdong, Tianjin and Fujian should take the pilot content of the Shanghai Pilot Free Trade Zone as the main body, and combine the local characteristics to enrich the new pilot content.
In this regard, Prof. Sun Yuanxin, deputy dean of the Institute of Free Trade Zone of Shanghai University of Finance and Economics, told the Shanghai Securities Journal that the so-called Shanghai pilot content as the main body, combined with local characteristics, means 70% to 80% of the three free trade zone programs. The content will be consistent with the Shanghai Free Trade Zone, and the other 20% to 30% of the content will reflect local characteristics.
Among them, 20% to 30% reflect the content of local characteristics, making the market full of imagination, and the free trade zone will open a new pattern under the competition mode. A brokerage official told the Shanghai Securities Journal that as Guangdong faces Hong Kong and Macao, it is expected to have more than expected performance in land finance innovation, customs clearance, financial reform, etc. The biggest feature of Fujian Free Trade Zone is that it will strengthen cross-strait economic and trade relations with Taiwan. There is a policy of exceeding expectations in terms of relations; Tianjin undertakes the strategy of Beijing-Tianjin-Hebei, and one of the highlights of Tianjin Free Trade Zone is the development of offshore finance and financial leasing, especially highlighting the development of financial leasing business.
The State Council also pointed out that Guangdong, Fujian and Tianjin should urgently formulate specific plans for the establishment of a new free trade park, and invite the Standing Committee of the National People's Congress to authorize the adjustment and implementation of relevant laws and regulations.
"This means that the three free trade zones will be officially listed, and at least two passes will be required." Sun Yuanxin told reporters that the first step is to further improve the plan. Secondly, under the premise that the three foreign laws have not been revised, the National People's Congress needs authorization. The State Council suspended the administrative approval of the three-legged foreign investment in the three newly established parks. "The two passes are over, probably after the 'two sessions' in 2015."
Shanghai Free Trade Zone is approved for “functional expansionâ€
As reported in the previous report, the above-mentioned three-zone free trade zone did not have the word "trial" but was named after the free trade zone. In this regard, Sun Yuanxin said that the above three free trade zones are mainly economic functions, and the task of institutional innovation experiment is still completed by Shanghai.
In this context, the construction of the Shanghai Free Trade Zone has also ushered in a new situation. The State Council executive meeting said that the China (Shanghai) Pilot Free Trade Zone has been actively exploring and revising the institutional mechanisms for the establishment of a negative list management of foreign investment, trade facilitation, opening of the financial services industry, and improvement of the government supervision system. Innovation has formed a number of empirical practices that can be replicated and promoted. The Party Central Committee and the State Council have decided to push forward on a larger scale and promote the implementation of a new round of high-level opening up.
The meeting requested that the reform and opening up of the Shanghai Pilot Free Trade Zone be deepened, the negative list should be further compressed, and a number of open-opening measures be launched in the service industry and advanced manufacturing industries, and some of the opening measures will be radiated to the Pudong New Area.
"This means that the State Council has officially approved the Shanghai Free Trade Zone for functional expansion." Sun Yuanxin told the Shanghai Securities Journal.
All along, the industry has two disputes about the expansion of the Shanghai Free Trade Zone: one is the physical expansion, that is, the free trade zone is expanded on the geographical scope; the other is the functional expansion zone, the free trade zone Some reform measures have been radiated outside the free trade zone. "Comparatively, the function expansion is more efficient in achieving reform and opening up," Sun Yuanxin said.
The Shanghai Stock Exchange reporter learned from a person familiar with the matter that the Shanghai Municipal Development and Reform Commission has taken the lead in formulating relevant plans to study specific radiation methods so that the free trade zone effect can be radiated to the hinterland of Pudong, and relevant programs can be released at the end of the month. At the same time, Pudong is also sorting out the opening up measures of the Shanghai Free Trade Zone.
In addition to radiation, the Shanghai Free Trade Zone has a major task to create replicable promotion experience across the country. The latest instructions of the State Council executive meeting are: in addition to matters related to legal revision, the 28 reform pilots in the country including investment, trade, finance, service industry opening and post-event supervision, etc., in other special customs supervision areas of the country. Promote 6 innovation measures for customs supervision and inspection and quarantine system.
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