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The Central Bank Has Issued Financial Support For Free Trade Zone Opinions To Promote RMB Convertibility Process.

2013/12/2 15:41:00 41

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In The Third Plenary Session Of The 18Th CPC Central Committee The Central Bank The RMB Financial Support Test Area China (Shanghai) Free Trade Pilot Area Interest Rate Foreign Exchange Opinions On Financial Support For The Construction Of China (Shanghai) Free Trade Pilot Area.

< img border= "0" align= "center" alt= "" src= "" /uploadimages/201312/02/20131202034413_sj.JPG "/" < > > "
" to carry out the spirit of "a href=" http://sjfzxm.com/news/index_cj.as "the third Plenary Session of the 18th CPC Central Committee" /a ", implement the strategic plan of the Central Committee and the State Council on building the free trade pilot area of China (Shanghai) (hereinafter referred to as the" test area "), promote the real economic development of the pilot area, increase financial support for cross-border investment and trade, and deepen financial reform. Recently, the people's Bank of China issued the < a href=" http://sjfzxm.com/news/index_cj.as "> opinions on financial support for the construction of China (Shanghai) free trade pilot area (hereinafter referred to as" opinion "). 
Under the guidance of the general plan for the construction of the pilot area, the "P" is guided by the guiding ideology of "serving the real economy, facilitating cross border investment and trade", and persisting in opening up and innovating, taking the lead in the first try, exploring the convenience of investment and financing, pushing forward the cross border use of RMB, steadily promoting the marketization of interest rates, and deepening the reform of foreign exchange management. Through financial support measures, we can expand the growth space of the real economy in the region, cultivate its competitive strength, and promote its participation in international cooperation and competition at a higher level. 
 > a > financial support test area < /a > real economic development and facilitating cross-border investment and trade are divided into four aspects: first, explore the facilitation of investment and financing exchange, promote the capital account convertibility process, further expand the opening up of the test area, and support enterprises to go out. The two is to expand the cross border use of RMB so that enterprises and individuals in the region can make flexible use of their currencies for cross-border transactions, reduce exchange costs and reduce exchange rate risks. Three, we should steadily push forward the marketization of interest rates, speed up the reform process and support the development of the real economy. Four, we should deepen the reform of foreign exchange management, further reduce administrative examination and approval, and gradually establish a corresponding foreign exchange management system. 
 in implementing steps and risk prevention, < < a href= > http://sjfzxm.com/news/index_cj.as > > /a > adhere to the principle of "controllable risk, steady progress and timely and orderly organization of the pilot". For the specific reform provisions of the opinion, "mature and promote one" to ensure that the pilot work of the reform is carried out in an orderly way. According to the principle of controllable risk and steady progress, the people's Bank of China will organize and implement the relevant rules as soon as possible. At the same time, the "opinions" focused on the macro Prudential Management, formulated a series of risk prevention measures, and implemented the whole process of risk management. Through the way of separate accounts and accounting management, enterprises open free trade accounts, and financial institutions of enterprises in the trial area set up a test ledger accounting unit to meet the wider needs of foreign economic activities in the region. The people's Bank of China and the Shanghai municipal government strengthen monitoring and analysis, pay close attention to the flow of cross border abnormal funds and implement classified management of the institutions in the region. The people's Bank of China can also strengthen the supervision over the short-term speculative capital flows in the pilot area according to the situation. 
Through the above measures, P can form a replicable and popularized innovative business and management mode of financial support for the development of the real economy and the convenience of investment and trade in the experimental area, and help the pilot area become an "experimental field" to promote reform and raise the level of open economy. 
 < a > href= > http://sjfzxm.com/news/index_cj.as > > the people's Bank of China < /a > opinions on financial support for the construction of China (Shanghai) free trade pilot area: /p >
 to put into effect the important strategic plan of the CPC Central Committee and the State Council Concerning the construction of the free trade pilot area of China (Shanghai), to support the construction of the pilot area, to promote the development of the real economy in the experimental area, to increase financial support for cross-border investment and trade, to deepen financial reform and to expand opening to the outside world, are now putting forward the following opinions. 
 1, general principle 
(P) (1) adhere to the financial services entity economy, further facilitate trade and investment facilitation, expand financial opening to the outside world, and promote experimental zones to participate in international competition on a higher platform. 
 (two) adhere to reform and innovation, pilot first, and strive to promote the cross-border use of RMB, RMB capital account convertibility, interest rate liberalization and foreign exchange management and other fields of reform pilot projects. 
 (three) adhere to risk control and steady progress, "mature one, promote one", organize experiments in a timely and orderly manner. 
 two, innovation is conducive to the risk management account system 
 (four) the residents in the experimental area can realize the separate account management by establishing the foreign currency free trade account (hereinafter referred to as the residents' free trade account), carry out the third part of the investment and financing innovation business; non residents can open the foreign currency non resident free trade account in the pilot area (hereinafter referred to as the non resident free trade account), and enjoy the relevant financial services according to the principle of national treatment before admission. 
 (five) the free trade account of residents can be transferred freely from overseas accounts, non resident accounts outside the territory, non resident free trade accounts and other residents' free trade accounts. The residents' free trade account between the residents of the same non-financial institution and other bank settlement accounts can be transferred for funds due to the regular business, repayment of loans, industrial investment and other cross-border transactions that meet the requirements. The flow of funds between residents' free trade accounts and bank accounts outside the territory is regarded as cross border business management. 
 (six) < a > residents free trade account < /a > and non resident free trade account can handle cross-border financing, guarantee and other businesses. When conditions are ripe, the foreign currency capital in the account can be freely convertible. Establish a monitoring mechanism for RMB exchange in residents' free trade accounts and non resident free trade accounts. 
 (seven) financial institutions in Shanghai can open free trade accounts and provide relevant financial services to eligible regional entities through the establishment of trial ledger accounting units according to the provisions of the people's Bank of China. 
 three, explore investment and financing exchange convenience {page_break} /p >
 (eight) promote the facilitation of cross-border direct investment in enterprises. The cross border direct investment in the pilot area can be directly decoupled from the pre approval by the relevant provisions of Shanghai, and directly handle the cross-border receipts and payments involved in the transaction. 
 (nine) facilitate personal cross border investment. Individuals who are employed and qualified in the area may carry out various kinds of overseas investments including securities investment according to regulations. The legitimate income obtained by individuals in the area can be paid out after tax payment. The individual industrial and commercial households in the region can provide cross-border loans to overseas business entities according to their business needs. Foreign individuals who are employed and qualified in the area may set up non resident individual domestic investment accounts within the financial institutions in accordance with the regulations, and carry out all kinds of domestic investments including securities investment according to regulations. 
 (ten) steadily opening up the capital market. Financial institutions and enterprises in the region can invest and trade in Securities and futures trading venues in Shanghai according to regulations. The overseas parent companies of the enterprises in the region may issue Renminbi bonds in the domestic capital market according to the relevant state regulations. According to market demand, explore the development of international financial assets transactions in the region. 
 (eleven) promote the facilitation of external financing. In accordance with the needs of operation, Chinese and foreign funded enterprises, non bank financial institutions and other economic organizations registered in the pilot area (hereinafter referred to as regional institutions) can integrate funds from overseas into foreign currencies according to regulations, improve the macro Prudential Management System of full scale foreign debts, and take effective measures to prevent risks of foreign debts. 
 (twelve) provides diversified risk hedging measures. Regional institutions may require risk hedging management within or outside the region based on real currency matching and maturity matching management. It is permitted that the enterprises in the region meet the requirements of overseas investment in Securities and overseas derivatives. The test ledger unit shall make flat hedges in the regional or overseas markets by providing the open space for free exchange of foreign currencies to local or overseas institutions. The test ledger unit can participate in derivatives transactions in the international financial market on the basis of its own risk management needs. Upon approval, the trial ledger accounting unit can enter the domestic inter-bank market within a certain amount to carry out lending or repurchase transactions. 
 strong > four, expand the < a > RMB cross border use < /a > /strong > /p >
 (thirteen) the banking financial institutions in Shanghai can, on the basis of "understanding your customers", "understand your business" and "due diligence", and directly handle the cross-border RMB settlement business under direct investment and direct investment, with the exception of the institutions in the region (except the enterprises in the key regulatory list of the RMB clearing enterprises of export commodities trade) and the payment instructions submitted by individuals. 
 (fourteen) the banking financial institutions in Shanghai can cooperate with the payment institutions which hold the "payment business license" and permit the business scope to include Internet payment, and provide RMB settlement services for cross-border e-commerce (trade in goods or services) in accordance with the relevant management policies of the payment institutions. 
 (fifteen) the financial institutions and enterprises in the region can borrow renminbi funds from abroad, and the borrowed renminbi funds shall not be used to invest in valuable securities or derivative products, and shall not be used for < a > entrusted loans < /a >. 
 (sixteen) enterprises in the area can carry out two way RMB pool business in the group according to their own business needs, and provide regular centralized payment and payment business for their affiliated enterprises both inside and outside the country. 
 five, steadily advancing interest rate marketization /p >
 (seventeen) according to the maturity of relevant basic conditions, we should push forward the construction of the interest rate marketization system in the pilot area. 
 (eighteen) improve the market price monitoring mechanism of free trade accounts and non resident free trade accounts in the region. 
 (nineteen) the eligible financial institutions in the district shall be included in the scope of the institutions that give priority to the issuance of large negotiable certificates of deposit, so as to achieve a preliminary examination of the issuance of large negotiable certificates of deposit in the region. 
 (twenty) when the conditions are ripe, the upper limit of the general account small foreign currency deposit interest rate shall be liberalized. 
 strong > six, deepening < a > foreign exchange management < /a > reform /p >
 (twenty-one) supports the development of headquarters economy and new trade in the pilot area. We should expand the scope of the centralized operation and management of multinational companies' headquarters foreign exchange funds, and further simplify the management of foreign currency pool, deepen the pilot of foreign exchange management of the international trade settlement center, and facilitate trade and investment facilitation. 
 (twenty-two) simplifying foreign direct investment registration procedures. The foreign exchange registration and change registration under direct investment should be transferred to the banks to strengthen supervision afterwards. Under the conditions of ensuring the authenticity of the transaction and the integrity of data collection, foreign exchange funds under the direct foreign investment within and outside the region will be allowed to settle foreign exchange. 
 (twenty-three) to support the domestic and foreign leasing services in the pilot area. Canceling the overseas leasing business of financial leasing companies and other overseas creditor's rights businesses shall be examined and approved one by one, and registration management shall be carried out. Through approval, foreign leasing can be charged by financial leasing companies and Chinese financing leasing companies in domestic financing leases, and procedures for prepayment of large financial leasing projects such as aircraft and ships can be simplified. 
 (twenty-four) canceling the approval of payment guarantee fee from overseas institutions within the region, and the agencies in the district directly go to the bank to handle the procedures of guaranty fee payment and payment. 
 (twenty-five) improve the management of foreign exchange settlement and sale, and support banks to carry out counter trade of commodities derivatives for domestic customers. 
 seven, monitoring and management 
 (twenty-six) a > financial institutions < /a > and specific non-financial institutions should fulfill their obligations in accordance with laws and regulations, such as anti money laundering, anti-terrorism financing and anti tax evasion, timely, accurately and integrally submit balance sheets and related business information to the people's Bank of China and other financial supervision departments, and make statistics on international balance of payments according to relevant regulations; and cooperate with the financial regulatory authorities to pay close attention to cross-border abnormal capital flows. 
 (twenty-seven) the Shanghai Municipal People's government can supervise and manage the non financial institutions in the district by establishing the "a href=" http://sjfzxm.com/news/index_s.asp "test area < /a > comprehensive information monitoring platform. The non financial institutions in the region can be assessed annually and classified according to the evaluation results. 
 (twenty-eight) the accounting unit of the trial accounts for the accounting of the capital adequacy ratio of its legal person bank, and the liquidity management is based on the principle of self balancing, and if necessary, it can be provided by its superior bank. 
 (twenty-nine) the implementation of financial macro Prudential Management. < a href= "http://sjfzxm.com/news/index_cj.as > > PBC < /a > can be judged according to the situation to strengthen the supervision of short-term speculative capital flows in the pilot area until temporary control measures are taken. Strengthen communication and coordination with other financial supervision departments to ensure timely and full sharing of information. 
 (thirty) the people's Bank of China will organize and implement the relevant rules according to the principle of controllable risk and steady progress, and make good connection with the requirements of prudent management of other financial supervision departments.