Financial liberalization and internationalization are the most distinctive and important contents in the world financial system since 1980s.

Development trend.

Based on my 10 years of experience and theoretical exploration in offshore finance, this paper conforms to the trend of financial liberalization.

The idea of international development first expounds the origin, development model, development status and development characteristics of offshore finance.

Firstly, it analyzes the reasons for the emergence and development of offshore finance, and discusses that offshore finance is financial liberalization and internationalization.

It is the most important financial innovation in the development of contemporary international finance, revealing that offshore finance is now

Challenges and development trends in the international financial environment; Starting with the analysis of the development of offshore finance in China,

Summarize the experience and lessons of China's offshore financial business practice, and combine with China's entry into WTO in 200 1 and 12,

The international development trend and the suggestion of China People's Bank to restore domestic commercial banks in June 2002.

The policy trend of developing offshore finance shows that the present stage is a good opportunity for China to develop offshore finance.

Based on the international experience of offshore finance development in China, this paper makes strategic thinking on the development of offshore finance in China.

Test, in China's offshore financial development location and mode selection, policy promotion and supervision. , put forward beneficial construction.

Discussion and specific implementation measures.

The basic point of this paper is that offshore finance is the product of financial liberalization and internationalization, and it is truly borderless.

International finance is the most important financial innovation in contemporary international financial development; China should accelerate offshore payment.

Financial development accelerates the process of financial internationalization.

International experience of offshore financial development in China for reference.

40 years' practice has proved that offshore finance has played an important role in promoting the development of international financial industry.

It accelerates the international capital flow, reduces the cost of international borrowing funds and enhances the competitiveness of the international market.

It promotes the business activities of multinational companies. Encourage banks to provide offshore financial services, especially offshore financial services.

For countries where the financial market is located, foreign exchange income can be increased through the fee income of offshore financial business;

The inflow of loan funds can increase the surplus of capital account in the national balance of payments; By providing services, you can increase

Increase domestic employment opportunities and improve the technical level and personnel quality of domestic financial industry; Foreign banks flooded into the market.

The market can drive multinational companies to invest in their own countries; It can accelerate the development of domestic economy and improve China's financial market.

The reputation and position of the international financial community. Offshore finance has become one of the main contents of international financial development.

It will not only continue to be the financial field that all countries in the world pay close attention to, but also be the country in the future.

The core and most important part of the international financial market.

How to make the development pace of establishing offshore financial market in China go better, more stable and faster, and at the same time avoid

Some unnecessary losses and less detours, timely learn from the successful experience of internationalization of financial institutions around the world,

It's crucial. Through the historical analysis of the establishment of offshore financial markets in major countries in the world, it is as follows

The following experiences can be used for reference in establishing offshore financial markets in China.

3.2. 1 Attach great importance to national stability and social stability.

After World War II, western countries devoted themselves to post-war reconstruction and made every effort to maintain national and political stability.

This has created conditions for the formation of the European currency market. In addition, as a developing country and region, it is very

Emphasize the political stability of the country and take maintaining political stability as the primary condition for development and operation. Take Singapore as an example.

The establishment of Asian money markets centers on countries and places such as Cayman, Bahrain, Bahamas, Malaysia and Thailand.

The establishment of offshore financial markets in the region depends on the political stability of these countries. The economic growth rate of these countries

Most of them are above 10%, with high per capita income, sound social security system and social stability.

3.2.2 The legal system is sound and unified with international practice.

Whether it is the offshore financial market of developed countries or the offshore financial market established by developing countries.

Our financial laws and regulations are sound and in line with international practice. In addition to company law, financial services

In addition to the parent laws such as law, there are commercial laws of banking law, insurance law, trust law, fund management law and other related laws and regulations.

For example, deposit protection law, investor protection law, fraud prevention law and so on. These laws create a perfect fairness.

The new financial environment also ensures the healthy and orderly development of various offshore financial businesses.

3.2.3 Opening to the outside world and preferential tax policies

For western developed countries, opening to the outside world has been accompanied by their market economy from the beginning, offshore.

The emergence and establishment of financial market is caused by the open economic and financial environment. For developing countries,

Generally speaking, opening to the outside world is an important prerequisite for establishing an offshore financial market. Caribbean region,

The establishment of offshore financial markets in Singapore, Hong Kong, Malaysia and other countries has benefited from its openness.

Economic and financial policies. In addition, preferential financial and tax policies, it should be said, have led to the gathering of many financial institutions.

Important reasons for offshore financial market. Without deposit reserve and deposit insurance, the financing cost is greatly reduced.

Looking at the offshore financial markets of some developing countries, especially the tax systems of those island countries, they are basically

The tax rate is very low. Some governments only levy a small amount of indirect taxes, not direct taxes, while others only levy maritime taxes.

Customs duties or income tax, while value-added tax, inheritance tax and withholding tax are all reduced or exempted.

3.2.4 Excellent geographical location, technology and business environment created by professionals.

Superior geographical conditions are very important for the establishment of offshore financial markets. The transportation should be convenient, and the time zone can be

Convergence should also have a broad radiation area, as is the case with world-famous offshore financial centers.

London and Zurich cover the European continent, new york has North America as its hinterland, Tokyo occupies East Asia and Singapore as its backing.

Southeast Asia, while Hong Kong takes the mainland as its vast hinterland. In addition, modern science and technology can make

Global market integration is possible, financial transactions are not limited by time difference, and they can enter any market within 24 hours.

In bank transactions, funds can be transferred quickly around the world every minute. The famous offshore financial centers in the world today are all

The latest electronic technology is used to make financial transactions convenient, fast, time-saving and cheap. When is the talent gathering

Another feature of today's international financial center. Whether it is a European offshore financial center with a long history or an emerging one.

The offshore financial markets in developing countries all regard training and attracting talents as one of their basic tasks.

In these fields, all kinds of professional and technical personnel and bankers, insurers, senior accountants, lawyers and all kinds of gold

Financial intermediaries gather. These areas provide various conveniences in training, education and employment.

It can be said that without all kinds of professionals, there would be no development of offshore financial market.

3.2.5 The formation of offshore financial market has changed from natural formation to policy promotion.

History shows that offshore financial markets in many developing countries naturally meet the needs of international capital flows.

Formed. At the beginning of development, they only existed as tax havens for a certain country, that is, a developed country.

In order to achieve the purpose of tax avoidance, domestic companies have sought ways out from developing countries, and financial service institutions have followed suit.

Therefore, the government has adopted a tolerant and even encouraging attitude, so overseas companies and financial institutions have fallen into disputes.

In recent years, many financial institutions and a huge financial market have emerged. Offshore gold in developing countries

The financial market is lagging behind in the construction of financial laws and regulations, and many countries even in the late 1970s and 1980s.

It was gradually perfected in the early 1990s, and this offshore financial market formed in advance can be called natural formation.

Its formation history generally takes 3040 years.

Today, with the integration of the world economy and the gradual liberalization of financial control, some countries also use international capital.

The characteristics of liquidity, using policy advantages, promote the formation of offshore financial market, in order to achieve its expected goals,

For example, the formation of offshore financial markets in Singapore and Tokyo can be called policy.

Push type The formation of this market takes a short time, ranging from 8- 10 to 3-5 years. Stylistic examples

It is the offshore financial market in Namin, Malaysia. From the Malaysian federal government 1989 1 1, they proposed to establish separatism.

Shore financial market concept, and choose Namin as the implementation location, to1August, 993, just four years, the city.

The foreign currency loans in the market have reached 1 billion dollars, and many world-renowned HSBC, Mitsubishi, Tokyo and Macquarie have gathered.

Foreign banks. Namin's example shows that as long as the government sets out from reality, takes advantage of the situation and makes use of policy advantages.

It is entirely possible to promote the formation of offshore financial markets.

3.3 Opportunities for offshore financial development in China

Since the global financial liberalization and internationalization in 1980s, regional financial centers or offshore finance have been established.

The surge of emotion is in the ascendant. In this regard, the Asia-Pacific region is particularly prominent, although the conditions in different countries and regions are different.

Similarly, all countries are actively creating conditions to develop their own offshore financial markets under the impetus of the government.

The opening of financial market and the creation of financing environment for economic construction have also improved domestic and local conditions.

Status and reputation in the field of international finance. With the integration, collectivization and regionalization of the current global economy, the whole

The global financial industry is also showing a trend of collectivization and regionalization, which is mainly manifested in the rise of various financial centers. can

In other words, the development of financial centers and offshore financial markets is a new feature and trend of financial competition in various countries today.

3.3. 1 The rise of Asia-Pacific finance has brought good opportunities for the development of offshore finance in China.

From a strategic point of view, the continuous emergence of various financial centers in countries and regions around China will definitely affect the international community.

The trend of capital flow pattern is a new challenge to China's financial industry from the new trend of international financial competition. all

Although all parts of China are aware of this trend and have proposed to establish financial centers, the speed of development is limited by domestic conditions.

Institutional environment, developing offshore financial market is undoubtedly a strategic step to deal with this challenge.

At present, some established offshore financial centers in the Asia-Pacific region have matured, and some new offshore financial centers have emerged around China.

Financial markets are taking shape. For example, Malaysia established a financial market, which took only four years to take shape.

Namin offshore financial market. Throughout the world's successful financial centers, they all grasped the time in development.

The development of Singapore is a successful example. At present, Asia-Pacific has become the "C" of world economic development.

In the most dynamic field of the exhibition, the capital flow is also extremely active. In the past few years, a large part of international capital flows.

In the Asia-Pacific region, in the face of such capital exchanges, financial institutions in various countries are actively trying to play an intermediary role.

How to win more business in this capital flow will determine the water development of various places and financial institutions.

An important parameter of flatness. In the face of the huge capital flow and gathering brought about by the economic growth in the Asia-Pacific region, China should not

We should make use of our own advantages and conditions to meet the challenge.

3.3.2 China's accession to the WTO has further accelerated the development of financial internationalization.

200 1 12, China's accession to the WTO means that the reform and opening up of China's financial industry is in GATS.

Under the framework of the General Agreement on Trade in Services, efforts have been further intensified and the process has been further accelerated. According to GATS,

The opening and liberalization of the service industry, including financial services, should follow the principles of transparency and most-favored-nation treatment, while

The core content of opening and liberalization of service industry is market access and national treatment. This means that foreign financial institutions

It will gradually compete completely and fairly with financial institutions in China, and the development of financial internationalization in China will be further accelerated.

Although China began to reform its economic system in an all-round way from 1994, it is still far from establishing a real market economic system.

There is still a long way to go. For a long time, China's economic and financial management system will still be in the transition from the old to the new.

Period. The new system has not yet been established, and the traditional system will still play a role in many aspects, which is mainly manifested in

In favor: the state-owned enterprises are not energetic enough to establish a modern enterprise system to meet the market demand; factor of production

The market is not perfect, and the price has not fully reflected the scarcity of resources: the transformation of government functions is slow and still exists.

Intervene in the business activities of enterprises; The macro-control system adapts to fair competition in the market and maintains market stability.

It's not the sound. Wait. In finance, the performance is: interest rates are still strictly controlled, and the degree of market regulation.

Not high; Credit control has not been completely liberalized; The operational means of the central bank's monetary policy are not rich; financial executive

The management system and system are still not perfect; The RMB is freely convertible only under the current account, and there are controls under the capital account.

Strict. Under this economic and financial system, interest rate marketization and RMB full convertibility still need one

A process.

In order to ensure the stability of the domestic economy and financial market and avoid shocks, we can learn from international experience and adopt a

Some more favorable tax policies and other convenient conditions, the development of offshore financial business, the first is to establish domestic offshore funds.

Melting into the market, thus attracting more foreign-funded institutions, can meet the needs of foreign-funded financial institutions to a certain extent.

At the same time, the demand of China to open its market can also be used as a condition that RMB is still not freely convertible and interest rate is regulated.

Under strict conditions, it is a transitional strategic step for China to enter the international financial market.

3.3.3 The People's Bank of China proposed to resume the development of offshore financial business in China.

In June 2002, the People's Bank of China approved the restart of some domestic commercial banks 1999.

"G-month suspension" of offshore financial business is very important for improving the innovation ability and service level of China's financial business.

Actively accumulate experience in participating in the operation of international financial markets and gradually establish an international offshore financial center.

Meaning.

At this stage, the conditions for vigorously developing offshore financial business are considerable. On the one hand, China's accession to the WTO, finance.

The further acceleration of internationalization has created conditions for the development of offshore financial services. On the other hand, a few years later,

After the adjustment, the pace of reform of China's commercial banks has been accelerated, and a lot of work has been done in strengthening supervision and risk control.

Work to enhance their ability to resist risks. At the same time, foreign capital gradually shares in domestic banks, which is beneficial to domestic banks.

Improve management level, strengthen personnel training, and learn advanced management experience and mature practices of foreign banks.

Product model of.

3.3.4 The implementation of CEPA and the development of RMB business in Hong Kong mark the formation of offshore RMB center in Hong Kong.

On June 5438+1 October1day, 2004, CEPA was implemented, and

After that, licensed banks in Hong Kong began to operate personal RMB business, which marked the beginning of the offshore RMB center in Hong Kong.

In this way, the financial cooperation between the two places will gradually move towards a win-win situation, and the status of an international financial center will be further consolidated.

At the same time, it is also of positive significance to Chinese mainland's financial reform. First of all, the offshore RMB center in Hong Kong is of great significance to me.

The marketization of RMB interest rate and the development of financial market in China have reference value. London offshore market, namely Eurodollar.

The London Interbank Offered Rate (LIBOR) formed by the market is still important to the formation of the US dollar interest rate.

This fact shows that offshore financial centers can play an important role in the formation of local currency interest rates. Secondly,

After Chinese mainland gradually relaxes its capital controls in the future, the offshore RMB center in Hong Kong can regulate the foreign exchange market.

Section provides a reference. Finally, the offshore RMB center in Hong Kong can promote economic cooperation between China and the Asia-Pacific region.

To promote the internationalization of RMB.

Chapter four: The development conception of offshore finance in China.

The development of offshore finance in China is a huge systematic project. Its implementation ideas can be carried out from macro and micro aspects.

Look at two aspects to study.

Macroscopically, it mainly refers to national policy orientation, economic and financial system reform and the establishment and development of various financial markets.

Perfection, the integration of China's economy and finance with the world economy and finance, and China's reasonable, effective and harmonious offshore finance.

Supervision and management conform to international practice.

Micro-aspect refers to the specific operation of building offshore financial market. Mainly involves the overall development strategy,

Development location selection, development mode selection, policy promotion and supervision.