Tao Changsheng, Chief Economist of the Shanghai Local Financial Supervision Bureau, answered questions from a reporter from the Shanghai Securities News at a press conference of the Shanghai Municipal Government on July 22. “Opinions” (hereinafter referred to as “Opinions”) closely focus on the strategic positioning and major mission of Pudong given by the central government, from further increasing financial opening up, building important domestic and overseas investment and financing platforms, improving financial infrastructure and systems, and improving financial risk prevention. A series of major tasks and measures have been proposed in terms of control mechanism and other aspects, which can be summarized as “four batches.”
The first is a series of breakthrough financial system innovations, such as supporting Pudong to take the lead in exploring the implementation path of capital account convertibility; building an offshore financial system that matches the Shanghai International Financial Center, and supporting Pudong to develop RMB foreign exchange under the premise of controllable risks. Onshore transactions; support the pilot reform of simplified foreign debt registration in Pudong; speed upbankChina’s bond market, including the exchange bond market, was opened to the outside world in a unified manner to further facilitate qualified foreign institutional investors’ participation in the Chinese bond market; to study the steady implementation of a registration system centered on information disclosure in the entire securities market, and to introduce it on the Science and Technology Innovation Board. Market business system, etc.
The second is a group of high-level financial function platforms, such as supporting the establishment of an international financial asset trading platform in Pudong;InsuranceThe exchange takes an active role to build a world-class reInsuranceCenter; support the Shanghai Futures Exchange to explore the establishment of a national commodity warehouse receipt registration center; build a national-level large-scale warehousePrecious metalsReserve warehouse; support the construction of a transaction report database covering the entire financial market; study the establishment of a private equity and venture capital equity share transfer platform in Pudong in accordance with laws and regulations.
The third is a batch of innovative financial product tools, such as innovative international-oriented RMB financial products, expanding the scope of overseas RMB domestic investment financial products, and promoting the cross-border two-way flow of RMB funds; research and explore the development of RMB foreign exchange futures trading in the China Foreign Exchange Trading Center, etc. Pilot; promote the financial futures market and stocks, bonds, foreign exchange,InsuranceWait for market cooperation to jointly develop financial market products and tools that meet the needs of investors.
Fourth, a series of financial policy measures with high gold content, such as support in PudongbankFacilitate the receipt and payment of cross-border funds by honest and compliant companies in compliance with the requirements of “anti-money laundering, anti-terrorist financing, anti-tax evasion” and trade authenticity review; build a trade finance blockchain standard system and carry out legal figurescurrencyPilot; under the premise of not leading to tax base erosion and profit shifting, explore tax arrangements for pilot free trade accounts; establish and improve cross-borderCash flowDynamic monitoring and early warning, macro-prudential assessment and coordination and linkage system.
Tao Changsheng said that the Shanghai Local Financial Supervision Bureau will conscientiously implement the arrangements of the Party Central Committee and the State Council, earnestly follow the requirements of the Shanghai Mobilization Conference, and under the strong support and guidance of the state financial management departments, extensively mobilize and actively coordinate financial markets and financial institutions. We will clarify the division of tasks, implement work responsibilities, make every effort to accelerate the implementation of various tasks and measures in the “Opinions”, continuously enhance global resource allocation capabilities, keep the bottom line of risks, serve to build a new development pattern, and support Pudong to build Shanghai’s international finance The central core area will promote the construction of Shanghai’s international financial center to a higher level from a new starting point, and better serve the high-quality economic development.
(Source: China Securities Net)