Zheng Wei: speeding up the construction of foreign exchange management system in line with the new development pattern

category:Finance
 Zheng Wei: speeding up the construction of foreign exchange management system in line with the new development pattern


Zheng Wei said: first, we will comprehensively relax the access to foreign investment in the field of direct investment, and earnestly implement the management mode of national treatment plus negative list before admission. We will implement and promote the signing of bilateral and multilateral trade and investment agreements, innovate the mode of direct investment, and promote the reform of foreign exchange management mode of qualified foreign limited partners (qflp) and qualified domestic limited partners (qdlp), so as to better meet the cross-border investment needs of market entities.

The second is to promote the unified coordination of cross-border financing transactions and exchange links, formulate a policy framework for cross-border investment of private investment funds, realize the macro Prudential Management of full-scale cross-border financing and industry negative list management, and improve the level of cross-border financing facilitation.

Third, accelerate the internationalization of the financial market, promote the implementation of the securities investment opening policy in line with international practices, regularly issue QDII quota, implement the pilot project of cross border financing link, and integrate the open channels of financial market.

2. Building a higher level open foreign exchange management system

It is worth mentioning that at the meeting, Zheng Wei also elaborated how to build a higher level of open foreign exchange management system from the following five aspects.

Three, one belt, one road and one high quality development. Support one belt, one road business to facilitate trade settlement, optimize foreign exchange accounts, and help enterprises go out.

The reform and opening-up strategy of Hainan, Hong Kong and Macao is a pilot free trade zone.

Fifthly, we should build an open and diversified foreign exchange market with sound functions, coordinate the development of onshore and offshore markets, and enhance the international influence of domestic markets and the global participation of financial institutions.

3. Further enhance the modernization level of the national governance system and governance capacity under the open conditions

In addition, Zheng Wei put forward the following three specific contents on further improving the modernization level of national governance system and governance capacity under the open conditions.

First, we should constantly improve the management framework of macro Prudential + micro supervision in the foreign exchange market. On the macro Prudential side, we should focus on preventing systemic financial risks caused by large-scale cross-border capital flows. In terms of micro supervision, we should strive to safeguard the competitive order of the foreign exchange market and the legitimate rights and interests of consumers, and crack down on illegal activities in the foreign exchange field with a zero tolerance attitude. The second is to promote the construction of digital external management and safe external management enabled by science and technology, build a cross-border capital flow monitoring system based on artificial intelligence and big data technology, improve the cross-border blockchain platforms ability to serve foreign exchange payments and cross-border financing, and better serve the development of the real economy. Third, we should improve the legal system in the field of financial opening, promote the revision of foreign exchange management regulations, improve the foreign trade law and rule system, and strengthen domestic and international cross-border regulatory cooperation. Source: editor in charge of economic report in the 21st century: Zhong Qiming_ NF5619

First, we should constantly improve the management framework of macro Prudential + micro supervision in the foreign exchange market. On the macro Prudential side, we should focus on preventing systemic financial risks caused by large-scale cross-border capital flows. In terms of micro supervision, we should strive to safeguard the competitive order of the foreign exchange market and the legitimate rights and interests of consumers, and crack down on illegal activities in the foreign exchange field with a zero tolerance attitude.

The second is to promote the construction of digital external management and safe external management enabled by science and technology, build a cross-border capital flow monitoring system based on artificial intelligence and big data technology, improve the cross-border blockchain platforms ability to serve foreign exchange payments and cross-border financing, and better serve the development of the real economy.