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.

Zheng Wei pointed out that in the medium and long term, on the premise of meeting the three evils, except for a few transactions involving national security and high-risk areas, we should realize the basic freedom of two-way flow of cross-border capital, establish and improve the management system of individual cross-border capital transactions, and meet the reasonable needs of individual foreign investment and foreign exchange.

2. Building a higher level open foreign exchange management system

One is to promote high-level trade liberalization and facilitation. We will promote the transition from pre examination to post verification in foreign exchange management, and promote the realization of efficient, safe and low-cost cross-border trade settlement. We will promote risk assessment as the guidance, improve the classified management of trade entities, and form a virtuous circle of more compliance, more autonomy and more integrity and convenience.

The second is to realize high-level cross-border investment and financing liberalization and facilitation. The scale of cross-border investment and financing, the use of funds and other restrictions, the expansion of foreign debt registration and management reform pilot, the development of multinational companies domestic and foreign currency integration pool business pilot, this work has been implemented.

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.

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.