countdown for shanghai free trade zone.docx
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countdown for shanghai free trade zone.docx
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countdownforshanghaifreetradezone
CountdownforShanghaiFreeTradeZone
CountdownforShanghaiFreeTradeZone
TheestablishmentofShen-zhenSpecialEconomicZonein1979markedthestartofChina’sreformandopeningup.Nowadays,theeconomicreformofChinahasbeeninanimportantperiodwithalotofobstaclesstandingintheway.ThisMarch,ChinesePremierLiKeqiangvisitedShanghaiandsetthetoneforthepilotfreetradezoneinShanghai.
OnAugust22,theMinistryofCommerceofChinaannouncedthepilotfreetradezoneinShanghaihadbeenapprovedbytheStateCouncil.ThepilotareaisgoingtocovertheWaigaoqiaoBondedArea,WaigaoqiaoBondedLogisticsArea,YangshanBondedPortandComprehensiveBondedAreaatPudongAirport.Thetotalareais28.78squarekilometers.
ItissaidthattheShanghaiFreeTradeZoneistobeofficiallyfoundedoneitherSeptember27or28,dependingonthescheduleofLiKeiqiangsincethePremieristoattendtheopeningceremonyhimself.
Thefreetradezoneiscomingoutsoonbutnotuneventfully.EvenwiththePremierlayingeyesonit,theShanghaiFreeTradeZonehasmetalotofhindrancebeforetheestablishment.Ev-eryone,includingthePremier,wantstoseewhatbenefitsthiscanbringtoenterprises,people,andultimatelyChina’seconomy.
ChenBo,whoistheDeputyDirectoroftheWorldEconomyandTradeDepartmentatShanghaiUniversityofFinanceandEconomicsandtheDeputyDirectoroftheResearchCenterforShanghaiFreeTradeZone,makesanintroductiontothe“things”behindtheShanghaiFreeTradeZone.Inhisopinion,theofficialnameofthefreetradezone?
China(Shanghai)FreeTradeZone?
couldshowtheimportanttaskittakestoexplorethenewpathofopeningupandthenewpatternofChina’seconomy.
Chen,aresearcherengagedinthegeneralplanofShanghaiFreeTradeZone,saysthatthezoneinvolvesthefreeaccesstothegoods,personnelandcapital,whicharegivengreatdiscountsandconvenienceinpolicyandtax.Thefinancialreform,suchasthefreeconvertibilityofRMBcapitalaccount,isgoingtoseeawkwardprogressthere.
ThePilotZoneBornoutofWorries?
WhydoestheChinesegovernmentbuildtheShanghaiFreeTradeZoneinsuchahighprofile?
Simplyput,itisactuallyaresultoftheChineseeconomicdevelopmentgrilledbytheinternationalanddomesticproblemsatpresent.
ThedomesticproblemistheslowedgrowthofChina’seconomywhichneedsthestimulusofneweconomicgrowthpoint.ChenBosaysthattheopeningofcitiesin1984,thespeechDengXiaopingmadeinhisSouthernTourin1992andthejoiningintoWTOwereallmeasurestoboostthereformwithopeningupandtoboosttheeconomicgrowthwithdevelopingforeigntrade.Thenewroundofreform,startingwiththefreetradezone,isthecontinuationofChina’swayofreform. Comparedwiththedomesticproblem,theinternationalissuehasalargerandmoredirectinfluenceovertheestablishmentofthefreetradezone.In2008,theU.S.announcedthestartofthe“Trans-PacificStrategicEconomicPartnership”(TPP)andinitiatedthenegotiationin2009.IttriedtobuildaunifiedbigmarketencirclingthePacificthroughTPPin2020.Thisagreementnotonlyrequiredthememberstoexemptdutiesforeachother,butalsoaskedthemtoopenalleconomicfieldsincludingagricultureandeconomicservicesforthefreerflowofcapitalandpersonnel.
“Obviously,TPPisdesignedbasedontheU.S.owninterestandcountriesintheAsian-Pacificregionsshowedlittleinterestatfirst.TheyputforwardtheRegionalComprehensiveEconomicPartnershipin2009tocountertheTPP,”ChenBosays.However,thenegotiationwasnotstartedbecauseofthedisputesinNanshaIslandsandDiaoyuIsland.ItissaidthatthefirstpreparatorymeetingistobeheldinOctoberbutbythensixroundsofnegotiationsofTPPhavebeenfinished.12countrieshavejoinedin,includingJapanandVietnam.Recently,S.KoreaisconsideringjoininginTPPaswell.
“LiKeqiangsaidinMarchthatChinawoulddefinitelyjoininthenegotiationofTPPandmightbeforcedtobeapartofit,”saysChenBo.“Becauseitwillcostmoreifexcludedfromabigmarket.IntheChina-U.S.StrategicEconomicDialoguethisJuly,ChinaforthefirsttimeshoweditsinterestinjoininginTPP.”
AsrequiredbyTPP,Chinaneedstobefullopenin2020.ItleavesChinaonlyfiveyearsforexperimentation.“Therefore,theestablishmentoffreetradezoneinShanghaiisnotonlynecessary,butalsourgent.Itneedstobedonequickly.”
“TheestablishmentofShanghaiFreeTradeZoneistotestwhatchallengesmightbebroughttoChinesestate-ownedenterprisesandregulatorysysteminthecontrollableglobalcompetition,whichcouldprovidereferencesforthein-depthreform,”ChenBosays.Itisthe“formationofrepeatableandextendibleexperiences”thatistheminimumrequirementofStateCouncilforthefreetradezone.Inhisopinion,thecoreofthisexperimenttoseetheabil-ityofmonopolizedindustries(mainlyreferringtofinancialindustries)todealwithchangesandtheshiftofgovernmentalroles.
LoweredFundraisingCost
ItissaidthattheChinesegovernmentisgoingtoallowthefreeconvertibilityofRMBcapitalaccountintheShanghaiFreeTradeZone. “RMBneedsfreeconvertibility,buttherearerestrictionssincetheopeningupisnottobefinishedinonego,”saysChenBo.“Thisisimportant.Manyenterprisesarefacingbrokencapitalchains.Itismorethandeficitintheirfinancialreports;instead,itisaresultoftheuntimelyrefundingbecauseoftheincreasingcostoffundraising.”
Inthepast,Chinaonlykeptthemanufacturingandprocessingopening,butitisthefinancialservicesthatareopenedintheShanghaiFreeTradeZone.ThefreeconvertibilityofRMBisanimportantpartofthem.“Mostoftheenterprisesinsidethezoneareinvolvedinimportandexportandexport-orientedprocessingwhichhasthedemandforRMBconvertibility.Nevertheless,theremightbesomelimitationsinthedetailedrules,suchasthequota.OncethefreeconvertibilityofRMBisavailable,foreignbankswillhavesufficientRMBformorebusinesses.ItalmostcoststhemnothinginraisingUS-dollar-basedfundsandcouldmakeakillingeveniftheyprovidetheloansforChineseclientswiththe3%interestrate.Withoutthewatchfuleyesofthecentralbankandthebankingregulatorycommission,themarket-orientedinterestrateisnecessarilytobelow,whichbringsdownthecostofenterprisesinthatregion.”
“Ofcourse,sincethefundraisingcostinthefreetradezoneismuchlowerthanthatoutsidethezone,itislikelytotriggerthecapitalflightandotherarbitrageactivities,”ChenBosays.Therefore,itisnecessarytolistsomeregulationsoverforeignexchangeinthedetailedrules.“Thepurposeoftheexperimentistobringaboutthetruecompetitiveness,whichisanefficientsampleforthegeneralsituation.Ifthereareloopholesforarbitrage,therewillbenewbreedingbedforthecorruption,whichdefinitelydoomsthisreformtoafailure.”
TheSimplifiedTrade
TheadministrativelawsandregulationsintheShanghaiFreeTradeZonearealsothekeypointsofreform.
ThenewinformationfromtheStateCouncilsaysthataninternationallycommonpatternfeaturing“negativelist”isgoingtobetestedintheShanghaiFreeTradeZone.Thesaid“negativelist”isactuallyalistclarifyingtheseindustriesthatforeigninvestmentisforbidden.
ChenBosaysthatthelawswillbeclearifthenegativelistisused.Afterdetailingwhichcouldnotbedone,foreigninvestorswillknowthattherestareavailableandneednofurtherexplanation.AgreatprogressforChina,wherenowthe“positivelist”isusedtotellforeigninvestorswhichbusinesstheycaninvestin.Butforthosenotinthe“positivelist”,theadministrativedepartmentsareusuallyrequiredtomakeadecisionwhetheranaccessisgivenornot.Thiscouldformagrayarea,ahotbedforthecorruption.”
Beforethe“negativelist”,theChinesegovernmentusuallyhadstrictexaminationsovertheinvestors’qualificationsbeforegivingthelicense.InChenBo’sopinion,thegovernmentneedstochangeitsownfunctioninthenewcircumstanceofopeningup.Thepreregistrationexaminationisgoingtobesimplifiedandneedstobereplacedbythesystemoffiling.Fortheenterprisesinsidethezone,itisgoingtobemoreconvenientfortheirimportingandexporting,whichcouldsavethemtimeandmoney.
ChenBosaysthat“thesystemoffilingonlyneedsoneseal”.“Simplyput,aforeigncompanyonlyneedstoreportitselftotheadministrativedepartmentinChinaforitssettlementinthiscountry.Thepreviousexaminationandapprovalsystemrequirestheinvestortocollectseveralsealsfromseveralde-partments,includingthecommerceadministration,customsandtaxation,andthiswilltakesixmonthswithoutanyglitches.Nowwithonlyonesealneeded,itisexpectedthataforeignenterprisecouldgetthelicenseofestablishingitspresenceinChinawithin80days.Suchasystemcouldnotonlysavetime,butalsogiveoutatrackforproblems.”
TheUnprecedentedReformtoForeignInvestment
Ifthedividendsbroughtbythefreetradezonetothelogisticsandtradeindustriesarejustmarginaladjustmentsbasedontheoriginalbondedarea,thepoliciesofbeingmoreopentotheforeigninvestmentcanbesaidtobeanunprecedentedchangeinthehistoryofChina.
Quitealittleinformationwasdisclosedfromtheofficialoutlet,butithasbeenmadeclearthattheChinesegovernmentisgoingtoeasetheregulationoverforeigninvestment.Blessedbythe“negativelist”,theforeigninvestmen
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