In this annual financial event, the topic of "Function Improvement of Pilot Free Trade Zone and High-Level Financial Reform and Opening-up" has attracted much attention. From the 2013 China (Shanghai) Pilot Free Trade Zone and China (Shanghai) Pilot Free Trade Zone Lingang new film This year marks the 10th year since the establishment of the district successively.

In two days, Huangpu River will witness another financial event—the 14th Lujiazui Forum. In this annual financial event, the topic of "Function Improvement of Pilot Free Trade Zone and High-Level Financial Reform and Opening-up" has attracted much attention. From the 2013 China (Shanghai) Pilot Free Trade Zone and China (Shanghai) Pilot Free Trade Zone Lingang new film This year marks the 10th year since the establishment of the district successively. Over the past 10 years, Shanghai has taken the lead in deepening financial reform and expanding financial opening-up, carried out a series of active explorations, and formed a batch of "Shanghai experience" that can be replicated and promoted. Next, how to further enhance the functions of the Pilot Free Trade Zone and promote high-level financial reform and opening up? How to handle the relationship between financial opening and risk prevention? The Lujiazui Forum will convey the latest voice of financial reform and opening up.

Continuous financial reform and innovation

Assist in the construction of Shanghai International Financial Center

In September 2013, China's first pilot free trade zone - the Shanghai Pilot Free Trade Zone was listed in Pudong. This "new experimental field" with a total area of only 28.78 square kilometers at that time assumed the important task of exploring new ways to comprehensively deepen reform and expand opening up in the new era, and to form replicable and scalable experience. In August 2019, the Lingang New Area officially set sail, clearly creating a "special economic functional area with more international market influence and competitiveness", and by accelerating the establishment of an institutional system that is in line with internationally accepted rules, it can better meet the needs of commodities. and the requirements for the transition from factor-mobility-type openness to institutional-type openness such as rules. In the past 10 years, the financial reform of the Shanghai Pilot Free Trade Zone has delivered a gratifying answer—the reform of the "commercial registration confirmation system", the reform of "one business, one certificate", and the implementation of the "market entry commitment system"... …Since its establishment, the Shanghai Pilot Free Trade Zone has improved the industry's comprehensive licensing and comprehensive supervision system, promoted the introduction of special measures to relax market access, and created a comprehensive demonstration zone for the business environment. Under the support of the financial reform and opening up of the Shanghai Pilot Free Trade Zone, the construction of Shanghai's international financial center has also achieved leapfrog development: in the global financial center index (gfci) ranking, Shanghai rose from 21st in September 2015 to 3rd in 2022 Ranked No. 4 in the month, the international status and reputation of Shanghai International Financial Center continue to increase. All kinds of foreign-funded financial institutions gather in Shanghai to fully support the construction of Shanghai as a global asset management center. At present, there are over 50 foreign-funded banking and insurance legal person institutions in Shanghai, over 100 foreign-funded provincial-level branches, and over 70 foreign-funded insurance representative offices.

Financial opening up continues to expand

Support the construction of a new development pattern

Over the past 10 years, the Shanghai Pilot Free Trade Zone has continued to deepen the opening and innovation of the financial sector, and has made many achievements in the financial system. The function of financial services to the real economy has been significantly enhanced, and it has developed into a veritable national-level "experimental field" for new policies and new mechanisms. The main tasks and measures of the Pilot Free Trade Zone are to accelerate the transformation of government functions, expand the opening of the investment field, promote the transformation of trade development methods, deepen the opening and innovation of the financial field, and improve the institutional guarantees in the legal field. Since 2013, Shanghai Pilot Free Trade Zone has undergone three versions of planning and construction, from focusing on financial opening in the early stage, to promoting RMB internationalization, interest rate marketization, foreign exchange management system reform, and accelerating integration into globalization and international financial markets , the financial opening of the Shanghai Pilot Free Trade Zone has entered a new stage of development. The creation of free trade accounts, the facilitation of cross-border investment and financing, the "single window" system for international trade, the establishment of an investment management system with a negative list as the core, and the first trial of "separation of licenses"...Since its establishment, the Shanghai Pilot Free Trade Zone has benchmarked The highest international standards, "boldly try", "boldly break through" and "independent reform", gradually explore and establish a series of innovative systems in promoting trade and investment facilitation and liberalization. The accelerated financial opening-up process in the Shanghai Pilot Free Trade Zone has provided strong support for Shanghai to build a domestic and international dual-cycle strategic link. "Under the background of the double cycle, including the construction of the Shanghai Pilot Free Trade Zone, the Lingang New Area, and the Hongqiao International Opening Hub, it will promote the realization of internal opening and external opening, and provide headquarters companies with a foothold in Shanghai to deploy global resources. Huge space.” said Political Commissar Lu, Chief Economist of Industrial Bank.

Create replicable and scalable "Shanghai experience"

Deepening financial reform and opening up

Since its establishment, the Shanghai Pilot Free Trade Zone has pioneered the trend and experimented first, and has formed a lot of rich "Shanghai experience" of comprehensively deepening reforms and high-level opening to the outside world. Today, a free trade zone with more convenient trade, more open investment and more dynamic development has attracted the attention of the world. Looking back on the past 10 years, the exploration and practice of the Shanghai Pilot Free Trade Zone has become a vivid portrayal of promoting reform through opening up and promoting development through reform. The results of system innovation pilot projects have been replicated and promoted across the country, giving full play to the role of a test field for comprehensively deepening reform and expanding opening up. Zhu Zhisong, Member of the Standing Committee of the Shanghai Municipal Party Committee, Secretary of the Pudong New Area Party Committee, and Director of the Management Committee of the Shanghai Pilot Free Trade Zone, said that since the establishment of the Shanghai Pilot Free Trade Zone in 2013, it has mainly built an open institutional innovation system, benchmarking against internationally accepted rules, and continuously Promote the liberalization and facilitation of investment and trade. Over the past 10 years, it has assumed the role of a test field for exploring the country's new open economic system, a window for promoting high-level opening up, and a bridge for deepening Sino-foreign economic and trade cooperation. Trade zone promotion copy. Institutional innovation has stimulated the vitality of market innovation and economic development, and at the same time it is necessary to effectively prevent systemic risks, especially financial risks. Experts in the industry believe that when promoting the financial reform in the Shanghai Pilot Free Trade Zone, we must pay attention to the relationship between promoting reform and preventing risks. We must not only try boldly, dare to be the first, and have the courage to reform, but also closely monitor and prevent risks. Go further. Zhao Xiaolei, dean of the Free Trade Zone Research Institute of Shanghai University of Finance and Economics, said that on the basis of 10 years of development, the Shanghai Pilot Free Trade Zone needs to design a new round of development path with a high starting point and a high goal system: one is to accurately locate the benchmarking dimension; It is necessary to increase the pressure test of an open economy with the goal of global supply chain control; the third is to lead the construction of special economic function zones.