On June 8, at the plenary session II of the 14th Lujiazui Forum, "Functional Improvement of Pilot Free Trade Zone and High-Level Financial Reform and Opening-up", Ge Haijiao, Chairman of Bank of China, said that as the country's first pilot free trade zone, the Shanghai Free Trade Zone Over the past ten years, the trade zone has focused on the core path of system innovation, and has accumulated a series of important experiences in many fields such as trade, investment, finance, and government function transformation. The levels and levels of opening up to the outside world have been defined.
Ge Haijiao believes that the Shanghai Free Trade Zone has played the role of the vanguard of financial reform and opening up in the financial field. In his view, the next step is to promote the development of the Shanghai Free Trade Zone from three aspects. The first is to continue to promote the free flow of goods and factors across the border, and help Shanghai play a greater role in the international industrial development and cooperation pattern.
Ge Haijiao said that Shanghai's industrial infrastructure is extremely superior, and strategic emerging industries are concentrated. It is the world's largest trading port city, and its annual foreign capital attraction accounts for more than 1/10 of the country's total. In order to better play the role of Shanghai in the industrial division of labor in China and the world, we can further optimize the trade and investment management model in the future, vigorously develop the headquarters economy, make good use of high-level open platforms such as the China International import Expo, and enhance the Shanghai Free Trade Zone’s exposure to international resources. Attractive elements, vigorously support new forms and models of foreign trade, broaden the space for trade development, cultivate new development momentum, create a more efficient and convenient cross-border business environment for strategic emerging industries, high-tech enterprises and technological innovation enterprises, and consolidate Strengthen the advantages of local industries.
The second is to improve the facilitation level of cross-border financing of funds, and help build a new pattern of mutual promotion of domestic and international dual cycles. Ge Haijiao said that Shanghai is an important domestic and global financial center. After years of development, Shanghai has made great progress in the construction of an international financial center. More interconnection mechanisms, actively meet the investment and financing needs of the "Belt and Road", expand local currency settlement and investment and financing activities with ASEAN trading partners, and actively attract and cultivate credit intermediaries with international competitiveness such as credit ratings, legal consulting, and asset trusts Service institutions, and further enhance the ability and quality of financial services to the real economy. Promote the use of the RMB cross-border payment system, expand the scope of commodities and transactions denominated in RMB, explore the establishment of RMB domestic and offshore trading markets, and reduce cross-border economic and trade business costs and financial risks.
The third is to innovate new ways of free data flow and improve the supervision mechanism of cross-border data flow. Ge Haijiao said that the world is accelerating into the era of digital economy. The Shanghai Free Trade Zone can give full play to the advantages of institutional innovation and pioneering trials, improve data supervision rules, and improve the efficiency of data governance, including in-depth research on high-level digital economy such as the digital economy partnership agreement. Economic rules, further improve the rules for cross-border data flow in the free trade zone; explore the establishment of an efficient and safe data pass-through mechanism in overseas regions closely related to economic and trade, establish a whitelist mechanism for data export identification, and drive the rational flow of data to drive cross-border data transfer in the Shanghai free trade zone. Improve the data security management framework, improve the data export management mechanism on the basis of Shanghai's existing data classification and classification system, explore the establishment of a negative list of data cross-border flow, and set up a "safety net" for data export.
