观点

观点

熊林 摄影：曾睿

重庆市商务委员会副主任 熊林：

重庆自贸试验区将积极对标香港自由贸易的通行规则和做法

香港地区是重庆投资一个很重要的地区，投资额的总数已经占了重庆整个外商投资的一半，双方的贸易额也在重庆对外贸易中占了很大的一个比重。香港的服务贸易在全世界都是名列前茅的，香港在全球的自贸区当中做得非常好，很多国际规则都是根据香港的运行实践总结出来的，香港在自由贸易的运行当中，在金融、服务贸易等走在世界前列。香港的通关服务和税收、社会管理等很多方面都值得我们借鉴。重庆自贸试验区在全国11个自贸区当中要进行制度创新，对标香港自由贸易的一些做法会让重庆自贸试验区的发展更迅速、更有效。

关家明 摄影：曾睿

香港贸发局总经济师 关家明：

重庆在7个新自贸试验区中经济特点鲜明

重庆在第三批7个自贸试验区中经济特点鲜明。首先，GDP增长率连续8年保持全国前列，经济发展很有活力。其次，重庆具有内陆外向型经济特征。此前，重庆只有水路与境外相连，而且还要通过上海、香港转口。三峡大坝建成后，长江成为黄金水道。2011年“渝新欧”班列开通，打通重庆通往欧亚市场的第二条大通道。目前，重庆进出口已排名中西部第一位，并成为引进外资的重镇，特别是惠普、宏碁、华硕在重庆投资，带来了笔记本电脑等电子产品大产业。第三，重庆打造金融业取得成效，正在形成功能性金融中心发展格局。重庆的金融意识和创新意识非常强。2015年，重庆金融业增加值1400多亿元，排名全国第六位，金融业整体发展水平在中西部处于领先位置。去年底，重庆市政府印发了建设国内重要功能性金融中心的“十三五”规划，确立了重庆金融业发展方向，进一步提升金融业功能，包括吸引各种功能的金融机构，发展特色金融结算服务，包括跨国企业总部结算、跨境人民币结算、跨境电子商务结算及金融要素市场结算。第四，重庆一直与香港保持密切的金融业合作基础。原本香港是重庆主要转口港之一，香港对重庆的投资项目众多，包括重庆工业园。另一方面，香港也是重庆主要境外融资中心，有13家上市企业，如重庆农商行、重庆银行，双方合作基础很好。

应坚 摄影：曾睿

中国银行（香港）高级经济研究员 应坚：

重庆自贸试验区要从三个方面走金融业创新之路

建议重庆自贸试验区从跨境结算业务创新、跨境人民币业务创新、跨境投融资便利等三个方面走金融业创新之路。在跨境结算业务创新方面，在“渝新欧”班列及长江黄金水道、泛亚铁路进一步疏通欧洲—中国内陆—东南亚物流通道基础上，香港与重庆连手开展转口贸易、离岸贸易及电子商务，形成新的贸易资金流向；支持发展总部经济，将香港跨国企业财务中心与重庆企业结算中心联结起来，合作拓展跨境财资业务，进一步增加离岸结算量。在跨境人民币业务创新上，人民币汇率稳定及国际收支趋于平衡，将给重庆与香港带来双向融资的新机会，包括从境外借款及向境外放款，灵活利用两地市场资源。探索在重庆自贸试验区内租赁企业在境外开立人民币账户用于跨境租赁业务，促进非银行金融机构在境外设立账户便利化，发展跨境租赁等业务创新范畴。创新区内金融机构向境外销售人民币理财产品、区内人民币基金投资境外项目开展区域净头寸总规模约束管理、区内企业开展人民币境外证券投资等政策构思。最后，重庆自贸试验区还应探索建立与自贸区相适应的本外币账户管理体系，解决自贸区业务核心要素，建立重庆与香港深化跨境金融合作的长效机制。创新监管手段，授予区内银行更多业务自主权，在风险可控前提下自主开展资金交易业务，允许区内企业和个人双向投资境内外市场。加强香港与重庆自贸区金融业务合作，可由离岸结算开始，进而拓展跨境投融资、本外币发债、上市融资、现金管理、财资业务、跨境理财。利用自贸区特殊平台，支持同业业务合作，打造香港内陆离岸结算及交易中心平台。

陈银华 （图片由《江北嘴》杂志提供）

《江北嘴》杂志主编 陈银华

重庆自贸试验区将成为重庆对外开放“新引擎”

2017重庆自贸试验区投资合作创新发展峰会吸引了约360家单位企业，近600位代表参加，共同探讨重庆自验试验区建设发展，探索创新发展模式，推动其快速发展，助推重庆自贸试验区的开发开放与经贸合作。作为此次峰会的承办方代表，我感到重庆自贸试验区建设将成为重庆提升对外开放水平的“新引擎”，相关改革红利将推动高端优质的要素资源迅速向重庆聚集。将放大重庆的战略区位优势，强化重庆作为西部开放的桥头堡作用，推动重庆区域经济的腾飞，带动众多产业新一轮的快速发展。

（图片除署名外均由香港贸易发展局重庆代表处提供）

Hong Kong delegation came to Chongqing to learn cross-border electricity business customs process

The year of 2017 marks the 20th anniversary of Hong Kong’s return to the motherland. On June 22, Liu Guiping, Vice Mayor of Chongqing Municipality, said on the construction and developing seminar of China(Chongqing) Pilot Free Trade Zone, “The application of high standard international trade and economic rules in HK is a benchmarking for China(Chongqing) Pilot Free Trade Zone. We are working on the planning of interconnective cooperation of Chongqing-HK Free Trade Port (Zone). ” What kind of level has the cooperation between Chongqing and HK reached? What are the characteristics of free trade in HK worth learning by Chongqing? On July 15, our journalist made an interview with Mr. Zhou Hong, the representative of Chongqing Office of HK Trade Development Council on related topics.

Hong Kong, The Largest Source of Foreign Capital to Chongqing

This year marks the return of Hong Kong for 20 years and the municipality of Chongqing for 20 years, which is exactly a double joy. Mr. Zhou Hong said that Hong Kong and Chongqing have maintained a very close partnership for the past twenty years: Hong Kong ranks fi rst to Chongqing in no matter the contractual use of foreign capital or the actual use of foreign capital among all the countries and regions. By the end of 2016, Chongqing had 2,827 projects in total from HK with a contractual use of foreign capital of $40.83 billion and an actual use of foreign capital of $47.53 billion. HK-invested actual use of foreign capital accounts for 59.16% of the total number in Chongqing overthese years, which is close to 60%. This shows that the relationship between Hong Kong and Chongqing in foreign investment has been very close. In addition, thirteen companies from Chongqing are listed in Hong Kong, mainly covering the fields like financial, logistics, manufacturing and etc. Hong Kong has been a very important window for the external financing of companies from Chongqing. Although there are many other places in the world for enterprises to be listed, still many mainland enterprises choose to list in HK because HK is the best platform for the whole world’s capital to enter into the mainland enterprises, which is not only due to its close distance to the mainland, but also because HK is a special administrative region under the “one country, two system” policy. Although the threshold for listing in other countries is not so high and the fi nancing will be much easier, the re fi nancing is often not so active. However in HK, whether it is the first financing or refinancing, they will all be very active. A large number of foreign funds in Hong Kong are focusing on the domestic securities capital markets and familiar with the mainland industry.

Hong Kong Trade Development Council Global Representatives Visited Chongqing and organized "Chongqing -Hong Kong: expanding international market" cooperation forum

Strong economic complementarity between HK and Chongqing

Zhou Hong said that the industries of Chongqing and HK are complementary. Hong Kong is dominated by service industry, which accounts for nearly 90% of HK’s GDP. However, since service industry in Chongqing has not reached that level, there is still room for the complementary between Chongqing and HK. What’s more, as light industry in HK is also well-developed, there are many opportunities for cooperation with Chongqing, a city with well-developed heavy industry. The light industry in HK could be transferred to Chongqing in future. As for the service sector of both sides, there is a great deal of cooperation in areas like not only in real estate, but also in accounting, law, brand design, marketing, franchising, film and television, fi nance and etc. For example, in the process of listing the Chongqing Bank in Hong Kong, the service industry in Hong Kong has played a big role. In terms of logistics, Hong Kong Trade Development Council had just organized a delegation of a logistics enterprise in HK to investigate in Chongqing. They showed great interest in Chongqing-Sinkiang-Europe International Railway, hoping to conduct cooperation in this area with the logistics enterprises in Chongqing. In recent years, some light industries in Hong Kong also have entered into Chongqing, mainly involving the industries like electronics, clothing, glasses and etc. In the fi elds of life service, more and more HK-invested tea cafes, café, educational training institutions and catering enterprises come to Chongqing. Behind the boring statistics, you can see that HK has been widely integrated into the life of Chongqing people.

Learn from HK is to learn from the world

Hong Kong is widely known as the freest economy in the world. And by 2017, HK has been named the world’s freest economy for 23 years continuously by the American Heritage Foundation with a even larger margin than the second-placed Singapore. Before the reunification, HK had been the freest economy in the world and still is after 20 years. It is very rare to be chosen as the freest economy for 23 years continuously. There are 12 items in the assessmentreport and 8 of which in HK scored 90+points. In addition, Hong Kong ranks first among the 180 economies of the world in financial health, trade freedom and financial freedom. Thus HK is globally recognized the freest, most open and versatile free port.

Zhou Hong believed that the reason for Chongqing Pilot Free Trade Zone to learn from Hong Kong is for its leading position in the global free economies. “Hong Kong is a special administrative region under the ‘one country, two system’ policy. As we are one nation with the same culture and background, the communication and exchange between us will be very easy for mutual learning and promotion.” This is also one of the important reasons for Chongqing Pilot Free Trade Zone to learn from Hong Kong. From the perspective of bilateral economic and trade cooperation, Hong Kong is the largest source of foreign capital to Chongqing over the years. Through the benchmarking, as the standard of two sides will become closer, it will be much easier to introduce the funds and industries from Hong Kong. In the future, as Chongqing Pilot Free Trade Zone will surly dock with world, it will be more convenient to connect and enter into the international market through Hong Kong.

The benchmarking has to be combined with trade

He believes that the benchmarking has to be combined with trade. From the perspective of economic system, Hong Kong is a free port without tariff. The import and export of goods as well as the fl ow of people, capital and information are all without hindrance. Chongqing, combined with its own feature could also make some innovation and exploration in these areas. With a small government, big society and low tax system, Hong Kong runs things according to the market orientation and international standards. Another important thing is the national treatment, especially the national treatment before entering. Mr. Zhou suggested that Chongqing should pay more attention to the introduction of high-quality talents and the convenience of scientific and technological information and business information retrieval. At the same time, he also suggested that the experts and scholars in Chongqing should strengthen the understanding and research on the function of the international legal arbitration function of Hong Kong to facilitate the docking with international standards as soon as possible from the area of legal affairs.

Mr. Zhou said that the construction of Chongqing Pilot Free Trade Zone can draw lessons from the experience of HK in the innovation of trade and investment system, trade liberalization and investment facilitation to provide possibilities for the development of more industries in free trade zone and create new related industries, which can optimize the development and layout of other industries. Hong Kong is highly developed in service industry with two culture and three languages, good international norms, a broad international network as well as the abundant reserves of talents. He hoped that further cooperation of two sides would be carried out in areas like finance, logistics, trade, exhibition economy and so on. Enterprises in two places could exploit their advantages of free trade zone to the full, bringing more space for development. Zhou Hong finally mentioned, as the port in the past usually existed by the sea and river, the economic development of China is developed from the coastal areas with ports. But now the concept of port has changed greatly. With the exploitation of inland, the inland railway port also is called as“land port”. Since Chongqing is the junction and hub for the Belt and Road and the Yangtze River Economic Zone, Chongqing will surly usher in a great development space with the increasingly intense logistics between the western China and Europe. We look forward to the development of Chongqing!

Xiong Lin, deputy director of Chongqing Commerce Commission:

Chongqing Pilot Free Trade Zone will actively learn rules and practices of Hong Kong’s free trade.

As a major investor in Chongqing, the total value of Hong Kong’s investment accounts for nearly 50 per cent of the whole foreign investment. And the volume of trade between the two sides also accounts for a large proportion of Chongqing's foreign trade. Hong Kong's service trade is among the best in the world. Hong Kong has done a very good job in the global free trade area, and many international rules have been summed up according to the operation practice of Hong Kong. In its process of free trade, the fi nance and service trade of Hong Kong take its place in the front ranks in the world. Hong Kong’s customs clearance services and taxes, social management and many other aspects are worth learning for us. As one of 11 national free trade zones, Chongqing Free Trade Zone should carry on system innovation. To practice benchmarking of Hong Kong’s free trade will usher in a faster and more effective development to Chongqing Pilot Free Trade Zone.

Nicholas Kwan, chief economist of Hong Kong Trade Development Council:

Chongqing enjoys a special economic feature among 7 new free trade zones

Chongqing enjoys special economic features among the third batch of seven free trade zone. First, Chongqing maintains its GDP growth rate for 8 consecutive years in the forefront of the country and economic development is very dynamic. Second, Chongqing has an export-oriented economy. Previously, Chongqing was connected only to waterways and should transmit its products via Shanghai and Hong Kong. After the completion of the Three Gorges Dam, the Yangtze River became a golden waterway. After the opening of Chongqing-Sinkiang-Europe International Railway in 2011, Chongqing has its second way to Eurasian market. At present, Chongqing’s import and export has been ranked fi rst in the Midwest, and become the center of the introduction of foreign capital, especially HP, Acer, ASUS’s investment in Chongqing, bringing notebook computers and other electronic industry to this city. Third, Chongqing has achieved success in the construction of the banking business and the development pattern of functional fi nancial centers is taking shape. Chongqing has a strong sense of fi nance and innovation. In 2015, Chongqing's banking business increased by about 140 billion yuan, ranking sixth in the country, and the overall development of the banking business was in the lead in the Midwest. At the end of last year, the Chongqing municipal government issued the "13th Five-Year" plan which aims to create an important functional financial center in China. It established the direction of the development of Chongqing's financial industry. Chongqing prepared to further enhance the function of its fi nancial industry including fi nancial institutions that attract various functions and characteristic financial settlement services, including settlement of multinational enterprises' headquarters, crossborder RMB settlement, cross-border e-commerce settlement and fi nancial factor market settlement. Fourth, Chongqing has maintained close cooperation with Hong Kong on the basis of the fi nancial industry. Originally, Hong Kong was one of the major transit ports for Chongqing. Hong Kong invested a large number of projects in Chongqing, including Chongqing Industrial Park. Hong Kong, on the other hand, is also a major offshore financing center in Chongqing. There are 13 companies including Chongqing Rural Commercial Bank and Chongqing Bank, which chose Hong Kong as major offshore fi nancing center. Both sides have a good foundation of cooperation.

Ying Jian, senior economic researcher, The Bank of China in Hong Kong:

There are three aspects for Chongqing Pilot Free Trade Zone to its road of innovation in the banking business.

He proposed that Chongqing Pilot Free Trade Zone can realize its road to the innovation of banking business in three aspects like innovation in cross-border settlement business, cross-border RMB business and convenient cross-border investment and financing. In the aspect of innovation in cross-border settlement business, on the basis of Europe—China inland—Southeast Asia Logistics Corridor went through by Chongqing-Sinkiang-Europe International Railway, golden waterway of the Yangtze River, Trans-Asian Railway, Hong Kong and Chongqing jointly develop offshore trade and transit trade, electronic commerce to form new trade fl ows. Chongqing should support the the development of the headquarters economy, linking the fi nancial center of Hong Kong's multinational enterprises with the settlement center of Chongqing enterprise to jointly expand cross-border fi nancing business and to further increase the amount of offshore settlement. In the innovation of cross-border RMB business, the stability of the RMB exchange rate and the balance of international payments will lead to new opportunities for two-way fi nancing between Chongqing and Hong Kong including borrowing from overseas and lending overseas, which also can make use of the market resources of both places fl exibly. We should lease enterprises within the Chongqing Pilot Free Trade Zone to open renminbi accounts overseas for crossborder leasing business to promote non bank fi nancial institutions to facilitate the establishment of accounts abroad, and develop cross-border leasing business. Policies like encouraging fi nancial institutions in free trade zone to sale Renminbi fi nancial products to overseas, RMB funds to invest in overseas projects in the region, regional money supply to carry out constrain management of total scale, enterprises in the region to carry out RMB overseas securities investment. Finally, the Chongqing Pilot Free Trade Zone should also explore and establish a foreign currency account management system adapted to itself, to solve the core elements of business in free trade zone, and establish long-term mechanism for deepening cross-border fi nancial cooperation between Chongqing and Hong Kong. It is necessary for us to innovate supervision means. We should grant more autonomy to the banks within the region and let them to independently carry out the fund trading business under the premise of risk control, and allow enterprises and individuals in the region to invest both in China and abroad. We should strengthen the fi nancial cooperation between Hong Kong and Chongqing, which can start from offshore settlement, and then expand cross-border investment and fi nancing, foreign currency bonds, listed fi nancing, cash management, fi nancial services, cross-border fi nancing. With special platforms in the free trade zone, we can support inter industry business cooperation, to build Hong Kong inland offshore settlement and trading center platform.

Chen Yinhua, chief editor of Jiangbeizui Magazine:

Chongqing Pilot Free Trade Zone will Become a "new engine" for Chongqing's opening-up

About 360 enterprises and near 600 representatives took part in the 2017 Investment Cooperation Innovation and Development Summit of Chongqing Pilot Free Trade Zone. They jointly explored the construction and development of Chongqing Pilot Free Trade Zone and the innovative development model of Chongqing Pilot Free Trade Zone to promote its rapid development, boosting the development, opening up and economic and trade cooperation of the Chongqing Free Trade Zone. As a representative of the organizer of the summit, I felt that Chongqing free trade zone construction will become the new engine of Chongqing to enhance the level of opening-up, and the related reform dividend will promote resource elements of high quality quickly to gather in Chongqing. It will enlarge the strategic advantage of Chongqing, strengthen Chongqing as a bridgehead role in the opening of western region. The economic booming of Chongqing will be promoted by those advantages and many industries also will usher in a new round of development.

(Pictures are provided by Chongqing Representative Of fi ce of Hong Kong Trade Development Council.)

Hong Kong, The Largest Source of Foreign Capital to Chongqing
Chongqing Pilot Free Trade Zone: Learn from HK is to learn from the world

Article/Journalist Zeng Rui

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