(Source: "Economic Daily" 2024-12-14 Page 10)
On December 14, the think tank edition of "Economic Daily" published an article "Deeply Cultivating the Innovation Test Field of the Free w88 Pilot Zone",Professor Deng Huihui, researcher at the National Institute for Opening up, w88 casinoI was invited to express my views on "bringing into play the leading goose effect of Shanghai's institutional innovation". The following is the content of the article (excerpt).
The construction of a free w88 pilot zone is an important strategic measure taken by the Party Central Committee to promote reform and opening up in the new era. The Third Plenary Session of the 20th Central Committee of the Communist Party of China proposed to implement the free w88 pilot zone promotion strategy. The recently held Central Economic Work Conference made important arrangements for expanding high-level opening up to the outside world, stabilizing foreign w88 and foreign investment, and proposed to "promote the quality and efficiency of the free w88 pilot zone and expand the reform mandate, and accelerate the implementation of the core policies of the Hainan Free w88 Port." In this issue, specially invited experts will discuss relevant issues.
Leveraging the leading goose effect of Shanghai’s institutional innovation
Nearly half of the innovative achievements replicated and promoted at the national level originated in Shanghai. What inspirations have been drawn from this?
Deng Huihui (Professor of the National Institute of Opening up, w88 casino):In August 2013, the State Council officially approved the establishment of the China (Shanghai) Pilot Free w88 Zone, which is the first pilot free w88 zone established in my country. As a pioneer in reform and opening up, the Shanghai Pilot Free w88 Zone has always made bold explorations in promoting w88, investment, cross-border capital flows, personnel entry and exit, free and convenient transportation, and safe and orderly flow of data. Over the past 10 years, of the more than 300 institutional innovations in the pilot free w88 zones that have been replicated and promoted at the national level, nearly half were pioneered or piloted in Shanghai, making important contributions to the steady expansion of institutional openness.
The first single window for international w88 in the country was launched. As an important achievement of the institutional innovation of the Shanghai Pilot Free w88 Zone, since its launch in June 2014, the Shanghai International w88 Single Window has become the local international w88 single window with the largest data processing volume in the world, providing convenient one-stop services for import and export companies. According to data from the Shanghai Municipal Commission of Commerce, Shanghai's international w88 single window function has gradually formed 16 major functional sections and 66 characteristic applications, including "foreign w88 + finance", "customs clearance + logistics" and "supervision + services", supporting more than a quarter of the country's w88 volume and serving more than 600,000 companies. It has accumulated valuable experience in the form and operation mode of single window construction.
Launched the country’s first negative list for foreign investment access. In September 2013, my country’s first negative list for foreign investment access was released and implemented, and it was extended to the whole country in 2016. At this point, my country's foreign investment management system has transformed from positive list management to negative list management. After seven reductions, the negative list items have been cleared of manufacturing items, the service sector has continued to expand and open up, and the level of investment liberalization has continued to increase. At present, there are more than 75,000 foreign-funded enterprises in Shanghai, with actual use of foreign capital totaling US$350 billion. Foreign-invested enterprises have created nearly three-fifths of Shanghai's total import and export of goods, two-fifths of its industrial output, one-third of its tax revenue, one-quarter of its GDP, and one-fifth of its employment. The Shanghai Pilot Free w88 Zone has become an open hub for foreign investment to enter China, setting a model of mutual benefit and win-win for international cooperation.
Create the country's first free w88 account. In June 2014, the central bank's Shanghai headquarters held a launch ceremony for the free w88 account business. The free w88 account systems of five banks, including Bank of China, ICBC, China Construction Bank, Shanghai Pudong Development Bank and Bank of Shanghai, were connected to the central bank's Shanghai headquarters system to realize the function of free w88 accounts. The free w88 account is an important institutional arrangement for exploring investment and financing exchange convenience, expanding financial market opening, and preventing financial risks. It is a bank account system that integrates domestic and foreign currencies and allows domestic and foreign currencies in the account to be freely converted. Enterprises can achieve free convertibility of RMB and foreign currencies without being subject to traditional capital controls, and support real-time settlement and payment of cross-border funds. The Shanghai Pilot Free w88 Zone took the lead in exploring a pilot free w88 account system and established a cross-border capital flow management model of "first-line prudential supervision and second-line limited penetration", which not only effectively reduced corporate financing costs, but also gave full play to the advantage of free w88 dividends radiating across the country.
Released the country’s first cross-border data scenario-based “general data” list. In August 2019, the Lingang New Area of the Shanghai Pilot Free w88 Zone was established. The addition of the Lingang New Area is not a simple expansion of the area, but an institutional innovation. In 2023, the State Council issued the "Overall Plan for Comprehensively Aligning with International High-Standard Economic and w88 Rules to Promote High-level Institutional Opening of the China (Shanghai) Pilot Free w88 Zone", proposing a hierarchical protection system based on data classification and supporting the Shanghai Pilot Free w88 Zone to take the lead in formulating an important data catalog. In January this year, the "Measures for the Classified and Hierarchical Management of Cross-border Data Flows in the Lingang New Area of the China (Shanghai) Pilot Free w88 Zone (Trial)" were released, dividing cross-border data into three levels from high to low: core data, important data, and general data, filling the institutional gap in the general data export procedures. The release of this list makes Shanghai the first city in mainland China to implement specific local regulations to speed up the cross-border flow of general data. It is of great significance to promoting safe, efficient, free and orderly cross-border flow of data and achieving a high level of opening up to the outside world.
In the future, in order to accelerate the implementation of the free w88 pilot zone improvement strategy, the Shanghai Pilot Free w88 Zone can focus on the following aspects to better play its pioneering role and build a national institutional open demonstration zone.
First, give full play to the goose effect of institutional innovation.Comprehensively align with international high-standard economic and w88 rules, steadily expand institutional opening up of rules, regulations, management, standards, etc., take the lead in building an institutional system and supervision model that is connected with high-standard economic and w88 rules, deepen the reform of "delegation, regulation and service" in aspects such as intellectual property rights, data flow, and technology transfer, and guide the gathering of global enterprises.
The second is to expand high-level financial opening up.Strengthen the supply of high-quality financial services, serve the "going global" and "One Belt and One Road" construction, and steadily and steadily promote the internationalization of the RMB. Strengthen cross-border fund clearing and settlement services, and enrich the types of cross-border financial products. Strengthen the financial regulatory framework to ensure the stable operation of the financial market and attract more international capital inflows.
The third is to improve the value transformation of data elements.Accelerate the construction of international data cooperation platform and optimize the efficiency and security of data flow. Implement differentiated tax preferential policies, scientific research support policies and technical cooperation policies, encourage foreign-funded enterprises to introduce innovative data into the Chinese market, and maximize the value of data.
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