李鹏

Li peng

　　乘着香港回归15周年间接获赠“礼包”的东风，深圳前海管理局赴港招商，并拿下了2200亿元人民币的意向投资。

With the return of Hong Kong to 15 anniversary will indirectly“Gift bag”East wind，Shenzhen the sea before administration to visit Hong Kong investment promotion，And scored 220 billion yuan of intention to invest。

　　7月16日，深圳市政府主导的“深圳前海深港现代服务业合作区政策宣讲暨招商推介会”在港举办。根据深圳前海管理局的新闻通稿，当天即有38家机构和企业与前海管理局正式签署合作协议。其中，金融业相关企业达18家，占签约企业总数近50%；金融企业签约总金额达1770亿元，占签约总金额的78%。

July 16,，Shenzhen government dominant“Shenzhen the sea before modern service industry zone shenzhen and Hong Kong policy preaching and investment promotion meeting”Held in Hong Kong。According to the sea before news of the shenzhen administration through，Namely that day there are 38 organisations and enterprise and administration of the sea before formally signed a cooperation agreement。Among them，The financial industry related enterprise for up to 18 home，Accounting for nearly 50% of total signed enterprise；Financial enterprise signing the total value of RMB 177 billion，Accounting for 78% of the total amount of the contract。

　　“这是6月28日国务院批复深圳前海深港现代服务业合作区开发开放政策后，深圳市政府首次与香港企业进行前海政策解读和互动。”7月19日，深圳市前海管理局局长郑宏杰在接受本报记者采访时，如此解读本次招商推介会的意图。

“This is on June 28, the state council ratified shenzhen the sea before modern service industry development zone shenzhen and Hong Kong after the open policy，Shenzhen government for the first time with the Hong Kong enterprise for the sea before policy interpretation and interaction。”July 19,，Shenzhen the sea before administration chief ZhengHongJie in accepting our newspaper reporter to interview，So reading this investment promotion meeting intention。

　　根据深圳市委机关报的报道，深圳市委书记王荣在这个推介会上表示，前海未来将重点发展金融业、信息服务、物流业及其他科技服务四大产业。这是前海管理局挂牌成立以来，王荣首次在媒体上就前海产业定位发表公开讲话。

According to the shenzhen municipal party committee reports of an organ，Shenzhen municipal party committee secretary WangRong in this recommendation conference said，The sea before will focus on the future development of the financial industry、Information service、The logistics industry and other technology service industry four。This is the sea before administration since founded，For the first time in the media WangRong on the sea before industry positioning published public speech。

　　“从2010年全面启动前海开发以来，它的功能定位可谓三易其稿了。但金融业作为核心产业一直没有发生变化。现在看来，其承担的金融法制创新方面的先行先试任务，也没有发生改变。”7月18日，广东省原副省长、曾多年分管金融的宋海在接受本报记者采访时如此表示。

“From 2010 years before the sea all initiated since development，It is easy to JiGao three function orientation。But the financial sector as the core industry there has been no change。Now it seems，The financial legal system for the innovation first try to advance task，And no change。”July 18,，The former vice governor of guangdong province、For many years the SongHai had financial in accepting our newspaper reporter to interview said。

　　CEPA项下的金融合作 Under CEPA financial cooperation

　　在国务院就支持深圳前海深港现代服务业合作区开发开放的有关批复中，有19处提及香港。特别是第一次明确了前海将建设成为“我国金融业对外开放试验示范窗口”，第一次提出在前海构建“跨境人民币业务试验区”。

In support of the state council before the deep sea port of shenzhen modern service industry development zone of the opening of the relevant official reply，There are 19 mentioned in Hong Kong。Especially the first made clear the sea before construction will become“Experimental demonstration of China's financial industry open window”，The first put forward in the sea before construction“Cross-border RMB business area”。

　　香港利丰集团主席冯国经认为，前海开发开放直接利好香港的姿态已不言自明。他回溯道，事实上，正是香港金融界人士推动了前海的开发。“当时是2008年9月就《内地与香港关于建立更紧密经贸关系的安排》（CEPA）进行例行的商界沟通时成为议题的。”

Hong Kong li &fung President FengGuoJing think，The sea before the development and opening of the Hong Kong stance has good directly speak for themselves。His way back，In fact，It is Hong Kong to promote the financial circles of the sea before development。“At that time it was September 2008《The mainland and Hong Kong closer economic partnership arrangement》（CEPA）For routine business communications become the issue。”

　　不过，目前看来，金融业对外开放试验示范窗口是个需要诸多努力才能实现的远景，跨境人民币业务试验区也是个难以着手的全新领域。据冯国经等香港金融界人士解读，国务院的相关批复提出，支持在前海开展跨境人民币业务创新，加快人民币资本项目可兑换和推进跨境投资人民币结算等。“这些措施要落到实处并不容易。”

but，Now it looks，The financial industry opening experimental demonstration window is a need many efforts to achieve vision，Cross-border RMB business is also a difficult to set out to test the new field。According to FengGuoJing Hong Kong financial circles such as reading，The state council put forward the relevant rights，Support in the sea before cross-border business innovation in RMB，Faster RMB convertibility of capital and cross-border investment RMB, etc。“These measures will into effect is not easy。”

　　汇丰银行大中华区首席经济学家屈宏斌就认为，以人民币跨境贷款为例，低成本的香港人民币贷款是企业眼中的香饽饽，也可以成为前海招商引资的利器，但怎样打通与现有利差盈利模式的阻隔，是个很容易理解但又很难破解的难题。此外，如何开放资本项目也是一个近乎于悖论的金融创新难题。

HSBC chief economist in the greater China region QuHongBin will think，With the RMB loan cross-border as an example，Low cost RMB loans in Hong Kong is enterprise of BoBo incense，Also can become the sea before the ruin of investment promotion and capital introduction，But how to get through with existing spread the profit pattern cut off，Is a very easy to understand but it is difficult to crack problems。In addition，How to open capital project is also a near the paradoxes of the financial innovation problem。

　　积极推动前海金融开发开放的香港金融人士，一直在计划借道CEPA，实现深港、粤港间的金融要素流动与模式创新。比如降低香港金融企业的准入条件，允许香港金融专业人士的跨境授权执业。

Actively promote the development and opening of the sea before financial Hong Kong financial people，Have been planning borrow way CEPA，Realize deep port、The financial factors flow between guangdong and mode innovation。Such as reduced Hong Kong financial enterprise access conditions，Allow Hong Kong financial professionals authorized the cross-border practice。

　　但自2008年以来，这些障碍点并未真正打通。“在近期中央政府送给前海的大礼包中，也提到了诸如试点设立创新型金融机构和要素平台交易及股权投资基金等方式，但国务院给深圳、前海的批复中并没有将之落实为白底黑字，这其中的曲折就像前海这些年的反复一样。”冯国经分析认为。他2011年初加入了前海管理局负责组建的一个发展咨询委员会。

But since 2008，These obstacles point did not really get through。“The central government in the near future to the sea before in the package，Also mentioned the established innovative financial institutions such as pilot elements and trading platform and equity investment funds way，But the state council to shenzhen、The sea before and do not have the rights to the implementation of will for a white background with black text，One of the twists and turns just like the sea before repeatedly over the years。”That FengGuoJing analysis。In early 2011 he joined the sea before administration shall be responsible for the form of a development consultation committee。

　　宋海和郑宏杰亦不避讳这样的不一致。郑宏杰就表示，尽管前海是特区中的特区，甚至被称作特上加特，尽管香港方面是前海推动金融创新的最佳“智慧援助”，但由于一国两制的差异，合作只能次第展开。

SongHai and ZhengHongJie also not afraid to such inconsistencies。ZhengHongJie says，Although the sea before in the zone，Even is called, and special，Although in Hong Kong is the sea before promoting financial innovation of the best“Wisdom aid”，But because of the difference of one country, two systems，Cooperation can only sizable begin。

　　聚焦“法制化空间” focus“Legalization space”

　　截至目前，前海管理局招商引资榜单上，已完成了23家签约企业的登记注册，落户项目达197个，吸引意向投资额超过3000亿元人民币。并且，“与78家世界500强企业建立了稳定的联系”。

So far，The sea before administration's investment promotion and capital introduction on the list，Has completed the signing of 23 home enterprise registered，In 197 a project，Intention to attract investment of over 300 billion yuan。and，“And 78 of the world's top 500 enterprises to establish a stable contact”。

　　但郑宏杰坦言，两年来在招商上经历了一个“逐渐扛得住诱惑、做得了选择”的过程。“之前一段时间什么都想做，都想借政策东风，现在就是聚焦于王荣书记所讲的四大行业。”而且，“可以说，前海重新开始寻求自身发展的法制化空间。”

But ZhengHongJie said，Two years experience in investment promotion“Gradually take it on the chin temptation、Do have choice”process。“A period of time before what want to do，All want to borrow policy the east wind，Now is focused on WangRong secretary told by four big industry。”and，“Can say，The sea before begin anew the quest for their own development the legalization of the space。”

　　这个“法制化空间”通过国家发改委地区经济司司长、前海部际联席会议办公室主任范恒山的口讲了出来。范恒山在前述推介会上为前海招商“站台”，并向参会的商界和媒体明确表示，前海将是一个“集国际规则与中国特色相结合的新载体”，“前海合作区可为港企有效利用两种规则的优势创造条件，也为香港经济创新提供空间”。

the“Legalization space”Through the national development and reform commission area JingJiSi priests、BuJi the sea before a joint meeting of the office of FanHengShan mouth speak out。In the meeting FanHengShan recommendation for the sea before investment promotion“platform”，And to the business and the media made clear，The sea before will be a“Integrated with the international rules and Chinese characteristics of combining new carrier”，“From the sea before for Hong Kong enterprises by two kinds of effective rules advantage create conditions，For Hong Kong economic innovation to provide space”。

　　据宋海介绍，前海从开发开放之初，就提出要在金融规则创新方面寻求特殊的政策支持。“当时的香港金融界就提出，可否在前海这块区域内适用类似香港中环的国际化商事仲裁法则。但很快遭到国内人士反对，认为这是治外法权的变种，意识形态上就失败了。”

According to SongHai introduced，From the sea before the beginning of the development and opening，She asked for in the financial rules innovation seek special policy support。“At the time, the Hong Kong finance is put forward，Can you in this area the sea before applicable within the internationalization of Hong Kong zhonghuan similar commercial arbitration law。But was soon opposed to the domestic，Think this is extraterritorial varieties，The ideological would have failed。”

　　这波“前海热”兴起以来，香港金融界人士也在寻找官方文件字里行间的此类内容。但冯国经发现，这方面仍没有来自中央政府的明确信号。“仍然只有深圳市政府在强调前海计划单列市、深圳作为特区等在立法权方面的优势。”

This wave“Heat the sea before”Since the rise，Hong Kong financial circles are also looking for lines of official documents such content。But FengGuoJing found，This aspect is still not coming from the central government's clear signals。“Still only in shenzhen government emphasized the sea before the state plan、Shenzhen as a d.c. in the legislative power and advantages。”

　　据郑宏杰介绍，参与招商的香港商界人士也提出了这方面的疑问。但他认为，这些疑问将随着前海先行先试政策实施细则的出台而得以落实。而且，中央政府的批复已经确认了前海特殊的税收优惠、人才发展政策，这样的法制化空间是有新生部分的。

According to ZhengHongJie introduced，The Hong Kong business people involved in investment promotion and puts forward the question。But he thinks，These questions will be as the sea before first try first detailed rules for the implementation of the policy come on stage and be implemented。and，The central government's official reply has confirmed that the sea before special tax breaks、Talent development policy，So the legalization of the space is a new part。

　　针对“法律事务合作”这个概念，国务院的相关批复使用了“探索”两字。香港金融界人士带有质疑地提出，仅是“探索”而不是“允许”。郑宏杰则认为，这说明，中央政府开始直面这个前海开放开发的重要动因，现在内外部环境下的金融创新特别是金融法制创新，必然有着这样的“探索过程”。

According to“Legal affairs cooperation”The concept，The use of the relevant rights under the state council“explore”Two words。Hong Kong financial circles put forward with question，Is only“explore”not“allow”。ZhengHongJie argue that，This shows that，The central government began to face the sea before the open development the important reason，Now the inner and outer environment of financial innovation, especially the financial legal system innovation，Must have the same“The discovery process”。