华南新闻中心 李宁

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　　和讯网消息 作为国内金融创新改革的示范，前海的一举一动无不吸引各方的关注。

HeXunWang news as the reform of domestic financial innovation demonstration，The sea before every move is attracting the attention。

　　8月8日，广东省政府转发了国务院关于支持深圳前海深港现代服务业合作区开发开放有关政策批复的通知。

August 8,，The government of guangdong province of the state council on forwarding the deep sea port of shenzhen support before the modern service industry development zone of reply to the relevant policies open notice。

　　《国务院关于支持深圳前海深港现代服务业合作区开发开放有关政策的批复》称，支持深圳前海深港现代服务业合作区实行比经济特区更加特殊的先行先试政策，是国务院为加快前海开发开放、进一步发挥深圳特区发展新优势，促进粤港澳更紧密合作的重大举措，对于发挥前海在全面推进香港与内地服务业紧密合作中的先导作用、打造粤港现代服务业合作区、加快推动转型升级有着重要意义。

《The state council about support before the depth of shenzhen port modern service industry development zone open the relevant policies written reply to a subordinate body》says，Support before the depth of shenzhen port modern service industry zone of the special economic zones more special than the first try first policy，The state council is to speed up the development of the sea before opening、Shenzhen special zone development further play new advantages，Promote closer cooperation of guangdong, the major step，For the sea before play in promoting the Hong Kong and mainland services closely the leading role、Build modern service industry in guangdong zone、Promote the transformation and upgrading of has important significance。

　　此次批复的重要内容包括：支持前海在金融改革创新方面先行先试，建设我国金融业对外开放试验示范窗口；允许前海探索拓宽境外人民币资金回流渠道，配合支持香港人民币离岸业务发展，构建跨境人民币业务创新试验区；支持设立在前海的银行机构发放境外项目人民币贷款，在《内地与香港关于建立更紧密经贸关系的安排》(CEPA)框架下，积极研究香港银行机构对设立在前海的企业或项目发放人民币贷款；支持设立前海股权投资母基金；支持包括香港在内的外资股权投资基金在前海创新发展，积极探索外资股权投资企业在资本金结汇、投资、基金管理等方面的新模式；进一步推进前海金融市场扩大对香港开放；支持在CEPA框架下适当降低香港金融企业在前海设立机构和开展金融业务的准入条件。

The important content of the rights to include：Support the sea before in financial reform innovation first try first，The construction of the country's financial industry opening experimental demonstration window；Allow the sea before explore overseas RMB funds to broaden backflow channels，Cooperate with support for Hong Kong offshore RMB business development，Constructing cross-border RMB business innovation experimental district；Support the sea before bank set up in the orgnaization extends offshore project RMB loan，in《The mainland and Hong Kong closer economic partnership arrangement》(CEPA)framework，Positive study of the establishment of the Hong Kong bank institutions in the enterprise or the sea before issuing RMB loan project；Support up before the mother equity investment fund；Support, including Hong Kong foreign equity investment funds in the sea before innovation development，Actively explore foreign equity investment enterprise in capital settlement of exchange、investment、The fund management, and other aspects of the new model；To further promote the financial markets to expand the sea before Hong Kong open；Support in the framework of CEPA appropriate reduction in Hong Kong financial enterprise set up organizations and the sea before in financial business access conditions。

　　在市场人士看来，国务院对前海金融创新改革的明文支持，无疑给前海的发展提供了更大的空间。与此同时，市场对于前海的期待也是显而易见的，前海近段时间也在加速落实政策的执行，这包括了前海咨询委员会近日的成立。

In the market experts opinion，The state council on the sea before the reform of financial innovation expressly support，Before the development of the sea is to provide more space。At the same time，The market for the sea before expectations is obvious，The sea before have accelerated in recent times implement the implementation of policy，This includes the sea before the establishment of the advisory committee recently。

　　据了解，前海咨询委员会于8月初宣告成立。咨询委员会将为前海金融改革提供咨询意见和建议；为其提供重大问题、重大政策、重大项目，提供咨询意见；为前海深港现代服务业合作区开发建设领导小组关于前海合作区的重大决策、重要规划提供咨询意见和建议；为前海合作区发挥先行先试作用；对深港紧密合作、融合发展等其他重大问题，开展专项调研，提出咨询意见和建议。

According to understand，The sea before advisory committee was founded in early August。Advisory committee will for the sea before financial reform offers advice and Suggestions；Offer for its significant problems、Major policy、Major projects，advice；For the sea before deep port modern service industry zone development construction leading group on the cooperation of the sea before making important decisions、Important planning offers advice and Suggestions；For the sea before play first try first function zone；On deep port close cooperation、Fusion development other major problems，Carry out special investigation，Put forward advice and Suggestions。

　　参加咨询委员会的各方可堪称为明星阵容，这其中包括了中投国际(香港)有限公司董事长刘遵义，香港交易及结算所行政总裁李小加，中银香港副董事长、总裁和广北，中银国际控股副执行总裁谢涌海，香港大学中国金融研究中心主任宋敏等。全国人大常委会副委员长华建敏担任主任委员，委员会下设秘书处，前海管理局局长郑宏杰兼任秘书长。

Attend advisory committee of the parties can for star is squad，These include the international convention(Hong Kong)Limited company President Lawrence j. lau was installed，Hong Kong exchanges and clearing LiXiaoJia chief executive，Bank of China (Hong Kong) vice President、President and wide north，Boc international holdings executive vice President XieChong sea，The university of Hong Kong, director of the center for the research of Chinese finance SongMin, etc。The standing committee of the National People's Congress vice chairman HuaJianMin served as the chairman of the committee，The committee consists of the secretariat，The sea before administration chief ZhengHongJie concurrently secretary general。

　　此前的7月16日，前海深港现代服务业合作区政策宣讲暨招商推介会在香港召开，香港贸易发展局、香港生产力促进局以及包括东亚、惠理集团、汇丰、恒生、新世界发展、新鸿基金融等在内的37家企业与前海管理局签署意向与合作协议，签约总金额达2200亿元。

Previously on July 16，The sea before deep port modern service industry zone policies and investment promotion meeting proclaiming held in Hong Kong，The Hong Kong trade development council、Hong Kong productivity council and including east Asia、HuiLi group、HSBC、The hang seng、New world development、Sun hung kai financial, 37 enterprises and the sea before signed a cooperation agreement with the administration of intention，Signing the total value of RMB 220 billion。

　　对于前海一系列的发展，参与前海《金融产业专项规划》的国社科院国际金融研究室副主任、副研究员刘东民是比较看好的。刘东民向和讯网表示，前海金融改革是未来20年中国金融改革的方向，这其中包括了人民币国际化和资本项目开放。

For the sea before a series of development，Participate in the sea before《The financial industry special planning》Kingdom academy of vice director of international financial research、Associate professor LiuDongMin is comparison favors。LiuDongMin to HeXunWang said，Financial reform is the sea before the next 20 years the direction of Chinese financial reform，That includes a RMB internationalization and capital account open。

　　刘东民认为，前海试点双向跨境人民币贷款，使得香港的银行可以给前海企业发放人民币贷款，起到人民币回流的作用，这对于内地的企业融资起到了非常好的帮助作用，能够有效降低企业的融资成本，更有利于金融服务实业。

LiuDongMin think，The sea before pilot two-way cross-border RMB loan，Make Hong Kong Banks can give the sea before issuing RMB loan enterprise，Play the role of the backflow，The enterprise financing for the mainland has played a very good help role，Can effectively reduce the enterprise financing costs，More favorable to the financial services industry。

　　另一方面，双向跨境ETF交易也让内地经过批准的金融机构可以购买深交所上市的香港ETF产品，而在此之前内地投资者不能直接购买。香港投资者也可以购买内地ETF产品，香港人民币找到了回流投资的机会，对香港和内地的投资者来说，投资更加多元。

On the other hand，Two-way trade also let cross-border ETF mainland after the approval of the financial institutions can buy the listing of the shenzhen Hong Kong ETF products，And before this mainland investors cannot directly buy。Hong Kong investors can also purchase the mainland ETF products，Hong Kong RMB found the backflow of investment opportunities，In Hong Kong and the mainland investors，Investment more diverse。

　　刘东民还指出，目前国内资本项目1/3是被严格管制的，对发展人民币国际化存在一些障碍，如何在资本项目没有完全开发的情况下推动人民币国际化，人民币资金回流为此创造了很好的条件。

LiuDongMin also pointed out that，At present domestic capital project is strictly control of one third，The development of RMB internationalization has some obstacles，How to not fully developed in capital projects under the condition of RMB internationalization to promote，RMB funds to create a good backflow conditions。

　　这包括配合支持香港人民币离岸业务发展，构建跨境人民币业务创新试验区；支持设立在前海的银行机构发放境外项目人民币贷款；在CEPA框架下，积极研究香港银行机构对设立在前海的企业或项目发放人民币贷款；同时支持在前海注册、符合条件的企业与金融机构在香港发行人民币债券。

This includes support Hong Kong offshore RMB business development，Constructing cross-border RMB business innovation experimental district；Support the sea before bank set up in the orgnaization extends offshore project RMB loan；In the framework of CEPA，Positive study of the establishment of the Hong Kong bank institutions in the enterprise or the sea before issuing RMB loan project；At the same time support in the sea before registration、Meet the conditions of the enterprise and financial institutions in the issuance of RMB bonds in Hong Kong。

　　除此之外，刘东民还认为，支持设立前海股权投资母基金将为深圳的经济发展提供新的机遇。首先前海股权投资母基金，它并不是一般的基金，它将投资其他“子基金”，能吸引外地更多的基金来到深圳，这对于全国的私募基金行业发展也起到一定的帮助作用。然而，具体到母基金的融资渠道，刘东民表示，目前这方面处于保密阶段，暂时不能透露。

In addition，LiuDongMin also believe that，Support up before the equity investment fund will be the mother of shenzhen economic development provides new opportunity。First the sea before mother equity investment fund，It is not the general fund，It will invest in the other“Son fund”，To attract more funds to shenzhen outside，The private equity fund for the development of the industry also play a role of help。however，Specific to mother fund financing channel，LiuDongMin said，At present it in secret stage，Temporarily can't reveal。

　　不过，在毕马威全球中国业务发展中心研究员陆婷看来，虽然前海试验区对于人民币国际化是一种尝试性的创新，设想良好，但它的实质毕竟是开放，而非改革。因此它的设立并不符合先改革后开放的逻辑顺序。

but，In KPMG's global business development center, a researcher at the Chinese LiuTing opinion，Although the sea area of RMB internationalization is for a tentative innovation，Well thought，But it is the essence of the open after all，And the reform。So it does not accord with the establishment of the first open after the reform of the logical sequence。

　　陆婷向和讯网表示，在国内金融市场化改革尚未取得较好进展的环境下，如果加快了资本项目开放的步伐，这意味着，如果没有相关配套措施的及时出台，将有可能导致某些金融风险，如境外资金套利、政府难以在前海与内地其他地区间实施资本管制等。

LiuTing to HeXunWang said，In the domestic financial market reform have made good progress under the environment，If speed up the pace of the open capital projects，This means that，If there is no relevant measures in time to come，Will likely lead to some financial risk，If foreign capital arbitrage、The government in the sea before and the mainland to other regional implementation capital controls, etc。

　　刘东民也认为对于前海金融改革而言，监管非常重要。他表示，对于混业经验来说，“一行三会”在监管方面职权是分散的，这样会对前海金融改革造成一定风险，可以先建立金融监管协调局，协调当地的一行三会，具体有金融监管协调局来执行。

LiuDongMin also think for the sea before for financial reform，Supervision is very important。He said，For mixed for experience，“A line of three will”In the regulatory authority is decentralized，This makes the sea before financial reform that some risk，Can to create financial supervision XieDiaoJu，To coordinate with local a line of three，Specific have financial supervision XieDiaoJu to execute。

　　中银国际副执行总裁谢涌海近日也指出，前海应成立“超级金管局”，以管理前海金融机构，可分管银行、金融及证券业务。而经营方式方面，企业在前海发展以可集团或子公司形式经营，令业务不会影响母公司运作，起到防火墙的效果。

Boc international executive vice President XieChong sea recently also pointed out，Should be established the sea before“Super the hkma”，To manage the sea before financial institutions，Can be responsible for bank、Finance and securities business。And the mode of operation，Enterprise in the sea before development with group or in the form of subsidiary，Make business will not affect the parent company operation，The effect of a firewall。

　　不过，刘东民表示，“超级金管局”概念很好，但从中央层面来看短期不太容易实现。如果有“超级金管局”的话，那“一行三会”将面临着解散，因此短期是不太可能的。

but，LiuDongMin said，“Super the hkma”Concept is good，But from the central level short-term not very easy to achieve this。If there is“Super the hkma”words，the“A line of three will”Will face dissolved，So that short-term is unlikely。