本报实习记者 张莉

Our newspaper reporter ZhangLi practice

　　深圳前海合作区将探索人民币国际化与资本项目开放领域的新路径。前海跨境人民币业务的开放与创新能否为今后金融改革起到示范作用，如何在金融系统整体稳定的前提下对金融市场逐步放开，是前海未来需要回答的问题。中银国际副执行总裁、前海专家咨询委员会成员谢涌海表示，前海合作区可以设立超级金融管理局，管理不同金融机构，同时应建立境内外双账制度和注册子公司制度两道金融防火墙，保障金融市场的安全运行。

Shenzhen sea before cooperation will explore RMB internationalization and capital projects in the field of open a new path.Sea before cross-border RMB business opening and innovation for the future financial reform can play the part of demonstration role,How to in the financial system as a whole under the premise of stability in the financial market is gradually let go,Is a former sea future needs question.Boc international executive vice President/Sea before expert advisory committee members XieChong sea said,From sea before may set up super financial administration,Management of different financial institutions,At the same time shall establish and double account system and registered affiliates system two financial firewall,Ensure the safe operation of financial markets.

建立境内外双账制度 Establish and double account system

　　中国证券报：前海金融创新为何需要在这个时点提出？在全国金融改革的大棋局下，深圳前海可以扮演怎样的角色？

China's stock certificate report:Sea before why financial innovation will be needed in this time put forward?In the national financial reform under the big game,Shenzhen sea before can play the role of how?

　　谢涌海：之所以提出金融创新，首先要理解目前国内金融市场面临怎样的现实和挑战。目前中国经济总量世界第二，若按照现在增长速度测算，未来中国GDP总量有望超过美国。在这个过程中，人民币会成为世界三大货币之一，中国会从贸易制造大国变成资本输出大国，这就要求金融领域配合实体经济发展而进行相应改革。

XieChong sea:Put forward the financial innovation,First of all to understand the present domestic financial markets face what kind of reality and challenges.China's economy the world's second,If the now growth estimates,In the future China's GDP is expected to more than the United States.In this process,RMB will become one of the world three big money,China will from trade manufacturing power into capital output power,This requires the financial sector entities with the economic development and the corresponding reform.

　　香港由于人民币产品单一，有许多人民币资金留存在香港市场，需要建立回流机制从而反过来促进离岸市场发展。现在有很多包括贸易、FDI、结算银行人民币债券等回流方式，但如果人民币向内地无序流入，政府对资金规模无法做到有序监管，人民币国际化将对实体经济构成威胁，这就需要前海的金融创新解决这种困境。

Hong Kong because RMB product single,There are a lot of RMB funds retained in the Hong Kong market,Need to build reflux mechanism which, in turn, promote the offshore market development.Now there are many including trade/FDI/Settling bank RMB bonds return mode,But if the yuan to the mainland into disorder,Government to fund scale can't be ordered supervision,RMB internationalization will pose a threat to the real economy,This need to sea before financial innovation to solve this dilemma.

　　中国证券报：据悉香港银行业期盼在前海实现混业经营，相对应的监管模式又会发生怎样的变化？

China's stock certificate report:It is reported the Hong Kong banking look forward to in the sea before realize mixes industry the management,The corresponding supervision mode and how will happen change?

　　谢涌海：前海进行顶层设计时，需要设立一个超级金融管理局，管理不同金融机构,包括分别监管银行、证券及保险企业，并在适当的条件下进行混业经营。如果这种顶层设计成功，一是可以在系统上保证机构可以混业经营；二是机构可以跨界运作，比如银行可以代理证券或保险业务，但要受分管业务的证监会或保监会监管。

XieChong sea:Former sea top design,Need to set up a a super financial administration,Management of different financial institutions,Includes bank supervision respectively/The securities and insurance enterprise,And in appropriate conditions for mixed operation.If the top is designed successfully,One can be on the system guarantee institutions can be mixed operation;The second is institution can cross-border operation,For example Banks can agency securities or insurance business,But to be in charge of the business of the CSRC or circ regulatory.

　　中国证券报：业内对跨境人民币业务开放存在的潜在风险有诸多顾虑和担忧，怎么看人民币业务的放开，如何保证资金的安全？

China's stock certificate report:The industry of cross-border RMB business open existing potential risks have many worries and concerns,How to see RMB business let go,How to guarantee the safety of the funds?

　　谢涌海：我认为在前海的金融机构可以设立两本账，一本是对内运作的在岸账，一本是对外运作的离岸账。有两个资产负债表，两个现金流量表。从操作上看，在岸账是企业和境内机构发生业务，货币符号是CNY，人民币元；离岸账是企业在境外发生业务，对外货币符号是CNH。两本账之间从账户和资金上都是分开的，不能相互平账。

XieChong sea:I think that in the sea before financial institutions may set up two this account,A book is the internal operation of the account,This is a foreign operations offshore accounts.There are two balance sheet,Two a cash flow statement.Look from the operation,The account is the enterprise and the domestic organizations that business,Currency symbol is CNY,RMB yuan;Offshore accounts is the enterprise in overseas business happened,Foreign currency symbol is CNH.Between the two accounts from the account and capital are separate,Can't mutual flat accounts.

　　前海金融机构一方面对香港开放，另一方面对内地进行正常的运作模式，而外汇管理局可以根据外汇管制的政策就两本账跨境业务的试验给予一些特殊的政策，规定何种情况下可以跨账，让资金在境内外流动有一定的额度限制。

Sea before, on the one hand, financial institutions in Hong Kong and opening up,On the other hand to the mainland for normal operation mode,And the administration of foreign exchange may, according to the foreign exchange control policy is two this account cross-border business test give some special policy,Provisions what circumstances can span accounts,Make money flow both at home and abroad have certain quotas.

　　境内外两本账的制度设计方式较为灵活，又可以由监管当局决定两本账户资金流动的条件。通过这种办法可以解决资金两个账户的搬动，从而保证金融市场整体的安全，防范资金境内外流动产生的金融风险。

The two accounts and design of the system is flexible way,And can be made by the authorities decided to two this account fund flow conditions.Through this method can solve the two account funds move,So as to ensure the safety of the whole financial market,To prevent capital flows and financial risks.

注册子公司保障有效监管 Registered affiliates security effective supervision

　　中国证券报：对于前海而言，有限监管框架是确保试验可持续的重要保证。前海在机构设计上如何解决监管问题？

China's stock certificate report:The first in the sea,Limited regulatory framework is to ensure that test sustainable important guarantee.Former sea in mechanism design on how to solve the regulation problem?

　　谢涌海：建立监管框架，重要的是设立一道有效的金融防火墙。在经营方面，前海的注册公司，凡是金融机构及企业，都应该以国内的法人或者集团的子公司身份注册，而不是分公司的形式。

XieChong sea:Establish a regulatory framework,It is important to set up an effective financial firewall.In operation,Former sea of registered company,All financial institutions and enterprise,All should with domestic legal person or group's subsidiary identity registration,Rather than the form of branch.

　　分公司和分行是以总行的资本金进行营业，只有试验区的金融实体必须与母公司切开，才能既保证企业享受前海的优惠政策，同时服从前海当地的监管，根据前海的要求成立架构来进行监管与运作。

Branch and the branch is head office of carry on the business capital,Only the financial entity must cut with the parent company,Can not only ensure enterprise enjoy preferential policies of sea before,At the same time to sea before the supervision of the local,According to the requirements of the sea before established framework for supervision and operation.

　　中国证券报：如果前海的金融创新取得成功，深港可以通过怎样的合作方式发挥两地资本市场的联动效应？

China's stock certificate report:If the sea before financial innovation success,Deep port can through the cooperation of the two way how to play the linkage effect of the capital market?

　　谢涌海：如果金融创新取得成功，前海和香港的业务对接就会水到渠成。目前人民币离岸市场已经形成，前海离岸资金的运作和架构设计，能够促进香港离岸市场发展。香港人民币可以做的，前海的人民币也可以做。从企业融资方面来说，在前海注册的企业或公司也可以按照国际通行规则原则赴香港上市、发债自主融资，这对内地大企业有比较大的吸引力。

XieChong sea:If financial innovation success,Sea before and Hong Kong business butt will follow.At present the RMB offshore market has been formed,Former sea offshore capital operation and architecture design,To promote Hong Kong offshore market development.Hong Kong RMB can do,Sea before yuan can also do.From the enterprise financing ways,In the sea before registered enterprise or company also can be in accordance with the international prevailing rules principles listed in Hong Kong/FaZhai independent financing,The mainland large enterprises have more attraction.

　　目前深港交易所准备成立合资公司推出相应指数产品，下一步可以在前海进行特殊安排。比如在前海与香港之间，或许还可以建立电子交易平台，成立中国自己的纳斯达克市场。这个平台有深港两地的股票，其股票交易的品种与丰富程度都很高，两地可以互相持有股票，与现有证券市场并不冲突。

At present deep port exchange to set up joint venture company came out with the corresponding index products,The next step can in the former sea special arrangements.For example, in the sea between before and Hong Kong,Maybe you can establish electronic trading platform,Founded China own nasdaq market.This platform has deep Hong Kong stock,Its stock trading varieties and rich level is very high,Each other both can hold stock,With existing securities market are not in conflict.

　　中国证券报：目前来看，除了人民币及证券业务的创新之外，前海还可以在哪些方面进行拓展？

China's stock certificate report:So far,In addition to the yuan and the innovation of the securities business outside,Former sea in what areas can expand?

　　谢涌海：在国际大宗商品定价权方面，前海的创新平台实际上也可以发挥作用。尽管目前中国在黄金、铜等大宗商品方面的消费量排在世界前列，但并没有大宗商品的定价权。如果接下来前海能够通过要素交易平台建设的探索，建立大宗交易或贵金属仓储方面的渠道，大宗商品的交易中心或许可以从伦敦转移至香港，对于国内大宗商品交易市场的发展都是有利的。

XieChong sea:In the international commodity pricing aspects,Sea before innovation platform actually can also play a role.Although China in gold/Commodities such as copper the consumption ranks high in the world,But not to determine the price of a commodity.If the next sea before can through the exchange platform construction of exploration,Establish block trade or precious metal storage aspects of the channel,Commodity trading center may transfer from London to Hong Kong,For the domestic commodity transaction market development is favorable.

　　另一方面，目前中国保险市场的发展无论在深度和广度上都与现有的经济发展水平不符。无论是航空资源还是航运资源，中国都有潜力巨大的在保市场，深港两地可以在保险业务方面进行深度合作，从而配合实体经济发展的需要。

On the other hand,At present the development of China's insurance market both in depth and the breadth and the existing economic development level discrepancy.Whether aviation resources or shipping resources,China has huge potential in the market,Hong Kong deep in insurance business cooperation in depth,So as to fit the needs of the development of the real economy.