华南新闻中心 谢碧媛

South China news center XieBiYuan

　　和讯网报道 9月24日，“前海·财富管理的新机遇”论坛在深圳大梅沙京基喜来登酒店举行。香港大学教授、前海咨询委员会委员宋敏教授指出，前海作为离岸财富管理中心存在如下潜力：港澳台、欧美等国均存在财富重新配置的需求，而其要寻找新的增长点和投资机会，必定是在亚洲，而亚洲即等于大陆。而进入内地这个财富管理市场的第一站必定是香港，但目前香港进入中国内地也存在诸多如资本等限制，前海即可抓住中国资本项目和人民币没有完全开放的情况下，作为香港的桥梁，帮助香港行全球财富的重新配置。

HeXunWang reported on September 24,,"Sea before · wealth management new opportunities"BBS in sheraton dameisha held hotel.Hong Kong university professor/Sea before advisory committee SongMin professor noted that,As an offshore sea before wealth management center exist below potential:Hong Kong, Macao/Europe and the United States and other countries all have wealth reconfiguration needs,And the looking for new growth point and investment opportunities,Must be in Asia,While Asian that is equal to the mainland.And enter the mainland the wealth management market first station must be Hong Kong,But at present Hong Kong into mainland China also has many such as capital restrictions, etc,The sea can seize before China's capital projects and RMB not fully open cases,As Hong Kong's bridge,Help Hong Kong line global wealth reconfiguration.

　　而在准入规则方面，宋敏教授表示，应该对海外限制减少，对内地的金融机构有所限制，前海和香港之间尽量放宽限制。让前海做到是香港金融中心的延伸地，但是对内地来说有一定的门槛，但是这个门槛又比香港和内地之间的门槛低，这样会给前海带来很多机会。

And in the access rules,SongMin professor said,Should be to overseas restrictions reduce,For financial institutions in the mainland have limits,Sea before and Hong Kong as far as possible between liberalization.Let the sea before do is Hong Kong's financial centre in extension,But for the mainland, have a certain threshold,But the threshold and ratio between Hong Kong and the mainland of the threshold low,This will bring a lot of opportunities to sea before.

　　以下为宋敏讲话的文字实录：

The following is SongMin speech text memoir:

　　我今天想将的题目，实际上就是我们现在正在为香港政府研究的一个课题，我们这个课题就是关于香港国际金融中心的建设。那么中间一个方面就是怎么样建设香港作为一个财富管理中心这样一个平台，我今天想讲的就是离岸财富管理中心这一块。

Today I want the topic,In fact is what we are now for the Hong Kong government study a subject,This subject is about the Hong Kong international financial center construction.So the middle is how construction Hong Kong as a wealth management center such a platform,Today I want to speak is offshore wealth management center this one.

　　我今天要讲这样几个题目，我今天主要是想离岸财富管理中心，我想先给大家介绍一下离岸金融这样一个概念，然后着重讲离岸财富管理。

I want to talk today such questions,Today, I mainly want to offshore wealth management center,I'd like to introduce the offshore financial such a concept,And then mainly speak offshore wealth management.

　　我主要先介绍一下全球的一些离岸财富管理中心，在这样一个基础上我们充分了解离岸财富管理中心它成功的一些必要条件，然后我们再看在我们深圳前海是否具备这样一个条件，如果不具备的话，我们可以采取什么样的方式来满足这些条件。

I mainly to introduce some of the offshore global wealth management center,In such a basis we fully understand offshore wealth management center it successful some necessary conditions,Then we shall see in our shenzhen sea before whether to have such a condition,If you don't have the words,We can take what kind of the way to satisfy these conditions.

　　所谓的离岸金融，根据IMF的定义，“离岸金融，是指当地的银行及其它机构为非居民提供金融服务”，这是离岸的概念，一定是为非居民的概念。那么，离岸中心它包括了下面这几个主要的特征：一是它拥有相对大量的金融机构，它是一个了法管辖区，而这些金融机构主要是为非居民提供的金融服务；在这样一种金融管辖区里头，往往资产和负债的规模是超过本地的金融中介服务的需求，这是离岸中心的概念。二是在这样不同的离岸中心里头，经常比较常见的就是它的税率比较低，甚至是零税率，对离岸这一块的服务甚至是零税率。三是金融机关方面也是相对比较宽松，这是关于离岸金融中心的基本概念。

The so-called offshore,According to the IMF's definition,"Offshore financial,Refers to the local Banks and other institutions providing financial services for the residents",This is the concept of offshore,Must be for non-resident concept.so,Offshore center it includes the following several major characteristics:One is that it has the relative a large number of financial institutions,It is a the law jurisdictions,And these financial institutions are mainly for non-resident provide financial services;In such a financial jurisdiction inside,Often the scale of assets and liabilities is more than the local financial intermediary service requirement,This is the concept of offshore centres.The second is in such different offshore center inside,Often more common is its tax rate is low,Even investigation,For offshore this one service even investigation.The third is the financial organ aspect is relatively loose,This is about the basic concept of offshore financial centers.

　　所以它的关键地方是他提供的服务是非居民的，另外提供的服务是超过本地金融服务的需求，然后它是有别于传统的金融中心。比如说我们上海的金融中心，可能跟多的是本土的金融机构服务。

So it is the key place he offered his services are residents,Also provides service is more than the local financial service needs,Then it is different from the traditional financial center.We, for example the financial center of Shanghai,May with many is local financial services.

　　离岸中心，很多人的理解就是以为是不在这个国家，或者不在境内，这个是一个错误的理解，离岸中心不一定要脱离本土，比如说东京它也是一个非常好的离岸中心，它为包括日元的服务，它是对非居民提供一些很好的离岸服务，它也是一个离岸中心。所以我们上海现在要搞人民币的离岸中心，很多人不理解为什么要搞人民币离岸中心，其实还是可以理解的，就是说上海它可以提供非居民的人民币的产品的服务，那这样也是属于离岸的一个性质。

Offshore center,A lot of people understanding is that thought is not in the country,Or not in domestic,This is a wrong understanding,Offshore center doesn't have to be away from home,For example Tokyo it is also a very good offshore center,It includes the yen service,It is to non-resident provide some very good offshore services,It is also a offshore center.So we Shanghai now to make RMB offshore centres,Many people don't understand why want to make an offshore RMB centre,Actually can still understand,Is Shanghai it can provide a non-resident yuan product service,That this is belongs to the offshore a property.

　　从这个角度来说，我们深圳当然也可以做，离岸人民币的服务也可以在深圳做，如果离岸的对象不是我们深圳的居民，或者不是我们中华人民共和国的居民。

From this point of view,We shenzhen of course can also do,Offshore RMB service can also do in shenzhen,If the object is not our fob shenzhen residents,Or is not our residents of the People's Republic of China.

　　所以，离岸的基本成功因素应该是法律完善、监管透明，然后资本项目都是可控的开放。

so,Offshore basic success factors should be perfect law/Supervision transparent,Then capital project is controlled open.

　　我们下面想着重介绍一下离岸财富管理中心的比较和借鉴，也就是说和世界上比较成功的离岸财富管理中心有些什么共同的特征？这是我想着重讲的，我们主要是讲三个离岸财富管理中心。

We want to focus on the introduction of offshore wealth management center comparison and reference,That and the world more successful offshore wealth management center what some common features?This is what I want to focus on said,We mainly speak three offshore wealth management center.

　　一个是瑞士离岸财富管理中心，它是代表欧洲的重镇；亚洲我们主要关注新加坡和香港的财富管理中心，他们成功的一些经验。这是我想着重讲的东西。

One is a Swiss offshore wealth management center,It is on behalf of the European town;Asia we mainly focus on Singapore and Hong Kong wealth management center,Some of their successful experience.This is what I want to focus on the things about.

　　在讲这些离岸财富管理中心之前，我们对所谓的财富管理也做一个界定。那什么叫财富管理？在座的可能大家都很清楚，所以我就很简单说一下。它是对高净值人士提供的一些金融服务。那么，这些服务包括了零售银行服务、不动产的规划、法律咨询、税务及证券投资，或者其他的投资管理这样一个专业金融服务。所谓的高净值人士，是指可投资的金融资产高于100万美元，或者600万人民币的个人投资家庭，可投资资产就相当多了，所以所谓的财富管理它已经超越了证券投资这个范畴，包括了收藏品、房地产、消费品、耐用消费品等等，这些构成可投资资产的都是在财富管理的这个工具范畴里头。这是关于财富管理的一个基本界定。

Talking about these offshore wealth management center before,We to the so-called wealth management also do a definition.That what is wealth management?Everyone here may everyone is very clear,So I will very simple said it.It is to provide a high net worth some financial services.so,These services include retail banking services/Real estate planning/Legal advice/Tax and securities investment,Or other investment management such a professional financial services.The so-called high net worth personage,Refers to the investment of financial assets can be more than $1 million,Or 6 million yuan of personal investment family,But investment assets is quite much,So the so-called wealth management it is beyond the securities investment this category,Including collection/Real estate/Consumer goods/Durable consumer goods, etc,These composition can be investment assets are in wealth management of this tool that category.This is about wealth management is a basic definition.

　　那有了这个界定以后，我们现在看离岸财富管理的几个成功的地区。我们现在就直接进到主要的财富管理中心。世界上主要的离岸财富管理中心包括哪些地方呢？

There is the definition of later,We now see offshore wealth management several successful district.We are now directly into the main wealth management center.The world's major offshore wealth management center including? What place?

　　第一是瑞士，最成功的就是瑞士，待会我会给大家看一些瑞士的基本情况。但是我们看到瑞士实际上是远远超过了其他的离岸财富管理中心。

The first is the Swiss,The most successful is Swiss,I'll stay for everyone to see some of the basic situation of Switzerland.But we see Switzerland is actually far more than other offshore wealth management center.

　　第二个就是英国及附属的海峡岛屿，英国也是财富很重要的提供者。

The second is the UK and subsidiary of the channel islands,Britain is also wealth important provider.

　　第三个是卢森堡，是一个非常小的国家，但是卢森堡也是一个非常成功的财富管理中心，它管理了大量的非居民的财富。

The third is Luxembourg,Is a very small country,But Luxembourg is also a very successful wealth management center,The management of a large number of non-resident wealth.

　　第四个是加勒比海岛国，主要是管理南美、北美的一些财富。

The fourth one is the Caribbean island,Mainly is the management South America/Some of the wealth in North America.

　　第五个是香港和新加坡，是两个亚洲的主要离岸财富管理中心；

The fifth is Hong Kong and Singapore,Is Asia's two main offshore wealth management center;

　　第六个是美国，美国是排在最后的，这是让我们感到有些惊奇的，就是美国的离岸财富管理中心是做得比较弱的，它本身是在岸的财富管理中心，但是对离岸的财富他没有抓住，这个也是值得我们去思考的东西。

The sixth is the United States,The United States is row in the final,This is make us feel some surprise,Is America's offshore wealth management center is done is weak,It itself is the wealth management center,But for offshore wealth he didn't catch,This also is worth us to think about things.

　　主要的离岸财富管理中心有一个研究，是波士顿的一个机构做的研究，就是把世界上刚才讲的这几个离岸财富管理中心做了一个比较。可以看得出来很大一部分是在瑞士，它管理的财富很多是来自于西欧，来自的西欧的是有将近1万亿美金的离岸财富在瑞士。第二部分是从中东和非洲的财富，也有5000多亿的财富在瑞士这样一个离岸财富管理中心。

The main offshore wealth management center has a research,Boston is a mechanism to do research,The world is just what this several offshore wealth management center made a comparison.Can see that is largely in Switzerland,It management wealth many comes from Western Europe,From Western Europe is nearly $1 trillion fob wealth in Switzerland.The second part is from the Middle East and Africa's wealth,And the wealth of more than $5000 in Switzerland such a offshore wealth management center.

　　然后就是英国，它也是针对中东和非洲的大概3000多亿的离岸财富，然后亚洲的财富慢慢也进入了英国，特别是伦敦的离岸财富管理中心。然后跟英国相关的附属岛屿，也有5000多亿的离岸财富。

Then is the British,It is for the Middle East and Africa probably of more than $3000 fob wealth,And then the Asian wealth slowly into the British,Especially the London offshore wealth management center.And then to Britain's related subsidiary island,Also has more than $5000 fob wealth.

　　卢森堡的离岸财富管理中心，有3000多亿，主要来自西欧，卢森堡是一个非常小的国家，我曾经去过，就是非常小的袖珍型的国家，它也管理着非常多的西欧的财富。然后巴拿马和南美的一些小岛，它也管理了北美的相当多的财富，中间可能很多是非法的财富。

Luxembourg offshore wealth management center,More than $3000,Mainly from Western Europe,Luxembourg is a very small country,I have been to,Is very small pocket country,It also administers the very many western European wealth.Panama and South America and some of the island,It also management in North America quite a number of wealth,It is illegal to middle maybe a lot of wealth.

　　然后就是亚洲财富，亚洲这里我们没有区分是香港和新加坡，加在一起，主要是管理亚洲的财富有7600亿。然后我们待会也看到在这两个离岸财富管理中心里头，新加坡是占上锋的，这个也是很值得研究的问题。

And then the Asian wealth,Asia here we did not distinguish is Hong Kong and Singapore,together,Mainly is the management of the 760 billion Asian wealth.Then we'll also see in these two offshore wealth management center inside,Singapore is in front of the,This is important to study the problem.

　　然后就是美国，美国的离岸财富管理中心是排在非常后的，大家可以看得出来美国没有管理太多欧洲的资金，也没有太多亚洲的资金，更多是来自于拉美一些离岸财富。所以美国为什么没有那么成功，也是值得探讨的。这是一个很有意思的问题。

And then the United States,American offshore wealth management center is row in very after,You can see the United States no management too many European capital,There are not too many Asia's capital,More comes from the Latin American some offshore wealth.So why did the U.S. not so successful,And it is worthy of discussion.This is a very interesting question.

　　我们知道瑞士是一个非常成功的财富管理中心，现在我们看一下瑞士离岸财富管理中心的基本情况，它是全球最大的离岸财富管理中心，刚才我们算的几万亿加在一起总量是2.1万亿美元，占全球离岸财富的27%，这是最大的一个离岸管理财富中心。离岸财富的来源来自于欧洲的本地，北美、亚太，亚太现在是增加了一种财富，然后中东及非洲，这是一个基本的分布。所以，欧洲本地是它的财富主要来源，但是最近亚洲和中东也增加了很多的份额。这是一个基本的比例。

We know that Switzerland is a very successful wealth management center,Now we look at the Swiss offshore wealth management center's basic situation,It is the world's largest offshore wealth management center,Just now we calculate trillions of together for a total of $2.1 trillion,Global offshore accounts for 27% of the wealth,This is one of the biggest offshore management wealth center.The source of the offshore wealth from Europe's local,North America/asia-pacific,The asia-pacific is now increased a kind of wealth,Then the Middle East and Africa,This is a basic distribution.so,European local is its main source of wealth,But recently the Asia and the Middle East also increased a lot of share.This is a basic scale.

　　亚洲的这两个财富管理中心，新加坡是远远超过香港的，是2倍以上，同样很小的经济体为什么新加坡能成功？然后刚才我说的纽约和迈阿密为什么不成功，那这些都是值得思考的。

Asia's the two wealth management center,Singapore is far more than Hong Kong,Is 2 times more than,The same small economies why Singapore can success?Then just now I said in New York and Miami why not successful,That these are worth thinking.

　　瑞士离岸财富管理中心它的成功经验和要素在哪里呢？我们做了一些简单的梳理，有这些基本点：第一，它的经营手法是非常传统的，业务是建基于人脉关系之上，欧洲老的财富是由瑞士人在管理的；第二，理财作风谨慎，投资渠道多元化及全球化；第三，它是以客户提供存款和避税为主，它是非常传统的，更多是以银行存款，但是是全球的配置，然后以避税为主，这是它的一个覆盖；第四，业务覆盖全球，以欧洲大陆为主腹地，它的业务还是集中在欧洲大陆；第五，重视风险，尤其擅长于投资组合管理。

Swiss offshore wealth management center its successful experience and factors in where?We made some simple combing,These basic points:The first,Its management technique is very traditional,Business is built based on the above connections,European old wealth is by the Swiss in the management;The second,Financing style cautious,Investment channel multiplication and globalization;The third,It is the customer provides deposit and tax avoidance is given priority to,It is a very traditional,More based on bank deposits,But is a global configuration,And then to tax avoidance is given priority to,This is one of its cover;The fourth,Business covers global,Mainly in continental Europe hinterland,Its business or concentrated in continental Europe;The fifth,Pay attention to risk,Especially good at investment portfolio management.

　　那么它成功的主要要素在哪里呢？这里我们简单罗列一下，没办法展开。

Then it the key success factors in where?Here we simply list the,Can't open.

　　第一，区位因素，刚才我们肖主任、焦局长都讲到这个问题，定位和区位因素。瑞士也是有一个很重要的优势就是它的区位因素，它旁边有比较富有的国家，比利时、法国、意大利、德国环绕着瑞士，它在中欧这样一个非常重要的位置，独特的区位优势。

The first,Locational factor,Just now we xiao/Coke chief are talked about this problem,Positioning and locational factor.Switzerland is a very important advantage is its location factors,Next to it there is rich country,Belgium/France/Italy/Germany around the Swiss,It in central such a very important position,The unique geographical advantage.

　　第二，传统和文化的因素。瑞士是一个对财富管理非常关注的民族，它的文化是给人一种很传统、很保守、很可信的面貌，所以是可以比较放心的。

The second,Traditional and cultural factors.Switzerland is a wealth management is very concerned about the national,Its culture is to give a person a kind of very traditional/Very conservative/Very credible appearance,So is can more assured.

　　第三，保密制度。如果前海能做到保密制度，前海就成功了一大半，刚才肖主任已经说到，我是特别认可的。

The third,Confidentiality system.If the sea before can do security system,Most of the sea before success,Just xiao has said,I am the special recognition.

　　第四，低税率及税制竞争力。这个在我们看到的离岸财富管理中心基本上都有这样一个特征，它的税率特别是对离岸的税率是比较低的，这一点是美国不太成功的原因，因为美国在对岸和离岸的区分不是很大，然后美国有很高的遗产税、增值税、红利税，这些都阻碍了离岸财富管理中心的成立。

The fourth,Low tax rate and tax competition.This we see the offshore wealth management center basically have a such characteristics,Its rate especially for offshore tax rate is relatively low,This is the United States does not too successful reason,Because the United States in the other side and offshore distinguish is not very big,Then the United States has a high tax/Value added tax/Red profit tax,These are hampering the offshore wealth management establishment of the center.

　　第五，政治中立与社会稳定。大家都知道在两次世界大战中瑞士都是作为中立国出现的，它没有受到战火的摧毁，大家很尊重它作为政治中立的地位，这样的情况下他保持了社会的稳定，这也是非常重要的。

The fifth,Political neutrality and social stability.Everyone knows that in the two world wars, Switzerland is as a neutral appear,It was not affected by the destroy of the war,We have a lot of respect for it as a politically neutral position,Such circumstances he maintained the social stability,It is also very important.

　　第六，币值稳定。瑞士法郎币值相对稳定，我们做了分析，相当长时间都是比较稳定的。银行体系也相当稳健。

The sixth,Currency stable.The Swiss franc currency relative stability,We do the analysis,For a quite long time are relatively stable.The bank system is robust.

　　第七，非常的金融专才。因为它有很长的理财文化传统，它有金融的专才，然后它的地理位置，它的金融专才都是多种语言的，高端的金融专才，他会说法语、意大利语言、德语，他有这样的区位优势。讲到这里，我们香港和深圳也许有这样的优势，我们会广东话、普通话、英文。

The seventh,Very financial professionals.Because it has very long finance cultural tradition,It has financial professionals,And then it geographical position,Its financial professionals are different languages,High-end financial professionals,He can speak French/The Italian language/German,He has such a location advantages.Stop here,We in Hong Kong and shenzhen may have the advantage,We will cantonese/mandarin/English.

　　第八，发达的服务资讯网络。

The eighth,Developed service information network.

　　这是关于瑞士离岸财富管理中心成功的要素。我们前海要建立这个财富管理中心，可以从这些方面去进行借鉴。这是主要的一些因素。

This is about the Swiss offshore wealth management center the ingredients of success.Our former sea to establish the wealth management center,From these aspects for reference.This is the main factors.

　　但是瑞士的这个离岸财富管理中心近年也遇到了很大的挑战：它的避税价值削弱；因为亚洲的离岸财富管理中心，新加坡和香港，香港大家都知道是一个避税的地区，新加坡也是在奋起直追，新加坡也是在税收上大量的简化，在税制方面新加坡已经有优势了。财富后代理财模式转变，这个对瑞士老的离岸财富管理中心很大的挑战。

But the Swiss the offshore wealth management center in recent years also met a lot of challenges:Its tax avoidance value weaken;Because Asian offshore wealth management center,Singapore and Hong Kong,We all know that Hong Kong is a tax shelter area,Singapore is in catching up with the,Singapore is in tax on a large number of simplified,In the tax system in Singapore have the advantage.Wealth offspring financing mode transformation,The Swiss old offshore wealth management center big challenge.

　　那么，这种挑战实际上也给我们亚洲离岸财富管理中心带来了一个新的机遇，也就是说我们也可以去把一些欧洲、美国的一些老的财富吸引过来。正是基于这个原因，新加坡应该是捷足先登，新加坡通过很早以前他的相对强势的政府，就提出了金融业作为他的国策，所以在七十年代就已经明确提出了金融业作为传统的国策，作为最主要的支柱。到了九十年代中期，结果就非常显著了，已经崛起为区域性的金融中心，到了1998年他又非常明确地提出来建立国际资产管理中心。这是政府的推导作用。

so,The challenge in fact also give us the Asian offshore wealth management center with a new opportunity,This also means that we can also go to put some European/Some American old wealth attracted.It is for this reason,Singapore should be ahead of the game,Singapore through the long before his relative strength of government,And put forward the financial sector as his national policy,So in the seventy s have clearly put forward the financial sector as the traditional state policy,As the main pillar.In the ninety s,The result is very clear,Have rise as regional financial center,In 1998 he and very clearly out establish international asset management center.This is the government's function is derived.

　　我讲这个主要是让大家比较一下香港，香港是一个“小政府”，然后市场经济，香港政府相当长时间认为不干预，所以在金融业发展过程中，香港是做得比较落后的，香港政府没有起主导作用。那么，几十年以后实际上差别就很明显了。刚才我们看到新加坡的离岸财富是香港的2倍以上，这些东西都是跟几十年以前政策的引导，还有政府的作用是非常非常相关的。所以我在香港也不断的去批评香港的政府，我觉得在金融方面恐怕还是需要一些政策的引导和推动，这是香港需要做的。

I speak this mainly is lets everybody compare Hong Kong,Hong Kong is a"Small government",Then the market economy,The Hong Kong government for a quite long time don't think intervention,So in the financial industry development process,Hong Kong is done is backward,The Hong Kong government does not play a leading role.so,Decades later in fact the difference is very obvious.Just now we see Singapore's offshore wealth is Hong Kong's more than two times,These things are with a few decades ago policy guidance,And the role of government is very, very related.So I in Hong Kong also constantly to criticize the Hong Kong government,I think in the financial aspects'm afraid I still need some policy guide and promote,This is Hong Kong need to do.

　　所以跟这个相关新加坡的离岸市场发展非常迅速，比如六七十年代他就抓住了亚洲美元的市场，他就通过当时美国美洲银行，他抓住了美洲银行想在亚洲开设美元市场的想法，通过政府政策的引导和推动，把这个市场抓住了，所以亚洲美元市场在新加坡是率先开始的，后来才到东京和香港。然后到1997年，加速推动离岸业务，就吸引离岸财富过来。所以刚才肖主任讲我们有2/3的财富在外面，那么新加坡就是吸引这些财富，像李连杰、巩俐他们都已经入籍新加坡了，香港没有抓住这个机会，那我们是不是可以抓住这个机会。

So with this related Singapore's offshore market is developing very fast,Such as the s he caught the Asian dollar market,He was at that time the United States by bank of America,He seized the bank of America in Asia to open the idea of dollar market,Through the government policy guide and promote,The market caught,So the Asian dollar market in Singapore are the first to begin,Then to Tokyo and Hong Kong.And then to 1997,Accelerating the offshore business,Will attract offshore wealth come over.So just xiao speaking we have two-thirds of wealth in the outside,So Singapore is attracted to these wealth,Like jet li/Gong li they have naturalization Singapore,Hong Kong did not take the chance,Then we if we can seize the opportunity.

　　新加坡的主要成功特征我们简单总结一下，就是刚才讲的区位优势还是存在的，就跟瑞士很相似的，它有非常优势的区位定位。它这个财富主要还是东南亚，包括印度这样一些大国，这些国家它的财富可能会集中在新加坡。但是新加坡非常的进取，他把大陆的财富也吸引过去很多，这是他的离岸的地缘性优势。

Singapore's main characteristics of simple success we sum up,Is just speak location advantage or existence,Just like Switzerland is very similar,It has very advantage location positioning.It this wealth is main or southeast Asia,Including India, such powers,These countries its wealth may be concentrated in Singapore.But Singapore very enterprising,He put the mainland wealth also attract the past a lot of,This is his offshore geographical advantage sex.

　　第二就是刚才讲的政府主导的发展，这是很重要的。他的货币制度是类似货币局金融体制，就是它的新币是跟一揽子挂钩，不像香港是跟美元挂钩，所以它相比港币来说稳定。然后它有非常多优良的基础配套设施，大家去过新加坡都知道它的交通设施，它的城市建设、信息化建设，它是整个推动全新加坡无线上网的想法。

The second is just about the government's guiding development,This is very important.His monetary system is similar to the currency board financial system,Is it is January with package hook,Don't like Hong Kong is with the dollar,So it is stable than Hong Kong dollars.Then it has very many excellent auxiliary infrastructure facilities,We have been to Singapore all know its traffic facilities,Its urban construction/Informatization construction,It is the whole promote all Singapore wireless Internet idea.

　　第三，它的国际性的金融人才，它是通过税收、通过高薪吸引了非常多的人才。我在香港大学的很多同事都离开了港大去了新加坡国立大学，因为他的工资一下去就涨20%—30%，税方面也有很多的优势。所以它在高端人才的引进，以后对香港形成非常明显的压力。

The third,Its international financial talented person,It is through taxation/Through the high pay has attracted a lot of talent.I am in the university of Hong Kong many colleagues are left Hong Kong went to the national university of Singapore,Because of his wages the go up 20% - 30%,Tax also have a lot of advantages.So it is the introduction of high-end talent,After Hong Kong form very obvious pressure.

　　这是关于新加坡离岸财富管理中心的一些情况。

This is about Singapore offshore wealth management center of some circumstance.

　　还有一些成功的要素，它在建立离岸财富管理中心的时候，在监管方面、对风险防范方面建立了严格的分离模式，就是离岸账户和在岸账户是严格区分的，是有很严密的尽管模式，也有一系列的金融法律方面针对离岸的财富管理，这里因为时间关系，我就不讲关于这个方面的内容。

There are some successful elements,It in establishing offshore wealth management center of the time,In the regulatory/Risk to set up a strict separation mode,Is offshore account and the account is strictly distinguish,There is a very close even though mode,Also have a series of financial legal aspects for offshore wealth management,Here because time relationship,I will not speak about the contents.

　　关于信息披露、公司治理，都有一系列的法律，所以在政策和法律机制方面都提供了一些保障。

On information disclosure/Corporate governance,There are a series of laws,So in the policy and legal mechanisms are provided some security.

　　特别值得讲的就是从2008年金融危机以后，他开始把公司的税收从20%降到18%，以拉近与香港税率的压力，香港税率还要比这个低，但是他为了跟香港竞争，政府主动的去改变他这个税制。还有豁免线等等，一系列的政府推动政策。

Special tellable is from 2008 after the financial crisis,He began putting the company's tax from 20% to 18%,To close with the Hong Kong tax rate of pressure,Hong Kong tax rate than the low,But he in order to compete with Hong Kong,The government initiative to change him the tax system.And exemption from line, and so on,A series of government policy to promote.

　　所以，新加坡的成功它是一个非常有政府背景的这样一个市场，这个是有意思的一个观察。

so,Singapore's success it is a very government background of such a market,This is interesting observation.

　　那下面就讲到香港，刚才肖主任、周局长也讲到，我们前海的定位还是配合香港建立国际金融中心，包括人民币国际化。香港，我自己给政府做研究，我们也认为香港应该建立财富管理中心，特别是离岸财富管理，那么香港的离岸财富管理就包括了大陆的财富，因为对香港来说大陆的财富就是离岸的，也包括了欧美、日本，其他亚洲国家的财富，所以香港是最适合于建离岸中心的，为非居民服务，实际上香港已经是离岸财富管理中心，但是它的规模还不够大。

That here is talked about Hong Kong,Just xiao/Zhou also spoke about,We sea before positioning or cooperate with Hong Kong establish international financial center,Including RMB internationalization.Hong Kong,I do research to the government,We also believe that Hong Kong should create wealth management center,Especially the offshore wealth management,Then Hong Kong offshore wealth management including the mainland wealth,For Hong Kong, the mainland's wealth is offshore,Also includes a Europe and the United States/Japan,Other Asian countries wealth,So the Hong Kong is the most suitable for building offshore center,For non-resident service,In fact the Hong Kong is already offshore wealth management center,But its size also is not big enough.

　　那么，香港本土的财富，大家知道它是一个非常收入不平均的地区，它的富豪家庭已经挤入全球前五强。新加坡的财富分配相对比较平均，更多是以富裕家庭占主导，富豪和富裕的定义，超过500万美元可投资的是富豪家庭，超过100万美元可投资的是富裕家庭。所以香港本身内地的在岸财富就有这样一个问题，他穷人太穷，富人太富，更多是集中在大富豪手里，这是跟新加坡一个重要的差别。刚才讲的离岸财富，香港只有2000万亿，新加坡是2倍以上。

so,Hong Kong local wealth,You know it's a very income inequality area,Its rich family had been pile in the world's top five strong.Singapore is the distribution of wealth is relatively average,More wealthy family is dominance,Rich and rich definition,More than 5 million dollars investment is a rich family,More than 1 million dollars investment is a wealthy family.So the Hong Kong itself the mainland wealth have such a problem,He was too poor to the poor,Rich too rich,More is concentrated in multimillionaire hand,This is the Singapore with an important difference.Just speak offshore wealth,Hong Kong is only 2 quadrillion,Singapore is more than two times.

　　这样一种财富背景，它本身要发展财富管理中心是不够的，就是刚才讲了它的财富总体量还是比较少，然后又分配不均。那么，高端的富豪可能甚至把自己的钱又放到瑞士去了，他不见得放在香港。所以，最终还是要利用大陆的财富，也就是大陆的新的崛起，新的财富，不是老的财富，是“新财富”，从这个角度来说市场的潜力就非常大了，刚才几位领导也讲了，就是中国的财富，中国财富这里讲了，这里有一个数字，就是百万富翁，可投资的百万美金，2011年中国有140多万家庭他的财富是超过100万亿美金可投资的财富，香港是20多万家庭有富裕人士的定义。定义1亿美金以上的可投资财富，香港已经在全球第五，所以还是非常多的财富。但是中国总量来说也在全球第五。所以，香港的离岸财富管理市场肯定要依托大陆，因为本身的量是不够大的。那么，从这个角度来说它应该有一定的优势，这里我们就总结关于香港的离岸财富管理，私人财富是高度聚集，区位优势，这个我们不用再讲了；它是亚太区的一个重要的中心；简单的税制，这个也不用讲了，大家都很了解香港；它跟其他地方相比，它有多元的文化传统，大家去香港都会感受到多元化、国际化，不同文化融合的地方；金融尽管体系比较稳健，法律和司法保障，这个大家很容易看到的，这里我就不用讲了香港离岸财富管理的需求。

Such a wealth background,It is to develop wealth management center is not enough,Is just about its wealth overall quantity or less,Then uneven distribution.so,High-end rich might even put their money back in Switzerland went to,He doesn't in Hong Kong.so,Finally to use the wealth of the mainland,Also is the mainland of new rise,New wealth,Not the old wealth,is"New wealth",From this Angle for the potential of the market is very big,Just several leader also spoke,Is China's wealth,China's wealth here about,Here are a number,Is millionaire,But investment millions of dollars,In 2011 there were more than 140 family his wealth is more than $100 trillion to invest wealth,Hong Kong is more than 20 families have the definition of wealthy individuals.Definition of the above $100 million investable wealth,Hong Kong has in the world's fifth,So still very much wealth.But China is also the world's fifth in the total amount.so,Hong Kong's offshore wealth management market must rely on the mainland,Because the amount of itself is not enough big.so,From this perspective, it should have certain advantages,Here we summarize about Hong Kong offshore wealth management,Private wealth is highly gathered,Location advantages,This we don't have to talk about it;It is the Asia Pacific region an important center;Simple tax system,This also need not told,You know a lot about Hong Kong;It compared with other places,It has multiple cultural tradition,You go to Hong Kong will feel diversity/internationalization,Different cultures place;Financial although system is robust,Legal and judicial safeguard,This everybody is very easy to see,Here I need not speak the Hong Kong offshore wealth management needs.

　　那么，中国内地是香港发展离岸中心最主要的地方。这里有一个统计，中国高净值群体的离岸需求实际上是在增加的，这里有一些划分，这里问了使用过海外产品和服务的客户，就是用过离岸服务的客户，北京是为主，广州、上海这几个一线城市，浙江、深圳高端财富集聚的地方，已经有相当大的对海外投资、海外财富管理的需求，所以潜力确实在那里，只是需要慢慢去挖掘这样的潜力。

so,Mainland China is Hong Kong offshore development center the main place.Here is a statistic,China's high net worth groups of offshore demand are actually increased,Here are some division,Here ask used overseas product and service customers,Is used offshore service customers,Beijing is mainly,guangzhou/Shanghai these a few a line city,zhejiang/Shenzhen high-end wealth gathering place,Have considerable for overseas investment/Overseas wealth management needs,So potential is really there,Just need to slowly mining such potential.

　　最后就是关于这几个中心基本的前景展望。

The last is about this a few center basic prospect.

　　瑞士可能在短期内它的这个中心地位是岿然不动的；英国非常成功，值得研究，它已经成为全球第二大境外中心，当然以伦敦作为国际金融中心相关的离岸财富管理中心；新加坡和香港，它一定有更多的发展潜力，但是香港怎么样赶上去，它跟新加坡有一定的差距。然后就是美国为什么不是那么成功，基于什么力量，是什么原因？这是关于离岸中心的一些介绍。

Swiss may in the short term it the center position is the fat;Britain was very successful,Is worth studying,It has become the world's second largest overseas center,Of course in London as an international financial centre related offshore wealth management center;Singapore and Hong Kong,It must have more development potential,But Hong Kong how to catch up with,It has certain disparity with Singapore.Then why the United States is not so successful,What power based on,Is what reason?This is about offshore center introduced some.

　　下面我发一点时间落到深圳前海，我还没有时间把它写到PPT里头，我就简单的讲一下。在刚才讲的整体的框架，我们说香港要发展离岸财富管理中心这样一个框架下，前海有没有机会，前海可以做什么？

Below I hair a little time to shenzhen sea before,I haven't had time to put it into PPT inside,I will simply tell me.In just speak of the whole frame,We say that Hong Kong to develop offshore wealth management center such a framework,Sea before have a chance,Former sea can do what?

　　前海作为离岸财富管理中心，我觉得有非常大的潜力。

As an offshore sea before wealth management center,I think it is a very big potential.

　　首先就是客观的需求，客观需求反映在这里头，一个是海外的财富，特别是港澳地区，可能还包括台湾的财富。包括欧洲、美国、日本的财富，他们其实现在都想重新配置。如果讲到新的增长点，新的投资机会，肯定在亚洲，那么亚洲等于在大陆。所以我们讲的这些瑞士山归的这些钱、老的财富，因为新一代开放性的思维，它需要重新分配，不像原来的家庭财富管理方式。然后欧洲和美国的机会相对比较少，所以一定是要进行全球财富重新分配。那现在之所以没有完全进到内地来，是因为我们没有完全开放。那这个时候他们第一站自然是在香港，要利用香港这个平台怎么样进入中国内地这个财富管理市场。但是香港目前进入到中国内地也有很多限制，因为资本限制，这个时候就给他提供了机会。所以前海一个非常重要的机会就是在中国的资本项目和人民币没有完全开放的情况下，怎么样抓住这样一个机会，这样一个时间窗口，这样去帮助香港来进行全球财富的重新配置。所以这是前海要着力思考的东西。作为海外财富，特别是包括港澳财富，前海可以作为桥梁，这个是很重要的。

The first is the objective demand,Objective demand reflected in here first,One is the wealth of the overseas,Especially in Hong Kong and Macao regions,May also include Taiwan's wealth.Including Europe/The United States/Japan's wealth,They actually are now want to reconfigure.If talked about the new growth point,The new investment opportunities,Must be in Asia,So the Asian is in the mainland.So we speak of these Swiss mountain return the money/The wealth of the old,For a new generation of open thinking,It requires redistribution,Don't like the original family wealth management mode.Then the European and American opportunity is relatively less,So be sure to global wealth redistribution.That now are not fully into the mainland to,Because we have not fully open.This time they first station nature is in Hong Kong,To use Hong Kong this platform how to enter the mainland of China the wealth management market.But Hong Kong's current into mainland China also has a lot of restrictions,Because capital restrictions,This time is to offer him the opportunity.So the sea before a very important opportunity is in China's capital projects and RMB not fully open cases,How to seize this opportunity,Such a time window,So to help Hong Kong to the new configuration of the global wealth.So this is a former sea to focus on thinking things.As a overseas wealth,Especially including Hong Kong and Macao wealth,Former sea can be used as a bridge,This is very important.

　　比如说在前海是不是可以有所突破，在前海作为港澳居民A股投资的窗口，或者是其他的投资产品在前海进行突破。因为最终我觉得我们是要开放的，国家要开放的，那么这种财富能不能先给港澳居民开放，最后向海外所有的居民，全球的居民开放，通过前沿进行试验，这是前海的一个重要方面。

For example in the sea before it may be a breakthrough,In the former sea as Hong Kong and Macao residents A share investment window,Or other investment products in the former sea breakthrough.Because finally I think we is to open,Country to open,Then the wealth can give Hong Kong and Macao residents open,Finally all the inhabitants of the overseas,The inhabitants of the global open,Through the front test,This is the one of the important aspects of the sea.

　　为了做到这方面，根据我们刚才讲的这些东西，我认为独立立法权是深圳前海的一个特有优势，怎么样通过这样一种优势建立符合投资者保护的金融法，这是前海特别值得思考的，包括刚才讲的保密制度、包括产权保护、投资者保护，就是资金首先要来去自由，第二就是要使它安全。然后前海的低税制，这个国务院已经批了，只是细则没出来，但是前海确实有低税制的优势，甚至是比香港还要低的税制，这个是非常大的吸引力。这是关于海外的财富进到我们中国内地的这样一个市场。

In order to do this,According to our've told these things,I think the legislative independence is shenzhen sea before a particular advantage,How through such an advantage establishment conforms to investor protection of finance law,This is the sea particularly worth thinking,Including just speak confidentiality system/Including property rights protection/Investor protection,Money is the first to come and go free,The second is to make it safe.Then the sea before the low tax system,The state council has the batch,Just rules didn't come out,But the former sea do have the advantage of low tax system,Even the Hong Kong is still lower than the tax system,This is a very big attraction.This is about overseas wealth into our mainland China such a market.

　　同时又返出去的，就是中国资本海外投资、海外重新配置也有这样一个需求，因为中国的财富积累非常多了，大部分在内地投资，所以造成很多资产泡沫，特别是房地产泡沫的现象，怎么样把这个财富在全球配置，对我们国内的经济也是有非常大的好处，对我们财富的持有者也是非常大的好处。但是怎么样去开放这个，也是值得探讨，那么前海是担当了这样一个职责。所以前海其实应该是一个桥梁和通道的作用，至少在三到五年内应该是这样的作用，一定要先行先试，占领先机。因为占领先机以后实际上对下面的发展是有作用的，我们说的先行优势，有所为的市场路径依赖优势，所以要抓住这个，哪怕是三到五年的机会，一定要抓住这个机会。

At the same time back out,Is China's capital overseas investment/Overseas reconfigure also has such a demand,Because China's wealth accumulated very much,Most of the investment in the mainland,Therefore creates a lot of asset bubble,Especially the real estate bubble phenomenon,How to put the wealth in the global configuration,For our domestic economy is a very large benefits,To our wealth holders is also very good.But how to open this,Is also worth discussing,So before the sea was bear such a duty.So the sea before actually should be a bridge and the role of the channel,At least three to five years should be this effect,Must first try first,Capture opportunities.Because after the occupation in the below is the development of the work,We say that the first advantage,Something to do market path dependence advantage,So to take this,Even if is three to five years of opportunity,Must seize this opportunity.

　　关于前海建立离岸财富管理中心，我觉得可能有一些需要突破的地方，刚才讲的法律等等是一方面，监管我觉得是很重要的，正好焦局长也在这里我今天斗胆讲几句。就是在监管方面，一定要在监管权方面适当的下放给深圳前海，既然是先行先试，那么先行先试中国的金融改革和开放很多方面是监管可能过严，那么为什么不能在这个地方试一下，所以“一行三会”都应该把他的监管前移到前海，给前海一定的权利。

About the former sea establish offshore wealth management center,I think there may be some place needed to be broken,Just speak law and so on is on one hand,Supervision I feel is very important,The secretary also just coke here today I presumptuous to speak a few words.Is a regulatory,Must be in supervision rights appropriate transferred to shenzhen sea before,Since is first try first,So first try to advance China's financial reform and opening up many aspects is supervision may be too strict,So why not have a try in this place,so"A line of three will"Should put his supervision reach to sea before,To sea before certain rights.

　　第二个先行先试，刚才肖主任讲了跨境的资产管理，跨境的资金流动，应该放开，但是放开的一个原则是总量限制，只要在总量限制下，比如说人民币跨境贷款，或者是跨境股权之间的流动，我觉得只要在总量限制下就应该有所放开。这是我讲的第二个原则，当然细节会有很多。

The second first try first,Just xiao told the cross-border asset management,Cross-border capital flow,Should let go of,But let go is a principle of limited amount,As long as in the total amount limitation,For example RMB cross-border loans,Or is the flow of between cross-border equity,I think that as long as the total amount of the limit should be let go.This is I speak the second principle,Of course there will be many details.

　　第三，准入方面还是要有所限制。准入方面简单来说是对港澳、对海外应该是限制比较少，反而对我们内地的一些金融机构应该有所限制，因为是担心金融风险的时候，准入的门槛一个低、一个高对前海会有所帮助，但是前海和香港之间应该尽量的放松。所以，让前海做到是香港金融中心的延伸地，但是对内地来说有一定的门槛，但是这个门槛又要比在香港和内地之间的门槛要低，这样的话会给前海带来很多的机会。

The third,Access to or have limits.Access is simply to Hong Kong and Macao/For overseas should be less restrictions,But some of the mainland to our financial institutions should be limited,Because it is worried about the financial risk of the time,The threshold of the access to a low/A high to sea before can help,But the former sea and between Hong Kong should try to relax.so,Let the sea before do is Hong Kong's financial centre in extension,But for the mainland, have a certain threshold,But the threshold and than in between Hong Kong and the mainland to the threshold of the low,Such words will give sea before bring a lot of chances.

　　总而言之，我觉得深圳前海刚才我们讲的在香港这个离岸财富管理中心里头应该有相当大的空间、相当大的作用可以发挥，希望我们在座的各位专家、各位业界的精英，共同努力。谢谢大家！

overall,I think shenzhen sea just before we speak in Hong Kong this offshore wealth management center that there should be a considerable space/A considerable role can play,I hope we all of you present experts/All the industry elite,Joint efforts.Thank you!