一场人民币资本账户开放的局部试点。

A RMB capital account liberalization of local pilot.

　　文/本刊记者 陆伟飞

The/this reporter LiuWeiFei

　　深圳地铁罗宝线（1号线）的鲤鱼门站和前海湾站，站厅灯光明亮、整洁干净，一副大都市的气派。第一次到这里的人想当然会以为，站厅外一定是繁华街区。但是走出站厅，外面既无高楼大厦，也无车水马龙，而是一片开阔的工地。稍往外走，手机导航就会显示，已在海中。

Shenzhen subway LuoBao line(Line 1)Carp door station and the former bay station,Station hall light bright/Neat and clean,A pair of metropolitan style.First to the people here take it for granted will think,Station hall outside must be busy blocks.But go outbound hall,Outside have neither tall buildings,Nor heavy traffic,But a piece of open site.Slightly go outside,Mobile phone navigation will be displayed,Already in the midst of the sea.

　　这里便是近来被炒得大热的前海。眼前这片面积约15平方公里的黄色土地，全部由填海而来，因此在一般的地图中，这块地方依然是海水。

Here is was recently Fried great hot sea before.Eyes this piece of area of about 15 square kilometers of the yellow land,By all the reclamation and come,So in general map,This place is still water.

　　今年六月底，国务院批复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，支持前海“实行比经济特区更加特殊的先行先试政策”， 支持前海“在金融改革创新方面先行先试”。一时间，“双向贷款”、“人民币债券”、“外资股权基金”这些文件涉及的概念被广泛议论。深圳似乎一夜之间站到了中国金融创新的最前沿。

At the end of June this year,Approval of the state council about support shenzhen sea before deep port from modern service industry development and opening up the relevant policies,Support sea before"A special economic zone more special than first foretaste policy", Support sea before"In the financial reform and innovation first try to beforehand".time,"Two-way loan"/"Of RMB bonds"/"Foreign equity funds"The documents involved in the concept is widely discussion.Shenzhen seems to be one night stand in the forefront of China's financial innovation.

　　不过，国务院对前海的定位十分明确，那就是“配合支持香港人民币离岸业务发展”，因此前海也可以被看成是深港一体化的一个重要环节。

but,The state council to sea before positioning very clear,That is"Support Hong Kong an offshore RMB business development",So before the sea can be seen as deep port integration is an important link.

　　目前，各界正翘首以盼细则的公布和落地。由于之前温州金改的细则迟迟未出台，人们也担心前海的细则出台会经历波折，但深圳市前海深港现代服务业合作区管理局（下称“前海局”）经营发展处处长王锦侠告诉《陆家嘴(600663,股吧)》记者，与税收优惠有关的产业目录争取在9月底前获批，而与金融创新有关的内容，年底前也有望获批。

At present,From all walks of life are dearth of published rules and fall to the ground.Due to the change of rules before wenzhou gold didn't come,People also worry about the details of the sea before come will experience the twists and turns,But shenzhen sea before deep port modern service industry cooperation of administration(said"Sea innings before")Business development marshal WangJinXia tell[lujiazui(600663,guba)]reporter,And preferential tax related industry directory for the approved before the end of September,And the content of the relevant financial innovation,By the end of the year is expected to approved.

　　向大海要来的开发区 To the sea shall come to development zone

　　地铁直达工地，这样的市政配套显得有些奢侈和超前。据王锦侠介绍，罗宝线的第一个乘客是广东省委书记汪洋，去年他乘坐地铁视察了前海的工地。除了罗宝线，深圳地铁环中线（5号线）也直通前海这片“无人区”。而正在施工建设的11号线也将通过这里。

Metro system, which connects to the site,Such municipal supporting appear some luxury and advance.According to WangJinXia introduced,LuoBao line first passenger was guangdong provincial party committee secretary wang Yang,Last year he take the subway visited the site before the sea.In addition to LuoBao line,Shenzhen author center line(Line no. 5)Also through sea before this piece"No man's land".And is construction of 11 line will also pass through here.

　　可见，广东省和深圳市开发前海已经筹划了若干年。但是，前海在粤港、深港一体化中的这种重要性也并非早早就确定了。

visible,Guangdong province and shenzhen development sea before have been planning for several years.but,Sea before in guangdong/Deep port integration of this kind of importance is not were determined.

　　事实上，前海合作区的前身是一片堆土。深圳在开发初期属于丘陵地貌，为了城市建设需要，国家组织工程兵在此爆破削平山头。而弃土则堆在了海边，因此逐渐形成了一小片陆域。

In fact,Sea before invest predecessor is a piece of pile soil.Shenzhen in the development initial belong to hills landform,In order to urban construction need,National organization engineers in this blasting flush cap.And casting is piled up at the seaside,Therefore, gradually formed a small piece of land.

　　不过，前海开始被当成“宠儿”是在2008年之后。那年，国务院批复珠三角地区改革发展规划纲要，提出要找粤港、深港合作新载体，当时尽管前海还在填，但陆域面积已经确定为15平方公里。2009年8月，广东与香港签署合作备忘录。据王锦侠介绍，当时广东和香港的领导分别向国家领导人写信要求重视前海。在2010年初粤港签订的《粤港合作框架协议》中，深圳前海已经被列为重点合作区域之首。

but,The sea began to be as before"pet"Is after 2008.That year,The state council ratified the pearl river delta region in the plan for reform and development,Puts forward to want to look for Hong Kong guangdong/Deep port cooperation new carrier,Although at that time before the sea still fill,But the land area has been determined for 15 square kilometers.In August 2009,Guangdong and Hong Kong signed the memorandum of cooperation.According to WangJinXia introduced,At that time the leadership of guangdong and Hong Kong respectively to the national leaders to write for pay attention to sea before.In early 2010 a guangdong[Hong Kong guangdong cooperative frame agreement]in,Shenzhen sea before has been listed as the key cooperation area.

　　按照计划，到今年底，填海区域的软基处理工作将基本完成，形成稳定的陆域，明年前海将进入全新的开发建设阶段。“今年先拿出2.5个平方公里进行国际招拍挂。”王锦侠说。而按照他此前的说法，那些有引领作用、能成为行业龙头的领军企业，才有可能拿到前海土地建设的资格。

According to the plan,By the end of this year,Reclamation domain of soft foundation treatment work will be completed,To form stable land,Before the next year the sea will enter a new development stage."First this year out of 2.5 square kilometers for international bidding, auction, listing."WangJinXia said.And according to his previous statement,Those who have the leading role/Can become the leading enterprise in the industry leading,Is possible get sea before land construction qualification.

　　粤港两地之所以如此重视正在填海中的前海，是因为这里得天独厚的地理条件。前海地处深圳南山半岛西部，与香港、澳门毗邻，上有深圳宝安机场，下有香港国际机场，交通十分便利。除了前海，粤港合作开发的重点区域还有深港河套地区，以及广州南沙。

The two governments are so pay attention to is about to fill the sea sea before,Because of this unique geographical conditions.Former sea is located in shenzhen nanshan peninsula west,And Hong Kong/Macau is adjacent to the,On the shenzhen baoan airport,Under the Hong Kong international airport,The traffic is very convenient.In addition to sea before,Hong Kong/guangdong co-operation development of key areas and deep port of the hetao area,And guangzhou nansha.

　　此后，前海的开放开发进入国家决策的层面，由国家发改委牵头制定规划。2010年8月26日，规划获国务院批复。

Since then,Before the opening of the sea development into the decision-making level,Led by the national development and reform commission planning.On August 26, 2010,Planning the reply of the state council.

　　在规划中，金融尽管为几大重点发展的产业之首，但具体的“先行先试”政策仍比较务虚。今年6月底国务院的批复则进一步明确了与金融相关的八项政策。

In the planning of,Financial although for several big focus on the development of the industry,But the specific"First try first"Policy is still doing we are discussing ideological guidelines.At the end of June this year's reply of the state council, further clarify the related finance, eight policy.

　　前海合作区目前仍是一片有待平整的空地，整个区域建设要到2020年才能完成。即使形成初步入驻办公条件，起码也要三五年的建设周期。为解决企业在前海无处注册的问题，前海管理局在过渡期实行“飞地”注册服务。目前，在前海注册的企业已达到27家，注册地则暂时放在海运物流大厦。不过记者也发现，部分企业的注册地是在前海局所在的武汉大学产学研大楼，入驻或挂靠前海商务秘书公司。

From sea before is still is a to be flat space,The whole area construction it will take until 2020 to finish.Even form the preliminary established office conditions,At least also to 35 years of construction period.To solve the enterprise in the former sea is the problem of registration,Sea before administration in the transitional period"enclave"Registration service.At present,In the sea before registered enterprise has reached 27 home,Domicile is being in the shipping logistics building.Nevertheless the reporter also found,Part of the enterprise is registered in the former sea bureau is the combination of wuhan university building,Annual or affiliated former sea commercial secretary company.

　　不过，王锦侠表示，目前暂停受理新企业的注册，前期试运行主要是为测试前海局下属的商务秘书公司归并服务的效果。但前海管理局局长郑宏杰8月22日在香港表示，稍后还有54家企业会进驻，包括27家已注册企业在内，涉及总投资额已达约2200亿人民币，其中有超过三分之一为港资企业。

but,WangJinXia said,At present moratorium on new enterprise registration,The commissioning primarily for before the test sea bureau subordinate business secretary company merge service effect.But the sea before ZhengHongJie authority on August 22, said in Hong Kong,Later there are 54 enterprises will move,Including 27 home already registered enterprise inside,Involving a total investment of has reached about 220 billion RMB,There are more than a third for hong kong-owned enterprises.

　　根据目前的公开资料，先期进驻前海的企业中，包括了前海股权交易中心、前海人寿保险有限股份公司、红塔红土基金公司三家金融类企业。前海人寿保险有限股份公司成立于今年2月8日，注册资金为10亿人民币，这是首家总部落户于前海的金融机构。今年5月10获批的红塔红土基金公司则是落户前海的第一家基金公司。前海股权交易中心则于今年5月15日挂牌。另有一家拟设立的基金公司——前海开源基金公司，目前仍在证监会受理状态。

According to the present public material,In first before in the enterprises of the sea,Included former sea equity trading center/Former sea life insurance co., LTD., joint stock company/Hongta clay fund company three financial enterprise.Former sea life insurance co., LTD., joint stock company was established in February 8,,The registered capital of 1 billion yuan,This is the first in headquarters prior to the sea of financial institutions.In may this year approved 10 of hongta clay fund company is settled in the sea before the first a fund company.Sea before equity trading center is on May 15 listed.Otherwise a plan to set up the fund company, sea before open source fund company,At present is still in the securities regulatory commission accepts the state.

　　记者查询深圳市企业信用信息中心网站，在前海局提供的地方注册的疑似金融类企业还包括前海国际能源金融中心、前海鑫根金融城置业有限公司，以及一家港资独资的前海高端商品交易有限公司。

Reporter inquires the shenzhen enterprise credit information center web site,In the former sea bureau to provide places registered suspected financial enterprise also include sea before the international energy financial center/Former hisin root city real estate co., LTD,And a hong kong-invested wholly owned sea before high-end commodities trading co., LTD.

　　此外，安信证券旗下的乾能投资管理有限公司今年6月也落户前海，工商资料显示，注册地也是在前海管理局下属的商务秘书公司。这家公司管理着安信证券首只券商直投基金——乾能新能源股权投资基金。资料显示，乾能基金总规模50亿元，一期15亿元，主要投资领域为新能源、节能环保及其他新兴产业。

In addition,Anxi securities its dry to investment management co., LTD. In June this year also settled in sea before,Data show that commerce,Domicile is in sea before administration subordinate business secretary company.The company manages access securities brokers only first straight investment fund - dry can new energy equity funds.Data shows,Dry can fund total scale is 5 billion yuan,A period of 1.5 billion yuan,The main investment areas for new energy/Energy conservation and environmental protection and other emerging industry.

　　而王锦侠告诉记者，深圳的所有金融类交易所，除了深交所，都将迁入前海。

And WangJinXia told reporters,Shenzhen all financial exchange,In addition to shenzhen,Will settle in sea before.

　　之所以暂停注册，是因为目前涉及优惠政策的产业目录尚未下来，每注册一个企业都要前海局出文证明其符合相关政策。而等9月份产业目录获批后，就可接受大规模注册，“企业可以自行对照，看是否符合优惠的条件。”王锦侠说。其中最重要的是税收优惠政策。

The reason suspend registration,Because current preferential policies in the industry directory not down,Each registered a enterprise to sea before the text of the proof to comply with relevant policies.When September industry directory after approved,Can accept mass registration,"Enterprise able to control,See whether accord with favorable conditions."WangJinXia said.One of the most important is the tax revenue preferential policy.

　　根据国务院的批复，对前海符合条件的企业减按15%的税率征收企业所得税。对在前海工作、符合前海规划产业发展需要的境外高端人才和紧缺人才，据王锦侠透露，是参照香港的个税税率按15%征收，但先征后补，由财政来补两地的税收差额。

According to the state council's approval,To sea before meet the conditions of the enterprise at the reduced tax rate of 15% collection of enterprise income tax.In the sea before work/Conform to the sea before planning industry development needs of foreign high-end talent and talented person,According to WangJinXia revealed,Is according to the Hong Kong's tax levied by 15% tax rate,But after the first sign up,The finance to make up the difference between tax.

　　郑宏杰透露，下半年前海计划引入100家高端企业。而7月16日深圳在香港举行的前海招商会上，有包括东亚、汇丰、新世界、新鸿基金融、恒生、宝泽金融、微软、惠理集团、敦豪全球货运等37家企业当场与前海签署合作协议，签约金额超过2200亿元人民币。据深圳市委书记王荣当时披露，前海已经与78家世界500强企业建立稳定联系，入库项目达197个，意向投资额近3000亿元。

ZhengHongJie revealed,Before the second half of the sea plan into 100 high-end enterprise.But on July 16, shenzhen held in Hong Kong investment promotion meeting before the sea,Include east Asia/HSBC/New world/Sun hung kai financial/The hang seng/Treasure ze financial/Microsoft/HuiLi group/DHL global freight, etc and enterprises on the spot and the former sea signed a cooperative agreement,Signing amount of more than 220 billion yuan.According to the shenzhen municipal party committee secretary WangRong was disclosed,Former sea has and 78 of the world's top 500 enterprises to establish stable contact,Warehousing projects up to 197,Intention investment of nearly 300 billion yuan.

　　而涉及金融创新的细则，王锦侠表示，年底出台应该没问题。有关双向贷款，额度、利率基本上已经跟部委有了共识。多家金融机构闻风而动，都在做方案。

And involved in financial innovation rules,WangJinXia said,On the end of the year should be no problem.Relevant bilateral loans,line/Interest rates have been basically with ministries and commissions have consensus.Many financial firms to go into action without delay,Are doing scheme.

　　香港廉价人民币来了 Hong Kong cheap yuan to the

　　与三十多年前一样，深圳的此番“再出发”倚靠的依然是香港因素。

And like 30 years ago,Shenzhen and the"Then starting"Trust is still Hong Kong factors.

　　国务院的批复已经很明确地指出，前海的开放开发是要“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”。其背后的用意，一是进行资本项目下人民币自由流动的试验，为人民币将来自由兑换探索经验；二是支持香港成为人民币离岸中心。

Approval of the state council has clearly shown that,Before the opening of the sea development is to"Explore broaden overseas RMB to return channel,Support Hong Kong an offshore RMB business development,Constructing cross-border RMB business innovation test site".The intention behind,A capital project is the free flow of the test,In the future for the yuan convertible exploration experience;The second is to support Hong Kong as an offshore RMB centre.

　　王锦侠透露，国新办关于前海的新闻发布会原本放在北京，并在随后举行一个招商会，但中央后来决策把新闻发布会放到香港，在胡锦涛主席赴港出席香港回归15周年庆典之前召开新闻发布会，作为中央送给香港的一个政策礼包。北京的招商推介会则被取消。

WangJinXia revealed,New kingdom do about sea before news conference originally in Beijing,And then have a ZhaoShangHui,But the central decision later the press conference in Hong Kong,President hu jintao to attend in port of Hong Kong's return to the 15th anniversary celebration held a news conference before,As the central to Hong Kong's a policy gift bag.Beijing's investment promotion meeting has been cancelled.

　　随着人民币走出去的步伐加大，香港成为境外人民币的主要聚集地。香港也正抓住机遇，努力建设人民币离岸中心。

As the pace of yuan go out more,Hong Kong has become the main gathering place outside the RMB.Hong Kong is also seize the opportunity,Strive to build an offshore RMB centre.

　　香港金融管理局7月31日发布的统计数字显示，香港人民币存款6月底为5577亿元人民币，较5月底增长0.7%。但与去年10月的6185亿元存款量相比，有所下降。业界人士认为，人民币单边升值预期发生逆转导致持有意愿下降是人民币存款减少的主要原因。在今年5月份人民币升值势头逆转之后，仅仅3个多月时间人民币汇率就跌回了去年底左右的水平。央行认为，人民币汇率已经进入均衡水平。

Hong Kong monetary authority on July 31 released statistics show,Hong Kong RMB deposit at the end of June for 557.7 billion yuan,A growth of 0.7% at the end of may.But with the last October, 618.5 billion yuan deposit quantity compared,fell.Professionals think,RMB appreciation of unilateral expected reversed lead to hold intend to decline is main reason for reducing the number of RMB deposit.In may this year after the appreciation of the renminbi momentum reversal,Just 3 months time RMB exchange rate fell back to the end of the level of around.The central bank think,RMB exchange rate has entered into equilibrium level.

　　但王锦侠对此表示乐观，他认为今年在港人民币存量能突破万亿，而前海的政策能提高境外人士持有人民币的意愿。

But WangJinXia have expressed optimism,He thought that this year the yuan in Hong Kong stock can break through one trillion,The sea policy can improve the overseas personages with renminbi will.

　　汇丰环球资本市场亚太区财富策略部总监叶剑雄发布报告称，市场无须担心人民币的前景。他表示，香港以人民币发行的点心债券和存款证直线上升，上述这些项目加上离岸人民币存款，二者总量合计约6940亿元，同最高纪录相去不远。从这个角度来看，离岸人民币在香港的流通量其实并未减少。叶剑雄还预计，2015年，人民币存款将占香港存款总量的30%。

HSBC global capital market Asia Pacific wealth strategy department director YeJianXiong released the report says,The market does not need to worry about the prospect of RMB.He said,Hong Kong with renminbi issue snacks bonds and certificates of deposit in a straight line,These projects and offshore RMB deposit,The total amount of about 694 billion yuan,With record were close to that.From this point of view,Offshore RMB in Hong Kong in circulation is not reduced.YeJianXiong also is expected to,In 2015,,RMB deposits will account for 30% of the total deposit in Hong Kong.

　　央行此前允许内地企业进行人民币对外直投，以及香港金管局允许非香港居民在港开设人民币账户，对于境外人民币存量增加也将有促进作用。

The central bank had to allow mainland enterprises in RMB foreign straight investment,As well as Hong Kong the hkma allows non Hong Kong residents in port opened RMB account,For foreign yuan stock increase also will have a role in promoting.

　　综合开发研究院（深圳）副院长郭万达认为，由于在境外尚未形成一个离岸的人民币产品市场，人民币也尚未成为其他国家重要的储备货币，因此不管是贸易结算还是投资，都要跟中国内地往来。在目前的情况下，回流成为境外人民币一个重要出路。

Comprehensive development research institute(shenzhen)Deputy director guo wanda think,Because the overseas has not yet formed a off-shore RMB product market,The yuan has not yet become other countries an important reserve currency,So whether trade settlement or investment,To talk to the Chinese mainland exchanges.In the present circumstances,Reflux become overseas RMB an important way.

　　就投资而言，中国内地为境外人民币开的口子依然较小。目前，人民币通过投资途径回流的方式主要是RQFII、在港发行人民币债券以及允许一部分境外机构参与内地银行间债券市场。

In terms of investment is,Mainland China for overseas RMB open cut still smaller.At present,RMB through the investment way return way is mainly RQFII/The issuance of RMB bonds in Hong Kong and overseas institutions allow part in the mainland market of the bond between the bank.

　　回流渠道是否通畅，实际上决定着境外持有人民币的意愿，也影响着跨境贸易结算的规模。

Return channel is obstructed,Actually determines the overseas holding RMB will,May also influence the size of cross-border trade settlement.

　　前海的政策中最受人瞩目的是允许香港的金融机构向在前海注册的企业提供人民币贷款。由于香港是国际金融中心，融资成本一向较低。渣打银行报告指出，相对于境内6%~7%的融资成本，境外企业融资成本一般为一年3%~5%左右。这对于香港的金融机构来说，既可扩大人民币信贷规模，也提升了其利率上浮空间。对于内地符合条件的企业而言，在目前信贷环境依然偏紧的形势下，能拿到比内地金融机构更便宜的资金无疑极具诱惑力。

The policy of the sea before the most by the people of attention is to allow Hong Kong's financial institutions to sea before registered enterprises provide RMB loan.Since Hong Kong is an international financial center,Financing cost has always been low.Standard chartered bank report says,Relative to domestic 6% ~ 7% of the financing cost,Overseas enterprise financing cost general for one year 3% ~ 5%.This to Hong Kong for financial institutions,Can expand the credit scale,Also promoted the interest rate rise space.For the mainland accords with a condition for the enterprise,In the current credit environment is still too tight situation,Can get cheaper than the mainland financial institutions money undoubtedly provides allure extremely.

　　此前部分内地银行曾经有一项面对内地企业的“内保内贷”业务，即内地企业用自身资产抵押给内地银行，银行开具保函给企业，企业再以保函向香港银行贷人民币。但这一做法去年被央行叫停。原因是不少企业通过“打擦边球”的形式，以贸易名义进行纯粹的人民币借贷，令监管层担心有新的热钱进入。

After some mainland bank had a face of the mainland enterprises"In credit really"business,Namely mainland companies with their own assets mortgage to mainland Banks,Bank issue guarantee to the enterprise,The enterprise again to guarantee to Hong Kong bank credit RMB.But this approach called last year by the central bank.Reason is that many enterprises through the"Play edge ball"form,To trade name for pure renminbi lending,Make supervision layer to worry about new hot money into.

　　套利诱惑考验监管力度 Arbitrage temptation test supervision dynamics

　　由于在岸和离岸人民币存在比较大的资金成本差异以及汇率差异，这就存在一个套利空间。因此外界担心，前海执行区域内开放资本账户后，内地以及海外的套利资金会蜂拥而至，引发金融泡沫。

Because the and offshore RMB exist larger capital cost differences and differences in exchange rates,This is a arbitrage space.So it is feared that,Sea before execution area after opening capital account,The mainland and overseas arbitrage fund will throng,Trigger financial bubble.

　　亚银投资首席分析师李大伟在接受媒体采访时举例说，欧洲的利率已经降至历史最低点，欧元兑人民币还在不断贬值当中。现在如果在欧洲拆借一笔资金再存入国内银行，就有着不错的套利空间。“因为国内还是资本管制，这样的套利就存在很大的风险。”但如果前海允许跨境人民币回流，就等于为资本管制开了一个口子。

The silver investment chief analyst li dawai, when being interviewed by the media for example,Europe's interest rate has fallen to historic lows,The euro is still in the continuous depreciation of.Now if in Europe lending a sum of money in domestic Banks again,Have a good arbitrage space."Because the domestic or capital controls,This arbitrage there are a lot of risk."But if the sea before allow cross-border RMB reflux,Is for capital controls opened a cut.

　　而王锦侠认为，产生这种误解是因为外界对前海的政策不够了解。他说从细则来看不存在套利的空间。

And WangJinXia think,Produce this kind of misunderstanding because the outside world to sea before policy don't know enough about.He said that from the rules to see does not exist arbitrage space.

　　“以双向贷款为例，香港机构给内地进行人民币贷款，额度、利率、监管都是确定的，贷的资金须用于前海的开发建设。”王锦侠说，利率仍需按照内地基准利率确定，下浮空间不大。至于额度，他认为，几百亿应该是有的。

"To two-way loans as an example,Hong Kong institution to mainland RMB loan,line/Interest rates/Supervision are determined,Credit funds shall be used for the development and construction of sea before."WangJinXia said,Interest rates still need according to the mainland benchmark interest rate,Decrease the space is not large.As for the limit,He thinks,Should be some billions.

　　除了上述限制，对于哪些企业能申请境外贷款，也有严格的准入门槛：上一年度的总资产要突破200亿，现在的投资额必须超过100亿，未来两年运营后税收要超过6个亿以上。

In addition to the above limitations,For what enterprise can apply for foreign loans,Also has the strict admittance threshold:One year, the total assets to break through 20 billion,Now the investment must be more than 10 billion,The next two years after operation tax to more than 6 above.

　　事实上，这是针对想要在前海拿地的企业的准入门槛，这也说明，境外贷款的额度会优先分配给在前海进行项目开发建设的企业。

In fact,This is to want to be in sea before take the enterprise's admittance threshold,This means that the,Foreign loan amount will be allocated to the priority in the former sea project development and construction enterprise.

　　另外监管部门会查账，监管钱的用途，资金不能流出前海。王锦侠认为，这样的企业来前海不可能是为了套利。

In addition the supervision department will audit,The purpose of the supervision of money,Money can't outflow sea before.WangJinXia think,This enterprise to sea before can't be to arbitrage.

　　国务院批复的政策还允许在前海注册的企业去香港发行人民币债券。此前已经不少国企和外企尝鲜，但这些企业在香港融得的人民币依然需要国家外汇局的审批才能流回内地。王锦侠表示，而在前海，不存在这个问题。

The state council ratified policy allowed in the sea before registered enterprise to the issuance of RMB bonds in Hong Kong.Had already many state-owned enterprises and foreign delicious jabuticaba Popsicle,But these enterprises in Hong Kong to melt the yuan still need the safe examination and approval to flow back to the mainland.WangJinXia said,And in the sea before,Does not exist the problem.

　　跟贷款一样，发债券所融资金回流后同样只能用于前海的建设，以及前海企业的营运开支。企业账户同样会受到监管。

As with loans,Bond funds that melt after return also can only be used for the construction of the sea before,And former sea enterprise operating expenses.Enterprise account will also regulated.

　　因此，监管对于前海形成一道金融防火墙至关重要。据王锦侠表示，这就需要“一行三会”到前海设立监管部门，长远来说，希望前海能建立混业监管的金融管理局。

therefore,Supervision to sea before form a financial firewall is very important.According to WangJinXia said,This needs"A line of three will"To sea before set up supervision department,In the long run,Hope to sea before can build mixed supervision of financial administration.

　　身为前海咨询委员会顾问的中银国际副执行总裁谢涌海也建议，前海设立超级金管局，统一管理不同的金融机构，下面再设银行业、证券业、保险业等不同部门。

As a former sea advisory committee consultant of boc international executive vice President XieChong sea also suggests,Before the establishment of the sea super the hkma,Unified management of different financial institutions,A banking below again/securities/The insurance industry and so on the different departments.

　　不过再严格的监管仍会存在漏洞。郭万达认为，在前海注册的企业与内地的企业有生意往来，那么就可以以转移支付的方式转移资金。

But then the strict supervision can still exist loophole.Guo wanda think,In the sea before registered enterprise and the mainland enterprises have business contacts,It can transfer payment way to transfer funds.

　　中国社科院世经政所国际金融室副主任张明也认为，市场的逐利冲动，一定会诱使资金千方百计突破前海试验区与内地其他地区之间资本管制的藩篱。

The Chinese academy of the administration have international financial chamber, deputy director of zhang Ming also think,The market by the impulse,Will lure capital leave no stone unturned breakthrough sea before test site and other parts of the mainland between capital controls barriers.

　　从蛇口到前海 From shekou to sea before

　　做深圳“曼哈顿”，这是多次被提起的一种说法。郑宏杰8月22日在香港也说，前海的发展将借鉴香港中环及美国曼哈顿。不过他此前在接受媒体采访时谈道，“毫无疑问，前海将来会成为深圳的中心区之一。但是，前海的未来，既不是曼哈顿，也不是中环。”他认为，前海的战略定位，除了有经济总量上的要求，更重要的是要发挥试验和示范作用，承担探索改革开放、科学发展的新路子,探索深港合作的新途径，探索转变经济发展方式的新经验等重大使命。

Do shenzhen"Manhattan",This is many times mentioned a saying.ZhengHongJie August 22 in Hong Kong also said,The sea before the development of Hong Kong and the United States will be reference for central Manhattan.But he had to accept an interview with the media said,"There is no doubt that,Sea before the future will become one of the central area of shenzhen.but,Sea before future,Neither Manhattan,Is not central."He thinks,Former sea's strategic positioning,In addition to the requirements of the economy,The more important thing is to play to test and demonstration,Reform and opening up for exploration/The scientific development of the new way,To explore new ways of deep port cooperation,Explore the transformation of the mode of economic development of new experience and the important mission.

　　郑宏杰更愿意把前海比作蛇口。蛇口在深圳南山半岛的东南部，与前海相邻，上世纪70年代末，招商局在这里创设蛇口工业区，这是中国第一个对外开放的工业园区，它的创立和发展为一年之后的深圳经济特区的创立起了探路者的作用。可以说，这里是中国对外开放的起点。如今，类似的工业园区已经遍布全国各地，成为一种主流的招商模式。

ZhengHongJie more willing to take the front sea compared to shekou.Shekou in shenzhen nanshan the southeastern part of the peninsula,And former sea adjacent,At the end of the 1970 s,China merchants shekou industrial zone created here,This is China's first foreign open industrial park,The establishment and development of it for one year after the establishment of the shenzhen special economic zone plays a pathfinder role.Can say,Here is the starting point of China's opening up.now,Similar industrial park has already spread all over the country,Becoming one kind of mainstream business mode.

　　但对于深圳来说，蛇口模式已经无法助力当地经济持续快速增长。一方面，现有开发区模式主要是以发展制造业为向，需要大面积的土地储备支撑。而深圳土地狭长，原关内罗湖、福田、南山三区几乎已无成片可开发用地，郊区也仅宝安与龙岗两区，土地储备与北京、上海、广州不可相提并论。因此，填海造地成了深圳的无奈选择。另一方面，随着人力成本和房屋土地租金成本的上升，传统制造业在深圳出现了式微迹象。今年，深圳月最低工资调整后的标准为1500元，不仅在这15省市中排名第一，在全国范围内也是最高。从2008年开始，当地便陆续有工厂迁往内地，甚至东南亚。富士康从2010年起开始加速将生产线内迁到郑州、成都、武汉等地。

But for shenzhen speaking,Shekou mode has been unable to help local sustained, rapid economic growth.On the one hand,The existing development zone model is mainly for the development of manufacturing industry to,Need a large area of land reserve support.And shenzhen land long and narrow,Original inside shanhaiguan pass lo wu/fukuda/Nanshan areas almost has no piece for development,Suburbs also only baoan and longgang districts,Land reserve and Beijing/Shanghai/Guangzhou you know.therefore,Reclamation became shenzhen helpless choice.On the other hand,Along with the human cost and building land rent costs rise,The traditional manufacturing industry in shenzhen appeared signs of decline.This year,Shenzhen month minimum wage, after the adjustment the standard for 1500 yuan,Not only in the 15 provinces and cities for first place,In the national scope is also the highest.Begin from 2008,Local factories in succession and moved to the mainland,Even southeast Asia.Foxconn since 2010 began to speed the production line moved in zhengzhou/chengdu/Wuhan, etc.

　　因此，传统意义上那种低价出让土地，给予税收优惠的做法在深圳已经很难吸引增量的制造业企业。产业升级、经济转型已经成为深圳绕不过去的命题。

therefore,The traditional land that low price,Give preferential tax practice in shenzhen has been difficult to attract incremental manufacturing enterprise.Industrial upgrading/Economic transformation has become the shenzhen around not the past proposition.

　　除了经济转型，前海“先行先试”政策的获批，也在一定程度上缓解了深圳“特区不特”的尴尬。2004年，一篇名为《深圳，你被谁抛弃？》的网文演变成一场特区“走向何处”的大讨论。时任深圳市长的于幼军还亲自与作者见面，展开对话。于幼军当时在对话时承认，深圳的区位优势和政策优势正在削弱。

In addition to the transformation of the economic,Sea before"First try first"Policy approved,Also to a certain extent, ease the shenzhen"Zone not only"awkward.In 2004,,A title for[shenzhen,You are who abandoned?]The article evolved into a zone"To where"discussion.The shenzhen long YuYouJun also personally meet and the author,talks.YuYouJun was in dialogue admits,Shenzhen location advantage and policy advantage is weakening.

　　而前海获准试行“比特区更加特殊”的政策，多少让深圳又重拾了自信。把前海看成是第二个蛇口，也在情理之中。

The sea is allowed to trial"More special than dc"policy,How many let shenzhen and to regain the confidence.Before the sea as the second shekou,Also in reason.