《中国经济周刊》记者谈佳隆上海报道

[China economic weekly]Reporters about jialong Shanghai reports

　　过去20年里，金融改革始终是经济改革的核心，而利率市场化、人民币汇率改革、资本和金融项目开放，又被业界视为其中的核心和难点。今年，利率和汇率改革已经出现前所未有的突破，而资本项目开放也从温州金融改革中看到了一点信号。

In the past twenty years,Financial reform is always the core of economic reform,And the interest rate marketization/The RMB exchange rate reform/Capital and financial project open,Is the industry as one of the core and the difficulty.This year,Interest rate and exchange rate reform has been unprecedented breakthrough,And the open of capital items from wenzhou financial reform and saw a little signal.

　　11月23日，温州市政府公布了《浙江省温州市金融综合改革试验区实施方案》（下称“实施细则”）。在12条“实施细则”中最引人争议的莫过于“开展个人境外直接投资试点”。

On November 23,,Wenzhou government announced[Zhejiang wenzhou financial comprehensive reform pilot implementation plan](Hereinafter referred to as"Detailed rules for the implementation of the").Article 12 in"Detailed rules for the implementation of the"The most controversial way"Foreign direct investment in the individual pilot".

　　但中国人民银行上海总部外汇管理部、国家外汇管理局上海市分局某处负责人告诉《中国经济周刊》：“中国金融改革中，和利率市场化的改革类似，个人境外直接投资不存在区域试点一说，某一区域的放开等同于全国的放开。目前来看，这一措施并不成熟。”

But the people's bank of China Shanghai headquarters foreign exchange management department/The state administration of foreign exchange Shanghai branch manager told somewhere[China economic weekly]:"China's financial reform,And the interest rate marketization reform similar,Individual foreign direct investment does not exist regional pilot said,A region of the equal to let go of the release.So far,This measure is not mature."

　　

温州一厢情愿？ Wenzhou wishful thinking?

　　实施细则明确“在国务院统一部署领导下”，探索以人民币开展个人境外直接投资，制定温州市个人境外直接投资管理办法及实施细则等。温州想借此证明，此次改革并不是“自说自话”。

Clear detailed rules for the implementation of the"Under the leadership of the state council in unified deployment",To explore the foreign direct investment in the individual,Wenzhou people for foreign direct investment management measures and the detailed rules for its implementation.Wenzhou would like to take the proof,The reform is not"Speaking from".

　　根据实施细则，早在2011年1月，温州就曾向外透露了一份关于个人境外直投的方案，该方案的主要内容包括了温州个人境外直接投资可通过新设、并购、参股等方式，在境外设立非金融企业或取得既有非金融企业的所有权、控制权、经营管理权等权益。

According to the detailed rules for the implementation of,Early in January of 2011,Wenzhou has outward revealed a about individual overseas straight investment plan,This plan is main content includes the wenzhou people overseas direct investment can be through the new set/Mergers and acquisitions/Participation, etc,Set up outside the non-financial enterprises or obtain both non-financial enterprise ownership/control/Management right and interests.

　　一位知情人士告诉《中国经济周刊》：“当时温州有关部门以为拿到了金融改革的"尚方宝剑"。但这个方案并没有得到国家外汇管理局的批准，擅自公布个人境外直投显然有越权之嫌。”

A source told[China economic weekly]:"The relevant departments of the wenzhou was thought to financial reform"Imperial carte Blanche".But this scheme and didn't get the approval of the state administration of foreign exchange,Released without personal overseas straight investment is clearly a unauthorized too."

　　温州的最初方案低估了目前中国金融状况复杂性，一旦个人境外直投试点放开，意味着中国外汇资本管制将会松动，而拉美金融危机、墨西哥金融危机和亚洲金融危机，都直接和资本跨境流动密切相关。这是监管者最为担心的。

Wenzhou's initial plan underestimated China's financial condition complexity,Once the individual overseas straight investment pilot let go,Means that China's foreign exchange capital controls will be loose,And Latin American financial crisis/Mexico financial crisis and the financial crisis in Asia,Cross-border capital flow directly and closely related.This is the most regulators worry about.

　　“我们知道目前的确存在通过地下钱庄、假借经常项目等方式进行跨境资本流动的情况，因此我们希望通过个人跨境直投，让本来并不能完全掌握的外汇流动情况能逐步得到监控。”中国人民银行温州市中心支行副行长蔡灵跃告诉《中国经济周刊》。

"We know that there is by underground/Under the guise of often project and so on ways of cross-border capital flows,So we hope that through personal cross-border straight investment,Let was not a complete mastery of foreign exchange flow can gradually get monitoring."The people's bank of China wenzhou center branch deputy President CaiLingYue tell[China economic weekly].

　　根据实施细则规定，年满18岁的温州户籍居民，只要说明资金来源、提供投资项目合法证明等，就可以向温州市商务局申请报名。经温州市商务局审查后，由国家外管局温州市中心支局放行境外投资。然而，不少温州当地企业家认为，温州试点新政可能是政府的一厢情愿。在实际情况下，往往这些资金都无法说明来源的正当性，纳入外汇监管反而会使自身陷入被动。

According to the rules,The age of eighteen years old wenzhou household residents,As long as the show financing source/Providing investment project legal certificate, etc,Can apply for registration to the wenzhou business bureau.After reviewing the wenzhou business bureau,By the national safe wenzhou center substation release of overseas investment.however,A lot of wenzhou local entrepreneurs think,Wenzhou pilot New Deal may be the government's wishful thinking.In the actual situation,These funds are often unable to explain the source of legitimacy,Into the foreign exchange supervision it will make itself into a passive.

　　

上海、天津等地 Shanghai/Tianjin etc

　　

上报个人境外直投方案 Report to individual overseas straight investment plan

　　如果个人境外直投获得试点，温州可能并不是唯一的城市，包括上海、天津等诸多城市都对此积极筹备。目前，多地向国务院上报的个人境外直投方案，既包括了人民币方案也包括了外币方案，内容涉及跨境汇款、跨境直投、融资、结算及金融市场投资等。

If personal overseas straight investment for pilot,Wenzhou may not be the only city,Including Shanghai/Tianjin, and many other cities preparing it.At present,Many of the state council to the provision of personal overseas straight investment plan,Both the plan also includes a foreign currency scheme,Content involves cross-border remittance/Cross-border straight investment/financing/Settlement and financial market investment, etc.

　　相较于温州方案，上海方案可能倾向于移民投资、房地产投资和企业投资，即个人可到海外投资房地产和股权，而天津方案可能指向投资海外资本市场。

Compared with wenzhou scheme,Shanghai scheme may tend to immigration investment/Real estate investment and enterprise investment,That is personal to the overseas investment real estate and equity,And tianjin scheme may point to investment overseas capital market.

　　“资本项目开放应该进一步放开对于海外证券市场的投资，除了扩大QDII（合格境内机构投资者）规模之外，还应该放开直接投资海外资本市场的机会。”上海交通大学上海高级金融学院执行院长张春告诉《中国经济周刊》。

"The open of capital items should further open to overseas stock market investment,In addition to expand the QDII(Qualified domestic institutional investors)Outside scale,Should let go of direct investment overseas capital market opportunities."Shanghai jiaotong university senior financial executive director of Shanghai institute of ZhangChun tell[China economic weekly].

　　不过，温州方案要求个人去境外投资实业等，但不得用于购房等消费类项目，以及股市等金融类行业。据温州市金融办估计，温州民间资本总量超过6000亿元，而且每年以14%速度增加。而实际情况可能更高，或已达到8000亿元甚至上万亿元。这些资金当中，有相当一部分通过非规范流出海外。

but,Wenzhou calls for individuals to invest abroad industrial, etc,But shall not be used for such as the consumer items,And the stock market and financial industry.According to wenzhou financial do estimate,Wenzhou folk capital total more than 600 billion yuan,And the speed is increased by 14% a year.And the actual situation may be higher,Or has reached 800 billion yuan even trillions of dollars.These funds of,There are quite a few through the normative outflow overseas.

　　金杜律师事务所合伙人赵晓红告诉《中国经济周刊》：“目前阶段放开资本项目改革不合适。海外市场并没有想象的那么美好，连"国家队"都出现了亏损，老百姓出海就一定能做好了？！”

JinDu law firm partner ZhaoXiaoGong tell[China economic weekly]:"At present stage open capital project reform don't fit.Overseas market and have no imagination of so good,even"international"Are all losing money in,To common people can be done?!"

　　今年7月，中国主权基金中国投资有限责任公司发布的第四份年报显示，2011年中投境外投资全年收益-4.3%，亏损485亿美元，创四年来的最差业绩。这也使其累计年化收益率仅为3.8%。

July,China's sovereign wealth fund China investment co., LTD. The fourth annual report issued by the display,In 2011, the overseas investment of an annual income - 4.3%,Losses of $48.5 billion,And the worst performance in four years.This also makes the accumulative total annualised rate of return is only 3.8%.

　　不过，一位不愿具名的温州企业家告诉《中国经济周刊》：“现在全世界经济都很差，中国还稍微好一点。个人海外投资有点缘木求鱼，此外，人民币升值预期将进一步打击海外投资。所以虽然看起来贸易和资本项目都出现了双顺差，但资本外逃的压力也是很大的。”

but,An anonymous wenzhou entrepreneur told[China economic weekly]:"Now the world economy is very poor,China is also a little bit better.Personal overseas investment a little milk the bull,In addition,The appreciation of the renminbi is expected to further dampen overseas investment.So although it seems that trade and capital project has double surplus,But the flight of capital pressure is also big."

　　按我国外汇管理局规定，中国居民每人每年换汇额度最多5万美元，且个人不允许境外直接投资。而实际上，该政策已经如同虚设。大量国内资金已经向海外转移，温州新政更是为海外移民和资金转移提供了一种“合法”的方式。

According to the administration of foreign exchange regulations,Chinese residents per person per year swap line up to $50000,And people don't allow foreign direct investment.But in fact,This policy has as dummy.A large number of domestic funds have to overseas transfer,Wenzhou New Deal is for overseas immigrants and money transfer provides a"legal"way.

　　

富豪30年积累获利出逃 Rich 30 years accumulated profits run away

　　由于海外经济萎靡，包括加拿大、美国、英国、新加坡等热门移民国家都加强了鼓励投资移民的政策。加拿大的投资金额要求是5年80万加元，外加160万加元的合法资产；美国的资金要求是50万美元投资在潜在风险项目；英国的投资金额要求是5年100万英镑。

Due to the overseas economic sag,Including Canada/The United States/British/Singapore and other popular immigration country to strengthen the encourage investment immigration policy.Canada investment amount is $800000 for 5 years,Plus $1.6 million legal assets;American capital requirement is $500000 investment in potential risk project;British investment amount requirement is 5 years 1 million pounds.

　　“现在资本外逃做法五花八门，对计划移民的人来说，掌握向境外转移资产方式是一堂必修课。”中国人民银行上海总部外汇管理部、国家外汇管理局上海市分局某处负责人告诉《中国经济周刊》，“如果试点获批，即便存在审核制度，资本向外转移将更合法更便捷。”

"Now practice the capital flight is multifarious,To plan for immigrants,Master to transfer assets outside the way is a required course."The people's bank of China Shanghai headquarters foreign exchange management department/The state administration of foreign exchange Shanghai branch manager told somewhere[China economic weekly],"If the pilot approved,Even if there audit system,Capital to the transfer will be more legitimate more convenient."

　　温州规定，试点期间，一个人一个项目不得超过300万美元，多个人一个项目不得超过1000万美元，一个人年度总额不得超过2亿美元。如果一个人把投资做成亏损向国外转移资产便变得更加合情合理了，数额也将更大。

Wenzhou provisions,During the pilot,A person a project shall not be more than 3 million dollars,Many people a project shall not be more than 10 million dollars,One year shall not exceed the total amount of $200 million.If a man to make investment losses to foreign transfer assets will become more reasonable the,The amount will be greater.

　　绿野资本集团大中华区董事会主席郑晓军告诉《中国经济周刊》：“从过去的经验来看，转移资产的方式可以有很多。比如可以在离岸地注册一家由当事人实际控制的酒店管理公司，当事人在国内的酒店每年向该酒店管理公司支付高额的管理费，直到酒店做破产了，资金也就转移出去了。”

Wizard capital group chairman of the board ZhengXiaoJun told the greater China region[China economic weekly]:"From the past experience,Transfer assets can have a lot of ways.Such as can be in offshore to register a practical control by the parties of the hotel management company,The parties in the domestic hotel every year to the hotel management company pay a fee,Until the hotel do go bankrupt,Money is transferred out."

　　根据《2012胡润财富报告》研究显示，中国16%的富豪目前已移民或者在申请中，还有44%的富豪考虑移民。加拿大和美国则是移民目的地首选国。很高比例移民的主要目的，是为了子女的教育、医疗和退休生活。富豪中拥有海外资产的已达1/3。海外资产在总资产中的平均占比为19%。

According to the[2012 hu run wealth report]Research shows that,16% of China's rich has immigrants or in the application,There are 44% of the rich consider immigration.Canada and the United States is the top country of destination immigrants.A high proportion of the main purpose of the immigrants,In order to their children's education/Health care and retirement.The rich have overseas assets has reached a third.Overseas assets in the total assets of the average ratio is 19%.

　　这些富豪绝大多数都是在过去30年中国经济高速增长中成长起来的。业内人士普遍担心，随着未来中国经济增速趋缓，精英阶层和富豪阶层的“获利出逃”将对国家造成损失。

These rich most are in the past thirty years China's high-speed economic growth growing up.The personage inside course of study general worry,Along with China's economic growth slowed in the future,Elite and rich class"Profit run away"The country's loss.