尽管业界对金融创新的“前海模式”充满期待，但面对离岸中心建设、人民币国际化、利率市场化等一系列经济改革使命，前海的压力不可谓不大。如何在资本管制与金融开放之间寻求平衡、如何实现香港与内地金融资源的合理配置是前海金融改革进程中需要破解的难题。

Although the industry of financial innovation"Sea before mode"Is looking forward to,But in the face of the offshore center construction/RMB internationalization/Interest rate marketization and a series of economic reform mission,Sea before pressure not is not.How to control and financial capital to seek a balance between open/How to realize the Hong Kong and the mainland financial reasonable allocation of resources is a former sea financial reform process need to crack problem.

　　以跨境人民币贷款为例，在试点正式启动之前，央行及外管局担忧企业获批拿到香港银行贷款后转贷从中赚取息差，扰乱内地信贷市场。“在实践操作中的难点主要有两个，一是口子不能开得太大，现在还不能保证整个金融体系适应一个开放的环境；二是防止这种局部试点的过程产生严重的套利，这与整个设计前海制度的初衷是相违背的。”刘东民分析说。

To cross-border RMB loan as an example,Official before the start of the pilot,The central bank and safe worry enterprise approved to Hong Kong bank loans after onlend make spreads,Disturb the mainland credit market."In the practice of the difficulties mainly has two,One is to cut can not be too big,Now can't guarantee the financial system to adapt to an open environment;The second is to prevent the local pilot process produces serious arbitrage,The whole design of the system of sea before original intention is should be."LiuDongMin analysis said.

　　在实践操作中，跨境人民币贷款利率自定规则引起了多方猜测。多家签约跨境贷项目的香港银行代表均表示会视项目商定利率但并不方便透露，且会对前海贷款采取审慎的风险评估，贷款额度方面不会放得太松。

In the practice of,Cross-border RMB loan interest rates set rules prompted many guesses.Several signing cross-border credit project Hong Kong bank representative expressed that will see project agreed interest rate but not convenient revealed,And will to sea before loans to take prudent risk assessment,Loans would not put too loose.

　　另一方面，如何将香港的制度基因植入内地金融市场，实现不同商业模式的融合，在一定程度上考验着这个区域金融创新的开放度与容忍度。“整体来说，港深之间的配合可以更密切一些，比如在政策制定、深港合作等方面。不过，将香港经验全部移植过来，可操作性不大，这实际上需要制度层面的创新。”香港一国两制研究中心助理总研究主任方舟表示。

On the other hand,How to Hong Kong's system genes into mainland financial market,To realize the integration of different business models,To a certain extent, test the regional financial innovation openness and tolerance."overall,Port between deep cooperation can be more closely some,For instance in policy making/Deep port cooperation, etc.but,Hong Kong will experience all transplantation come over,Maneuverability is,This actually need to system level of innovation."Hong Kong one country, two systems research center assistant director general research ark said.

　　对于许多熟悉深圳历史的人而言，这个曾经引领改革开放的经济特区一直以来有着外溢式发展的传统思路。当年以制造业为主导的“蛇口模式”正是通过打破传统体制障碍，吸引外资等企业入驻，使深圳得以先于其他城市高速经济增长。相比当年的“蛇口模式”，前海同样希望通过国家级战略的“绿灯”打造出一个体制创新的“试管”。在这个“试管”中，跨境贷款、人民币债券、外资股权投资基金、要素交易平台等触及现有资本管制之墙的金融要素均被容纳其中，而直接参与者是香港和深圳双方。

For many familiar with the history of shenzhen people,This led the reform and open policy the special economic zone has been a spillover type development of traditional ideas.In the manufacturing industry is the leading"Shekou mode"It is through the traditional system obstacle,Attract foreign investment enterprises, etc,Shenzhen to make prior to other cities rapid economic growth.Compared with the"Shekou mode",Sea before also hope that through national strategy"green"Create a system of innovation"tube".In this"tube"in,Cross-border loans/Of RMB bonds/Foreign equity investment funds/Factors such as current trading platform touches the wall of capital controls financial elements were hold among them,And direct participants is Hong Kong and shenzhen both sides.

　　目前来看，被赋予计划单列市级别的前海区域已被允许引进香港的贸易法规、规划制度以及商业管理方法，前海深港联营律师事务所、前海专家委员会等机构先后设立，前海E站通服务体系建设方案也直接参考“香港效率”，简化前海项目行政审批流程，一系列的制度创新举措保证了前海金融改革有序进行。

So far,Endowed with city specifically designated in the state plan level before the sea area has been allowed to introduction of Hong Kong's trade regulations/Planning system and business management method,Before the sea deep port associated law firm/Sea before institutions such as expert committee has been set up,Sea before E station through service system construction plan has a direct reference"Hong Kong efficiency",Simplify the sea before the project administrative approval process,A series of system innovation measures to ensure the sea before financial reform in an orderly way.

　　不过，在“复制”香港的过程中，前海改革的推进也并非一帆风顺。参与前海制度设计的有关人士坦言，涉及体制机制的创新在实践层面上仍有操作的难度。例如，在借鉴香港方面，由于内地整体制度环境难与香港接轨，前海在拟定合作区条例时并未将具有香港标志概念的法律条文引入其中。前海专家咨询委员会顾问、中银国际副执行总裁谢涌海也提出在前海顶层设计上考虑设立超级金管局，将银行、证券以及保险机构的监管均纳入同一部门，进而实现混业经营和监管的跨界运作。但由于涉及过多部门协调，该方案最终被否决。

but,in"copy"In the process of Hong Kong,Sea before reform is not plain sailing.Participate in sea before system design insider said,Involved in system and mechanism innovation in practice level still has the difficulty of the operation.Such as,In the reference in Hong Kong,Due to the mainland to the whole system environment and the Hong Kong market,Sea before worked in cooperation with Hong Kong regulations did not sign the concept of law introduced.Sea before expert advisory committee consultant/Boc international executive vice President XieChong sea also put forward in the sea before top design considerations set up super the hkma,Will bank/The supervision of the securities and insurance institutions are subject to the same department,Then realizing the mixed operation and supervision of cross-border operation.But because it involves too many department coordination,The scheme was eventually rejected.

　　此外，基于多部门协调运行的前海管理机制需要加快政策“落地”速度。据专家分析，一批涉及前海企业运行、金融机构入驻管理、审核标准以及业务操作流程等具体细则政策仍未落地，使不少企业或金融机构对前海的认识仍然十分模糊，前海未来能否真正引领金融改革开放，目前仍是未知数。

In addition,Based on many department coordination operation of the sea before management mechanism need to speed up the policy"landing"speed.According to expert analysis,A group of former sea in enterprise operation/Financial institutions in management/Audit standards and business operation process and so on the concrete policy rules still did not fall to the ground,Make many companies or financial institutions to sea before understanding is still fuzzy,Sea before the future can truly lead financial reform and opening up,At present is still unknown.