促进香港离岸人民币市场发展的几点建议

随着中国与英国达成人民币离岸交易协议,人民币的国际化战略也愈发清晰。香港作为全球最有活力、最有影响力的金融市场之一,香港离岸人民币市场的发展将直接影响人民币国际化的进程和步伐。本文分析了香港离岸人民币市场发展的现状和最新进展,就其中存在的问题做了一定的分析,并提出了相应的政策建议。     

加快内地保税港区离岸人民币业务发展

近年来,离岸人民币业务发展的实践表明,作为开展离岸人民币业务的重要途径,除了内地的边贸之外,香港离岸人民币市场搞得也比较成功,是目前中国最大的离岸人民币市场,也是中国推进人民币国际化的重要战略基点.在英国、新加坡和日本等地也相继开展了离岸人民币业务,形成了当今离岸人民币市场的世界发展格局.     

让人民币飞起来

人民币国际化已经基本满足了一些必须具备的客观条件,人民币国际化能够给本币国带来多项有利因素,如提高本国货币政策的独立性,提升发行国在国际金融体系中的话语权,推动建设国际金融中心等。我们必须抓住当前人民币国际化的有利时机,大力发展跨境贸易结算、离岸市场融资,开放在岸金融市场,创造人民币回流机制,提前争取让人民币能够在国际储备货币当中占上一个席位,真正实现让人民币在全球“飞”起来。     

中国金融市场开放创新与上海国际金融中心建设

中国金融市场开放创新与上海国际金融中心协同发展的突破口与重点举措有:全面开展以自由贸易账户为基础的资本账户开放, 推动人民币资本项目可兑换先行先试;积极稳妥推进利率市场化,完善利率定价机制;加快外汇管理体制改革,进一步推进投资贸易便利化;加快金融服务业对外开放,建设面向国际的金融基础设施和市场体系;加快金融业务和产品创新,推动人民币在岸离岸中心联动发展等.     

美国离岸金融及其对人民币国际化的启示

美元真正取代英镑成为国际储备货币,这主要取决于美元的稳定性、美国的经济实力和金融市场发展的成熟。而美元离岸市场的发展,更促进了美元作为一种主导型的国际储备货币,在国际贸易和金融交易中发挥主导作用。人民币要成为一种国际性货币,中国就必须要有一个开放性的、发展很广很深的、流动性很好的金融市场,这样才能保证人民币成为一种国际性货币。人民币国际化,主要是交易结算发展的过程,其次是人民币境外市场发展的过程。现在最主要的还是增加跨境人民币的流动性,对人民币从境外流向境内的控制可以谨慎一点;但境内人民币流向境外对境内的冲击要小,所以可以放得更宽一点。在这种情况下,最好的模式就是通过自贸区来发展,把一些管制的措施放得更快、更广。     

人民币国际化推进路径及其对上海的意义

人民币国际化成功推进的标志是国际市场计价份额的提高，而不是央行储备资产份额的多少。前者帮助中国一劳永逸地避免汇率风险，后者只是让其他国家分享中国的高成长。人民币国际化应采取前期稳健创造需求、后期激进释放供给的推进策略。当前应快速推进（美元与人民币双币种）资本输出，强化海外商业存在；加快金融转型，促进本土资本市场规范而有深度的发展；并从亚洲着手推动国际汇率和短期资本流动的管理。其仿真预测分析结果是2025年人民币国际化程度有可能接近欧元水平。这对上海的意义是：未来5～10年应加强资本市场的基础制度建设，健全为实体经济服务的功能与效率；债券市场发展可有重大突破；涉外现代服务业需要加快发展。     

设想自贸区金融改革路线图

对中国决策者而言,将货币自由兑换与资本账户开放严格区分开来,更有利于国家战略的实施和国家利益的实现。现阶段的经济转型和人民币国际化的战略需要的是,中国资本的大规模输出和国内资本市场的有限开放。     

上海资本市场国际化的挑战、机遇和对策

自20世纪90年代以来,上海金融服务业经过长期不懈努力,已基本形成国内金融市场的中心。但是,上海离国际金融中心的地位仍存在较大的差距。在中国成为世界第三大经济体的快速发展中,迫切需要强有力的国际化金融市场支持经济的健康发展。而资本市场是金融市场的重要组成部分,没有一个国际化的资本市场,就谈不上一个国际化的金融市场。因此,打造上海国际化资本市场,同样是建设上海国际金融中心的重要组成部分。     

浅析我国证券投资市场国际化趋势下QFII制度的法律监管问题

QFII制度的出台标志着我国证券投资市场发展到了有限的对外开放阶段,向证券市场国际化迈出了一大步。目前在对QFII实行监管的具体过程中暴露出了很多监管方面的漏洞,其中有立法监督方面的问题,也有行业自律方面的问题。本文从分析目前QFII监管现状着手,对目前暴露出的监管问题提出简单的解决建议。     

略论资本市场犯罪案件之侦查——以自贸区建设为背景

随着世界经济全球化的不断深入推进，现代金融业的国际化、多元化发展趋势以及中国（上海）自由贸易试验区的成立，为资本市场的发展注入了强劲的动力。但在其发展的过程之中，市场内部层出不穷的犯罪案件，却成为其良好发展的阻碍。对资本市场内发生的犯罪行为进行有效打击与控制，是对现代金融健康发展的有力保证。本文以资本市场为出发点，剖析资本市场犯罪案件侦查的困境并提出相应的侦查方式，以期能有效打击资本市场犯罪案件，维护资本市场之秩序。     

Planning and development control through lease conditions

The Hong Kong government has pledged to deal with the imbalance between supply and demand of housing. Given the innate constraints of limited land resources in Hong Kong and the extensive and expedient control enforced through lease conditions, the Hong Kong government can alleviate the long-recognized problem of housing shortage by modifying specific development conditions. Therefore, the supply of housing units can be changed at a faster pace to satisfy the requirement of private dwellings. Other factors affecting the property market in Hong Kong include land supply, economic issues, population growth, and income growth. Many studies, for example, Hui et al. (Monograph, Department of Building and Real Estate, Hong Kong Polytechnic University and Hong Kong Government (Study of Housing Demand, Hong Kong Government Printer, Hong Kong and Study of Housing Demand Model, Hong Kong Government Printer, Hong Kong), have investigated in detail the impacts of these factors on the property market. However, little or nothing is known about the planning and development control through lease conditions. Therefore, this study particularly attempts to examine how the Hong Kong government exerts its influence in the local private residential market through changing the development conditions. These conditions will be studied separately and distinctively in order to capture their unitary effects upon the local private residential real estate market. Section 1 looks at Hong Kong's tenure system, followed by the deliberation of how planning and development control is done through lease conditions (in Section 2). 3 and 4 set out the analytical framework and report on the findings of how lease conditions affect property supply. The concluding section gives out recommendations.     

人民币国际化与上海国际金融中心建设

后危机时代上海国际金融中心建设,关键是如何抓住中国经济崛起和人民币国际化的历史机遇,在关注全球和中国经济走势、保证国内经济金融稳定的前提下,以构建强大、高效的人民币金融循环枢纽为核心,不断在推动资本项目开放和金融市场深化方面实施突破,以此分步骤、分阶段实现人民币国际化和上海全球功能性金融中心两大中国国际金融战略。     

当前房地产市场形势及对策建议

2012年,上海房地产业在面临"史上最强的调控政策"后发生了较大变化,主要表现为:房地产增加值占GDP的比重、房地产开发投资建设及住宅销售情况均表现出明显的下降趋势。国家宏观调控已取得一定的成效,达到了限制房价过快上涨的目的。但鉴于房地产业在国民经济体系中的重要作用,如何在进一步巩固调控成果的同时,对房地产业进行合理的引导,促进其健康、稳定的发展也是一个重要的议题。据此,在详细分析上海当前房地产的市场形势后,提出制定相关房地产调控政策一些方向性建议。     

The Role of the Nonprofit Sector in Hong Kong's Development

The recent handover of Hong Kong to the People's Republic of China (PRC) brought Hong Kong worldwide attention and scrutiny. In the run up to the handover, the international media prominently featured stories about Hong Kong's freewheeling capitalism and the stability created by its administrative institutions. Lost in the media attention was the role of nonprofit organizations and the voluntary sector in Hong Kong's political and economic development. Although Hong Kong has a vibrant civil society, it has received little attention from scholars. This paper reviews the role of the third sector in Hong Kong's development. Among the issues the paper addresses are the legal codes that govern the creation and operation of nonprofit organizations in Hong Kong, the evidence regarding the role of the nonprofit sector in Hong Kong's development, particularly its relationship to the government and market sectors, and the implications of the 1997 transition for the nonprofit sector's role.     

Colonial State Entrapped – The Problem of Unregistered Schools in Hong Kong in the 1950s and 1960s

Utilizing sources from newspapers, published official documents, and declassified governmental files from archives in Hong Kong and England, this article explores the problem of unregistered schools in Hong Kong in the 1950s and 1960s. After the war the Hong Kong colonial government played a limited role in education provision, and private institutions became the chief providers of schooling facilities. To prevent private schools from operating in a manner detrimental to the political stability of the territories, and to ensure pupils' health and safety, the ruling authorities imposed strict regulations. This approach increased the cost of running private schools, caused a substantial portion of education demand to remain unfulfilled, and consequently led to the emergence of unregistered schools. These unlawful institutions placed the government under tremendous pressure, both because some were tied to questionable political factions and because the founding of these institutions provoked objections from operators of legal private schools. Since the colonial state continued to assume a limited role in education provision, strong action brought against unlawful institutions would have further increased the number of unschooled children and undermined the popularity of the government. These pressures made the presence of black market schools a very difficult problem to resolve.     

上海建设全国海外投资中心研究

上海建设全国海外投资中心,包括完善国际金融市场体系、聚集国际金融机构、创新国际金融(衍生)产品和汇集国际金融人才等。上海建设全国海外投资中心的策略包括:积极推动建立相关产业的国际生产和服务体系;推动对外投资项目经营管理过程的持续改进;适度加大海外投资服务平台的项目融资支持;鼓励海外资本投资于高新技术领域等。上海海外投资中心的主要任务有:努力创新和推动有利于金融市场发展的各种新措施在上海先行先试;努力为对外投资企业提供更好的配套服务;继续推进不同层次金融市场的发展和建设。