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Open to promote reform and build an upgraded version of China's economy
The plan is clear. In the free trade zone, we must adhere to the first-mover test, open reform and promote development, and take the lead in establishing a cross-border investment and trade rules system that meets the requirements of internationalization and rule of law, so that the experimental zone will become China's further integration into economic globalization. An important carrier to create an upgraded version of the Chinese economy.
"The establishment of the Shanghai Free Trade Zone is no less important than the establishment of the special zone in Shenzhen in the past." Zhuang Wei, deputy dean of the Institute of International Economics of the University of International Business and Economics, analyzed the financial channel of Chinanews.com. After more than 30 years of reform and opening up, China’s reforms entered Sham Shui Po. In the district and tackling the stage, we will seek institutional innovation through the test area, test some large-scale opening, and push China's reform and opening up one step forward. She believes that the focus of the Shanghai Free Trade Zone is to promote reforms through opening up, promote domestic reforms, and secondly open the market.
“The biggest value and significance of the Shanghai Free Trade Zone lies in the 'Shanghai System' and the 'Shanghai Mechanism'.†Ding Zhijie, Dean of the School of Finance of the University of International Business and Economics, said in an interview with Zhongxin.com’s financial channel that he valued the Shanghai Free Trade Zone’s national reform and The role of domestic economic transformation. Many institutional innovations in the Free Trade Zone will surely be radiated and pushed away from the country within two or three years.
He said, "The fact that the Free Trade Zone is such a big choice of action in the Yangtze River Delta thinking leader in Shanghai has shown our determination to reform and open up. And these reforms and innovations in the Free Trade Zone are China must do, and also one. Launching a whole body of reforms."
Wu Xiaoling, member of the Standing Committee of the National People's Congress and deputy director of the Financial and Economic Committee, said that the key to the significance of the Shanghai Free Trade Zone to China is twofold: First, China's road to further opening up, especially in the field of service trade and investment. . Second, China's future reforms are not seeking local policy breakthroughs, but seeking institutional development that can be replicated and promoted across the country.
In his investigation in Shanghai, Premier Li Keqiang proposed that the construction of the Shanghai Free Trade Zone should be an important platform for further expansion of the service industry. Zhao Jinping, deputy director of the Foreign Economic Research Department of the Development Research Center of the State Council, said that the Shanghai Pilot Free Trade Zone will greatly enhance the trade facilitation of goods through the innovation of the regulatory model, and further expand the service industry through first-in-first-trial and financial innovation. Promoting the development of the service industry, enhancing the international competitiveness of the service industry, and expanding the opening of the service industry are the needs of building an upgraded version of China's economy.
6 major service areas expand the scope of open foreign investment is greater
The overall plan of the Shanghai Free Trade Zone indicates that it will explore the establishment of a negative inventory management model. Drawing on internationally accepted rules, foreign investment will be tested for pre-entry national treatment, research and formulation of negative lists that are inconsistent with foreign investment and national treatment in the pilot area, and reform of the foreign investment management model. The plan clearly stipulates that 18 industries in the six major service sectors will expand their opening measures for foreign investment.
Financial services are listed in the first place for foreign investment. Among them, in terms of banking services, qualified foreign financial institutions are allowed to set up foreign banks, and eligible private capital and foreign financial institutions jointly set up Sino-foreign joint venture banks. When conditions are available, a limited license bank will be piloted in the pilot area in due course.
Not so, the Chinese banking service business is further open. The plan stipulates that under the premise of improving relevant management measures and strengthening effective supervision, qualified Chinese banks in the pilot area are allowed to start offshore business. In terms of insurance services, pilot foreign-invested professional health insurance institutions were established. The plan shows that the single-machine, single-ship subsidiary established by the financial leasing company in the pilot zone does not have a minimum registered capital limit. The financial leasing company is allowed to concurrently engage in commercial factoring business related to the main business.
Ding Zhijie told China Netcom's financial channel that this is a big breakthrough for China in terms of market access. By introducing new competitors, market competition is more sufficient, and prices are determined by the market to improve the efficiency of the industry. However, due to the high debt and spillover characteristics of the banking industry, certain conditions are required.
According to the latest news, eight Chinese banks including ICBC, Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, Pufa, China Merchants Bank and Shanghai Bank have been approved by the China Banking Regulatory Commission to set up branches in the Free Trade Zone. Foreign banks such as Bank of East Asia, HSBC and Standard Chartered Bank are also planning to set up points in the Shanghai Free Trade Zone.
The previously questioned telecommunications industry is also open to foreign investment. The program stipulates that foreign-funded enterprises are allowed to operate certain types of value-added telecommunications services under the premise of ensuring network information security. However, if the administrative regulations are broken, the State Council must approve and agree. In addition to the financial and telecommunications sectors, the program also provides for the expansion of foreign investment in areas such as shipping services, professional services, cultural services and social services.
Zuo Xiaolei, the chief executive officer and managing director of Galaxy Securities, believes that the Shanghai Free Trade Zone will explore a negative list management model and give greater freedom and space for foreign investment, which will promote the reform of the investment and financing system and the transformation of government functions. However, due to the size of the free trade zone, it is impossible for all service areas to be open to foreign investment.
Financial reform first tries to prevent capital transfer and arbitrage risk
Since the approval of the Shanghai Free Trade Zone program, all sectors have high expectations for the financial reform pilot. However, there are different views on whether there will be financial reforms in the FTZ. Guo Tianyong, director of the China Banking Research Center of the Central University of Finance and Economics, and Zhao Qingming, an expert on international financial issues, all analyzed the financial channel of Chinanews.com. The focus of the Shanghai Free Trade Zone should be free trade and services, not financial reform. Finance is only to meet trade and service investment. The need for financing.
The overall plan announced recently gave a clear answer. The plan pointed out that under the premise of risk control, the conditions for creating RMB capital account convertibility, market interest rate of financial market and cross-border use of RMB can be tested in the pilot area.
"The reform of the financial system of the free trade zone and the big ideas for innovation are correct, and the promotion is also very strong." Ding Zhijie analyzed that the convertibility and cross-border use of RMB capital projects is the most important thing for China's financial opening to the outside world; interest rate marketization means In the future, the domestic market needs to be integrated. Due to the serious financial division and blockage in China, it is difficult to break the existing interest pattern by simply reforming from the domestic market. Only through opening up and domestic financial reform, it will promote financial reform and deepening.
Ding Zhijie believes that the financial reform of the Free Trade Zone will contribute to the construction of the Shanghai International Financial Center and will also make Shanghai a global center for the RMB.
However, some scholars have said that the financial reform of the free trade zone is more cautious. Guan Qingyou, deputy dean of the Minsheng Securities Research Institute, said that the market's expected capital flows and the free exchange of local currency have been steadily advanced, and it is impossible to let go.
Wu Xiaoling emphasized that he should not place too much expectation on the financial sector of the free trade zone, nor agree to fully liberalize interest rates in the region. Finance is just a service industry. When financial barriers to service trade and investment encounter, what obstacles are removed. "As long as the interest rate of the Free Trade Zone is released, there will be a lot of money running inside."
Zhuang Yi analyzed that financial reforms in the free trade zone may bring risks of capital transfer and corporate arbitrage. Ding Zhijie also said that there is a risk of short-term capital cross-border flow and the profitability of the region, but it can be prevented by forming domestic market integration and improving market efficiency.
Non-key programs for tax incentives do not mention 15% corporate income tax benefits
Tax policy concessions are a topic of great controversy. Experts who have previously been interviewed by Chinanews.com's financial channel believe that this policy may not be launched in the free trade zone because the tax incentives are not the main purpose of the free trade zone, and this policy cannot be copied outside the zone and cannot be promoted. .
Yan Junyang, deputy director of the Center for Modern Finance Research at Shanghai University of Finance and Economics, told the China New Network Financial Channel that from the official information, there should be no preferential policy of reducing corporate income tax to 15%. Because the policies and innovations of the FTZ need to be replicated and promoted, it is clear that this policy cannot be replicated and promoted outside the Free Trade Zone.
Wang Xinkui, director of the Shanghai Municipal Government’s Counselor’s Office and Shanghai Free Trade Zone’s program development unit, said that the goal of the Pilot Free Trade Zone’s construction is not the traditional “policy depression†consisting of preferential policies and special policies, but a replicable, prior test. Reform pilot area. He also said that the duty-free shops are not the focus of the free trade zone, nor the original intention of the free trade zone. At present, the Free Trade Zone does not consider opening a duty-free shop, and will not copy the “Island-free tax†model.
Zhang Hong, director of the Shanghai Comprehensive Bonded Zone Management Committee, also denied the 15% preferential corporate income tax at the Shanghai Jiaotong University lecture. She revealed that the Free Trade Zone wanted to design an internationally competitive tax range and policy, but "no, really nothing."
The overall plan of the Free Trade Zone announced on the 27th did not mention the 15% corporate income tax concession, but the “asset appreciation of assets arising from the reorganization of non-monetary assets such as foreign investment, such as enterprises or individual shareholders registered in the pilot zone. In part, income tax can be paid in installments within a period of no more than five years." For the personal income tax, the individualized income tax instalment tax policy for the pilot incentives in areas such as Zhongguancun is applicable. In Guan Qingyou's view, the tax policy of the free trade zone is less favorable than expected.
However, the program said that under the premise of complying with the tax reform direction and international practices, and not leading to profit transfer and tax base erosion, we will actively study and improve tax policies that are suitable for overseas equity investment and offshore business development.
Shanghai Free Trade Zone is listed today to promote reform
Abstract After several months of preparations, the China (Shanghai) Pilot Free Trade Zone finally ushered in its listing today. A few days ago, the overall plan for the issuance of the Shanghai Free Trade Zone by the State Council stipulated a number of reform measures such as the transformation of government functions, financial systems, trade services, foreign investment and taxation policies.
After several months of preparations, the China (Shanghai) Pilot Free Trade Zone finally ushered in the listing today. A few days ago, the overall plan for the issuance of the Shanghai Free Trade Zone by the State Council stipulated a number of reform measures such as the transformation of government functions, financial systems, trade services, foreign investment and taxation policies. Of course, the overall plan is subject to the implementation of the rules promulgated by Shanghai. Experts analyzed that the Free Trade Zone aims to promote domestic reforms through opening up to create an upgraded version of the Chinese economy; implement negative list management and expand service areas, and foreign investment in the free trade zone is greater; financial reforms help domestic market integration However, it is necessary to guard against capital transfer and arbitrage risks; and tax incentives are not the focus of reforms in the free trade zone, and the intensity is lower than expected.