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《Economic Review》 2017-12
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The Practices and Constraints of Financial Opening up and Innovations in Shanghai Pilot Free Trade Zone

Liu Hong-kui;Xie Qian;Institute of Economics,Chinese Academy of Social Sciences;  
The China Shanghai Pilot Free Trade Zone( SHPFTZ) have accomplished a lot of successful financial innovation practices in capital account convertibility,cross-border use of RMB,foreign currency regulation reform,and opening up of financial services. These practices will increase the degree of RMB internationalization and the reasonability of financial regulatory system,and accelerate the development of Shanghai as an international financial center. However,compared to the general requirements of the construction of the FTZ and market's expectations,further financial opening up and innovations and more detailed rules and regulations should been implemented. Now,the lack of hard constraints,the flaws of financial regulatory and legislative system,and the turbulence of international financial market are the main factors that slow down the financial opening up and innovations. In the future,we should first overcome established ideas,take a look at the financial opening up and innovations in SHPFTZ in the view of construction of trade and financial powerful country. Then,we should absorb experiences and lessons from other countries and focus on steady progress so as to explore a path of gradual reform.
【Fund】: 中国博士后科学基金第61批面上资助项目(编号:2017M611095);; 国家社科基金项目“中国(上海)自由贸易试验区服务业负面清单管理模式研究”(编号:14CJY003);国家社科基金项目“负面清单管理模式下服务业开放路径与政府策略选择研究”(编号:15CJY062)的成果
【CateGory Index】: F752.8
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