With the continuous growth of China's economy,financial opening to the outside world has become one of the important means to promote economic development.However,with the continuous acceleration of capital flow,t...With the continuous growth of China's economy,financial opening to the outside world has become one of the important means to promote economic development.However,with the continuous acceleration of capital flow,the problem of balance in and out is becoming increasingly prominent.Taking China's financial opening to the outside world as the research object,this paper discusses how China strategically achieves the balance of entry and exit in the field of financial opening to the outside world,and the impact of this balance.Through the quantitative analysis of China's financial opening to the outside world and foreign capital flows,it is found that China needs to strengthen the management of capital items and optimize the structure of capital flows in the process of financial opening to the outside world,to achieve the balance of financial flows in and out.As for the impact of the balance of access and access,the analysis of the impact mechanism shows that the financial opening and access and balance can improve the stability of the financial market,provide sufficient liquidity for the healthy development of the financial market,and alleviate financial risks.Such a strategy is of great practical significance for promoting the sustained and healthy development of China's economy.Therefore,based on the actual situation of China,this paper puts forward some relevant strategy suggestions to guide the practical operation of China's financial opening up.展开更多
In the process of implementing data openness between banks and fin-tech companies,as the breadth and depth of cooperation between banks and enterprises continue to increase,there is a risk of“too much correlation to ...In the process of implementing data openness between banks and fin-tech companies,as the breadth and depth of cooperation between banks and enterprises continue to increase,there is a risk of“too much correlation to fail”and“too many links to fail”.There are problems with the implementation of financial data openness by regulatory agencies for banks and fin-tech enterprises,such as the ambiguity of regulatory responsibilities,the emphasis on financial regulatory goals,and the lag in regulatory methods.To address these issues,it is necessary to clarify the responsibilities of financial regulatory agencies,establish a collaborative mechanism for financial regulation,coordinate the types of risks in bank enterprise cooperation,achieve the technical implementation of financial regulatory measures and the design of regulatory systems,obtain regulatory data in real time,establish a hierarchical regulatory system for bank enterprise cooperation to improve the regulatory path,and ensure the rational and legal use of financial data in bank enterprise cooperation.展开更多
CHINA FOREX:What specific measures did the Capital Account Management Department implement in 2024 to facilitate high・standai*d capital account opening-up while supporting the real economy?XIAO Sheng:In 2024,the Capit...CHINA FOREX:What specific measures did the Capital Account Management Department implement in 2024 to facilitate high・standai*d capital account opening-up while supporting the real economy?XIAO Sheng:In 2024,the Capital Account Management Department implemented the directives of the Central Committee of the Communist Party of China(CPC)and the State Council,adhering to the principle of pursuing progress while ensuring stability.The department effectively balanced openness with security,advancing reforms in direct investment and external debt management.展开更多
This paper explores determinants of price premiums between A-share and American depositary receipts(ADR)or H-share and sheds light on policies using daily data from cross-listed companies from 2002-2020.Market sentime...This paper explores determinants of price premiums between A-share and American depositary receipts(ADR)or H-share and sheds light on policies using daily data from cross-listed companies from 2002-2020.Market sentiment and financial openness are critical in explaining both types of price premiums.Expected exchange rate changes significantly impact the A-share versus ADR premium but liquidity is essential for the A-share versus H-share premium.The introduction of Shanghai-Hong Kong Stock Connect in November 2014 has effectively increased the price discovery capacity of the A-share market,and investors were more adaptive to the RMB foreign exchange rate volatility after Chinese exchange rate system reform in 2015.The paper provides insights into future capital market reform in China.展开更多
In the process of the high-quality transformation and development of China's economy,one of the issues that needs to be resolved is how to strengthen the ability of finance to serve the real economy and improve th...In the process of the high-quality transformation and development of China's economy,one of the issues that needs to be resolved is how to strengthen the ability of finance to serve the real economy and improve the efficiency of financial operations.Pilot Free Trade Zones(PFTZs),highlands of institutional innovation,have played the role of a natural testing ground for China to deepen its financial supply-side reform and improve the efficiency of financial services in the real economy.On that premise,this paper discusses the policy effects and transmission channels for the financial reform of PFTZs to improve the efficiency of financial services in the real economy within China.The findings of the papar are the followings,(1)The reform of PFTZsshas significantly improved the efficiency offinance in the real economy,having even achieved a sustainable effect.That is to say,with the extension of gment This work wasthe duration of free trade zone constructionand the gradual implementation of financialreform measures,the regional impactof financial services in the real economyhas shown a year-on-year upward trend.(2)The effects of financial agglomeration,financial transparency,and optimizationof financial infrastructure produced by thereform of PFTZs have played a significantregulatory role in the process of improvingthe efficiency of financial services in thefree trade zones.(3)The effect of China'sfinancial reform on PFTZs has fosterednoticeable regional diversity;an importantreason for the diversity of policy effectrests with the difference in transmissionmechanisms.The conclusions of this paper expand the research dimension of theliterature evaluating the effect of policy onPFTZs,and provide policy references fromthe perspective of financial reform in thefree trade zones for China to further deepenfinancial supply-side reform and improvethe efficiency of financial services in the realeconomy.展开更多
With favorable conditions accumulating,financial opening-up,as a crucial aspect of"voluntary opening-up",is expected to attain more importance during the 15th Five-Year Plan(hereinafter referred to as FYP)pe...With favorable conditions accumulating,financial opening-up,as a crucial aspect of"voluntary opening-up",is expected to attain more importance during the 15th Five-Year Plan(hereinafter referred to as FYP)period.In the Outline of the 14th FYP(2021-2025)for National Economic and Social Development and Vision 2035(hereinafter referred to as the"Outline"),farther opening-up for win-win cooperation is positioned in Part Ⅻ,while in the Recommendations for Formulating the 15th FYP for National Economic and Social Development(hereinafter referred to as the"Recommendations'1),the term"promoting high-standard opening-up and creating new horizons for mutually beneficial cooperation"has been moved significantly forward to Part Ⅶ.In particular,compared with the Resolution on Further Deepening Reform Comprehensively to Advance Chinese Modernization(hereinafter referred to as the"Resolutions")which stresses"taking the initiative by opening-up",the Recommendations emphasize"opening China wider to the outside world",explicitly calling for pursuing greater openness of RMB capital accounts.The acceleration of technological advancement has made the issue of insufficient demand more prominent,with saving rates remaining high.Against the background of intensifying China-US strategic rivalry,unlocking the efficient use of domestic savings is an important issue for financial opening-up.展开更多
At the 2025 Lujiazui Forum,PAN Gongsheng,governor of the People's Bank of China(PBOC),announced eight major financial opening-up measures,among which the measure to develop free trade offshore bonds have drawn par...At the 2025 Lujiazui Forum,PAN Gongsheng,governor of the People's Bank of China(PBOC),announced eight major financial opening-up measures,among which the measure to develop free trade offshore bonds have drawn particular attention.This measure sets a clear direction for building an offshore financial system that aligns with Shanghai's status as an international financial hub.展开更多
文摘With the continuous growth of China's economy,financial opening to the outside world has become one of the important means to promote economic development.However,with the continuous acceleration of capital flow,the problem of balance in and out is becoming increasingly prominent.Taking China's financial opening to the outside world as the research object,this paper discusses how China strategically achieves the balance of entry and exit in the field of financial opening to the outside world,and the impact of this balance.Through the quantitative analysis of China's financial opening to the outside world and foreign capital flows,it is found that China needs to strengthen the management of capital items and optimize the structure of capital flows in the process of financial opening to the outside world,to achieve the balance of financial flows in and out.As for the impact of the balance of access and access,the analysis of the impact mechanism shows that the financial opening and access and balance can improve the stability of the financial market,provide sufficient liquidity for the healthy development of the financial market,and alleviate financial risks.Such a strategy is of great practical significance for promoting the sustained and healthy development of China's economy.Therefore,based on the actual situation of China,this paper puts forward some relevant strategy suggestions to guide the practical operation of China's financial opening up.
文摘In the process of implementing data openness between banks and fin-tech companies,as the breadth and depth of cooperation between banks and enterprises continue to increase,there is a risk of“too much correlation to fail”and“too many links to fail”.There are problems with the implementation of financial data openness by regulatory agencies for banks and fin-tech enterprises,such as the ambiguity of regulatory responsibilities,the emphasis on financial regulatory goals,and the lag in regulatory methods.To address these issues,it is necessary to clarify the responsibilities of financial regulatory agencies,establish a collaborative mechanism for financial regulation,coordinate the types of risks in bank enterprise cooperation,achieve the technical implementation of financial regulatory measures and the design of regulatory systems,obtain regulatory data in real time,establish a hierarchical regulatory system for bank enterprise cooperation to improve the regulatory path,and ensure the rational and legal use of financial data in bank enterprise cooperation.
文摘CHINA FOREX:What specific measures did the Capital Account Management Department implement in 2024 to facilitate high・standai*d capital account opening-up while supporting the real economy?XIAO Sheng:In 2024,the Capital Account Management Department implemented the directives of the Central Committee of the Communist Party of China(CPC)and the State Council,adhering to the principle of pursuing progress while ensuring stability.The department effectively balanced openness with security,advancing reforms in direct investment and external debt management.
基金the National Natural Science Fund for Emergence Management Program(No.71850001)the National Natural Science Fund(No.71733004).
文摘This paper explores determinants of price premiums between A-share and American depositary receipts(ADR)or H-share and sheds light on policies using daily data from cross-listed companies from 2002-2020.Market sentiment and financial openness are critical in explaining both types of price premiums.Expected exchange rate changes significantly impact the A-share versus ADR premium but liquidity is essential for the A-share versus H-share premium.The introduction of Shanghai-Hong Kong Stock Connect in November 2014 has effectively increased the price discovery capacity of the A-share market,and investors were more adaptive to the RMB foreign exchange rate volatility after Chinese exchange rate system reform in 2015.The paper provides insights into future capital market reform in China.
基金sponsored by"Research on Countermeasures for Deepening Institutional Innovation of Pilot Free Trade Zones,"a Think Tank Program of Tianjin Philosophy and Social Science Planning(No.:TJZDDY20-05).
文摘In the process of the high-quality transformation and development of China's economy,one of the issues that needs to be resolved is how to strengthen the ability of finance to serve the real economy and improve the efficiency of financial operations.Pilot Free Trade Zones(PFTZs),highlands of institutional innovation,have played the role of a natural testing ground for China to deepen its financial supply-side reform and improve the efficiency of financial services in the real economy.On that premise,this paper discusses the policy effects and transmission channels for the financial reform of PFTZs to improve the efficiency of financial services in the real economy within China.The findings of the papar are the followings,(1)The reform of PFTZsshas significantly improved the efficiency offinance in the real economy,having even achieved a sustainable effect.That is to say,with the extension of gment This work wasthe duration of free trade zone constructionand the gradual implementation of financialreform measures,the regional impactof financial services in the real economyhas shown a year-on-year upward trend.(2)The effects of financial agglomeration,financial transparency,and optimizationof financial infrastructure produced by thereform of PFTZs have played a significantregulatory role in the process of improvingthe efficiency of financial services in thefree trade zones.(3)The effect of China'sfinancial reform on PFTZs has fosterednoticeable regional diversity;an importantreason for the diversity of policy effectrests with the difference in transmissionmechanisms.The conclusions of this paper expand the research dimension of theliterature evaluating the effect of policy onPFTZs,and provide policy references fromthe perspective of financial reform in thefree trade zones for China to further deepenfinancial supply-side reform and improvethe efficiency of financial services in the realeconomy.
文摘With favorable conditions accumulating,financial opening-up,as a crucial aspect of"voluntary opening-up",is expected to attain more importance during the 15th Five-Year Plan(hereinafter referred to as FYP)period.In the Outline of the 14th FYP(2021-2025)for National Economic and Social Development and Vision 2035(hereinafter referred to as the"Outline"),farther opening-up for win-win cooperation is positioned in Part Ⅻ,while in the Recommendations for Formulating the 15th FYP for National Economic and Social Development(hereinafter referred to as the"Recommendations'1),the term"promoting high-standard opening-up and creating new horizons for mutually beneficial cooperation"has been moved significantly forward to Part Ⅶ.In particular,compared with the Resolution on Further Deepening Reform Comprehensively to Advance Chinese Modernization(hereinafter referred to as the"Resolutions")which stresses"taking the initiative by opening-up",the Recommendations emphasize"opening China wider to the outside world",explicitly calling for pursuing greater openness of RMB capital accounts.The acceleration of technological advancement has made the issue of insufficient demand more prominent,with saving rates remaining high.Against the background of intensifying China-US strategic rivalry,unlocking the efficient use of domestic savings is an important issue for financial opening-up.
文摘At the 2025 Lujiazui Forum,PAN Gongsheng,governor of the People's Bank of China(PBOC),announced eight major financial opening-up measures,among which the measure to develop free trade offshore bonds have drawn particular attention.This measure sets a clear direction for building an offshore financial system that aligns with Shanghai's status as an international financial hub.
