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Despite each other Zhijian also exists many differences and discord, but currently beauty Europe Day three big economic body are tries to through TPP (across Pacific partners relationship agreement), and TTIP (across Atlantic trade and investment partners agreement), and PSA (all side service trade agreement), formed new high specifications of global trade and service rules, to replaced WTO, Hunt including China manufacturing zainei of emerging economic body capacity, forced they "II times WTO". Among them, the United States, and Japan 12 Pacific countries has reached an historic TPP agreement announced on October 5.
Face encircle, China also while in wire alliances to should, line is central trade consultations and since trade district negotiations, first on Iceland, and Switzerland, then again advance to Center National; second-tier is consolidation Southeast Asia and Northeast Asia, in the Han since trade district, and in the day Han since trade district negotiations are in advance; wire is BRIC Union, tries to build a parallel world, mistress driving carriage (IMF vs reserves library, WB vs BRIC Development Bank, WTO vs Business Council) is started.
Clearly, TPP as "third world" sent over locking ability of China's rapid growth, "Michiko", the aim is to cripple the made in China and its advantages. Is taken by the developing countries when 300 30-year catch-up strategies, if compliance with environmental protection, intellectual property, labour protection, and suppression of State-owned enterprises and other provisions, it is self-inflicted. This is not to say that emerging countries there would be no space for development in the future, but rather that they had retreated to the low end of the food chain, even the bottom, it's hard to once again have the possibility of overtaking. Developed economies can give a high specification, that is they completed early primitive accumulation, industrial upgrading and fast, new competitive advantages have been established, and dominated the game, you can according to their own preferences and comparative advantage to cut the cake.
But this is not to say that they make all the rules of the game are wrong, rules, many of which are also in line with the market development and China's economic transformation and upgrading internal rules require. Therefore, China must take a positive attitude towards, some reasonable rules is highly compatible with the direction of China's own reform. So still have a greatest common divisor theory, locate intersection and drive their own transformation and development, and take this rules out or remove most of the vested interests and interest groups. Established international rules in order to avoid more unreasonable interest curing and path dependence.
Like the one made to join the WTO, which is called "open". If the principal contradiction now is to not move, you may wish to open more, forcing a little bit stronger. China now includes TPP and RCEP (regional comprehensive economic partnership), and initiatives to promote economic integration and common prosperity in the region are open. Early participation early benefits, knowledge of the initiative is only possible in the negotiations, and not to be marginalized. But a new round of rules of the game are mostly United States, if the whole country does have difficulties, relatively developed areas can let all FTA initiative to encroachments of all countries to free trade and investment, a docking Windows for the new rules. Future in which effective and high business standards that can be projected onto the entire Chinese manufacturing and service industries.
These tests include trade liberalization: the absence of customs supervision, ban, customs intervention free to manufacture, import and export of goods. Shanghai mainly to do entrepot trade and offshore trade. Here the core component has two, one is attracting multinational company headquarters and the other is the framework of commodity trading platform. Offshore trade, the core problem is the regulation of transnational corporations, enterprises in the free trade zones allow an international capital pools and domestic capital pools, design interconnection piping. Such trade is the order and the link is completed in Shanghai, the goods may not be through the port of Shanghai. The FTA does not make a container yard, exploring dislocation competition and cooperation around the Yangtze River Delta. Pudong plans to build three lists management model
Most importantly, promote the development of related to the free trade in goods and trade in services, in particular by supporting international commodity trading platform for financial transactions and shipping platforms, allowing domestic and foreign enterprises to participate in the commodities and shipping forward transactions. These designs will not only promote trade in services, the development of service outsourcing industry, also reduces the multinational global provisioning and commodity price risk management thresholds and cost, will help in the free trade port prosperity.
Second is the liberalization of investment: national treatment and negative before the full implementation of the access list management. Non-banned in, apart from the negative listing cannot be done, others can do it. This special is for services. Practice has proved that, whether in manufacturing or services, opening up more thoroughly, actively participating in the global resources to competing areas, developed good, strong competitiveness. Since most trade and investment in the region should implement filing system, canceled or the scope of foreign investment restrictions. First in the zone within the reform of the management of investment projects, foreign-funded enterprises set up and change management, registration of these three aspects. And ship transport, and funding letter survey, and financing rental, and detection maintenance, and performances brokers, and entertainment culture, and education training, and medical health, many modern production type and life type service industry, are will internal foreign implementation fair of access standard, welcomes domestic private capital and overseas directly investment, this is on currently progress slow of Sino-US BIT (bilateral investment agreement) negotiations of a test sex echoed.
Now after the last round of expansion, FTA has already covered the Shanghai Waigaoqiao Free trade zone, Waigaoqiao bonded logistics park and Yangshan bonded port area, Pudong airport 4 special customs supervision zones (28.78 km²) and the Lujiazui financial district (34.26 km²), the Golden Bridge development zone (20.48 km), the Zhangjiang high-tech zone (37.2 km²). This extension makes the regional industry's rapid rise in the level of radioactivity and radiation, full coverage of China's advanced manufacturing and high-end service on the front line, and relate to the forefront of entrepreneurial innovation and financial support and open. Completely can requirements in these regional within operation of industry and enterprise according to more high of environmental, and labor, and intellectual property standard of to for production and business, full upgrade the economic subject of elements using efficiency, and full tie to support innovation drive, this must also will speed up government functions change, strengthening thing in the after regulatory, management mode innovation, strengthening and Shanghai international economic, and financial, and trade, and shipping center construction of linkage mechanism and effectiveness.
So, in TPP, and TTIP, and PSA of external pressure Xia, in within health reform needed power and thrust of important moments, as seven big reform top layer design, first and Xia pull new three driving carriage of core hand, and bottom of full active test and response, Shanghai of since trade district test meaning extraordinary, how stressed are not too, it is a items real of national strategy. Its significance even beyond the first round in the open alongside reform, globalization 3.0 environment for the establishment of the Shenzhen Special economic zone, which is a microcosm of China pushing forward reform.
It is not one or two tax concessions or leasing one or two key enterprises, but truly comprehensive innovation and upgrading of mechanisms and institutions. It tried to occupy the new round of industrial and financial globalization 4.0 vantage point. This should be a complete, from economy to the regulatory system and the administrative system of integrated test, it will create a in line with international practice, free and open, encourage innovation, market economy and a new generation of internationally competitive enterprises and industries. This is Shanghai's new mission and a new journey – in view of the vast hinterland of the Delta and the needs of China's real economy and financial support, as well as the tentacles of trade, investment in Shanghai for the Asia-Pacific and global radiation and makes the effective combination of two kinds of resources outside China (Shanghai) FTA's energy level is one of the many free trade area with the strongest influence. Therefore, Shanghai free trade area is dealing with TPP, to build China's economic "upgrade" an important measure, this test can only be successful and not to fail.
(The author of Shao Yu-Orient securities Chief Economist and Assistant to the President, Lu Jia Zui Salon Secretary General of the Council)
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