Shanghai Free Trade Zone: Opening Up Or Ending The Domestic Luxury High Price Bureau

< p > understand that, "< a href=" http://www.91se91.com/news/list.aspx "ClassID=101112107105 > > cross border > /a", the upcoming commodities will mainly include 6 categories of hot commodities, such as clothing, clothing, baby products, 3C electronic products, cosmetics, bags and so on. The price is expected to be 3 cheaper than domestic counters.

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< p > new breakthroughs have been made in individual investment in and out of China's free trade area.

The people's Bank of China yesterday issued the "opinions on financial support for the construction of free trade pilot zones in China (Shanghai)" (hereinafter referred to as "opinions"), allowing eligible individuals to invest in both domestic and foreign markets.

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< p > according to the opinion, the specific contents of financial support for the development of the real economy and the convenience of cross-border investment and trade are four aspects: first, promoting the convertibility of capital account and supporting enterprises to go out.

The two is to expand the cross border use of RMB so that enterprises and individuals in the region can make flexible use of their currencies for cross-border pactions, reduce exchange costs and reduce exchange rate risks.

Three, we should steadily push forward the marketization of interest rates, speed up the reform process and support the development of the real economy.

Four, we should deepen the reform of foreign exchange management, further reduce administrative examination and approval, and gradually establish a corresponding foreign exchange management system.

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< p > industry analysis shows that when the capital account is not fully open, the pilot's personal investment in overseas markets will coincide with the idea of "storing the money in the people", which will effectively widen the investment channels of domestic residents and improve the existing financial market situation.

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< p > < strong > widening personal investment channels at home and abroad < /strong > < /p >

< p > in recent years, more and more domestic investors choose to configure overseas assets because of the rising price of Chinese assets and the low price effect of overseas asset prices, and the appreciation of the renminbi and the decline in domestic investment returns.

However, under the condition that the capital account is not fully open, China is currently implementing a qualified domestic institutional investor (QDII) system, and individuals within the territory can only carry out global asset allocation such as finance and securities through qualified domestic institutions such as banks and funds.

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< p > according to the ninth article of opinion, in order to facilitate personal cross border investment, individuals who are employed and qualified in the area may carry out various kinds of overseas investments including securities investment according to the regulations. Overseas individuals who are employed and qualified in the area may set up non resident individual domestic investment accounts in accordance with the regulations, and carry out all kinds of domestic investments including securities investment according to regulations.

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< p > "domestic residents need a more convenient global investment platform to allocate assets."

Sun Lijian, director of the financial research center of Fudan University, said that the introduction of opinions means that domestic residents can participate fully in the < a href= "http://www.91se91.com/news/list.aspx ClassID=101112107107" > overseas capital < /a > market. From the perspective of asset allocation, allowing residents to participate in overseas investment is also more conducive to asset dispersion and thus avoiding risks.

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< p > Sun Lijian believes that due to the current liberalization of various overseas investments for individuals in the free trade area, the amount of funds in the short term is small and does not constitute a greater risk.

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< p > it is worth noting that gradually opening the capital account through the pilot of the free trade area will have a certain impact on the domestic financial institutions that "lie in the making".

Sun Lijian pointed out that with the continuous expansion of the scope of foreign investment, domestic residents continue to deepen their understanding of overseas investment. If domestic financial institutions can not keep pace with the international pace in financial innovation and risk control ability, we believe that they will face great challenges.

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< p > in addition, personal income gained in the area can be paid out after tax payment.

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< p > < strong > cross border e-commerce faces new opportunities < /strong > < /p >

< p > in addition to allowing individuals to invest in both domestic and foreign markets, the fourteen article of the opinion points out that the banking financial institutions in Shanghai can cooperate with the payment institutions that hold the "payment business license" and permit the business scope to include Internet payment, and provide RMB settlement services for cross-border E-commerce (trade in goods or services) in accordance with the relevant management policies of the payment institutions.

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< p > it is learnt that as one of the first projects to enter the free trade area, Shanghai's only national cross border trade electronic paction pilot - "cross border" e-commerce platform has completed the functional test, and is now on the line through the acceptance of the General Administration of customs.

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< p > reporter has learned that the "cross border links" will soon introduce 6 categories of hot commodities, including clothing, clothing, baby products, 3C electronic products, cosmetics, bags and so on. The price is expected to be 3 cheaper than domestic counters.

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< p > most industry insiders said in an interview with reporters that once the platform is run, it will not only directly impact on a group of merchants who are engaged in overseas purchasing, but will also narrow the price gap between luxury goods at home and abroad, and will also have a greater impact on the operation of luxury goods in China.

And consumers are also expected to get tangible benefits from it.

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< p > it is understood that unlike other "Hai Tao" websites, "cross border links" adopt warehousing bonded imports plus personal purchase patterns, namely, warehousing to personal direct sales.

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< p > in order to ensure price pparency, each product of the platform, besides marking the price of the commodity itself, will also indicate import duties and logistics costs.

According to the Shanghai orient payment Co., Ltd. (hereinafter referred to as orient payment), which has undertaken the cross-border operation, the commodities have already paid the "postal tax" before customs clearance. When customs clearance, the customs staff verified the unique two-dimensional code of "cross-border commodities", and arranged for them to go < a href= "http://www.91se91.com/news/list.aspx ClassID=101112107108" > green channel < /a >.

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< p > "cross border pass" requires all the shops that have been assigned to undertake or are responsible for after-sale services in the country.

"Our platform is actually doing a global commodity search engine. The company mainly records all the merchants and goods on the platform through customs, so it can be said that the products sold on the platform are hot genuine products."

Orient payment stakeholders said in an interview with reporters that the platform's cooperative merchants mainly came from overseas, and the company's requirements for these merchants were that there must be subsidiaries or branches in the territory, in addition to enabling consumers to enjoy the proper after-sales service after purchasing goods, and also to facilitate customs management. Once responsibility problems arise, they can quickly find tracer.

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< p > < strong > news link < /strong > < /p >

< p > 1 days from next month, personal overseas financial assets need to be declared < /p >.

< p > do you own foreign stock? Have you bought a house abroad? Do you have any loans abroad?

They need to be declared from January 1st next year.

The decision of the State Council to amend the declaration method of balance of payments statistics has been promulgated recently and has been implemented since January 1, 2014.

This method adds a new regulation: "the Chinese residents who own foreign financial assets and liabilities should declare their foreign financial assets and liabilities in accordance with the provisions of the State Administration of foreign exchange."

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< p > method specifies the scope of assets declaration.

The scope required to be declared to the State Administration of foreign exchange includes financial assets and liabilities such as stocks, bonds, deposits, financial products, loans and other financial assets of Chinese residents.

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< p > for those who need to declare, it is clear that Chinese residents and non Chinese residents who have economic pactions in China are obliged to declare the balance of payments information in a timely, accurate and complete manner in accordance with the regulations.

Analysts pointed out that at present, there are more and more Chinese assets and immigrants overseas. Some investment immigration projects themselves are direct investment and financial management activities.

Improving the reporting system of balance of payments statistics will help to further enhance monitoring and analysis of cross-border capital flows and improve early warning capabilities.

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