By J. Roskam
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Extra info for Airplane Design Vol 1-7 [Errata]
We need to test-run the liberalization of foreign exchange management, locate the service highland and cost lowland for Chinese companies’ strategy of “going global”, construct SFTZ as a service platform where China’s companies and capital go global, and further innovate the facilitation mechanism for China investing in foreign countries. 3 9 Innovation in Offshore Service We need to follow the developmental trend of SFTZ, explore and expand its offshore service, and establish a cluster of new offshore industry system.
High-end ﬁnancial services, like offshore ﬁnance, ﬁnancing & leasing, bonded futures delivery, all come from established free trade zones. China’s current ﬁnancial management system and ﬁnancial innovation of comprehensive bonded areas fall far behind that of established free trade zones, which affects expanding new modes of trade and business in the world, especially offshore trade. To establish a ﬁnancial system commensurate with market-oriented global ﬁnancial services in SFTZ is to establish the system of capital account convertibility, cross-border RMB use, interest rates liberalization, and offshore ﬁnancial service.
Globally, policies encouraging liberalization are prevalent to encourage local or regional companies to expand the global market. 3 A ranking of trade/investment facilitation in the world’s main countries or regions (2012) Singapore Index of trade facilitation RANK Hong Kong, China RANK China USA Japan UK RANK RANK RANK RANK Overall ranking 1 2 56 23 Market access 1 10 108 60 Domestic market 2 1 97 29 access Global market access 11 130 92 125 Cross-border 1 4 45 20 management Customs efﬁciency 1 10 45 14 Import-export 1 2 37 17 clearance efﬁciency Cross-border 3 12 59 25 management transparency Communication and 1 3 48 15 telecommunication device Transport facility 2 8 53 14 accessibility and quality Transportation service 1 2 21 13 accessibility and quality ICT accessibility 11 9 72 18 Business environment 5 7 45 42 Business Environment 1 5 38 32 Management Operation safety 20 9 62 69 Source World Economic Forum, The Global Enabling Trade Report 2012 18 98 30 11 67 50 132 8 94 9 13 16 4 14 13 17 14 4 18 9 6 7 20 26 23 3 28 15 31 40 developed countries have canceled the control on foreign exchange limit and overseas investment.