景建国：在开放与安全间构建上海离岸金融中心全球范式丨金融百家

Core Viewpoint - The construction of Shanghai's offshore financial center is a strategic initiative aimed at enhancing global resource allocation capabilities, driven by the dual transformation of "dollar hegemony loosening + digital technology reconstruction" in the global financial order [1][2]. Group 1: Offshore Financial Center as a Core Component - Offshore financial centers are essential for international financial centers, as evidenced by New York, London, Hong Kong, and Singapore, which have developed comprehensive offshore ecosystems that balance cross-border capital flow and risk control [2]. - Establishing a matching offshore financial center in Shanghai is crucial for the national financial opening strategy and is necessary for enhancing global resource pricing power and attracting international capital [2]. Group 2: Institutional Innovation for Dynamic Balance - The core competitiveness of offshore financial centers lies in their ability to balance "open efficiency" and "risk prevention" through institutional design [3]. - Shanghai can innovate by establishing a "digital enclosure" regulatory system that integrates existing accounts into a new offshore account model, allowing for flexible management of offshore and onshore funds [4]. Group 3: Tax Policy Neutrality and Precision - Tax policy is a double-edged sword for offshore financial centers; Shanghai should find a balance between attractiveness and compliance by implementing a low tax burden combined with strong regulation [7]. - A proposed 5% capital gains tax on general offshore business could reduce cross-border financing costs for Chinese enterprises by 1.8 percentage points while generating approximately 2 billion yuan in annual tax revenue [7]. Group 4: Technological Empowerment in Offshore Finance - Digital technology is reshaping the underlying logic of offshore finance, with blockchain and digital currency at the core of creating a leading digital financial testing ground in Shanghai [8]. - Blockchain technology can significantly reduce transaction costs and time in cross-border settlements, as demonstrated by successful pilot projects in Shanghai [9]. Group 5: Gradual Capital Account Opening - The proposed "three-step" strategy for capital account opening includes initial, mid-term, and mature phases, focusing on gradually relaxing restrictions on offshore investments and cross-border financing [14]. - By 2030, a faster opening of the capital account could create an additional $1.2 trillion space for global RMB asset allocation [15]. Group 6: International Collaboration and Rule Integration - Shanghai should transition from being a "rule follower" to a "rule co-creator" in the global financial landscape, enhancing its attractiveness to international investors through compatible legal and dispute resolution mechanisms [18][19]. - Collaborative efforts with RCEP member countries and the establishment of a "Shanghai Offshore Financial Rules Alliance" could enhance Shanghai's role in global offshore finance [21]. Group 7: Paradigm Value of Offshore Financial Centers - The development of offshore financial centers is fundamentally about the mutual empowerment of offshore and onshore functions, which can provide significant support for Shanghai's international financial center construction [22][23]. - Shanghai's unique value lies in breaking away from traditional low-tax arbitrage paths by constructing a new paradigm through institutional innovation and technological empowerment [23].