中国离岸银行制度亟须系统性升级

Core Viewpoint - The revision of the "Offshore Banking Business Management Measures" represents a strategic shift for China's offshore finance from "rule following" to "rule contribution," aiming to adapt to the digital era while balancing safety and efficiency [1][18]. Historical Context and Limitations of the Original Measures - The original measures were established in the aftermath of the Asian financial crisis, focusing on preventing capital shocks and providing limited cross-border services through OSA accounts [2]. - By 2002, four pilot banks had served 12,000 overseas enterprises with over $300 billion in settlements, showcasing a balance between safety and openness [2]. Current Challenges and Critiques - The original framework has become outdated due to the international shift towards functional offshore finance and the rise of digital finance, leading to significant capital outflows and limitations on the offshore RMB market [3][4]. - The restrictions on currency types and monopolistic practices by major banks have resulted in inefficiencies and unfair competition, with foreign banks gaining a larger market share [3][4]. Proposed Revisions and Recommendations - A unified offshore account system is recommended to eliminate fragmentation and reduce compliance costs, allowing for better integration with digital applications [6]. - The proposal includes expanding account opening eligibility, removing the $100 million annual cross-border settlement requirement, and supporting various types of enterprises, including those in technology and green finance [7][9]. - The measures suggest optimizing functionalities by allowing RMB and other currencies to be exchanged freely within offshore accounts and integrating digital RMB systems [8]. Regulatory Framework and Oversight - A new regulatory structure is proposed, involving a collaborative approach among the central bank, financial regulatory authority, and foreign exchange administration to enhance oversight and data sharing [13]. - The framework emphasizes a data-driven approach to compliance, moving away from traditional document verification to real-time monitoring of transactions [4][12]. International Cooperation and Governance - The article advocates for enhancing global governance of offshore finance through cooperation with international regulatory bodies and adherence to global standards [14]. - It emphasizes the importance of maintaining regulatory sovereignty while engaging with foreign entities operating in China's offshore market [14]. Principles for Future Management - The proposed principles include aligning the pace of opening with regulatory capabilities, ensuring coordinated development between onshore and offshore markets, and balancing innovation with risk management [16][17].