On September 21, the much-anticipated overall plan for the Beijing Free Trade Zone was announced. This is less than 20 days from September 4, when China announced its support for Beijing to set up a pilot free trade zone mainly characterized by technological innovation, opening up of the service sector, and digital economy, and the establishment of the Beijing FTZ means that Beijing, Tianjin, and Hebei have set up a pilot FTZ.?
China (Beijing) Pilot Free Trade Zone overall program makes it clear that the implementation of the Pilot Free Trade Zone covers 119.68 square kilometers, covering three zones: science and technology innovation zone 31.85 square kilometers, international business services zone 48.34 square kilometers (including Beijing Tianzhu Comprehensive Bonded Zone 5.466 square kilometers), high-end industry zone 39.49 square kilometers.?
In terms of policy measures, the Beijing FTZ will support the establishment of private banks focusing on supporting the development of cultural and creative industries, and explore the granting of more cross-border financial options to science and technology enterprises in Zhongguancun; and support the People's Bank of China's Digital Currency Research Institute in setting up a financial science and technology center, and constructing a pilot area for legal tender digital currencies and a digital financial system.?
The program also points out that it will explore the construction of a safe and convenient dedicated channel for international Internet data, formulate rules in key areas such as information technology security, data privacy protection and cross-border data flow, and explore the construction of an international information industry and a digital trade port; encourage moderate competition, and improve the relevant policies of duty-free stores; encourage the return of overseas cultural relics, and actively study the adjustment of the current import tax policy to give further support; Promote the linked development of Beijing Capital International Airport and Beijing Daxing International Airport to build a world-class aviation hub.?
Since this SITC, Beijing has successively introduced a number of heavy measures to expand opening up, plus the addition of the Beijing Free Trade Zone, what opportunities will be ushered in Beijing? What specific benefits will the above policy measures bring to Beijing? The new three large zones may be located in where?21 Reporters take you article by article to study this master plan.
The implementation of the scope of the three large areas in which?
The implementation of the Pilot Free Trade Zone covers 119.68 square kilometers, covering three zones: 31.85 square kilometers of scientific and technological innovation zone, 48.34 square kilometers of international business services zone (including 5.466 square kilometers of Beijing Tianzhu Comprehensive Bonded Zone), and 39.49 square kilometers of high-end industrial zone.
The development and utilization of the Pilot Free Trade Zone shall comply with the laws and regulations related to land use, ecological environmental protection and planning, in line with the spatial planning of the national territory, and in line with the relevant requirements of saving and intensive land use.? The international business service area focuses on the development of digital trade, cultural trade, business exhibition, medical and health care, international delivery logistics, cross-border finance and other industries, to create a demonstration zone of innovation leadership in the airside economy; the high-end industry area focuses on the development of business services, international finance, culture and creativity, biotechnology and health industries, to build the scientific and technological achievements of the conversion of the bearing place, strategic emerging industries cluster and international high-end functional institutions cluster.
Interpretation: Unlike other FTZs, the three large areas of the Beijing FTZ have not been designated a specific location, but from the functional positioning and the recent establishment of the Beijing Digital Trade Pilot Zone and other content can be glimpsed.
For example, the Beijing Digital Trade Pilot Zone will be based on the Zhongguancun Software Park National Digital Service Export Base, the Chaoyang Jinzhan International Cooperation Service Zone, and the three large areas of the FTZ's Daxing Airport Area.?
Li Jun, director of the Institute of International Trade in Services of the Research Institute of the Ministry of Commerce, told the 21st Century Business Herald Beijing chose the above three places as a foothold because they each have their own advantages. Among them, Zhongguancun software information service industry is developed, high degree of business concentration; Chaoyang Jinzhan area is close to the embassy area, in the foreign service trade cooperation has great potential; FTZ Daxing area is close to the airport, for cross-border e-commerce and other businesses have the convenience of transportation. He believes that the three areas of the pilot digital trade zone is Beijing's independent exploration, while the authorization of the FTZ from the State Council, but the former in the content of the latter may have more overlap.
21 predicts that the FTZ's science and technology innovation zone could focus on the Zhongguancun area, where, as one of the first national export bases for digital services, the Zhongguancun Software Park is home to 726 domestic and international high-tech companies such as NetEase and Baidu.?
The international business service area may focus on the Capital International Airport, Tianzhu Comprehensive Free Trade Zone, and Jinzhan International Cooperation Service Zone, which is close to the Capital Airport and the fourth embassy area, said Zhu Sheng, vice mayor of Beijing's Chaoyang District, who said recently that the area will be centered on trade in services and digital trade to create a special supervisory zone and form a new high point for opening up to the outside world, and that Jinzhan, the location of the fourth embassy area, will become a second "special zone" in the future. Jinzhan, the site of Beijing's fourth embassy district, will become the second "Sanlitun" in the future. In the future, the Jinzhan International Cooperation Service Zone will create a tax rebate and duty-free special consumption center, and encourage internationally renowned duty-free operators to set up duty-free stores. It will also introduce high-level international schools and establish a more complete international education system with a full range of languages.
The high-end industrial zone may focus on Daxing Airport and Yizhuang in the southern city. For example, the relevant person in charge of the Daxing Airport Free Trade Zone recently made it clear that the future will be to build an innovative global digital trade demonstration port and a leading base for China's digital trade, to develop cross-border e-commerce, digital medical care, intelligent logistics and other digital services and digital trade, and to participate in building a leading global digital trade center in cross-border financial services, electronic authentication, online consumer rights and interests maintenance and other areas. maintenance and other areas, and participate in building a cross-border e-commerce rule system that leads the world.?
Establishing a private bank focusing on supporting cultural and creative industries?
The program points out that the opening up of the financial sector will be expanded. Carry out the pilot project of local and foreign currency integration. Allow banks in the region to issue offshore RMB loans for RMB bank settlement accounts (NRA accounts) of foreign institutions, study and promote the integration of domestic securities investment channels for foreign institutional investors, and study and promote the use of a single NRA account by foreign investors to deal with domestic securities investment matters. Allow more foreign banks to obtain the qualification of securities investment fund custodian. Supporting the establishment of private banks focusing on supporting the development of cultural and creative industries. Encourage eligible Chinese banks to develop cross-border financial services and support the demand for cross-border financial services with real trade background. Promote the facilitation of cross-border RMB business and foreign exchange business in key industries. Explore giving more cross-border financial options to science and innovation enterprises in Zhongguancun, decide independently on cross-border financing methods, amounts and timing, etc., under the macro-prudential framework, innovate the management of enterprises' foreign debts, and gradually realize full convertibility under the foreign debts of non-financial enterprises in Zhongguancun National Innovation Demonstration Zone. Support the establishment of domestic and foreign private equity parallel funds through market-oriented methods in compliance with the law. Facilitate qualified private equity and asset management organizations to carry out offshore investment. Support multinational corporations to set up finance companies in compliance with the law through the establishment of qualified investment companies within the zone. Carry out a pilot project of one-time registration of foreign debts of enterprises in the region, and no longer register them one by one.
Interpretation: in recent years, the financing of the domestic cultural and creative industries has continued to decline, and the lack of money and the difficulty of financing have become the norm in the cultural and creative industries. according to CVSource investment in the data, the number of financing in the cultural and media industry in 2018 was 616, which is a 16% decline compared with 2017, and the downward trend also continued in 2019.?
Behind the "winter" of investment in the cultural and creative industries, there are also signs that venture capital funds are accelerating to the concentration of unicorns in the industry. Internet film and television, short video, knowledge payment, animation and animation secondary yuan and education and sports and other pan-entertainment industry by the investment community attention. The establishment of private banks focusing on supporting the development of cultural and creative industries is undoubtedly a new and important measure to increase the development of cultural and creative industries from the financial sector.?
In 2019, as a national cultural center, Beijing's cultural industry above the city's scale achieved a revenue of nearly 1.3 trillion yuan, and the added value of the industry accounted for nearly 10% of Beijing's regional GDP, ranking first in the country. And from the overall caliber, in 2016, Beijing city's cultural and creative industries realized added value of 357.05 billion yuan, accounting for 14.3% of the city's GDP. In recent years, Beijing has even issued a cumulative total of 83 cultural and economic policies of all kinds, constructing the institutional support for the high-quality development of the cultural industry.?
In recent days, Beijing has introduced "18 policies" (on accelerating the development of the core area of the National Experimental Zone for Cultural Industry Innovation) to promote the physical projects in the National Experimental Zone for Cultural Innovation, promote the construction of the CBD Cultural Center and the International Cultural Center of the National Experimental Zone for Cultural Innovation and create new landmarks of culture; strongly support the social forces to build a new culture, and to build a new culture. New landmarks; Strongly support social forces to set up libraries, museums, art museums, theaters, physical bookstores, public **** reading space; Implementation of the "100 Cultural Elites" program, the introduction of the identification of 100 "Cultural Elites" each year for five consecutive years, in the settlement of The program will provide support in the key areas of settlement, entrepreneurship, housing security, medical services, children's education.
Construction of legal tender pilot area?
The program states that it will promote financial technology innovation. Around the payment and clearing, registration and hosting, credit rating, asset trading, data management and other links, to support the landing of major projects in financial technology, support the use of scientific and technological means to enhance the level of financial infrastructure services. Give full play to the role of financial technology innovation regulatory pilot mechanism, in favor of serving the real economy, risk controllable, fully protect the legitimate rights and interests of consumers under the premise of the steady development of financial technology innovation.
It is worth noting that the program clearly points out that it supports the People's Bank of China's Digital Currency Research Institute to set up a fintech center, builds a legal tender digital currency pilot area and a digital financial system, and forms a trade finance blockchain standard system relying on the People's Bank of China's trade finance blockchain platform, and strengthens regulatory innovation. Build a pilot area for fintech application scenarios and establish a mechanism for the release of application scenarios.?
Interpretation: on September 19, the People's Bank of China (PBOC) supervised the 17th issue of the financial magazine "China Finance" published an article "China's Legal Digital Currency Development New Opportunities", which said that the PBOC began its research on legal digital currency in 2014, and in January 2017, the PBOC's Institute of Digital Currency was formally established. As of April 2020, the central bank has submitted 22, 65 and 43 patent applications for digital currency and its related content, covering the whole process of issuance, circulation and application of digital currency, forming a complete industrial chain, which has completed the technical reserves and has the conditions for landing.?
The so-called digital currency is the digitized form of cash. Digital currency, like paper money, has circulation and payment functions, but at the same time has a controllable anonymity, investment and financing functions. Compared with Alipay, WeChat and other electronic payments, digital currency can receive and pay in the case of no network without signal. At the same time, in the case of equipment allows, the recipient can not refuse to accept the digital currency for no reason.?
Recently, the Ministry of Commerce issued "comprehensively deepen the innovative development of trade in services pilot overall program", the program mentioned: in Beijing, Tianjin, Hebei, Yangtze River Delta, Guangdong, Hong Kong and Macao Bay Area and central and western pilot areas with the conditions to carry out the pilot of digital RMB.?
And in the recent service trade meeting, digital currency has also become a high-frequency word, for example, on September 6, in the 2020 China International Finance Annual Forum, Beijing Municipal Committee Standing Committee, vice mayor Yin Yong, said to play the dual advantages of Beijing's scientific and technological innovation center and the national financial management center, highlighting the focus of the digital economy, digital finance, regulatory technology, and other key points, in-depth development of financial technology regulatory sandbox pilot. Utilizing scenarios such as the Winter Olympics, pioneering in cutting-edge areas such as digital currency, and striving to make leading breakthroughs.?
Only the day before, Zhao Lei, the mayor of Tongzhou District, had also talked about digital currency at the 2020 Global Wealth Management Forum. He pointed out that in April this year, the Beijing Municipal Leading Group of Financial Services Work with the first document issued "on the city's sub-center to build an international wealth management center of the work program", clearly gives the sub-center "global wealth gathering place and has international influence of wealth management center" positioning, and will be in the sub-center pilot new financial license, It will also pilot 27 reform tasks in the frontiers of wealth management, such as new financial licenses, legal digital currency, and tax deferral for asset management products.
Industry analysts say that the digital currency should still have three stages of comprehensive testing, trial operation and official operation before it is actually launched. Considering that the digital currency is the next generation of the full digitization of the yuan, the impact is far-reaching, so the central bank should be cautious to launch. For the launch of digital currency, the central bank revealed the progress is: at present, the digital RMB research and development work to follow the principle of steady, safe, controllable, innovative, practical, first in Shenzhen, Suzhou, Xiong'an, Chengdu and the future of the Winter Olympics scenarios to carry out internal closed pilot test, in order to test the theoretical reliability, system stability, functional usability, process convenience, scenarios applicability and risk controllability. In response to when the official launch, the central bank has repeatedly emphasized that there is not yet a timetable.?
Explore the construction of international information industry and digital trade port? ?
The program states that Beijing should enhance the international competitiveness of digital trade. Benchmark the international advanced level, explore the development rules of digital trade in line with national conditions, strengthen cross-border data protection regulation cooperation, and promote the international mutual recognition of digital certificates and electronic signatures. Explore the formulation of rules in key areas such as information technology security, data privacy protection and cross-border data flow. Explore the creation of trading standards for data rights, data assets and data services, and service systems for pricing, settlement and quality certification of data trading and circulation, so as to regulate trading behavior. Explore the statistical monitoring of digital trade.
Meanwhile, it encourages the development of new business forms and modes of digital economy. Accelerate the construction of a new generation of information infrastructure, and explore the construction of a safe and convenient dedicated channel for international Internet data. Apply blockchain and other digital technology systems to regulate cross-border trade, legal compliance, and implementation of technical standards, and guarantee paperless, dynamic, and standardized cross-border trade multilateral cooperation. Relying on the application of blockchain technology, integrate information and credit data of high-precision manufacturing enterprises to create an efficient and convenient customs clearance model. Explore the establishment of a regulatory mechanism that allows relevant organizations to test new products and businesses within a controllable scope.?
In addition, explore the construction of an international information industry and digital trade port. Under the premise of controllable risks, it will conduct early and pilot tests in software real-name authentication, data origin labeling identification, and import and export of data products. Build a digital copyright trading platform to drive the development of intellectual property protection and intellectual property financing business. Conduct efficient and convenient digital import and export inspections for software and Internet service trade. Actively exploring a third-party certification mechanism for enterprises' data protection capabilities. Explore the establishment of a website filing system adapted to the needs of overseas customers.?
Interpretation: The State Council recently approved the "deepening of Beijing's new round of comprehensive pilot program for the expansion and opening up of the service industry to build a comprehensive demonstration zone for the expansion and opening up of the national service industry work program" requires that, based on the Zhongguancun Software Park, to promote the international mutual recognition of digital certificates, electronic signatures, etc., and to pilot the cross-border flow of data, and to build the international information industry and the digital trade port.?
This program also reveals that Beijing will open up the domestic Internet virtual private network business to foreign investors (with a foreign equity ratio of no more than 50 percent), and attract overseas telecom carriers to provide foreign-invested enterprises in Beijing with domestic Internet virtual private network business through the establishment of joint ventures. Supporting the development of Telematics (Intelligent Networked Vehicles) and self-driving map applications and the construction of the Beijing-Shanghai Telematics Highway. Explore the establishment of a website filing system adapted to the needs of overseas customers.?
In terms of cross-border flow of data, Beijing will study and promote the pilot work on the security management of cross-border flow of data in response to the cross-border flow of data involved in the forms of commercial presence, cross-border delivery, offshore consumption, and movement of natural persons in the trade of digital services, as well as the authentication of the ability to protect data.?
Li Jun introduced, the cross-border flow of data is an inevitable trend, but the regulation of cross-border flow of data has not yet been shaped in the world, which needs to take into account national security, personal privacy and many other factors, the data to do the classification management, Beijing as one of the most developed areas of the digital economy, take the lead in exploring cross-border flow of data is expected to provide the world with a "China program". The program will be a great opportunity for the world to learn more about this issue.
Additionally, it should be noted that according to the newly released "Beijing Action Program for Promoting the Innovative Development of Digital Economy (2020-2022)," the added value of Beijing's digital economy will account for 55 percent of the city's GDP by 2022, and the digital economy in Beijing currently accounts for more than 50 percent of the city's GDP.
Zhong Zeyu, vice president and secretary-general of the China Association of Trade in Services, pointed out in an interview with the 21st Century Business Herald that Beijing's conditions for developing trade in services, represented by the digital economy, are uniquely favorable. First of all, Beijing has the country's most intensive scientific research institutes and high-quality talents, a strong atmosphere of innovation; secondly, the Zhongguancun as a representative of science and technology enterprises in Beijing, a high degree of agglomeration, the development of new forms of new economy is active; thirdly, Beijing's financial, health care, culture and other services developed; fourthly, as a center of international exchanges, Beijing has a large number of natural person flows, which provides convenience for cross-border trade in services.
Improving policies related to duty-free stores and adjusting tariffs for the return of overseas cultural relics?
The program points out that it is necessary to help the construction of international communication centers. Focusing on serving the country's overall diplomacy, it will continue to improve its ability to provide services and support for major state events. Encourage international organizations to gather. Explore the pilot of cross-border capital pooling in local and foreign currencies, support qualified multinational enterprise groups to centrally carry out local and foreign currency capital surplus and shortage transfer and pooling business between domestic and foreign members, and implement two-way macro-prudential management of cross-border capital flows. Explore the pilot project of integrating consumption and pre-boarding. Encourage moderate competition and improve policies related to duty-free stores.?
The program said it will build a well-functioning group-type convention and exhibition complex around Beijing Capital International Airport. Upgrade the specifications and capacity of the China International Fair for Trade in Services to make it the main platform for international trade in services. Promote the linked development of Beijing Capital International Airport and Beijing Daxing International Airport to build a world-class aviation hub.
In addition, to meet the demand for high-quality cultural consumption. To build an international copyright trading platform for film, television and animation, to explore the development of cultural intellectual property insurance business, to carry out the trading business of precious stones, and to strengthen the "Belt and Road" cultural exhibition and trading hall. Allow qualified foreign-funded enterprises to carry out global cultural artwork (non-cultural relics) display, auction and trading business. Encourage the return of overseas cultural relics, and actively study the adjustment of the current import tax policy to provide further support. Explore the innovation of international high-end art exhibits in the comprehensive bonded zone guarantee supervision mode.?
Interpretation: The State Council recently approved the "deepening of Beijing's new round of comprehensive pilot program for the expansion and opening up of the service industry to build a comprehensive demonstration zone for the expansion and opening up of the national service industry work program" requires support for the Wangfujing Pedestrian Street to create an internationalized consumer environment and high-quality business environment, and to build an internationalized consumer area and other aspects of the early and early test. Optimize the layout of duty-free stores in the city, coordinate the setting up of departure pick-up points for duty-free stores in the isolated areas of airports for duty-free stores in the city, and implement the relevant policies on duty-free stores.?
On September 18, at the "65th Anniversary Media Communication Conference" held by Wangfujing Group, Du Baoxiang, Chairman of Wangfujing Group, revealed that the company plans to open a commercial complex integrating duty-free, outlet and shopping center in Beijing Global Resort, and Du Baoxiang disclosed that the company is now promoting the development of airport duty-free shops at the Capital International Airport and the Daxing International Airport in Beijing. Du Baoxiang disclosed that the company is currently promoting the landing of airport duty-free stores at the Capital International Airport and Beijing Daxing International Airport, and the specific location of the stores is under negotiation. Its Beijing city duty-free store is also in the layout.
The above work program also pointed out that it will promote the linked development of Beijing Capital International Airport and Beijing Daxing International Airport. Explore measures to facilitate the port of entry for aircraft maintenance enterprises' aviation equipment package repair and subcontract repair business, and support enterprises to enhance the competitiveness of the international aviation equipment maintenance market. Encourage Chinese and foreign airlines to operate international routes, and allow foreign airlines to operate in both Beijing Capital International Airport and Beijing Daxing International Airport. To build an international air cargo system, formulate policies to promote the development of air cargo in Beijing, and support the expansion of cargo flight rights. Optimize and improve cargo infrastructure and facilities, and encourage airlines to put their cargo fleet in Beijing Daxing International Airport. Improve the functions of air ports, enhance high-end logistics capabilities, and expand the import functions of whole vehicles and parallel imported cars.?
Lowering the tax rate on the import of cultural relics is conducive to the return of overseas cultural relics. The State Administration of Cultural Heritage made it clear at the end of last year that it will strive to further reduce the tax rate on the import of cultural relics in due course, further promote the reduction of tariffs on cultural relics within 100 years, and promote the reduction of postal tax and value-added tax rates on the import of cultural relics in due course. Several adjustments in tax policy, reducing the tax burden on the import of cultural relics and works of art, is conducive to encouraging individuals and enterprises to bring cultural relics into the collection, display and trade.
China has made several adjustments to the import link tax rate in recent years. In terms of postal tax, the tax rate has been reduced twice since 2018, stamps, artwork, collectibles tax rate that is, from 25% to 20%. The tariff and import link VAT rates have also been continuously reduced, with the tariff rate for original oil paintings, pastel paintings and other hand paintings, original engravings, printed paintings, lithographic paintings, and original sculptures of various materials being reduced from 12% to 1%, and the standard rate of VAT on imports of cultural relics being lowered from 16% to 13%.