我国离岸金融市场发展的经验与教训：深圳与上海的案例

自1989年开始，中国人民银行和国家外汇管理局先后批准了招商银行等5家银行在深圳经济特区试办离岸金融业务，从而正式揭开了我囱离岸金融市场发展的序幕。1999年，中国人民银行发文停办该项业务，后又于2002年6月11日重新开放离岸金融，批准交通银行．招商银行、浦东发展银行．深圳发展银行分别在上海和深圳开办离岸金融业务。至此，“离岸金融”的概念被重新纳入中国金融业，中国的离岸金融市场再次扬帆起航。[编者按]     

在北京建立离岸金融市场的思考

为深化金融体制改革,完善我国金融体制,推动国内离岸金融市场的发展,加强对银行经营离岸银行业务的监管,中国人民银行制定了《离岸银行业务管理办法》。这无疑使正在兴起的离岸银行业务有规可循。尽管离岸金融业务对大多数国内银行来说还是一项新业务,但争取涉足这项业务的国内银行很多。深圳市的招商银行早在1989年就率先在国内试点办理离岸业务,随后,深圳市的     

中国离岸银行业务监管框架

2002年中国复办离岸银行业务以来,共向招商银行、深圳发展银行、交通银行和上海浦东发展银行等4家银行发放离岸银行业务牌照。目前,四家持牌商业银行离岸业务在谨慎经营中获     

银行离岸业务亟需“靠岸”——对于银行离岸业务的几点思考

自1989年招商银行获批在全国率先试办离岸银行业务以来,已经过去了21年。而在这21年中,对于银行离岸业务的争论一直没有停止。尤其是在有没有必要大力发展银行离岸业务,如何发展银行     

我国离岸银行业务：幼苗破土时

离岸银行业务在我国发展不到20年的时间里，已历经了试办、停办和复办的曲折过程。当前．我国企业“走出去”产生了新的融资需求．银行国际化经营也需要“走出去”，此外人民币开始出现国际化的趋势，所有这些都为银行离岸业务的发展提供了内在动力。当然，与此同时这项业务也面临“成长的烦恼”和不可回避的风险，因而对金融外汇监管提出了新的课题。本期组织的这一专题，对银行离岸业务的现状、试点经验及监管存在的问题作了相关的介绍与分析。     

离岸银行业务所得税政策和管理问题探讨

从1989年7月1日,经国家外汇管理局批准,招商银行正式开办离岸银行业务起,至今,经历了1999年初被人民银行"叫停",直至2002年再次被获准重新开办.这一曲折的发展过程本身反映了离岸银行业务既是符合目前中国资本项目还未放开、利率管制的金融运行状况,提高国内商业银行竞争力的一个有效手段,又是具有较大风险性,短期内不可能成为银行赢利重心的一种金融创新业务,但全面放开已是大势所趋.笔者认为"适度扶持,加强监管"应该是制定离岸银行业务税收政策的基本取向,同时应该恢复和完善深圳市原对于离岸银行业务所得税政策和征收管理方面的探索和实践,为下一步国家制定相关税收政策提供有价值的参考.     

我国试办离岸银行业务的教训与启示

去年，人民银行出台新的《离岸银行业务管理办法》，深圳发展银行、交通银行、浦东发展银行等相继获得中国人民银行的批准，重新开办离岸银行业务。在此离岸业务重新开办之际，认真分析1990年代试办失败的原因，吸取其中的教训，有利于促进离岸银行业务健康持续发展。     

我国离岸银行业务浅析

国家外汇总局在2009年7月13日颁布的《关于境外机构境内外汇账户管理有关问题的通知》中规定境内依法具有吸收存款且具有办理结算等业务经营资格的中外资银行均可为合法在境外注册成立的机构开设境内非居民外汇账户。可以说境外机构境内外汇账户业务基本全面放开,未获得离岸银行业务牌照的银行可以开展法人机构的离岸业务,只是形式上由离岸账户(OSA)变成了境外机构境内外汇账户(NRA)。由于银行内部系统开发、操作规程制定及营销调研等方面的诸多限制,此业务在国内商业银行尚未真正普及展开。由于《国家外汇管理局关于境外机构境内外汇账户管理有关问题的通知》这份文件中并未明确商业银行是否可以经营资产类业务,所以商业银行也不愿轻易开展资产类业务经营。自2002年6月恢复开办离岸银行业务以来,以交通银行、深圳发展银行、招商银行、和上海浦东发展银行为主的几家银行的离岸银行业务规模快速增长,总资产、负债、贷款或是中间结算业务都取得了可喜的成绩,尤其是2009年是世界金融危机全面爆发的一年,四家银行的离岸银行资产不但没有下降,反而从2008年底的53.2亿美元迅速增加到86.3亿美元,2009年增长率为62%。我国离岸银行业务已经初步成熟,具有一定的抵抗不利金融环境的能力。     

动向

外汇局批准部分银行试点开办电子银行个人结售汇业务 4月23日．国家外汇管理局宣布,已先后批准中国银行、招商银行及中国工商银行试点开办电子银行个人结售汇业务。试点之后．境内个人持本人有效中华人民共和国居民身份证在试点银行开立账户后,即可通过网上银行或自助终端．     

我国离岸银行业务发展中存在的问题和对策

离岸银行业务在近15年的发展过程中,暴露出不少制度上和经营上的问题,限制了离岸银行业务的进一步发展。为使离岸银行业务能得到更好的发展,我们需要总结、思索。本文结合笔者对商业银行日常监管工作中发现的,以及日常银行离岸业务开展中反映出的问题,对我国离岸银行业务的发展作些探讨。     

The territorial futures of Europe: ‘Trends’, ‘Competition’ or ‘Cohesion’

The ESPON 2006 scenario project generated three integrated roll-forward scenarios (A roll-forward scenario is a scenario in which the hypotheses define the parameters at the start of the covered time period and the scenario then explores the unfolding of events based on theses hypotheses. This is opposed to a roll-backward scenario in which the situation at the end of the time period is defined and the scenario then explores the path to reach this situation.). In the trend scenario renewed efforts are made for the Lisbon strategy, demanding extra investments in R&D and education. Regional policy will also be continued with vigour. In the Competition Scenario bold decisions are made regarding Europe's continued prosperity. The Lisbon strategy takes precedence over institutional reform and other sectoral policies. In the Cohesion Scenario Europe is confronted with the challenge of fully integrating the various regions in Europe. The budgets for Regional Policy and Rural Development Policy are enhanced and targeted to the most needy regions. The scenarios are described as stories about the future, supported by model calculations and visualised by various maps. They concentrate on urban and rural development and on territorial developments in different parts of Europe, like North-West Europe, the Alpine Space and Central and Eastern Europe. In addition, a proactive, roll-back scenario explores the possibilities to combine competitiveness, cohesion and sustainability. A message, derived from the scenarios, is that independent of the explored policy options the European territory will be confronted with large challenges like a (rapid) decline of fossil energy resources and increasing impacts of climate change. The scenarios appear particularly helpful in the context of the current paradigm shift in European regional policy from a policy for balance to a policy for aggregate growth.     

‘Exploratory landscape scenarios’ in the formulation of ‘landscape quality objectives’

The European Landscape Convention (ELC) calls for the definition of ‘landscape quality objectives’ (LQO) as “the formulation by the competent public authorities of the aspirations of the public with regard to the landscape features of their surroundings”. However, it is not yet defined how the integration of the visions of the public should be carried out. Notably in regions with poor participatory culture and in rural landscapes abandoned by people and consequently by their activities, dealing with the future does not seem a straightforward task. In these marginal rural landscapes the role of agriculture is being altered under the influence of the new rationale of the Common Agriculture Policy, so it may have to assume different functions in the future. Thus, this paper aims at showing how the development of ‘exploratory landscape scenarios’ can be a useful tool, firstly to find plausible landscape futures, and secondly to trigger discussions with the public regarding their aspirations for their landscape. The development procedure for ‘exploratory landscape scenarios’ builds on the ‘intuitive logics’ approach that focuses on the production of a variety of scenarios as starting point for discussion about the future rather than on finding an optimal one, which can limit the options unnecessarily from the beginning. The methodological approach is illustrated at a local scale by using the case study of Mértola in southeast Portugal. The results of the scenario exercise point out the adequateness of the methodology in the development of futures that are perceived as plausible by local stakeholders and, thereby, able to bring out their desires and threats towards the future of their landscape.     

Sustainability reporting: The role of “Search”, “Experience” and “Credence” information

Corporate sustainability reporting quality has been frequently criticised as being unbalanced, presenting an overly positive view or failing to address material issues. The purpose of this article is to provide a fresh explanation for poor quality sustainability reporting and to propose how quality issues may be addressed. The theoretical framework combines the legitimacy and accountability perspectives using Akerlof's (1970) Market for Lemons theory. Akerlof's approach is extended by differentiating between three types of information in sustainability reports namely search, experience and credence. The article concludes that the type of information must be considered when determining measures to improve report quality.     

Pointers: Pay; Housing; NHS; Regional policy; Public expenditure; Industrial support; US deficits

Using performance indicators to drive improved service delivery and cost‐effectiveness has been a recognized management technique in the public sector for many years. Most managers are now convinced of the possible benefits, at least in theory. Reality, though, is much less encouraging. Partial coverage, poor implementation and unrealized expectations are still the norm. Yet the potential for radical improvement by making the most of performance measurement is even greater than most people would believe. The question is how to unlock this potential.     

“Too‐Small‐To‐Survive” versus “Too‐Big‐To‐Fail” banks: The two sides of the same coin

In the recent crisis, the U.S. authorities bailed out numerous banks through TARP, whilst let many others to fail as going concern entities. Even though both interventions fully protect depositors, a bail out represents an implied subsidy to shareholders, which is not yet the case with closures where creditors are not subsidised. We investigate this non‐uniform policy, demonstrating that size and not performance is the decision variable that endogenously determines one threshold below which banks are treated as TSTS by regulators and another one above which are considered to be TBTF. We, hence, provide a pair of economic rather than regulatory cut‐offs for TBTF and TSTS banks. The shareholders and the other uninsured creditors of a distressed bank are not bailed out if the bank is considered to be TSTS. We further document that the less complex a bank is, the less likely is to be bailed out and, hence, to have all of its creditors protected.     

Asking ‘Why’ in AI: Explainability of intelligent systems – perspectives and challenges

Recent rapid progress in machine learning (ML), particularly so‐called ‘deep learning’, has led to a resurgence in interest in explainability of artificial intelligence (AI) systems, reviving an area of research dating back to the 1970s. The aim of this article is to view current issues concerning ML‐based AI systems from the perspective of classical AI, showing that the fundamental problems are far from new, and arguing that elements of that earlier work offer routes to making progress towards explainable AI today.