合格境外厂商的可行性及制度设计

本文在研究分析合格境外厂商的可行性及制度设计基础上,对完善交割纳税政策、防控资金套利和过度交易等相关问题作了探讨,并提出实施合格境外厂商制度等建议:在策略和步骤选择方面,可以先行试点,取得经验,逐步推广;在选择品种方面,可以先选择全球惟一上市品种、后选择普遍上市品种;在参与主体方面,可以先境外生产厂商,后境外加工商、贸易商,基金、保险公司等;在参与方式方面,合格境外厂商可以先作为客户、后发展自营会员;在交易和交割的平衡方面,可以先重点考虑交易可行性、后疏通交割渠道。

Qualified Foreign Manufactures Feasibility and System Design

Based on the research and analysis of the feasibility and its system designing of qualified foreign manufacturers(QFM),we discuss the issues on the improvement of the delivery of tax policy prevention of arbitrage and over-trading,etc.And finally we propose several suggestions on the implementation of the system of qualified foreign manufacturers.As for the selection of strategies and procedures of QFM,we propose to run a pilot program from which we could gain some experiences,and then to gradually make QFM further spread.As for the selection of commodity products,we suggest firstly choosing the only product which is listed global wise and then selecting other common products listed in the markets.As for the main participants,we advise approving QFM first,followed by foreign processors,traders,funds,insurance companies,etc.As for the manner of participation,QFM can be qualified as a customer first and then develop as a proprietary member to trade.As for the balancing between business trading and physical delivery,we propose considering the feasibility of the transaction first and then solve the issues on delivery.