Anxin strategy: Leading Goose expands its opening again in Shanghai Free Trade Zone

Anxin strategy: “Leading Goose” expands its opening again in Shanghai Free Trade Zone

Source: Chen Guo’s A-share strategic investment points ■ Free trade zone is a “bridgehead” for expanding and opening up. Foreign countries still play an irreplaceable role in the country ‘s economic development. Expanding the intensity of attracting foreign investment and improving the level of foreign capital utilization have been affected by policiesAttention and awareness.

The measures to attract foreign investment in the new era are to expand opening up, create a level playing field, optimize the internal investment environment, and provide market space for foreign-invested enterprises in China.

Through the construction of the free trade zone, foreign countries can not only invest in China and enjoy the benefits brought by the Chinese market, but also use China as a base to gain more access to the market of China’s free trade partners.

  ■ Shanghai Free Trade Zone, “Leading Geese” Re-Booming The Shanghai Free Trade Zone, as an internal free trade zone “1 + 3 + 7 + 1” and “Leading Geese” in the “Geese-shaped array”, has been formed in the past 6 yearsA series of successful experiences: The Shanghai Pilot Free Trade Zone has gone through three stages from the completion of the 2013 Overall Plan, the completion of the 2015 Deep Reform Plan, and the completion of the 2017 Full Comprehensive Reform Plan.

In 2019, a new area of the China (Shanghai) Pilot Free Trade Zone will be added to make bold and innovative explorations in promoting investment and trade liberalization and facilitation, and accumulate more replicable and popularizable experience for the country.

  ■ A new round of Shanghai Free Trade Zone theme investment logic. As the “leader” of the national free trade zone, the addition of a new area in the Shanghai Free Trade Pilot Zone is more profound than reform in 14 to 15 years. ReformThe intensity of openness is expected to take another step, and it is a move to undertake new tasks, constructive international market influence and competition in special economic functional areas.

Relevant companies in the region will also benefit from the dividends released by the new round of reform and opening up.

Specifically, you can pay attention to the following three main lines: Main line 1: Enterprises that provide trade and logistics services in the region benefit from more prosperous commerce after the opening up; Main line 2: Companies with rich land reserves in Shanghai, newly addedThe area is expected to increase its value after landing; Main line 3: Emerging industries focused on the development of the free trade zone represented by integrated circuits, intelligent manufacturing, biomedicine, aerospace, and new materials.

  ■ Risk reminder: There is uncertainty about the timing of the establishment of a new area in the Shanghai Free Trade Zone and the specific area. In November 2018, the Import Expo proposed that “the new area of the Shanghai Free Trade Pilot Zone in China will be added to encourage and support Shanghai to advanceBold innovations in investment and trade liberalization and facilitation will accumulate more replicable and popularizable experience for the country. ”

  In 2019, the “Government Work Report” stated, “Through how the free trade pilot zone reforms and innovates autonomy, it will set up a new area in the Shanghai free trade pilot zone, promote the construction of the Hainan free trade pilot zone, and explore the construction of a free trade port with Chinese characteristics.

Support national economic development zones, high-tech zones, and new zones to carry out related reform pilots in free trade pilot zones, enhance the role of radiation, and create new highlands for reform and opening up.

  On April 26, 2019, the Chinese President attended the opening ceremony of the second “Belt and Road” International Cooperation Forum at the Beijing National Convention Center, announcing that “China will adopt major reform and opening up measures to promote higher levels of opening up.

We will expand access to the foreign exchange market in a wider field, strengthen international cooperation in copyright protection, increase imports of goods and services on a larger scale, implement international macroeconomic policy coordination more effectively, and further improve the opening-up policy.

“, And once again highlighted that” the new layout will be integrated into the free trade pilot zone, and the exploration and construction of free trade ports will be accelerated.

1. The free trade zone is a “bridgehead” for expanding openness. Through the recovery of developed economies and the replacement of developing economies, the exchange of income changes, so that it has become the largest investment destination favored by foreign investors.The speed is also becoming more consistent.

  Foreign countries still have an irreplaceable and important role in the economic development of developing countries. Increasing the intensity of attracting foreign capital and improving the level of foreign capital utilization have always received the attention and attention of policy layers.

  The measures to attract foreign investment in the new era are to expand opening up, create a level playing field, optimize the internal investment environment, and provide market space for foreign-invested enterprises in China.

Through the construction of the free trade zone, foreign countries can not only invest in China and enjoy the benefits brought by the Chinese market, but also use China as a base to gain more access to the market of China’s free trade partners.

  This year, the construction of the Pilot Free Trade Zone has entered its sixth year. Six years from the construction of the Pilot Free Trade Zone, a new “Yan array” of “1 + 3 + 7 + 1” has been formed.In the areas of trade and investment liberalization and facilitation, financial services to the real economy, and the transformation of government functions, nearly 200 reform pilot experiences have been formed nationwide, forming a multi-level, wide-area, composite comprehensive reform situation and innovation pattern.

  At present, China has signed 18 free trade agreements with 24 countries or regions. Based on its surroundings, it radiates the “Belt and Road” and faces the world. There are both members of our neighboring countries including ASEAN and the “Belt and Road” vertical Pakistan, Georgia.And there are other countries in the world, Latin America, Peru, Chile.

We have negotiated 14 free trade agreements, including the Regional Comprehensive Economic Partnership Agreement (RCEP), the China-Japan-Korea Free Trade Agreement, and the upgrade of the China-Singapore Free Trade Agreement.

  2. Shanghai Free Trade Zone, “Leading Goose” flaps its wings again 2.

1.
A series of successful experiences have been formed in the construction. The Shanghai Free Trade Zone, as the “leading geese” in the “1 + 3 + 7 + 1” and “geese-shaped array” of conventional free trade zones, has formed a series of successful experiences in the past 6 years of construction.: The Shanghai Pilot Free Trade Zone has gone through three stages from the completion of the 2013 Overall Plan, the completion of the 2015 Further Reform Program, and the completion of the 2017 Comprehensive Reform Program.

  In March 2017, the State Council issued the so-called “Shanghai Free Trade Zone.”

The “Version 0 of the China (Shanghai) Pilot Free Trade Zone Reform and Opening-up Plan” clarified 98 key reform tasks, as of the end of 2018,3.

Ninety-six of the 98 key reform tasks identified in the 0 version plan have been completed. The Shanghai Free Trade Zone has achieved the expected goal of three years and basically two years of completion.

  In the briefing on the “Promoting the Expansion of Development (Shanghai) Research Bank” announced by the Shanghai Municipal Government on April 10 this year, we can take a glimpse of the bright reform transcript of the Shanghai Free Trade Zone: the country ‘s first foreign investment “has a substantial increase”” From the original 190 to the current 45, more than 95% of foreign investment projects have been established through filing; the service industry and the expansion of the manufacturing industry have been continuously promoted, and two batches of 54 expansion and opening measures supplement projects.400, with a total of more than 2,800 landing projects, and a number of pioneering projects in 40 fields; continued to expand the date of foreign-funded foreign enterprises, the newly established foreign-funded enterprises in the free trade zone.

10,000 households, the proportion rose from the original 5% to 20%.

  After the launch of the “100 Enlarging Shanghai Opens”, 93 have been implemented, and a number of pioneering projects have been implemented in 40 fields.

In the future, the Shanghai Free Trade Zone will deepen the opening of key areas such as telecommunications, education, healthcare, culture, finance, and manufacturing.

Take the lead in removing commercial vehicle and passenger vehicle foreign exchange share restrictions in the Shanghai Pilot Free Trade Zone, take the lead in piloting the cancellation of foreign exchange share restrictions for securities companies, securities investment fund management companies, futures companies, and life insurance companies, and implement new financial business licenses for licensed financial institutionsCard first landed.

Continue to play the role of test field in expanding opening up.

  Through a series of “first-of-its-kind” explorations, the Shanghai Free Trade Zone has created a “free trade zone speed”: in the approval of enterprise investment and construction projects, it has launched a “hundred-day plan” to realize the transfer of 24 natural days with design plans.The design scheme will be completed in 80 natural days. After completion, the comprehensive acceptance will be completed within 15 natural days, and the real estate registration will be completed within 5 natural days after acceptance.

In terms of enterprise market access, we have promoted the reform of the market access facilitation process, such as “one photo, multiple addresses,” and increased the registration and approval speed of enterprises by more than 60%. Newly established enterprises were established within two days and opened within four days.

In terms of free trade, the Shanghai Free Trade Zone has reduced the customs clearance costs of enterprises by implementing new rules for trade facilitation.

Automated import electronic licenses were issued on a trial basis. Over 90% of non-mechanical automatic import licenses were completely paperless. The processing time of automatic import licenses for mechanical and electrical products was reduced to 8 hours. By promoting the paperlessness of container equipment transfer orders, bondedThe overall customs clearance time for regional cargo imports has been extended to 2 days by sea and within 24 hours by air, which directly reduces costs by more than 400 million annually.

In terms of government service, the “Internet + government service” model has been basically established. In the context of Shanghai’s first implementation of the “One Netcom Office”, 327 corporate-related matters in Pudong New Area have all entered the online government affairs hall, and 53% of matters have not metAfter approval, 47% of the items are “run only once”, and the actual processing time is 85% shorter than the legal time limit.
  What is the future reform direction of Shanghai Free Trade Zone?
At the briefing on the “Promotion of Development (Shanghai) Research Bank”, Zhu Min, deputy director of the Shanghai Development and Reform Commission, said that the Shanghai Free Trade Zone will move towards liberalization and facilitation, and the construction of the “three zones and one castle” is still underway.On the road, there will be four aspects in general: First, take the industrial chain as a carrier to carry out systematic reforms, and focus on areas required for strategic development such as biomedicine, integrated circuits, and new materials.

Second, through process reengineering, improve the efficiency of government services, improve the sense of satisfaction and satisfaction of enterprises, continue to lead at the “free trade zone speed”, and propose more systematic reforms.

Third, enhance the “Belt and Road” bridgehead.

After the introduction of the “100 Enlarging Openings in Shanghai”, 93 have been implemented and have achieved good results in practice. Next, we will continue to play the role of test fields in expanding and opening up.

Finally, with the goal of leading the excellent development of the Yangtze River Delta, we will promote regional coordination.

  2.

2.
The Shanghai Free Trade Zone ushered in another expansion in April 2015, and the Shanghai Free Trade Pilot Zone started from 28.

78 square kilometers, expanded to include the Lujiazui financial area (including the Expo area, 34.

26 square kilometers), Jinqiao Development Area (20.

48 square kilometers) and Zhangjiang Hi-tech Zone (37.

2 square kilometers) total 120.

72 square kilometers.

After the expansion, the Shanghai Pilot Free Trade Zone will implement the administrative committee and the Pudong New Area Government Integration and Cooperation Office.

  On November 5, 2018, in the important speech of the opening ceremony of the first China International Import Expo, he proposed that “the new area of China (Shanghai) Pilot Free Trade Zone be added, and encourage and support Shanghai to be bold in promoting investment and trade liberalization and facilitation.Innovation and exploration, accumulate more replicable and popularizable experience for the country. ”
On March 5th, the government work report stated that “strengthening the protection of the legitimate rights and interests of foreign businessmen, granting the autonomy for reform and innovation in the Pilot Free Trade Zone, and setting up a new area in the Shanghai Pilot Free Trade Zone”.

  For the Shanghai Free Trade Zone, the deputy secretary of the Shanghai Municipal Party Committee and the pilot Mayor Ying Yong said, “We have benchmarked against the internationally recognized most competitive free trade zone, implemented an open policy and system for international market competition, and built a first-class international market.Special economic functional areas of influence and competition. ”

The establishment of a new area in the Shanghai Pilot Free Trade Zone is by no means a simple area expansion, instead of the upgrade of special economic functional areas that undertake new tasks and build international market influence and competitiveness. The next phase will be to serve the “Belt and Road”The actual contributions made in construction, the Yangtze River Economic Belt, and the integration of the Yangtze River Delta.

  2.

3.
The ensemble of technology and openness, the construction of Pudong’s key service science and technology board. In order to fully serve the science and technology board, the Yangtze River Delta Capital Market Service Base was unveiled on November 14 last year and officially opened in Pudong Zhangjiang Science City on April 10 this year.

The base is jointly established by Pudong New Area and Shanghai Stock Exchange, providing one-stop services for enterprises in the Yangtze River Delta to connect with the capital market, strengthening collaborative innovation in the Yangtze River Delta region, strengthening the financial services of the real economy, and promoting the integrated development of financial centers and science and technology innovation centers.
The base focuses on giving play to the function of agglomeration and radiation of Shanghai’s financial factor market, responding to multi-level financing needs of enterprises in the Yangtze River Delta and optimizing the allocation of resources in the Yangtze River Delta region.

At present, the base has planned ten major functions: preparation and release of the Yangtze River Delta financial series index, listing and cultivation and roadshow display, debt financing services, equity investment docking, information release and consulting, credit information sharing, professional service docking, professional training, service science and technology innovation.Board registration system, financial risk prevention.

  In order to do a good job in science and technology board related services, the Pudong New Area Financial Bureau and the relevant business departments of the Shanghai Stock Exchange have jointly established a special science and technology board working group to provide targeted services for companies planning to be listed on the science and technology board.

In the past financial year, the District Finance Bureau organized more than 500 science and technology enterprises into a number of special seminars.

After the Securities and Futures Commission issued a draft of opinions on the implementation of the science and technology board and related management measures on January 30, the District Finance Bureau convened various districts to sort out key enterprises expected to meet the standards in accordance with the standards in the solicitation draft to form a key 天津夜网 cultivation bank.To strengthen peer-to-peer tracking services.

At the same time, more than 200 entrepreneurs from Shanghai and Zhejiang participated in the seminar on the issue and listing of stocks of Zhangjiang Xinxing Science and Technology Innovation Board.

On March 22, the list of the first batch of approval applications for the science and technology board was announced. Among them, the copy of No. 001 was won by the Pudong enterprise Jingchen Semiconductor, and the company’s sponsor Guotai Junan Securities was also located in Pudong.

  2.

4.
Shanghai Free Trade Zone actively integrates regional strategies.In 2018, Shanghai Free Trade Zone companies’ investment in countries and regions along the “Belt and Road” increased by 21% and 3%.

In the “Belt and Road” strategy, the Shanghai Free Trade Zone will continue 重庆耍耍网 to play the role of a bridgehead, and will be a great help for Chinese enterprises to enter the “Belt and Road” international market.

The Shanghai Free Trade Zone has not only established a multi-layered cross-border service system, expanded the overseas investment service platform of the Pilot Free Trade Zone, and functions of the “Belt and Road” zone, but also established a “Belt and Road” exchange and cooperation center and a Middle East overseas branch center.Expand cross-border financial service functions, accelerate strategic cooperation with offshore RMB offshore markets, and provide investment and financing support for connectivity within the “Belt and Road” framework.

  On November 19 last year, the “Yangtze River Delta Integration” Action Plan for the Merging of Shanghai’s Lingang Area was released, and Lingang Area has clearly defined the direction of its integration into the Yangtze River Delta.

According to the plan, Lingang will promote the integration of the “Yangtze River Delta Integration” in accordance with the framework of “1 + 2 + 5 + 7”: “1” is the effective implementation of the General Secretary and will support the development of the Yangtze River Delta regional integration and rise to the stateThe guiding spirit of strategy; “2” is to create a north-south scientific and technological innovation corridor with Lingang-Zhangjiang as the main axis and a Yangtze River Delta coastal innovation belt with the eastern coastal cities as the main axis.

The plan proposes that through three years of efforts, Lingang will strive to form three hundred billion billion industries in biomedicine, integrated circuits, and intelligent connected cars, and initially establish a global innovation network hub. The core role of leading and supporting national innovation and development will be further highlighted.Become a high-tech innovation highland with global influence, become an important core of the integrated development of the Yangtze River Delta and world-class scientific basic research, a source of science and technology innovation, high-end industrial development and intelligent manufacturing clusters.

“5” is to support the development of an innovative service platform, special funds to support project development, promote an innovative “co-construction and win-win” cooperation model, support talent training and exchanges, and industry fund support in five aspects, to fully protect the “Shanghai LingangThe “Yangtze River Delta Integration Action Plan for Regional Integration” was effective.

Lingang will establish special funds for “Yangtze River Delta integration” development, leverage government funds, and focus on supporting product research and development, technology research, entrepreneurship, talent introduction, fund establishment, etc., and encourage cross-regional project cooperation to enable industrial Internet and cloud computing., Artificial intelligence and other new generations of information technology and manufacturing industry are deeply integrated, and strive to create a “Yangtze River Delta intelligent manufacturing, artificial intelligence, industrial Internet and other demonstration application pilot areas.”
In addition, the Lingang authorities make full use of the existing investment guidance fund, focus on supporting the development of related industries in the Yangtze River Delta, promote the establishment of a marine industry development fund, and focus on supporting the development of the entire marine industry chain.

“7” will focus on the development of seven areas including ship and ocean engineering, marine resource development and utilization, industrial Internet, general aviation industry, vigorously developing intelligent connected cars, promoting demonstration of intelligent manufacturing technology applications, and building science popularization bases.

The plan states that Lingang will play the role of existing tourism and cultural resources, and cooperate with Zhoushan, Putuo Mountain, Shengsi, Dongji Island and other regions to support the establishment of cross-regional tourism routes around themes of marine culture and marine cuisine.

  The implementation of the “Yangtze River Delta Integration Action Plan for the Integration of Shanghai’s Lingang Area” is Pudong’s contribution in the process of Yangtze River Delta integration.
With the gradual expansion of the Shanghai Free Trade Zone in the future, the Shanghai Free Trade Zone is expected to play a more critical role in the integration of the Yangtze River Delta.

  3. Historical experience: The theme of the Shanghai Free Trade Zone has been reopened. The development of the Shanghai Free Trade Zone has already experienced the Shanghai Free Trade Zone.

0 (first establishment), 2.

0 (deepening reform and expanding areas), 3.

0 (Exploring Free Trade Ports and Creating a New Goal of “Three Districts and One Fort”) In three phases, the historical market performances of the three phases in the history are different. The first two Shanghai Free Trade Zones were as large as first built and expanded areas.Actions and clear and specific reform plans, central research, plan submission, national approval and other steps are gradually and clearly explained. Therefore, the theme index of the first two Shanghai Free Trade Zones has increased by more than 120%, especially for leading companies.

And Shanghai Free Trade Zone 3.

0 The lack of a clear theme catalyst, the theme trend is not much different from the broader market performance.

  3.

1.
Debut of the Shanghai Free Trade Zone: Three leading leaders take turns to achieve the super theme theme brewing period: On March 27, 2013, Premier Li Keqiang went to Shanghai to study and encouraged the establishment of the Shanghai Free Trade Zone, marking the start of the theme of the Shanghai Free Trade Zone.The theme was not particularly attractive at the beginning, but has already started to have obvious excess returns. By July 3 of that year, the Shanghai Free Trade Zone Index had increased by only 1%, but the Shanghai Composite Index had fallen by 15%.

At this stage, benefiting from the market’s enthusiasm for the cultural media industry, Oriental Pearl became the leader of the Shanghai Free Trade Zone, an increase of 77%.

Start-up period: On July 3, 2013, the State Council adopted the “General Plan for the China (Shanghai) Pilot Free Trade Zone”, which officially launched the theme of the Shanghai Free Trade Zone. Among the themes, the commercial and retail and transportation sectors began to exert their strength.Shanghai Logistics and Huamao Logistics have become the leaders in this stage. On August 22 of that year, Shanghai Maomao increased by about 111%, and Huamao Logistics increased by about 56%.

Peak period: On August 22, 2013, the State Council approved the establishment of the China (Shanghai) Pilot Free Trade Zone, and the theme entered a climax.

The related stocks of the theme started to rise, especially in the business retail, transportation and real estate sectors.

Among them, the real leader of the theme market also emerged: Waigaoqiao (a 257% increase, 15 boards in 17 days).

Shanghai Port Group and Huamao Logistics grew by 134% and 118%, respectively, to become secondary leaders.

Redemption period: On September 18, 2013, the State Council issued the “General Plan for the China (Shanghai) Pilot Free Trade Zone”, but the plan was only announced on the 27th, and the theme market peaked on the 25th, and the redemption period began.In addition to the gap in investment growth of the Yangtze River, other stocks have generally fallen.

Analysis of theme re-examination: During the whole theme growth period, the Shanghai Free Trade Zone Index increased by 132.

Above 88%, the total leader Waigaoqiao rose by about 300%. Shanghai Materials & Trade (217%), Changjiang Investment (191%), Huamao Logistics (186%), Oriental Pearl (164%), Shanghai Port Group (139%)There has been a huge increase.

  3.

2.
Shanghai Free Trade Zone 2.

0: New gradual progress, new highlights, stand out from the four free trade zone themes Start-up period: Beginning in the second half of 2014, localities began to report their respective free trade zone plans for approval, and the free trade zone theme was launched.

At the beginning of the launch, the market prefers novel themes. The Shanghai Free Trade Zone has not achieved significant excess returns, while the Guangdong, Hong Kong and Macao Free Trade Zone Index has exceeded 20%.

A certain period: On December 12, 2014, the State Council deployed to deepen the reform of the Shanghai Free Trade Zone, and the Shanghai Free Trade Zone expanded into three new areas. At the same time, free trade zones were set up in Guangdong, Tianjin, and Fujian.

After the expectation is fulfilled, the average values of the four major free trade zone indexes will decline, and the new three thematic index changes will be small, while the Shanghai free trade zone index will be small.

Peak period: After about one month of reduction, the theme of the free trade zone in the bull market environment was once again popular with funds. Shanghai, Guangdong, Hong Kong, Macao, and Fujian free trade zone were most recognized by the funds, and all obtained about 20% of excess returns.

Redemption period: On April 20, 2015, the State Council issued the “Plan for Further Deepening the Reform and Opening Up of China (Shanghai) Pilot Free Trade Zone” and the “Overall Plan” for the three free trade zones.

The policy was implemented and the theme was fulfilled.

After that, only the Shanghai Free Trade Zone theme stood out, and it was still able to receive funding recognition and continue to grow.

Thematic re-examination analysis: Benefiting from the bull market pattern from the end of 2014 to the first half of 2015, the Shanghai Free Trade Zone Index has grown steadily at all stages, with a growth rate of 22%, 3.

5%, 50% and 20%.

During the complete rising period, the Shanghai Free Trade Zone Index increased by more than 122%.

In the performance of leading stocks, the free trade zone 2.

0 and 13 years of free trade zone 1.

0 Quotes have divisions of resistance.
Free trade zone 1.

0 only refers to the comprehensive bonded zone. The leading stocks are concentrated in the commerce, retail, and transportation sectors; and the free trade zone 2.

0 Newly expanded the Lujiazui financial area (including the Expo area), the Jinqiao development area and the Zhangjiang high-tech area.

Therefore, the leader is not the previous two major sectors, but extended to the real estate sector related companies involving the new three major areas.

Lujiazui, Zhangjiang Hi-Tech, and Pudong Jinqiao had breakthrough gains in the early stages of the theme, and they also increased notably during the peak of the theme.

Overall, the leaders Zhangjiang Hi-Tech and Shanghai Construction Engineering increased by approximately 248% and 246%, respectively. COSCO Haifa (189%), Lujiazui (166%), and China World Trade Logistics (144%) also saw huge increases.
  4. The new round of the Shanghai Free Trade Zone ‘s theme investment logic and focus combination is the “leader” of the national free trade zone ‘s “Yan Zhen”. The addition of a new area in the Shanghai Free Trade Pilot Zone is more significant than the expansion in 14-15For the far-reaching, the reform and opening-up efforts are expected to take another step forward, and it is a move to undertake new tasks and build special economic functional areas with international market influence and competition.

Relevant companies in the region will also benefit from the dividends released by the new round of reform and opening up.

  Specifically, you can pay attention to the following three main lines: Main line 1: Enterprises that provide trade and logistics services in the region benefit from more prosperous commerce after the opening up; Main line 2: Companies with rich land reserves in Shanghai, newly addedThe area is expected to increase its value after landing; Main line 3: Emerging industries focused on the development of the free trade zone represented by integrated circuits, intelligent manufacturing, biomedicine, aerospace, and new materials.