| China’s two-way opening-up in the financial sector has entered a new stage,one of which is the combination and coordination between high-quality foreign investment in the financial sector and high-quality Chinese investment going global.On the one hand,foreign investment in the financial sector will produce certain spillover effect,and bring to our financial markets and financial system of double effect,can drive the domestic financial institutions based on the pressure of competition and improve their comprehensive ability,especially the management ability and management ability,can also increase the complexity of the financial risk,strong infectious and the concealment of the channel.Chinese-invested financial institutions overseas investment scale,on the other hand,appear a substantial increase in 2014 and beyond,and this trend also caused the us and the UK,the European Union and other countries or regions legislation reaction,outstanding performance for a host or modify more strict system of national security review of foreign investment,and the goal is for Chinese firms,including financial institutions.This will cause a significant loss of China’s foreign investment rights and interests and easy to cause volatile factors such as the price of financial assets and financial market fluctuations.In addition,in the new financial and digital economy and other innovative situations,financial data security,financial network security,financial key technology security and other issues have also been increasingly concerned with the increase of overseas investment.In general,under the background of our country finance two-way open,the protection of Chinese enterprises in overseas financial assets,the dollar hegemony and long arm jurisdiction in the United States,risk prevention and disposal in the internationalisation of the renminbi,foreign financial institutions within the territory of the strategic investment and exit may influence,international hot money especially urgent reality,such as hedge funds.It is necessary to establish a sound risk response and disposal system guided by the concept of national financial security,so as to safeguard national interests and national financial security in accordance with the law,and ensure the stable development of China’s financial system.From the existing institutional arrangements in China,the security review system in the field of foreign investment has been basically established,but the scope of application is limited,and how to apply in the field of foreign investment finance,financial network security and data security under the new financial system and other issues need to be clarified.Moreover,the system to maintain the national financial security and stability is scattered in the texts of individual laws or regulations,and there is still a lack of systematic and integrated institutional arrangement,and the coordination of the system is poor.In view of these problems and the importance and urgency of safeguarding the country’s financial security,the revision of the Law of the People’s Bank of China has been put on the agenda as a preliminary item in the legislative work plan of the National People’s Congress in 2021.The revised draft of the law clearly states that the People’s Bank of China is responsible for the national financial security review,which requires a specific design of the national security review system in the key field or industry of finance.But how to set the scope of objects and standards of national financial security review system,what procedure rules should be followed,and the basic category and theoretical basis of the system all need to be studied or demonstrated systematically.Starting from the above problems,this paper USES the interdisciplinary analysis,empirical analysis,comparative analysis,to service the country’s financial two-way open and respond to the state’s financial security threat two overall situation,try to use the overall national security concept theory as the analysis way of thinking and value guidance,and guidance to improve the system of the state’s financial security review,In order to achieve the three goals of maintaining the formation of the overall national financial security concept,national financial security and stability and promoting financial development.This paper follows the above basic research ideas,and takes the emergence and evolution of the national financial security review system as the research starting point,and carries out a concrete analysis from the four aspects of the national financial security review institutions,objects,standards and procedures.In addition to the introduction and conclusion,the research is divided into six chapters.The first chapter mainly focuses on the emergence and evolution of national financial security review system.From the perspective of generation and evolution,it is mainly from the outside countries and China as two major paths.On the whole,the United States is the originator of the national financial security review system,and also the representative of the rich,complete and strict implementation of the system.Moreover,the National Financial Security Review System of the United States is integrated with the national security review system for foreign investment,and is used in parallel with the access system for foreign investment.China’s national financial security review system has been established for a short time,but the financial market access system after the reform and opening up has provided the system sample and operational practice basis.The second Chapter studies the theoretical development of national financial security review system.With the Asian financial crisis in 1997,China’s national financial security has been paid more and more attention by academic circles and practical departments.However,traditional theories of national economic sovereignty and financial risk can only provide a certain level of support for China’s national financial security review system,and new theories are needed to consolidate the foundation.In this respect,the overall national security concept can be the core concept,value objectives and other important categories of the national financial security review system,as well as the value guidance,method guidance and theoretical support for the establishment,systematic arrangement and effective operation of the system.The third chapter studies the institutions of national financial security examination.National financial security review,as a key way for the government to intervene in extraniorrelated financial activities and guard against threats or possible threats to national financial security,needs to clarify the review organization,power and responsibility allocation and safeguard measures.On the basis of drawing lessons from the configuration of financial security review institutions of foreign countries,this paper aims at the deficiencies in the establishment of national financial security review institutions in China,and provides solutions.The fourth chapter focuses on the determination and expansion of the scope of the national financial security review object,and takes “behavior-subject” as the logical approach and based on the typed method.From typed perspective,the state’s financial security review mainly can be divided into financial security review in the field of foreign investment and other security review of foreign financial activities,and the corresponding actions and behavior can be from foreign investment behavior and its subject is the general subject,foreign investors other threat to the state’s financial security and its main body for specific analysis.The behavior and the behavior main body are incorporated into the state’s financial security review the scope of object,one reason is from domestic existing laws and regulations,second reason from countries outside security review in the new trend of legislation,the other reason is based on the state’s financial security review preventive,forward-looking,importance of open discussion.However,from the perspective of China’s financial security situation,imported risk prevention,financial and economic relations between major countries,and the trend of financial security review of countries outside the region,the objects of China’s national financial security review need to adhere to an open mind,which may achieve the actual effect of the system.The fifth chapter demonstrates the enrichment and development of national financial security examination standards.The standard of national financial security examination is the premise and guarantee of the system operation.In a broad sense,the national financial security examination standards include the behavior and the subject of behavior in the third chapter,but in a narrow sense or a more normative sense,it should be analyzed in detail from relevant important concepts,meta-standards and basic standards,restrictive standards and permeable standards.From the system configuration of other countries in the world,the national financial security examination standard usually adopts the combination of fuzziness and certainty to stipulate.The optimization of China’s national financial security review standards needs to be carried out from the following aspects: first,classifying the specific standards of foreign investors,that is,foreign financial institutions,international financial organizations and other regular standards,and organically combining with the actual controller,related parties,material influence and other penetrating subjective standards;Second,we should attach importance to and adhere to the penetrating standards such as capital source,investment motive and business persistence;Third,the classification design shareholding ratio,industry restrictions or prohibitions and other restrictive standards.From the perspective of domestic system improvement,it is urgent to establish corresponding indicators and factors for national financial security review,which can be optimized from detailed indicators such as foreign exchange and external debt,entry of foreign financial institutions,entry and outflow of international hot capital,and corresponding system conditions.The key point is to clarify the key concept of the national financial security review,improve the system of the national financial security review standard,and maintain the timeliness and effectiveness of the review standard through the design of the dynamic adjustment system and the open system of the national financial security review.The sixth chapter mainly analyzes the perfection of the national financial security examination procedure.The procedure of national financial security review is an important way to ensure the realization of the rights of the subject and an effective carrier to restrain the government’s regulatory power.From the current situation of China’s financial security review procedure rules,the existing procedure rules are only applicable to the situation in the field of foreign investment,and China’s financial capital output accompanied by the export of technology,financial data exit and other security review procedures for the applicable rules are not clear.Based on the principle of closest resemblance or close connection,it can be applied to the Foreign Trade Law,Export Control Regulations and other laws and regulations as well as procedural rules in supporting systems.However,there are some defects,such as inconsistency with the aforesaid review procedure rules and how to coordinate the relevant procedure stages.From the way to solve the People’s Bank of China unified national financial security vetting process rules,unity and classification of related concepts,specific stage,review cycle,safeguard measures,as well as the central and provincial government information exchange,special case tries to make clear to security review procedures,etc,to provide legal and effective to carry out the state’s financial security review normative guidance.To improve the effectiveness,authority and credibility of the national financial security review system. |
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