On QDⅡ Supervision System At The Perspective Of GATS

China’s rapid economic growth over the past three decades has made her keeping in the position of the trade surplus compared to the United States, Europe and other major economies. Because of such rapid development, China has accumulated huge excess foreign exchange in recent years. Huge foreign exchange reserves show that on one hand the Chinese economy that has achieved unprecedented success, but on the other hand also tell us China’s trade is imbalance. In order to deal with the appreciation of the RMB pressure, curb domestic inflation and control the government debt, the QDII arises. The so-called QDII (Qualified Domestic Institutional Investors), it is to point to in some countries or regions which capital project is not completely open, government allows local Institutional investors to invest oversea market the system in certain conditions. But because of financial crisis in the summer of2007which spread from the United States to the whole world, the performance of the China’s QDII products was hurt badly. This made domestic investors suffer huge economic losses.For market access of QDII, GATS has three enlightenment reference value:First, the QDII market access regulation of overseas investment consultant shall be gradually relaxed, it’s in accord with the spirit of GATS, and it’s also the future trend of QDII; Second, foreign Banks’ status in QDII system should be concerned especially, the attitude of the Chinese government which depict in China’s commitment to the GATS in the market access of foreign Banks affect the regulation of QDII business, and how to use the principle of prudence is the key point; Third, for the supervision of foreign financial employees in QDII business, on the one hand, government should combine personal regulation with financial institutions regulation which they are subordinate to, on the other hand government should promote international cooperation with investment market to eliminate possible risk.Discussing QDII supervision from the perspective of GATS is looking for the common spiritual about domestic financial supervision and the existing international treaties. But the difference is obvious:GATS didn’t make specific and strict standards for regulatory problems, on the one hand, it related to the negotiation process of the Uruguay round, on the other hand it showed the biggest respect to various countries; yet QDII supervision as a specific system of supervision, must have a specific measures to guarantee the rules. Therefore, reference ways of thinking or work methods such as the principle of prudent which comes from international treaty need to be refined in the supervision of the whole process and in reference legal documents. And these detailed measures and rules must reflect advanced mode of thinking in these international treaties and all kinds of consensus and must also adapt to national situation of each country. First, the QDII regulation system must meet the GATS core spirit; Second, in the QDII supervision, prudent exception principle as "a relief valve" should play a bigger role; Third, macro prudential supervision should be pay attention to.Transparency principle in GATS has a direct impact of developing the QDII, and furthermore it’s one of the most important premise principles of international cooperation of QDII supervision. It prompted QDII supervision department perfect legal documents, approval procedures and supervision procedure. Through the relevant system and inclusive spirit GATS promote China’s financial markets become an important force in the financial world from closed environment. Are the basic role above, we could talk about international cooperation of QDII. At present, the QDII international cooperation is still stay in the beginning stage, we can draw nutrition from GATS.When every investor chooses investment project, they must consider relative legal system as one important factor. Domestic QDII didn’t get most investors so far, the performance was the main factor and another factor came from legal system problems. Ultimately the essence is that QDII needs to improve the legal system, at the same time, it also shows the ignoring of relevant departments.