Research On The Development Of International Offshore Financial Center And The Enlightenment For Qingdao

The advent of the information age breaks the segmentation of each big financial market which was caused by natural factors since the 1950s. Offshore finance emerges at a historic moment along with the globalization trend has become increasingly apparent. It is the product of financial liberalization and financial integration. Offshore finance, as a real sense of international finance, breaks through the traditional financial market of our country. The offshore finance has developed at an alarming rate since the beginning.Its regions distribute from developed countries to developing countries, from Western Europe to North America, Japan, southeast Asia and the Caribbean. The scope of business has expanded from the offshore bank business to the securities and insurance business. The advantages of offshore finance are the lower transaction costs and stronger liquidity, which attracts investors from all over the world. Transnational investment of global investors greatly promoted the economic development of these countries and regions, and have great significance on the financial opening in developing countries.Singapore, Japan,Hong Kong and other places have established offshore financial center since the 1980s in Asia, The construction of Chinese offshore financial center is also on the agenda.As an important coastal city of China, Qingdao has favorable environment and economic foundation. Recently Qingdao attracted a large number of foreign banks, the financial organization system is sound and the development of export-oriented enterprise has begun to take shape, so it is the best pilot for offshore financial center between Shanghai and Tianjin, which in the north of the Yangtze river. In order to speed up the pace of the construction of the financial center, the municipal government also provide policy support to Qingdao.Offshore financial centers are classified according to whether depends on the real economy,the function type and business type by referring to a large number of literatures in this paper. The formation of international offshore financial theory can be analyzed from three points: institutional economics, the theory of financial innovation and financial development. Then an objective evaluation of the present situation and development trend of offshore finance are given according to analyzing four typical international offshore financial center’s development pattern. In order to analyze the necessity of the construction of Qingdao offshore financial center,the important factors of location selection of international financial center should be identified and sorted through the establishment of Analytic Hierarchy Process model. By choosing the level of economic development, financial market development and political stability evaluation index and compared with other cities to analyze the suitability of Qingdao to be an international offshore financial centre. At last, the paper puts forward to the corresponding policy recommendations to the construction of Qingdao offshore financial center combined the development experience of typical international offshore financial center with the condition of Qingdao itself.