Research On In-event And Post-event Supervision System Of Foreign Investment In Pilot Free Trade Zones

In the past 40 years of reform and opening up,China's achievements in using foreign capital are remarkable.In recent years,the scale of foreign investment attracted by China has always remained the top three in the world,and this scale has maintained the top position among developing countries for 25 consecutive years.At the same time,the global foreign investment management model has evolved toward the mainstream of investment liberalization.The main measure is to relax the restrictions on investment access.Therefore,the foreign investment management model of pre-admission national treatment plus negative list has gradually become a new trend of the development of international investment rules.As a product of China's self-determination,the Pilot Free Trade Zone is a breakthrough and experimental field for China's trial implementation of liberalization and facilitation of foreign investment,and reforms and innovations in foreign investment management models have been carried out before the introduction of international investment regulations.National treatment and negative list management are the core foreign investment management systems.Under the new foreign investment management model,ex post facto supervision is an important means of foreign capital supervision,and it has played a role in encouraging and restraining the system,but there is still room for improvement.This thesis takes the institutional change theory in the new institutional economics as the analytical framework,taking the transaction cost as the analysis tool,and uses the induction method,comparison method,historical method and theoretical analysis method as research methods,and conducts the in-event and post-event supervision system of foreign investment in the Pilot Free Trade Zones.The analysis of the system follows this theoretical logic:(1)firstly,The regulatory mechanism of foreign investment after the event has the general characteristics of the Institution,(2)secondly,the change of the management model of foreign investment from the itemized examination and approval system to the emphasis on the post-event supervision is an institutional change,and this process of includes the evolution and innovation of this system,(3)Institutional innovation in this progress can reduce transaction costs and give better play to the incentive and restraint functions of the system.The research hypothesis of this paper is that,the government's post-regulation supervision of foreign investment through administrative means is feasible and effective in the initial stage of the establishment of the FTZs.Through the argumentation of this research hypothesis,this paper believes that the reform of the foreign investment supervision system takes a progressive mandatory institutional change,and the practical logic of the reform process is consistent with the theoretical logic: on one hand it grasps the peculiarities of the initial conditions for the “pilot field” of reform and opening up,and it's based on China's national conditions and special authorizations for testing.On the other hand,it should actively integrate itself into globalization and actively adapt to the trend of world development.In this paper,the institutional changes in the in-event and post-event supervision system of foreign investment in FTZs are analyzed in two aspects.The first is the institutional evolution of the foreign investment system in the Pilot Free Trade Zone.This chapter divides the development of foreign investment in China for the start-up phase(1979-1991),development phase(1992-2000),standardization phase(2001-2012),and innovation phase(2013-present).In this paper,the rules of foreign investment policies at each phase are carefully sorted out,and the characteristics and development patterns of each stage are summarized.The second is the institutional innovation analysis of the in-event and post-event supervision system of foreign investment in the Free Trade Zone.Based on the analysis framework of institutional change theory,this chapter elaborates on the reasons,the main body,the process and the path of the institutional changes of the in-event and post-event supervision system of the foreign capital management model.On the basis of this,it attempts to give an explanation of the logic of institutional economics for the advancement of China's foreign investment supervision system reform,and this is also the main innovation point of this article.At the same time,on this basis,this paper studies the difficulties and deficiencies in the in-event and post-event supervision of foreign investment in the current Free Trade Zone,and explains it in terms of technology,system,and the main body.Based on this logic,specific recommendations are given.In order to better realize the in-event and post-event supervision of foreign investment in safety and efficiency,this paper recommends:1.Improve the foreign investment supervision system in the Pilot Free Trade Zone.Technically,optimize regulatory processes and technologies to facilitate information sharing.On the institutional level,first of all,from the legal legal level,follow the precedent and obtain legislative authorization as the approach to achieve the standardization of regulatory legal basis;Second,strengthen the functional coordination and regional coordination in foreign investment supervision.On the regulatory body level,on one hand,strengthen the supervision of the construction of talented personnel,on the other hand,increase the level of social participation in supervision.2.Improve the foreign investment national security review system in the Pilot Free Trade Zone.First,improve the legislative level of foreign investment in national security review,form a unified foreign investment management law,and strive to clarify the implementation rules for foreign investment in national security review.Second,clearly stipulate the main body and responsibility for the review of foreign investment in national security review.Third,make full use of the more mature national security review system for foreign investment,focus on the corresponding provisions and reference for the object of review,the main body of review,review standards and review procedures.