Research On Legislation Of Foreign Investment Access In Offshore Financial Market

As an important part of international financial market,the construction and development of offshore financial market can effectively enhance the international competitiveness of financial industry in the country where the market is located,and is conducive to the inflow of international capital and the utilization of foreign capital in this country.Therefore,China has begun to focus on the development of offshore financial market.Although China has implemented a number of open measures to onshore financial market after the Sino-US trade war started,especially in terms of foreign capital access,it is a pity that offshore financial market has failed to maintain timely and benign interaction with the opening of onshore financial market.China still adopts the principle of protectionism in terms of foreign investment access and excludes the participation of foreign financial institutions.And there are many problems such as too narrow access scope,inappropriate form and so on.If these problems are not solved in time,it will prevent foreign financial institutions.from successfully entering offshore financial market to conduct business,and thus fail to truly play the role of offshore financial market.At the same time,it will also make the regulatory authorities lose the legal basis for the supervision of foreign financial institutions,which may easily trigger offshore financial risk and negatively affect the onshore financial market and even the national economy.The purpose of this study is to analyze the basic theory of foreign capital access and the legislative practice of various countries in offshore financial market,and combine with the current problems in China to put forward constructive opinions on improving the legislation of foreign capital access in offshore financial market.It is necessary to break the restrictions and allow foreign financial institutions to enter China's offshore financial market.Simultaneously,supervision should be imposed on foreign investment access based on the particularity of offshore financial market.First of all,this study makes a general comment on offshore financial market,and on this basis,it discusses the connotation of foreign capital access in offshore financial market,related theories and the necessity of legislation,and analyzes the theoretical basis of foreign capital access legislation in offshore financial market.Meanwhile,this study takes the difference between offshore financial market and onshore financial market as the breakthrough point and starting point of legislation for foreign investment access.Secondly,this study selects four countries with relatively mature offshore financial market development,and adopts a comparative analysis method to analyze their relevant legislation and development practices in terms of foreign capital access in offshore financial market.Then by drawing lessons from its advanced legislation in the form,scope and licensing form of foreign investment access and combining with the development status of China's offshore financial market,the enlightenment for China can be obtained.Thirdly,starting from the current status of legislation of foreign capital access in China 's offshore financial market,this study analyses the problems in the legislation of foreign capital access in China' s offshore financial market compared with the international mature legislation of offshore financial market.Specifically,China's offshore financial market still adopts protectionist principles for foreign investment access,and the status of foreign financial institutions as the main body of access is not clearly defined in the legislation;In addition,an approach similar to onshore financial market has been adopted in the licensing form,form and scope of foreign capital access.But the particularity of offshore financial market is not taken into account,which is not in line with the development purpose of the offshore financial market,and may even destroy the order of offshore financial market.Finally,this study puts forward some constructive suggestions on the legislation of foreign investment access in China's offshore financial market.China should first make clear its position,follow the usual practice of offshore financial market,adopt the national treatment principle for foreign investment access,and include foreign financial institutions in the access subject of offshore financial market.Subsequently,the relevant legislation should be revised,and the form,licensing method and scope of foreign investment access to the offshore financial market should be changed and improved.