Development And Changes Of Offshore Financial Centers In Cayman Islands After The Middle Of The 20th Century

Since the middle of the 20th century,new business forms and new models have continuously emerged in the international financial market.As an emerging economic market model,the offshore financial center is not only the product of economic globalization and financial internationalization,but also a booster for the better development of the global economy.Since the establishment of the offshore financial center,Cayman Islands,which has an important geographical and economic geographical position,has built a strict and effective supervision system and operated a variety of offshore financial businesses through continuous development and improvement.With its high efficiency,strict information protection system,preferential taxation and good international reputation,it has attracted enterprises from all over the world to register and develop here,and has become a world-famous offshore financial center,which has promoted the rapid development and evolution of international finance.Since the reform and opening up,China has actively explored new ways and new models to establish different types of free economic zones,in order to better integrate into the economic globalization and play a greater role in the international financial transactions.In recent years,the state has vigorously supported the construction of free trade ports in Hainan by introducing policies and providing preferential tax measures,and further put forward the requirements for the construction of a pilot offshore financial center with Chinese characteristics on the basis of the phased achievements.However,finance involves China’s economic security,and China’s financial opening experience is insufficient,it is urgent to learn from and draw lessons from foreign successful experiences.The Cayman Islands and Hainan are both offshore islands with similar location conditions,and both enjoy policy support.Analysis and research on the successful establishment and development of the offshore financial center of the Cayman Islands offshore financial Center is of application significance for the establishment of the pilot offshore financial center of Hainan.In addition,studying the establishment of the offshore financial center in the Cayman Islands can also enrich the theoretical research and case studies of the offshore financial center.At present,although foreign scholars have done some research on the offshore financial center of the Cayman Islands,the academic achievements are mostly concentrated in the development process,supervision and influence of the offshore financial center,and the research is relatively scattered and lacks systematic research.In China,we have not explored the establishment and development of the Cayman Islands from the economic and social historical perspective,and the research on the Cayman Islands focuses on the development and influence of the contemporary offshore financial center.Therefore,this paper uses the method of economic and social history and interdisciplinary research methods to study the establishment process,development and perfection of offshore financial center in Cayman Islands,in order to grasp the development context,characteristics and impact of offshore financial center in Cayman,and try to find suitable for China Hainan free trade port reference experience.Research found that the establishment of the Cayman Islands offshore financial center based on special background,the colonial history is less,the international political and economic environment to provide development opportunity,Cayman actively strive for autonomy for economic development,and the offshore financial center is in Cayman build perfect legal system,absorbing professionals and perfect the foundation to be built to the ground.Cayman islands offshore financial center can smoothly for the world financial center and actively develop diversified offshore financial business,adapt to the time situation to strengthen and perfect the financial supervision system is inseparable,including the establishment of the Cayman Islands Monetary Authority and Cayman actively with the surrounding areas of the international information exchange agreement is particularly important.After an in-depth understanding and analysis of the establishment and development process of the Cayman Islands offshore financial center,it is found that the characteristics of the Cayman offshore financial center are to pay attention to information confidentiality and provide tax incentives.At the same time,the success of the Cayman islands offshore financial center also had a profound impact,for example,increased the economic income of the islands,improve the living standard of Cayman residents,realize the social transformation,the Cayman Islands’ choice to remain an overseas territory of Britain after its development is conductive to the improvement of Britain’s international status,and reduce the economic burden to maintain the normal operation of the colonies.For the construction of Hainan free trade port,we can learn from the construction of the offshore financial center in the Cayman Islands,such as forming its own industrial characteristics to increase competitiveness,and building a strict regulatory system to avoid financial risks.In addition,lessons should be learned from the failure of the development of the offshore financial center in the Cayman Islands,such as excessive protection of customer information is easy to lead to financial crimes.Therefore,the pilot establishment of the offshore financial center in Hainan should also pay attention to the balance between information confidentiality and financial crimes.