季刊 QUARTERLY WINTER 2014 冬季
上海自由贸易试验区 全球银行业格局重组？ Shanghai’s Pilot Free Trade Zone A Reshuffle of Global Banking Landscape?
Private Banking, Myth and Mystery
Shanghai Government Issues Q&A on Shanghai Free Trade Zone Administrative Measures
Family Offices Come of Age in Asia 2014 Winter China Offshore
Letter From Editor | 编者的话
最新的统计数据表明，中国超高净值人士（身价在 1600 万美元以上者） 中有超过 64% 已经或正在考虑移民，总计转移到海外的资产超过 2.8 万亿人 民币。这是一个非常惊人的数字。我们先不讨论其背后的深层原因是什么， 这一现象在很大程度上说明中国人对海外资产管理的热衷，对离岸资产管理 行业来说，其产生机遇不可小觑。 本期的特别报道对亚洲的家族办公室做了深入探讨，在超高净值人士越 来越多的亚洲，家族办公室行业并没有完全照搬其发源地欧洲的模式，而是 融入越来越多的亚洲元素。而本期的封面故事也就现在正如火如荼的上海新 获批的自贸区作了介绍，并且附上一份简单的问答供有兴趣的读者参考。 希望您和我一样，在阅读本期后获得更多的离岸财富管理知识，让离岸 财富管理真正为我们所用，成为更多中国高净值人士的财产管理和增值武器。
《中国离岸》编辑 John Yang
Recent statistics about China reveal that offshore investments are
主编 Editor in Chief: John Yang 撰稿人 Contributors: Leo Zhang, Jeffrey Chen, Jonathan DeHart, John Yang, Baron Laudermilk, Rocky Chan 美术总监 Art Director: Susan Shen 美术编辑 Designer: Raymond Cheung 研究员 Researcher: Naomi Wu
营运总监 Director of Operations: Spencer H. Hall 制作总监，亚洲 Production Director, Asia: Oliver Davis 销售总监 Sales Director: Matthew Sumner 客户经理，亚洲 Accounts Managers: Nicholas Parish, Pooja Ramchandani 销售助理 Sales Assistant: Naomi Wu 发行经理 Circulation Manager: Iris Gao
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expected to double in the next three years. The latest stats indicate that 64% of all China’s UHNWIs (Ultra HNWIs) who have assets of over 16 million USD are currently seeking overseas immigration opportunities or have already immigrated.
The figures are massive and current estimates indicate that Chinese
HNWI’s have already moved over 2.8 trillion RMB worth of assets overseas. This phenomenon has proved that Chinese people are keen on
offshore wealth management and are willing to move abroad with their hard earned bucks. This poses a great opportunity as well as a great challenge to the offshore wealth management industry.
Most of the wealthy people are looking for permanent residences,
Hurun said. The United States was their top destination, which any real
estate agent in San Francisco, Seattle or New York can confirm. Europe is
their second favorite destination, followed by Canada, Australia, Singapore and Hong Kong.
The special report in this edition of China Offshore has an in-depth
discussion on the Family Offices in Asia. With more and more HNWIs and their families appearing in Asia, Family Offices are becoming popular and have adapted its Asian way which is different from its European
counterparts. The cover story of this edition also introduces the newly approved Shanghai Free Trade Zone, with a short Q&A article for your quick reference.
I hope you enjoy this edition as much as I do, and China Offshore
Journal is your choice of wealth management into the New Year!
Editor, China Offshore John Yang email@example.com
2014 Winter China Offshore
WINTER 2014 冬季刊
新闻 NEWS 04 全球离岸新闻 Global Offshore News 离岸世界新闻精选 All the latest news from across the offshore world 观点 OPINION
06 私人银行，你所不知的秘密 Private Banking, Myth and Mystery 封面故事 COvER STORy 12 上海自由贸易试验区 全球银行业格局重组？ Shanghai’s Pilot Free Trade Zone A Reshuffle of Global Banking Landscape? 特别报道 SPECIAL REPORT 20 上海市政府发布自贸区管理办法 Shanghai Government Issues Q&A on Shanghai Free Trade Zone Administrative Measures
上海自由贸易试验区 全球银行业格局重组？ Shanghai’s Pilot Free Trade Zone A Reshuffle of Global Banking Landscape?
26 亚洲家族办公室驶上快车道 Family Ofﬁces Come of Age in Asia 30 离岸指南 Offshore Handbook
ADvERtISER DIRECTORY 广告商目录 Clifford International Business Services – Inside Front Cover Annual Investment Meeting – P3 Bilanz Data Wirtschaftstreuhand GmbH – P10-11 Jordans Trust Company (BVI) Limited – P15 Cook Islands FSDA – P24-25
Asia Offshore Association – Inside Back Cover OGIER – Outside Back Cover
2014 Winter China Offshore
新闻 | NEWS 全球概览 Global update
以外，代表团还包括耿西岛金融首相Peter Harwood先生，商务与就业部部长Kevin Stewart
先生，金融中心首席执行官Fiona Le Poidevin女士。Le Poidevin女士指出：“就投资业务
Guernsey Signs MoU with China’s Securities Regulator
Cyprus: VAT and IRD to Become One
Guernsey’s financial services regulator, the Guernsey Financial Services Commission (GFSC), has signed a Memorandum of Understanding (MoU) with the Chinese Securities Regulatory Commission (CSRC). The agreement has been signed by William Mason, Director General of the GFSC, and Xiao Gang, Chairman of the CSRC. The official announcement was made after a meeting in Beijing yesterday (Monday 18 November) between Mr. Mason and Liu Xinhua, Deputy Chairman of the CSRC. Mr. Mason said: “Guernsey has high regulatory standards and this has been demonstrated to, and recognised by, the CSRC during the course of our discussions which have culminated in signing the MoU. The MoU provides the basis for a framework of cooperation and exchange of information between the two sets of authorities in relation to securities and futures business.” The MoU sets out a statement of intent to establish a framework for mutual assistance and to facilitate the exchange of information between the authorities to ensure compliance with their respective securities and futures laws or regulatory requirements in order to promote investor protection and the integrity of the investment products. The meeting with the CSRC took place on the first day of a week-long delegation by Guernsey officials to Beijing and Shanghai. As well as Mr Mason, the delegation also includes Peter Harwood, Guernsey’s Chief Minister; Kevin Stewart Guernsey’s Commerce and Employment Minister; and Fiona Le Poidevin, Chief Executive of Guernsey Finance - the promotional agency for the Island’s finance industry. Miss Le Poidevin said: “The relationship between Guernsey and China remains somewhat in its infancy in terms of investment business so it is important that the regulatory authority in Beijing has a good understanding that the Island is a well regulated, compliant and cooperative jurisdiction. The MoU not only provides the basis for greater cooperation between the two regulatory bodies but it also provides a signal to the rest of the Chinese market that Guernsey is a respectable fund domicile.
“To reform the revenue administration with the objective to reinforce the efficiency and effectiveness of revenue collection capacity and the fight against tax fraud and evasion, with a view to increasing fiscal revenue.” This is part of the terms of the Cypriot bailout. With this in mind the Cypriot Government gave the go ahead to create a single body which will integrate both VAT and IRD (Inland Revenue Department), this comes as part of structural changes aimed at streamlining public administration, alongside strengthening the legal framework and simplifying procedures. Currently in discussion with an International Monetary Fund the ministry is hoping to submit a final draft for approval sometime next month. Referring to the new department as “having a positive impact on state revenues, mainly through the fairer distribution of tax burdens,” The reforms are coming in two phases “short term” and “long term”, the short term reforms are to be in place by the end of the year and will include, enacting legislation to enhance tax collection and voluntary compliance by attributing personal responsibility for payment of company taxes, harmonizing legislation among tax types so that not paying taxes is a criminal offense, and strengthening powers by the tax authorities to ensure payment of outstanding tax obligations, by having the authority to seize corporate assets, and prohibiting alienation or use of assets, including property and bank accounts, by the taxpayer. The longer term reforms are to include risk management and the establishment of a new integrated function-based tax administration structure, integrating the existing IRD and VAT services. The Government also has plans to pass legislation changing the current pre-assessment verification of income tax returns to a post-assessment audit, selected on the basis of risk along with a joint audit program for large taxpayers, all to be conducted in 2014.
NEWS | 新闻
香港 Hong Kong
的中银航空租赁公司副总裁和首席金融官Phang Thim Fatt透露称，“他们在和相关部门协
Shanghai Urged to Relax Offshore Finance
BOC (Hong Kong), FTSE Develop Offshore RMB Bond Indices
BOC Aviation, the largest aircraft leasing company in Asia, is lobbying the Shanghai government to relax restrictions on offshore financing in the freetrade zone. The initiative would facilitate the city in becoming an Asian aircraft finance hub, with the yuan establishing itself as a major settling currency for acquisitions. The plan, if approved, is expected to attract more aircraft financing companies to the 28 kilometers of land set aside for the zone in Shanghai. “We have spoken to senior officials in Shanghai about how to stimulate offshore financing for aircraft,” said Phang Thim Fatt, deputy managing director and chief financial officer at Singapore-based BOC Aviation. “They will try to accommodate as much flexibility as they can after they clear it with relevant authorities.” An aircraft financing expert said that even if the restrictions on offshore yuan finance were relaxed, not all aircraft leasing companies could benefit. “Unless the lessor has yuan income, it has to swap the (US) dollars into yuan every six months to pay for the interest and the principle at the end of the term,” an aircraft finance official at China Construction Bank said. “It would increase foreign-exchange risks.” The demand for offshore yuan aircraft financing is rising, but it will not take up a big chunk of the market in the near term as the US dollar is still the dominant currency for aircraft financing. The yuan has emerged as a currency likely to be increasingly used for aircraft acquisitions. The introduction of China’s home-grown commercial plane, the C919, which is scheduled to have its flight test, next year, has helped speed up the change.
Bank of China (Hong Kong) Limited (BOCHK) and FTSE Group (FTSE) have announced a partnership to develop a new “FTSE-BOCHK Offshore RMB Bond Index Series” (New Indices). It was said that the partnership brings together BOCHK’s unique competitive position in the offshore RMB business, as well as FTSE’s leading indexing expertise and global network, to provide the market with an industry-standard benchmark. It is hoped that the New Indices will “help global investors to capture better opportunities in the offshore RMB fixed income as an investable asset class.” Under the partnership, BOCHK Asset Management Limited is the adviser of the New Indices, while FTSE will offer calculation and management services with respect to the existing Offshore RMB Bond Indices provided by BOCHK. FTSE will also conduct the licensing procedures of the New Indices globally upon completion of the transition details. Mark Makepeace, FTSE’s Chief Executive, said: “We are delighted to be working with BOCHK to develop the offshore RMB bond indices offering. There is increasing demand for access to RMB fixed income products, and FTSE’s global brand combined with BOCHK’s track record in RMB indices will enable us to accelerate the development of a global investor offering in this area.” David Wong, Deputy Chief Executive of BOCHK, added that “BOCHK takes great pleasure in joining hands with FTSE Group to develop a new offshore RMB bond index series. Given the increasing significance of RMB in the world economy, we see growing demand for RMB fixed income products. In this regard, the introduction of the New Indices will offer those investors an array of quality benchmarks. It will also help facilitate the development of offshore RMB bond markets worldwide.”
2014 Winter China OffshOre
观点 | Opinion CHINA OFFSHORE
私人银行，你所不知的秘密 Private Banking, Myth and Mystery
人银行，顾名思义就是为富有的私 人投资者量身定制的银行、投资和 金融等服务。私人银行可以是一家
独立运作的公司，或一家零售银行的分部、 安全公司和金融服务机构等。 历史上，私人银行始于欧洲，当时以帮 助一些皇家家族管理资产著称。现在则早已 掀开了神秘的面纱，比以前更受欢迎。私人 银行瞄准高净值人士（HNWI），提供从银行 服务（储蓄和支付）、可自由支配的资产管理、 证券经纪、有限的税务咨询服务和一些基本 的专人服务，到由指定的经理人或私人银行 家提供的更加个性化定制服务的服务。 由一份凯捷咨询和美林集团联合发布的 调查报告中指出，美国在 2010 年以 310 万 的高净值人数，占据全球高净值人士总人数
Rocky Chan CPA, CFP firstname.lastname@example.org Linked-in: Rocky Chan @ shanghai
Infinity Financial Solutions 高级投资顾问 Rocky 在美国和中国金融及投资界拥有超过 15 年的专业经验，专业从事美国和境外投资顾问。 他擅长财务规划、股票研究、私募股权以及美 国的 EB-5 移民项目。
28.6%，使其当之无愧，成为拥有全世界最 大私人银行系统的国家。而根据一份麦肯锡 和民生银行出具的报告，亚洲紧随北美之后， 是全世界第二大财富市场。中国是推动增长 的中坚力量。 以下是需要注意的私人银行十大神秘之 处： 1) 名称上的神秘感： 这个行业的名称 和术语听起来绝对创意十足，对很多人来说 也有点搞不清楚。一个极好的例子是，一个 提供私人银行业务服务人员的职位名称——
Senior Investment Consultant Infinity Financial Solutions
Over 15 years of financial and investment experience in US and China, Rocky has specialized in US and offshore investments consulting. He has expertise on financial planning, equity research, private equity as well as EB-5 immigration to US.
他可能被叫作金融顾问、投资顾问、关系经 理和财富策略经理等等。而这个行业则能被 称为私人银行、财富管理，抑或投资顾问等等。 2) 私人银行是否只适合最富有的人群 呢？现在这个提法已经不太准确了。也许很 多顶级的私人银行只为资产超过 1000 万美 元的客户开户，现在的门槛已经越来越低。 现在要找一家能接受投资资产额度在 25 万 美元左右的私人银行已经不是难事，为中产
he intuitive description of private banking may be any banking, investment and financial services tailored for wealthy private investors. Private bank can be either an independent company or a division of retail bank, security firms and financial services institution. Historically, private banking had developed in Europe, known for managing assets of some royal families. Nowadays, it is much more popular and demystified than before. It targets high net worth individuals (HNWI) for better and more customized services ranging from banking services (deposit taking and payments), discretionary asset management, brokerage, limited tax advisory services and some basic conciergetype services, offered by a single designated relationship manager or private banker. The United States has one of the largest scale private banking systems in part due to the 3.1 million HNWIs accounting for 28.6% of the global HNWIs population in 2010, according to the co-research of Capgemini and Merrill Lynch. Asia is the second largest wealth market, just behind North America. China is driving most of the growth, according to a 2012 report conducted by Mckinsey and Minsheng Bank. Here are the most common 10 myths and Mysteries for you to ponder: 1) Mystery by the names: The terms and names in this industry may well be the most creative and confusing aspects for many. One great example is the job title of the person
观点 | Opinion CHINA OFFSHORE
阶级家庭开户也已经变得司空见惯了。这个 情况在奢侈品行业也很普遍，很多顶级品牌， 如古驰的手提包和蒂凡尼的珠宝等，都越来 越多地被大众市场的消费者所青睐，大家的 购买目的也大多是自用或作为礼品赠送。 3) 私人银行家是否由家族的几代人一直 聘请？这样来说吧，这是非常理想的状态和 模式，是所有私人银行家梦寐以求的事情。 现实情况是，随着竞争的日趋激烈，忠诚度 和关系的紧密性会很容易被一些特殊情况所 打破，比如价格战、金融危机、收紧的政府 政策以及家族生意的管理不善等。现在，一 名高净值人士利用多个私人银行来服务自己 已经很普遍了。 4) 这两个名称听起来也许很相似，但是 也有细微的差别。私人银行其实是财富管理 的一个分支，覆盖了包括但不仅限于金融规 划，例如退休、教育、投资、税务、遗产、 保险等等服务范围。 5) 隐私性对比合法性。对其自身来说， 私人银行有一切理由来“协助”它的客户用 一切可能的手段来保护其财富并寻求增值。 经典的例子有瑞士联合银行（UBS）和美国 政府之间旷日持久的法律诉讼案。UBS 用尽 一切手段不让其私人客户的在隐私法的保护 下暴露给公众，但是美国税务当局则指责他 们在帮助客户逃税。最后的结果所有人都知 道，UBS 需要面对极为严厉的处罚。 6) 私人银行是否意味着高净值人士能得 到更多的投资选择？私人银行提供的产品有 哪些优势？研究表明，高净值人士所期待的 当然不仅限于互惠基金而已。这在中国尤其 明显，在中国人们更喜欢冒险并对舶来品更
who provides private banking services. He may be named and called a financial adviser, investment consultant, relationship manager, and wealth strategist and so on. This industry can be named private banking, wealth management, and investment advisory and so on. 2) Is private banking only for the wealthiest people? It is not quite true anymore. While a few high end private banks may still only open accounts for clients with assets over $10 million. The minimum is getting lower and lower. Now it is not difficult to find private banks which would accept investment assets as little as $250,000, open up the services to the middle income family as well. It is very similar to the situation in luxury products such as Gucci bags and Tiffany jewelries that have been purchased more and more often by the mass market consumers for personal use or for gifting purpose. 3) Are private bankers kept by families over several generations? Well, it is the ideal model and situation all private bankers are dreaming of. In reality, with increasing competition, the loyalty and close bonding is much easy to break up by incidents such as fee competition, financial crisis, tighter governmental control, mis-management of family business and so on. Currently, it
is very common to see one HNWI is having multiple private bankers to serve him. 4) Is private banking the same as wealth management? It sounds similar but there are subtle differences. Private banking is actually a subset of wealth management, which covers a broader range of services, including but not limited to financial planning such as for retirement, education, investment, taxation, estate, insurance and so on. 5) Privacy versus legality. Which one will win? Of course the government or legality will eventually win. For its own benefits, private bank has all the reason to “assist” its clients to do whatever it takes to grow and protect the wealth. The classic example of course has to be the long legal fight between UBS (United Bank of Switzerland) and the US government. UBS tried its best not to disclose its private clients’ information on the ground of private secrecy while US taxing authority accused them of assisting in tax evasion. Eventually everybody knows UBS has to suffer severe penalties. 6) Will a HNWI benefit a lot by having a much better investment choices provided by private banks? What is the product offering advantage in private banking? Well, studies indicated that HNWI is certainly expecting more than just mutual funds. It is
兴致勃勃。和一般情况相反，在中国高风险 和更复杂的产品反而热销。所以，我们总是 能看到许多人成为难以置信甚至可笑的交易 的牺牲品。 简单来说，产品的创新，比如租赁或结 构性金融产品更有吸引力。不过，纯粹的顾 问服务在中国反而不那么招待见。相反的是， 良好的投资顾问在北美有更高的价值，且是 市场的推动力之一。私人银行提供产品的最 大差异因素是开放的结构性产品平台，在那 里私人银行分配所有的第三方产品，并且抽 取佣金作为回报，不仅仅是销售它们自己所 能提供的产品。现代客户需要最佳的产品， 因此大多数银行需要遵从一个开放性架构的
2014 Winter China Offshore
观点 | Opinion CHINA OFFSHORE
产品平台。由于中国人有不喜欢支付顾问费 用的习惯，这个平台在中国的发展非常缓慢。 7) 私人银行的收费很高？当然高，大多 数人根本无法承受。但是，从百分比的角度 来看，收费也不算太疯狂。普通的已经购买 互惠基金（前置期限策略、后置期限策略、 管理费、12b-1 费用和其它相关费用）的投 资者，他们会很惊讶地发现，和高净值人士 在私人银行开放产品架构平台方面的费用相 比，他们支付的价格非常高昂。就这样笼统 地简单计算两者的费用也许不是很公平，因 为不同的私人银行针对不同的客户收取的费 用都不尽相同。但是，有高投资额的高净值 人士显然更容易有更大讨价还价的能力，因 此享受到的折扣也不可同日而语。 也有银行遵从不收取客户任何顾问费用 的交易模式。银行以销售第三方产品获取的 佣金而成长。有些其它银行完全依赖顾问服 务，并收取客户资产管理百分比的费用（例
美国在 2010 年以 310 万的高净值人数，占据全球高净值人士总人数 28.6%，使其
The United States has one of the largest scale private banking systems in part due to the 3.1 million HNWIs accounting for 28.6% of the global HNWIs population in 2010, according to the co-research of Capgemini and Merrill Lynch.
户可以随需要选择。 8) 他们如何保持商业先机？你知不知道 为什么那些高净值或超高净值人士的家族和 高官子女很多都在高盛或其它顶级的投行供 职？很容易猜到的结论是他们深厚的关系背 景为那些投行的未来业务带来潜力。 但是，如果这个模式被过度应用，也会 产生非常严重的副作用，比如最近发生在德 意志银行的以向中国高官子女提供工作的方 式进行行贿的一系列丑闻。和任何一个销售 生意一样，领先的一代在私人银行业务中扮 演了举足轻重的角色。不同的银行以不同的 方式行事，比如电话推销、上门推销、论坛、 顶级沙龙、免费赠品、家族联系甚至异性相 吸等手段来吸引客户。赠送在中国是必须要 学会的商业手段，而北美则更多地依赖信任 （信托）。 虽然一些银行很大程度上依赖其批发银 行推介的业务，也有很多银行和他们的零售 和公司银行分部的业务紧密相连。大部分银 行在各业务部门间都有利润分享的机制。这 可能是向其它部门的一次性付款或以年回扣 的方式回报其介绍客户。很多银行相信客户 推介是业务的主要来源。在对私人银行提供 的服务感到满意后，客户很可能再介绍他的
especially true in China, where people like to take more risk and feel excited to have exotic products. Contrary to the norm, high risk and complicated products sell in China. Therefore, we can always see victims fall into unbelievable or even ridiculous deals. In short, innovation in products such as lending/structured financing gets its sex appeal. However, pure advisory service is not getting too far in China. On the contrary, sound investment advice certainly has value and already fuel the market growth in North America. The key differential factor of product offering in private banking is open architecture product platform, where a private bank distributes all the third party products in return for commission and is not restricted to selling only its proprietary products. Clients today demand the best of breed products and most banks have to follow an open architecture product platform. This platform has a slow growth in
China due to the fact Chinese don’t want to pay for the advisory part of fee. 7) Is the fee very high in private banking? Of course, most people cannot afford to pay the fees in dollar terms. However, in percentage wise, it is not too crazy. For regular investors who are buying mutual funds (front end loaded, back end loaded, management fees, 12b-1 fees and the likes) already, they may be surprised to find out that they are paying much higher rates, comparing with HNWI paying fee in open architecture product platform of private banking. It may not be fair to generalize in such a simple way because different private banks charge their clients in different rates on various products. However, HNWI with higher investment amounts definitely is easy to command a higher bargaining power and enjoys lower institutional rates. There are banks that follow the transactional model where the client is not charged any advisory
观点 | Opinion CHINA OFFSHORE
朋友进来。 9) 私人银行业务在中国是否正在发展壮 大？是的，但和大家期望的规模差距还是很 大。原因呢？中国富人的大蛋糕一直在增大， 但是私人银行业务在中国仍在苦苦挣扎。这 个现象的背后有很多深层次的原因。 首先，大量的中国高净值人士都在建立 自己的投资公司，比如私募基金、信托甚至 银行来管理自己的投资资产。信托则非常匮 乏，没有信托意味着私人银行家们没有生意 可做。他们有信心或有足够的能力来管理巨 额的财富资产。 其次，许多中国的高净值人士正把资产 转移到香港和其它离岸金融属地来隐藏、多 样化经营或为资产寻求更佳的投资机会。这 让私人银行家们没有东西可玩。根据麦肯锡 的同一份报告，在中国，现在私人银行的客 户中大约 40% 的人不满意现在得到的服务。 大约 50% 的高净值人士只把其可投资财富 的 20% 或更少用于投资，60% 的高净值人 士在海外拥有资产。这些对中国的私人银行 业务来说既是挑战也是机遇。 10) 高净值人士的财富来源在哪里？在 中国，高净值人士中绝大多数是商务人士， 比如阿里巴巴的马云或腾讯的马化腾。但 是在北美，作为雇员也有可能成为超级富 豪。高层次的商界精英比如很多成功的上市 公司首席执行官、首席财政官、总监和副总 裁等也很容易成为私人银行的座上宾。秘密 就是具有高利润的股权期限薪酬包比如奖 励性股票期权（ISO），非限制性股票期权 （NQSO），以及非现金自由期权（non-cash free grand）等，这些都比他们的薪水高出 千百倍。能持有上亿美元的股票期权，也难 怪具有传奇色彩的苹果公司首席执行官史蒂 夫·乔布斯愿意象征性地领取一美元年薪。
fee at all. The banks thrive totally on the commissions they get by distributing third party products. Some of the other banks are totally advisory driven and charge the clients a percentage of Asset Under Management (AUM, e.g. 1.5% of entire AUM). However, a few banks offer both a transactional model and an advisory model. The clients choose whatever suits them. 8) How do they get the business lead? Do you know why the sons and daughters of so many super riches and the ultra-powerful officers always work for Goldman Sachs or other high end investment banks? It is an easy guess that the connection is great for the future business generation for these investment banks. However, if these practices have been overly applied, it may get serious side effects, such as the recent problem encountered by Deutsche Bank which was accused of bribing Chinese officers by offering job opportunities for their children. As any sales business, lead generation plays a vital part in the private banking business. Various banks go about in different ways such as cold calls, warm calls, seminars, luxury events, free gifts, family tie and even opposite sex charm to attract the attention of prospects. Gifting is a must in doing business in China while trust is highly valued in North America. While some banks rely heavily on their wholesale banking referrals, there are a few others that have strong tie-ups with their retail and corporate banking divisions. Most banks do have a revenue sharing mechanism in place within divisions. It is either a onetime charge to the division or an annuity that the division gets for a client referral. Many banks believe that the primary source of leads must be client referrals. A client would refer his friends when he is satisfied with service provided by the private bank. 9) Is private bank business growing in China? Yes, but not too significant as everyone has expected. Why? The pie of
wealthy Chinese is certainly getting bigger. However, the private banking business in China is still struggling. There are many reasons behind this abnormal outcome. First, a great number of Chinese HNWI are setting up their own investment companies such as private equity funds, trusts or even banks to manage their own investment assets. Trust is lacking. No trust simply means no business for private bankers. They are confident or maybe skillful enough to manage the massive assets. Second, many other Chinese HNWIs are moving out their assets to Hong Kong, and other offshore jurisdictions to hide, diversify or search for better investment opportunities, leaving the private bankers with no much to play with. According to the same Mckinsey reports, in China, about 40% of current private bank clients are not satisfied with their current service. Nearly 50% of HNWIs only allocate 20% or less of their investable assets. 60% of HNWIs have assets offshore. These certainly create both challenges and opportunities in private banking business in China. 10) Where does the HNWI make his money from? In China, HNWIs are predominately business owners such as Jack Ma of Alibaba or Pony Ma of Tencent. However, in North America, being an employee can also run a chance of becoming super rich. High level executives such as CEO, CFO, directors and vice presidents in successful public companies are very common on the prospecting list of private bankers. The mystery lies on the lucrative stock option compensation packages such as incentive stock option (ISO), non qualified stock option (NQSO), and non-cash free grand, which could be a thousand times of their basic salary. With billion dollar worth of stock option compensation, no wonder the legendary Apple CEO Steve Jobs was willing to take the symbolic $1 annual income as salary. 2014 Winter China Offshore
奥地利的控股体系 作为东西方世界之间的桥梁，奥地 利是一个完美的枢纽，能够帮助投 资者在境外投资中获得税收效率。 如果要获得奥地利控股税收体系带 来的好处，投资者无需一个特殊目 的公司，任何奥地利企业实体（比 如有限责任公司或股份公司）以及 欧洲企业实体在奥地利的常设机构 都可以从奥地利控股体系中获益。 奥地利控股制度的主要特点是什么？ 国内控股： 就奥地利两家公司之间的母子公司 股息支付，作为接受方的奥地利公 司享受免税的待遇。一家奥地利公 司出售其持有的另一家奥地利公 司的股份所获得的资本利得需要 支付所得税，标准的固定税率为 25％。与股份收购有效相关的融资 成本可以享受全额抵扣的待遇。
境外附属公司 无受控外国公司（CFC）立法 奥地利的法律没有 CFC 或类似的 法规。尽管如此，我们需要知道境 外附属公司取得的收入会如何影响 奥地利母公司的纳税情况。 如果奥地利公司持有股份的境外 实体能够获得被动收入，那么出 售此类股份或者从该公司获得股 息时，奥地利公司需要支付税款。 仅仅持有此类公司的股份不会触 发任何税费。 哪些应当被视为被动收入？
租金收入 本地税负 :0
咨询收入 本地税负 :0
经营酒店 本地税负 :0
非洲工厂 主动收入 本地税负 :0
如果以下收入由境外子公司获得， 并且同时这家子公司的总体税收 负担不超过 15％，那么奥地利税 间接控股 务当局将会把此类收入归类为被 根据奥地利的法律，如下图所示， 动收入： 奥地利控股公司通过合伙制进行 境外控股： 间接控股同样能够获得收入免税 ·利息收入 的待遇： 如果一家奥地利公司持有境外法人 ·版税收入 实体（相对于奥地利有限责任公司） ·通过出售其他公司中少于 10％ 税收协定网络 至少 10％的股份至少一年，奥地 的股份获得的资本利得 利公司获得的任何股息以及出售境 外公司股份获得的资本利得都可以 如果股息来自租金收入（被认为是 考虑到奥地利拥有广泛的条约网络 （目前有 90 个条约），包括巴巴 主动收入），那么它将是免税的。 在奥地利享受免税的待遇。 即便境外子公司无需缴税，股息也 多斯、伯利兹、爱沙尼亚、香港、 列支敦士登、卢森堡、马耳他、圣 无论奥地利是否与外国签署税收 是免税的。 马力诺、瑞士、新加坡、阿联酋和 条约 我们需要知道，如果境外子公司通 塞浦路斯等国（这些国家和地区同 如果奥地利公司的境外子公司位 过购买和出售证券、国债或者股权 样拥有非常吸引人的税收制度）， 于一个免税条约国或者一个离岸 获得收益，那么这些将被认为是主 因此这些非常具有吸引力的税务条 司法管辖区，那么也可以享受免 动收入，因此向奥地利时公司支付 约提供了大量的税收筹划机会。 的任何股息以及奥地利公司获得的 税的待遇。 双重居民身份的企业 资本利得将是免税的。 无负债权益比率或资本弱化规则 无论位于何处，任何法人实体都能 举例 : 够利用奥地利的控股体系，前提是 奥地利不适用资本弱化规则或负债 股息和资本利得 （见附图） 境外母公司的管理运作在奥地利进 权益比率，这两者会限制利息支付 行。比如，一家英属维尔京群岛公 的抵税额度。因此，奥地利的企业 境外附属公司录得亏损 司持有一家俄罗斯或者乌克兰公司 可以利用收购外资股权或任何其它 投资。利息可以获得完全的税收抵 基于新的集团税收体系，海外附属 的股份，但是英属维尔京群岛的执 扣，并且可以冲抵奥地利公司获得 公司所遭受的损失可以从奥地利控 行董事居住在奥地利。 股公司的国内税基中扣除，前提 的任何其他收入。 是奥地利公司持有境外附属公司 通过奥地利公司获得版税收入 奥地利对支付给境外银行的利息没 50％以上的股份。 有预提税，且无论它们位于何处。 如果境外实体使用这些损失来抵扣 奥地利公司经常被用于获得来自国 因此即便是支付给离岸公司的利息 自己的税收负担，那么奥地利公司 外的版税收入。奥地利与其他国家 也不需要在税源地奥地利支付任何 就无法针对这些境外损失进行税收 签署了大量的税务条约（超过 89 个），这些条约中的大部分针对与 抵扣。 预提税。 奥地利公司相关的版税支付采取零 虽然境外附属公司的亏损能够从奥 预提税的政策。 奥地利的“勾选”体系 地利母公司的税基中扣除，该境外 奥地利与以下国家或地区签署了 如果奥地利公司希望让资本利得应 实体支付的股息是免税的。 条约： 税，那它可以选择那么做。这家奥 地利公司只需要在税收申报时进行 即便境外实体无需纳税，境外实 “勾选”，可以选择哪些由于出售 体支付的股息也能够享受免税的 比利时，伯利兹，保加利亚，加拿 大，克罗地亚，塞浦路斯，捷克共 股份而获得的资本利得应当缴税。 待遇。 和国，丹麦，埃及，法罗群岛，法 获得的股息仍然享受免税的待遇。
国，格鲁吉亚，德国，希腊，匈牙 利，爱尔兰，意大利，卢森堡，马 耳他，荷兰，挪威，俄国，圣马力 诺，斯洛伐克共和国，斯洛文尼亚， 南非，瑞典，瑞士，塔吉克斯坦， 土库曼斯坦，乌克兰，阿拉伯联合 酋长国，英国，美国 对其他缔约国而言，预提税得到了 显著的降低，仅为 3％至 10％，只 有在某些情况下为 15％。 根据奥地利税法的相关规定，通过 奥地利公司作为中介的版税所得仅 需承担 4％至 8％的所得税税率。 奥地利贸易公司 奥地利公司可以作为离岸本金的 完美代理，从货物贸易中获得的 利润所需承担的有效税率仅为 2％ 至 5％。 总结 大型的条约网络、完美的控股体 系以及能够获得奥地利税务当局 有约束力的裁决让奥地利成为了 控股公司和未来税务规划活动的 完美场所。
Erich Baier, MBA, LL.M. (Int’l Tax Law) TEP Certified Tax Advisor 工商管理硕士、法学硕士（国际税法）、 信托和财产从业者、注册税务师 电话 tel: (+43 1) 516 12 x 0 传真 fax: (+43 1) 516 12 x 14 电子邮件 email: email@example.com
The Austrian Holding Regime Austria, at the gateway between East and West, is a perfect hub for making investments into foreign countries tax efficiently. For being able to obtain the benefits of the Austrian Holding Tax Regime there is no need for a special purpose company but any Austrian corporate entity like a GmbH (company with limited liability) or AG (stock corporation) as well as Austrian permanent establishments of European corporate entities can benefit from the Austrian Holding Privilege. What are the key features of that Austrian holding regime ? Domestic holding: Intercompany dividends paid between two Austrian companies are tax exempt in the hands of the receiving Austrian company. Capital gains arising from the sale of shares in an Austrian corporation held by another Austrian corporation are taxable and are due to the standard flat corporate tax of 25 %. Financing costs effectively connected with the acquisition of the shares held are fully tax deductible. Foreign holdings: Provided that the Austrian company holds at least 10 % of the shares of a foreign corporate entity, comparable to an Austrian GmbH, for at least one year, any dividends received by the Austrian company and any capital gains resulting from the sale of the shares of the foreign corporation are tax exempt in Austria. Regardless whether Austria has a treaty with that foreign country or not. This tax exemption is also valid if the foreign subsidiary of the Austrian company is located in a non-tax treaty country or in an off-shore jurisdiction. No debt-equity ratios or thin cap rules Austria does not apply thin capitalization rules or debt-equity-ratios which would limit the deductibility of interest payments. So Austrian corporations can leverage the acquisition of foreign shareholdings or any other investments. Interest is fully tax deductible and can compensate any other income which is achieved by the Austrian corporation. There is no withholding tax on interest paid to foreign lenders, regardless where they are located. So even interest payments to off-shore companies are not exposed to any withholding tax at source in Austria. The Austrian “check-the-box”-system An Austrian corporation can make capital gains taxable if it wishes to do
TAX EXEMPT IN AUSTRIA
so. The Austrian company just has to “check-the-box” in its tax return and can select for which participation any capital gains resulting from a sale should be taxable. Nevertheless dividends received stay tax-exempt. The foreign subsidiary NO CFC legislation Austrian law does not know CFClegislation or similar regulations. Nevertheless it is important to know how income achieved by a foreign subsidiary has impact on the tax situation of the Austrian parent company. Provided that the Austrian corporation holds shares in a foreign entity which achieves passive income the sale of such a participation and the dividends when, paid to the Austrian company, will be taxable. The mere holding of such corporations does not trigger any taxes. What is seen as passive income ? The Austrian tax authorities categorize income as passive if the following income is achieved by the foreign subsidiary and, at the same time, the overall tax burden of this subsidiary is not more than 15 %. ·Interest income ·Royalty income ·Capital gains achieved by selling shareholdings of less than 10 % in other corporations Dividends are tax exempt if resulting from rental income (considered to be active income) Dividends are tax exempt even if the foreign subsidiary is not subject to taxes It is important to know, that if the foreign subsidiary achieves profits from buying and selling securities, treasury bonds or stocks this is considered to be active income and therefore any dividends paid to the Austrian company and any capital gains achieved by the Austrian company are tax exempt. Example: Dividends and capital gains are $$$$ The foreign subsidiary is making losses Due to the new group taxation system, losses, suffered by foreign subsidiaries, can be set off from the domestic tax base of the Austrian company holding shares in such a subsidiary, provided that the Austrian company holds more than 50 % of the shares of the foreign subsidiary. These foreign losses have to be exposed to taxes in the hands of the Austrian corporation when the foreign entity is using these losses as a loss
British Virgin Islands Ltd.
Cayman Islands Ltd.
consulting income runs a hotel local tax: 0 local tax: 0
rental income local tax: 0 African factory active income local tax: 0 carry forward to compensate its own tax burden. Although losses from the foreign subsidiary can be set off from the tax base of the Austrian parent dividends paid by such a foreign entity are tax exempt. Such dividends from foreign entities are tax exempt even if the foreign entity is not due to taxes. Indirect holdings According to Austrian law also indirect participations via partnerships lead to tax exempt income for the Austrian holding company as the following graphic shows: Tax treaty network Taking into consideration that Austria has a far reaching treaty network (currently 90 treaties) including countries like Barbados, Belize, Estonia, Hong Kong, Liechtenstein, Luxembourg, Malta, San Marino, Switzerland, Singapore, UAE and Cyprus just to name a few of those, which also have very interesting tax regimes, it is of course a fact, that these very interesting tax treaties open a bundle of tax planning opportunities. Dual resident companies Any corporate entity, regardless where domiciled, has access to the Austrian holding system, provided that the management of the foreign parent company is located in Austria. This would be the case when a BVI company is holding shares in a Russian or Ukrainian company but the managing director of the BVI company is resident in Austria. Obtaining royalty income via Austrian companies
Austrian companies are quite often used to obtain royalty income from foreign sources. Austria has a large number of tax treaties (more than 89) with other countries and a large number of these treaties provide for a zero withholding tax rate levied upon royalty payments to or from Austrian companies. These are the treaties with: Belgium, Belize, Bulgaria, Canada,Croatia, Cyprus, Czech Republic, Denmark, Egypt, Faroer Islands, France, Georgia, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Malta, Netherlands, Norway, Russia, San Marino, Slovak Republic, Slovenia, South Africa, Sweden, Switzerland, Tadjikistan, Turkmenistan, Ukraine, United Arab Emirates, United Kingdom, United States. In case of other treaty countries the withholding tax rate is significantly reduced ranging between 3 % and 10 %, only in some cases 15 %. Using regulations laid down in Austrian tax law such royalty income routed via an Austrian company can lead to a profit exposed to a tax bracket of only 4 % to 8 %. Austrian Trading Company An Austrian Company can serve perfectly as an agent for an off-shore principal and profits resulting from the trade of goods are then exposed to an effective tax bracket of only 2 % to 5 %. Summary The large treaty network in combination with a perfect holding regime together with the possibility to obtain binding rulings from the Austrian tax administration make Austria a perfect place for holding companies and further tax planning activities. 2014 Winter China OffshOre
封面故事 | COvER STORy
期以来，由于大陆当局对资本流动 实行严格监管，上海在跨境银行服 务方面一直落后于香港和新加坡这
样的区域金融中心。所以只有少数国内银行 可以从事境外银行业务，而国外银行在大陆 地区提供国际银行服务时面临的限制却很少。 但在中国中央政府向上海这个国家金融 首都大开绿灯，在自由贸易试验区实行新一 轮改革之后，这种产业局面很可能会发生变 化。中国内阁国务院已正式批准于 9 月末设 立该区，目标旨在确保“风险可控”的前提 下加快金融体系改革。 11 月，中国共产党第十八届中央委员会 第三次全体会议也强调加快自由贸易区的建 设、放松外资准入并提倡经济开放。这已被
Shanghai’s Pilot Free Trade Zone A Reshufﬂe of Global Banking Landscape?
广泛认同为中国在未来几年到 2020 年这段 时间实行改革的总体方针。 作为长期计划的一部分，新区将允许资 本账户实现人民币可自由兑换、利率市场化 和人民币的跨境使用。除成立新公司之外， 外国银行还可利用该区的私人资本成立合资 企业。 就私人银行业务和理财而言，上海自由 贸易区将进一步开放业务范围，从而为海外 投资者带来投资机会。比如，为了实现人民 币自由兑换并将上海打造成一个国际金融中 心，中国可能会加快其资本账户在自由贸易 区的自由化速度。
根据总体方针，在该区工作的外籍个人 将可以在证券公司开立非居民个人账户，以 便在国内证券市场进行投资，而在该区工作 的个人也可以在海外证券市场进行投资。这 必将会为理财领域的外国银行以及资产管理 公司带来新的商业机会。 参与者寄予厚望 虽然自由贸易区的银行业管理细则定为明年 年中公布，但从经营改革（特别是跨境产业） 方面来说，大部分中国和外国银行对于在该 区经营寄予了很高的期望。 到目前为止，已有很多银行经批准在最 新的自由贸易区设立分部。高管们对于在该 区提供优质国际金融服务感到乐观。几乎所 有国内和国外银行都有计划在自由贸易区提 供境外银行服务。 “我们期待在自由贸易区经营。我们在 实验区设立的分部将于 2014 年初开业，这
or a long time, Shanghai has been trailing behind regional financial centers like Hong Kong and Singapore in cross-border banking services due to strict regulatory control over capital flows imposed by mainland authorities. As a result, only a select batch of domestic banks was allowed to be engaged in offshore banking business while foreign lenders faced quite a few limits in terms of offering international banking services on the mainland. However, the industry landscape will likely be changed after
the Chinese central government gives the green light to Shanghai, the country’s financial capital, to start a new wave of reforms in a pilot free trade zone. The State Council, China’s Cabinet, has officially approved the set-up of the zone in late September, with an aim to accelerate financial system innovation under the premise of “controllable risk.” In November, the communiqué of the third plenum of the 18th Communist Party Central Committee also highlighted that accelerating the construction of the free trade zone and relaxing investment access
COvER STORy | 封面故事
investors. For example, in order to achieve full convertibility of the yuan and build Shanghai into an international financial center, China may speed up the liberalization of its capital account within the FTZ. Based on the general guidelines, foreign individuals employed in the zone will be allowed to set up non-resident individual accounts with securities firms to carry out investment in domestic securities market, while individuals employed in the zone can also invest in foreign securities market. This will definitely create new business for foreign banks and asset management companies in the area of wealth management.
High Hopes from Participants Although detailed rules governing the banking sector in the FTZ are set to be unveiled in the middle of next year, a majority of Chinese and foreign banks have pinned high hopes in operating in the zone in terms of business innovation, especially in those cross-border sectors. “We look forward to operating in the FTZ. Expected to open early 2014, our sub-branch in the pilot zone will further extend our banking network. Our presence in the FTZ will enable us to leverage global financial expertise and tap into a new spectrum of opportunities,” said Helen Wong, Deputy Chairman, President and CEO with HSBC China. “We will look to fulfill customers’ demands for cross-border financial services and innovative tools, particularly relating to the yuan as it develops into a global currency,” she added. Andrew Au, CEO of Citi China, echoed the view, noting that the US bank is ready to connect the free trade zone with the rest of the world. “We have been working with many of our global clients to promote the free trade zone, and we will provide our full range of services to our clients to
全球银行业格局重组？ By Leo Zhang
会进一步扩大我们的银行网络。进入自由贸 易区使我们能够利用全球金融专业知识并挖 掘新的机遇，”汇丰中国的副董事长、总裁 兼首席执行官 Helen Wong 说到。 “我们力求满足客户对于跨境金融服务 以及创新型金融工具的需求，特别是涉及到 发展成为国际货币的人民币时，”她补充到。 花旗中国的首席执行官 Andrew Au 赞同 这一观点并指出，美国银行已经准备好让自 由贸易区与世界其他地区联系起来。“我们 与许多全球客户展开合作，从而推广自由贸 易区并且我们会向客户提供完善的服务，协 助他们利用自由贸易区带来的一切便利，” 他说到。
and promoting economic openness. It is widely regarded as a general guideline for China’s reforms over the coming years to 2020. As part of a long-term plan, the new zone will allow free yuan convertibility under the capital account, interest rate liberalization and cross-border yuan usage. Apart from establishing new outlets, foreign banks will also be allowed to form joint venture banks with private capital in the zone. As for private banking and wealth management, the new Shanghai FTZ will bring opportunities for foreign
2014 Winter China OffshOre
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照片提供 Photo by Xinhua
中国大陆银行，包括其四大国有银行已 经得到批准可在自由贸易区设立分行。它们 的主要业务预计包括境外银行业务、资金结 算、投资和理财、境外融资和债券发行。中 国的第五大银行——交通银行也获批在自由 贸易区设立分行以及专门针对飞机和船舶租 赁的金融子公司。金融集团的信托、基金管 理和保险部门也将在“适当的时候”在该区 开设分支机构，该银行提到。 中 国 交 通 银 行 副 行 长 Qian Wenhui 说 “跨境人民币业务将是新区分行的重点，也 是我们的优势之一。”富达国际投资（全球 规模最大的基金管理公司之一）的中国负责 人 Larry Chen 表示，上海自由贸易区的开设 将会使金融、 税务、 贸易和政府政策发生变化。 “为了推动贸易和投资，我们认为金融 服务公司（包括资产管理公司）应在该区的 总体发展中发挥主导作用，从而创造一个强 大和可持续的生态系统，”他说道。 普华永道的全球委员会成员兼上海高级 合伙人 Nora Wu 指出，自由贸易区可能会改 变中国和外国公司对其业务和资金实行管理 的方式。“从传统上讲，中国企业（国有和 私营）会利用香港、新加坡甚至欧洲国家的 海外业务管理平台作为其境外融资和资金管 理的投资平台，”Wu 说道。“如果自由贸 易区能够创造与这些海外平台相当的条件， 它会被中国企业视为设立全球总部的新目的 地。”Wu 表示，对于许多在中国营业的跨 国公司和在中国设立地区总部的公司，放松 的金融和外汇环境可帮助该类公司进行区域 资金管理和结算。这将增强其中国总部的功 能和影响范围，她补充说。 中国毕马威会计事务所的合伙人 Tony Cheung 称，“区域的试点内容将逐步扩展 到人民币自由兑换和利息自由化，从而促进 企业的资金周转，促使在亚洲东北部甚至亚 太地区建立新的离岸金融中心。” 甚至连世界知名的离岸金融中心也对自 由贸易区产生兴趣。在对上海的最近一次访 问期间，根西岛首席部长 Peter Harwood 表 示，根西岛有兴趣在上海新的自由贸易区内 开展业务。他会见了上海副市长屠光绍，会 上，屠光绍赞赏了根西岛金融服务行业的高 品质和稳定性。“除了赞赏我们在金融监 管和发展方面所取得的成就，副市长还重 申，根西岛与中国近年来一直保持密切的合
As part of a long-term plan, the new zone will allow free yuan convertibility under the capital account, interest rate liberalization and cross-border yuan usage. Apart from establishing new outlets, foreign banks will also be allowed to form joint venture banks with private capital in the zone.
help them take advantage of what the FTZ has to offer,” he said. Chinese mainland banks, including the country’s Big Four state-owned lenders, have already been approved to set up branches in the FTZ. Their major business is expected to include offshore banking, capital settlement, and wealth management, overseas financing, and bond issuance. Bank of Communications, China’s fifth-biggest lender, also received the approval for a new branch and a financial subsidiary specifically for leasing aircraft and ships in the FTZ. Trust, fund management and insurance units of the financial group will open branches in the zone at the “appropriate time,” Qian Wenhui, deputy president of BoCom, said that “Cross-border yuan business will be the focus of the new zone branch, and it’s one of our strongest strengths.” Larry Chen, China country head for
Fidelity Worldwide Investment, one of the world’s largest fund managers, said that The opening of Shanghai’s FTZ will bring about changes in finance, tax, trade and general government policies. “To facilitate trades and investments, we believe that financial services companies should have a key role in the overall development of the zone in order to create a strong and sustainable eco-system,” he said. Nora Wu, Global Board Member and Shanghai Senior Partner with PwC, pointed out that the FTZ may change the way Chinese and foreign companies manage their business can capital. “Traditionally, Chinese enterprises, both state-owned and privately owned, would use an overseas business management platform in Hong Kong, Singapore or even in particular European countries as their investment platform for offshore financing and management of
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作，”Harwood 表示，“我们双方都希望建 立这种关系，尤其是在上海决定建立试点自 由贸易区的这种背景下。我们的谈话主要围 绕试点自由贸易区，这对根西岛的商业来说 是一次巨大的机遇。” 除了代理人 Harwood，根西岛代表团 包 括 代 理 人 根 西 岛 商 业 与 就 业 部 长 Kevin Stewart；根西岛金融服务委员会（GFSC） 局长 William Mason；根西岛财务部 - 根西 岛国际金融产业宣传机构的执行长官 Fiona Le Poidevin；以及根西岛财务部上海代表 Wendy Weng。 Le Poidevin 补充说：“诸如上海试点自 由贸易区以及中国经济体系进一步自由化等 一系列变化，为对内与对外投资带来了许多 机遇，此次旅行非常适时。作为能够担当中 国与更为广阔的资本市场之间的门户的领先 国际金融中心，这是根西岛能够一直等待的 机遇。”
funds,” Wu said. “If the FTZ could create conditions comparable to these overseas platforms, it would be regarded as a new destination for Chinese companies to consider establishing their global headquarters.” For many multinational companies operating in China and for those who have regional headquarters based there, a relaxed financial and foreign exchange environment could help their regional funds management and settlement, Wu said. This would enhance the functionality and scope of influence of their China-based HQ, she added. Tony Cheung, Partner with KPMG China, said that “the pilot content of the zone will gradually extend to the free exchange of the yuan and the liberalization of interest rates, which will promote the
capital turnover of enterprises and bring about the formation of a new northeastern Asian, or even Asia-Pacific level, offshore financial center.” Even world-renowned offshore financial centers have shown interest in the FTZ. During a recent visit to Shanghai, Guernsey’s Chief Minister Peter Harwood said that the island has interest in operating in Shanghai’s new FTZ. He had a meeting of Tu Guangshao, Vice Mayor of Shanghai, who has recognized the quality and stability of Guernsey’s financial services industry. “As well as recognizing our achievements in financial regulation and development, the Vice Mayor also reiterated that Guernsey and China have shared great cooperation with each other
2014 Winter China Offshore
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从欧洲美元市场得到的经验 尽管自由贸易区的改革使得人民币成为全球 外汇市场中日益重要的一种货币，部分人士 担心，自由贸易区的建立将损害境外人民币 市场的发展。“这种担忧毫无根据，”新加 坡发展银行的一名经济学家 Nathan Chow 称，“借鉴欧洲美元市场可帮助揭示在国内 放松管制的情况下境外市场将如何增长。” 二十世纪六十年代，由于美国条例的变 化，例如法定准备金、利率限制和借款限制， 境外银行对本地银行更具吸引力。因此，美 元流动性移向伦敦，在这里，非美国银行不 会受到联邦储备局的管制。因此，欧洲美元 市场迅速发展。二十世纪八十年代末期九十 年代初期，大部分条例被淘汰。例如，美联 储将大面额国内存款的法定准备金要求降至 零；实际上，这消除了对当地中介的“税收”。 但是，欧洲美元在全球美元银行中的比例从 七十年代的 10% 增长到九十年代的 20%， 到 2000 年中期，比例超过 30%。非美国居 民仍持有其大部分境外美元，美元储备的官 方持有者（主要是境外中央银行）同样如此。 2000 年，超过 70% 的官方美元储备位于美 国海外。有趣的是，迄今为止，伦敦银行间 拆放款利率仍然是美国公司贷款的基准。 how 认为，欧洲美元市场的持续发展可 归因于一系列因素。最典型的是，它是美元 的非美国放款人与非美国借款人之间的媒介 （又称第三方中介）。例如，阿拉伯联合酋 长国的中央银行在伦敦银行存入一千万美元， 然后将资金借给墨西哥的石油进口商。在这 种情况下，美元可能在伦敦或其他银行中心 经历一次或多次境外银行交易。但无需在美 国筹措资金或部署资金。的确，很大一部分 境外美元银行业务归于这种第三方中介。 截止 6 月 10 日，4.9 万亿美元全部贷款 来自境外，其中 2.7 万亿美元（或 55%）的 债权对非美国居民。监管环境、会计标准和 时差问题等便利性因素可解释市场参与者趋 向于境外交易的原因。 Chow 指出，另外一个动机在于将货币 风险与国家风险分离。例如，2001 年 9 月， 由于恐怖袭击，美国国债交易不得不中断。 但在欧洲储蓄机构持有美元证券的境外中央 银行仍能进行正常交易。这提醒了官方外汇 管理人员设置多个交易和存储位置的潜在优 势。因此，根据美元经验，全球投资者倾向
in recent years,” said Harwood. “This relationship is something we are both eager to build on in the future, particularly at a time when Shanghai has taken the decision to establish a pilot free trade zone in the city. The pilot free trade zone formed a major part of our discussions and presents a great opportunity for Guernsey businesses.” As well as Deputy Harwood, the Guernsey delegation comprised Deputy Kevin Stewart, Guernsey’s Commerce and Employment Minister; William Mason, Director General of the Guernsey Financial Services Commission (GFSC); Fiona Le Poidevin, Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry internationally; and Wendy Weng, Guernsey Finance’s Representative in Shanghai. Le Poidevin added: “The trip was also very timely as changes in China, such as the pilot free trade zone in Shanghai and further liberalization of the Chinese economic system in general, are presenting increased opportunities for inward and outward investment. This is something Guernsey is perfectly placed to take advantage of as a leading international finance centre that can act as a gateway between China and the wider capital markets.”
Lesson from Eurodollar Market Although the reforms in the FTZ will likely make the yuan an increasingly important currency in the global foreign exchange market, some worry that the establishment of the FTZ will undermine the development of offshore yuan markets. “Such fear is unwarranted,” said Nathan Chow, an economist with DBS Bank. “Looking at the Eurodollar market could help shed light on how offshore market grows in spite of onshore deregulation.” During the 1960s, changes in US regulations such as reserve requirements,
interest rate restrictions, and borrowing limits made offshore banking more attractive to local banks. Consequently, US dollar liquidity migrated to London, where non-US banks were not subject to regulation by the Federal Reserve. The Eurodollar market grew rapidly as a result. In the late-1980s and early90s, most of the regulations were eliminated. For instance, the Fed lowered reserve requirements on largedenomination domestic deposits to zero; in effect removing that “tax”on local intermediation. But the Eurodollar share of global dollar banking had grown from 10% in 70s to 20% in 90s and over 30% in mid-2000s. Non-US residents continued to hold the majority of their dollar offshore, and so did the official holders of dollar reserve (mostly overseas central banks). Chow believed that the sustainable growth of the Eurodollar market can be attributed to a number of factors. Most characteristically, it has served as an efficient intermediary between non-US lenders and non-US borrowers of dollars (also known as third-party intermediation). For example, the central bank of UAE deposits US$10 million in a London bank, which then lends the funds to a Mexican oil importer. In this case, the dollars might go through one or more offshore interbank transactions that could take place in London or other banking centers. But it does not require either sourcing funds or deploying funds in the US. Indeed, a significant portion of offshore dollar banking corresponded to such third-party intermediation. As of June 10, of the US$4.9 trillion total claims booked offshore, US$2.7 trillion (or 55%) were claims on nonUS residents. Convenience factors such as regulatory environment, accounting standards, and time zone difference might explain the market participants’
Cover STORY | 封面故事
上海自贸区项目数据一览 Shanghai FTZ Projects Overview
序号 项目领域 No. Area
已核名称 Approved Name
中国工商银行 Industrial and Commercial Bank of China
中国工商银行中国（上海）自由贸易试验 区分行 Industrial and Commercial Bank of China, Shanghai Pilot Free Trade Zone Branch
中国农业银行 Agricultural Bank of China
中国农业银行中国（上海）自由贸易试 验区分行 Agricultural Bank of China, Shanghai Pilot Free Trade Zone Branch
中国银行 Bank of China
中国银行中国（上海）自由贸易试验区分 行 Bank of China, Shanghai Pilot Free Trade Zone Branch
中国建设银行 China Construction Bank
中国建设银行中国（上海）自由贸易 试验区分行 China Construction Bank, Shanghai Pilot Free Trade Zone Branch
交通银行 Bank of Communications
交通银行中国（上海）自由贸易试验区分 行 Bank of Communications, Shanghai Pilot Free Trade Zone Branch
招商银行 China Merchants Bank
招商银行中国（上海）自由贸易试验区分 行 China Merchants Bank, Shanghai Pilot Free Trade Zone Branch
浦发银行 Shanghai Pudong Development Bank
浦发银行中国（上海）自由贸易试验区分 行 Shanghai Pudong Development Bank, Shanghai Pilot Free Trade Zone Branch
上海银行 Bank of Shanghai
上海银行中国（上海）自由贸易试验区 分行 Bank of Shanghai, Shanghai Pilot Free Trade Zone Branch
交银金融租赁 公司 Bank of ommunications Financial Leasing CO,.Ltd.
交银金融租赁公司中国（上海）自 由贸易试验区专业子公司 Bank of Communications Financial Leasing CO,. Ltd., Shanghai Pilot Free Trade Zone Specialized Subsidiary
花旗银行（中国） 有限公司 Citi Bank (China) CO., Ltd.
花旗银行（中国）有限公司中国（上海） 自由贸易试验区支行 Citi Bank (China) CO., Ltd., Shanghai Pilot Free Trade Zone Sub-branch
星展银行（中国） 有限公司 DBS Bank (China) CO., Ltd.
星展银行（中国）有限公司中国（上海） 自由贸易试验区支行 DBS Bank (China) CO., Ltd., Shanghai Pilot Free Trade Zone Sub-branch
金融机构 Financial Institution
企业性质 Company Type
内资 Domestic Funded
外资 Foreign Funded
来源：中金在线 Source: CN FOL.COM
于以特定的货币在境外市场交易。“至于人 民币，香港和其他金融中心的境外市场预期 将沿着欧洲美元同行的轨迹发展，”Chow 称， “在担忧管辖区内基础设施或操作集中化风 险的同时，尤其需要将货币风险与国家风险 分离。”
preferences for offshore transactions. Chow pointed out that another motive is to separate currency risk from country risk. In September 2001, for instance, the trading of US Treasury securities was interrupted due to terrorist attacks.
But overseas central banks with dollar securities held in European depositories were still able to carry out normal operations. That reminds official reserve managers the potential benefits of having diverse trading and custodial locations. Therefore, Judging from the dollar experience, global investors prefer to transact in a particular currency through the offshore markets. “With respect to the yuan, the offshore market in Hong Kong and in other financial centers can be expected to evolve along the paths of the Eurodollar counterpart,” Chow said. “Specifically, there is always a demand for separating currency risk from country risk amid concerns over concentration of infrastructure or operational risk in one jurisdiction.”
The Fortunes of Hong Kong, Singapore and London After the set-up of the FTZ in Shanghai, a government body in Hong Kong recently called on the city’s financial regulators to rev up reforms in order to keep its competitive edges as a premier offshore yuan center. In a document titled, "Proposals to advance the development of Hong Kong as an offshore renminbi centre," the Financial Services Development Council suggested that Hong Kong should develop its own policies to sustain its first-mover advantage. To ensure Hong Kong's first mover advantage, some of the recommended measures include relaxing remittance restrictions on Hong Kong residents for yuan trade, allowing onshore companies to lend yuan to their offshore counterparts and attracting more companies from emerging economies of Brazil and India to issue bonds in Hong Kong's offshore yuan bond market, according to FSDC. "The report recognises that Hong Kong is facing challenges arising from evolving global macroeconomic forces 2014 Winter China Offshore
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香港、新加坡和伦敦的前景 继上海建立自由贸易区以后，香港的一家政 府机构近期要求该市的金融管理者加快改革，
上海自贸区 VS 深圳前海新区 Shanghai FTZ VS Shenzhen Qianhai Bay
以保持其作为主要境外人民币中心的竞争优 势。在一份名为“推进香港境外人民币中心 发展的方案”的文件中，金融服务发展委员
上海自贸区 Shanghai FTZ
深圳前海新区 Shenzhen Qianhai Bay
会（FSDC）建议，香港应制定其自身策略 来维持其先动优势。 据金融服务发展委员会表示，为确保香 港的先动优势，部分建议措施包括放松对香 港居民人民币交易的外汇管制，允许国内公 司向其境外同行借贷人民币，吸引更多来自 巴西和印度新兴经济的公司在香港境外人民 币债券市场发行债券。 “报告指出，香港正面临着来自不断发 展的全球宏观经济力量和新兴本地威胁的挑 战，香港作为国际金融中心的领先地位并非 不可撼动，我们必须不懈努力，提高我们的
28 上海外高桥保税区、外高桥保税物流园区 洋山港保税区、空港综合保税区 Shanghai Waigaoqiao Free TradeZone Shanghai Waigaoqiao Bonded Logistics Park Yangshan Bonded Port and Shanghai Pudong Airport Free Trade Zone 长三角经济群 108765 亿 Yangtze Delta Economic Zones 10.8765 Trillion
占地面积（平方公里） Area (sq.km.)
经济腹地 & GDP 规模 Economic Hinterland & GDP Scale
香港人民币在境外市场人民币总额中的 比例从 2011 年 12 月接近百分之九十降至 2013 年 9 月的百分之六十五左右。尽管其他
珠三角经济群 47850 亿 Pearl River Delta Economic Zones 4.785 Trillion
定位差异 Differential Positioning
金融开放试验示范窗口 Pilot Window of Financial Opening to the World
金融、贸易、航运 Finance, Trade, Shipping
发展重点 Develop Priority
金融、现代物流、信息服务产业、 科技文化创意产业 Finance, Logistics, Information Service Industry, Science and Culture Creative Industry
香港 深圳 广州 Hong Kong Shenzhen Guangzhou
国际金融中心 International Financial Center
竞争力，”金融服务发展委员会主席 Laura Cha 称。在过去几年内，香港一直在与伦敦
首屈一指的金融基础（对外对内样本意义）， 首例自贸试验区的先发优势 Leading financial infrastructure, as the showcase to foreign and domestic markets; advantages being the first Pilot Free Trade Zone.
核心优势 Core Advantage
毗邻香港，利于体制机制创新的环境 （改革可能性答，试错成本低） Close to Hong Kong, advantages of mechanism of innovation ( Possibility of reform, low trial-and-error cost)
来源：中金在线 Source: CN FOL.COM
存款，包括存单，已经接近 1 万亿人民币左右， 而境外发行的人民币证券的未清余额已经超 过 4500 亿人民币。 市场观察人士认为，要成为一个真正的 全球化金融中心，上海还有很长一段路要 走。根据 AT Kearney 的 2012 年全球城市指 数，上海位居排行榜第 21 位，而香港、新 加坡和伦敦分别位居第 5、11 和 2 位。这表 示，大陆最有前景的城市在商业活动、人力 资本、信息交换和文化体验方面还未达到世 界一流城市的水平。此外，新加坡发展银行 的 Chow 表示，大陆仍处于市场经济的过渡 阶段，遭遇了既得利益团体的顽强抵抗，而 外国投资者对大陆的政治环境同样高度敏感。 任何严重的国内动荡都可能迫使政府采取全 面措施，包括金融改革。 在这种背景下，投资者需要寻找其他地 点来分散其人民币风险。尽管部分境外机构 投资者（包括中央银行）已经进入大陆证券
and emerging local threats, and that Hong Kong's leading position as an international financial centre is not entirely secure unless we work relentlessly to advance our competitiveness," Laura Cha, chairman of the FSDC, said. In the past several years, Hong Kong has been competing with London and Singapore as well as mainland cities like Shanghai and Shenzhen in the financial services sector as mainland authorities gradually expands the internationalization of the yuan. The yuan in Hong Kong as a proportion of total yuan in the offshore market declined to around 65 percent by September 2013 from a peak of nearly 90 percent in December 2011. Despite the rise of other offshore cities, Hong
Kong remains China's top offshore yuan center Offshore yuan deposits, including certificate of deposits, have reached about 1 trillion yuan, while the outstanding balance of yuan bonds issued offshore has exceeded 450 billion yuan. Observers believed that Shanghai has a long way to go to become a truly globalized financial center. According to AT Kearney’s 2012 Global Cities Index, Shanghai ranked 21st in the list while Hong Kong, Singapore, and London ranked 5th, 11th, and 2nd respectively. It suggests Shanghai has yet to become a world-class city in terms of business activity, human capital, information exchange, and cultural experience. In addition, foreign investors are also
Cover STORY | 封面故事
市场（通过 QFII 计划），其对点心债券的需 求日益增长，这可视为该风险分散行动的结 果。显而易见，不仅大陆实体发行点心债券， 多边公司以及国际机构，例如世界银行和亚 洲开发银行等也发行点心债券。这凸显出， 境外人民币市场已经越来越多地作为非中国 居民的人民币金融活动平台。 与此同时，香港银行不断扩展了对客户 的人民币借贷额度。未偿还人民币贷款约 880 亿人民币，而这在三年前几乎为零。融 资活动的迅猛发展源于多项鼓励政策，包括 允许非居民借贷人民币，解除银行的人民币 净敞口头寸和法定现金储备要求。 财资市场公会今日引入了境外人民币拆 息定盘价。这为贷款定价提供了基准，促进 了境外人民币利率外汇掉期市场的发展。 “随 着市场的加深以及越来越多人民币产品的出 现，境外市场将会迎来越来越多的人民币中 介，” Chow 称，“此外，人民币的升值预 期也不太一致。以往单向汇率预期更加有利 于非居民人民币借贷的发展。” 其他境外人民币中心同样拥有各自的长 期优势。作为东南亚国家联盟的门户和商业 中心，新加坡可促进区域间的人民币交易。 例如，印度尼西亚的一家采矿公司可用人民 币与马来西亚客户交易，这样一来，交易成 本更低或者货币风险管理更佳。2012 年，东 南亚国家联盟超越日本成为中国第 2 大进口 地区。此外，贸易来往产生的人民币流动性， 以及与北京签署的外汇掉期得到的人民币， 可用于第三方交易。同样地，作为除大陆和 香港以外最大的世界人民币付款交易中心， 伦敦可通过促进泛欧洲地区的第三方使用， 建立一个“西部人民币中心”。鉴于巨大的 时差，伦敦能够为欧洲、中东和非洲（EMEA） 以及其他地区提供更长的交易时间，与香港 和新加坡互补。 “以往经验表明，国内放松管制不会中 断境外市场的发展。非美国居民、私人和官 员等，对在欧洲美元市场中进行美元业务表 现出强烈的偏好。继美国资本管制和关键税 收提升之后，这种做法开始盛行，”Chow 称， “此后，第三方中介已经成为欧洲美元市场 的标准。可以推断出，境外人民币市场将越 来越多地在非中国居民之间发挥类似中介的 作用。即使人民币可以兑换，这种作用的利 益也可长期保持。”
highly sensitive to changes of political atmosphere in the mainland, which is in transition towards a market economy amid fierce resistance from vested interest group, according to Chow with DBS Bank. Any severe domestic volatility has the potential to force sweeping governmental actions; including financial reform. Against this backdrop, investors need alternative venues to diversify their yuan exposures. The growing appetite for Dim Sum bonds of overseas institutional investors (including central banks), some of whom already have access to the mainland bond market (through QFII scheme), can be seen as a result of such risk-diversification behavior. Dim Sum bonds, notably, are being issued by not only mainland entities but also multilateral companies as well as international institutions, such as the World Bank and the Asian Development Bank. This underscores the fact that the offshore RMB market is, to an increasing extent, functioning as a platform for yuan financial activities conducted among nonChinese residents. Meanwhile, banks in Hong Kong are extending yuan credit lines to customers. The outstanding yuan loan stands at 88 billion yuan, from virtually zero three years ago. Such rapid growth of financing activities are the result of several encouraging policies, including allowing non-residents to borrow yuan and liberalizing banks’ yuan net open positions and statutory liquidity requirement. The Treasury Markets Association also introduced CNH HIBOR fixing recently. This provides a benchmark to price loan facilities and facilitates the development of offshore yuan interest rate swap market. “As the market deepens and a greater variety of yuan products become available, more yuan intermediation within the offshore markets will be seen,” said Chow. “Adding to that is the less
consistent appreciation expectation of the yuan. Non-resident borrowing in the yuan going forward will be less discouraged by the previous one-way expectations on the exchange rate.” Other offshore yuan centers also possess respective long term edges. Singapore, as a gateway to ASEAN and a commodities hub, could facilitate yuandenominated trade across the region. For instance, an Indonesian mining company may settle its trade with a Malaysian customer in yuan as long as doing so enables them to lower transaction costs or manage currency risks better. In 2012, ASEAN surpassed Japan to become China’s No.2 importing region. Besides, the yuan liquidity generated from trade flow, alongside the yuan acquired from swap lines signed with Beijing, could potentially be used in thirdparty transactions. Likewise, London, the largest handler of the world’s yuan payments outside mainland and Hong Kong, can develop a “western RMB hub” by facilitating third-party use in the panEuropean region. Given the significant difference in time zone, London’s role is complementary to Hong Kong and Singapore by allowing longer trading hours for businesses in EMEA and beyond. “Historical experience has shown that onshore deregulation did not interrupt the growth of the offshore markets. Non-US residents, private and official alike, reveal strong preference for doing dollar business in the Eurodollar market. Such behavior prevailed even after US capital controls and key taxes were lifted,” said Chow. “Third-party intermediation has since become the norm for the Eurodollar market. An inference is that the offshore yuan markets will play a similar role of intermediating among non-Chinese residents. The benefit of such positioning can persist in the long term, even when the yuan becomes convertible.” 2014 Winter China Offshore
特别报道 | SpECIAL REPORT
013 年 10 月 15 日，上海市政府发布 《< 中国（上海）自由贸易试验区管 理办法 > 解读》（以下简称《解读》），
以问答的形式明确了有关 《办法》 的相关问题。 问：《中国（上海）自由贸易试验区管理办法》 的制定背景？ 答：按照市委市政府部署，自贸试验区将重 新组建管理机构具体落实自贸试验区改革任 务，统筹管理和协调自贸试验区有关行政事 务。为了确保自贸试验区的顺利挂牌和日常 运作，于 9 月 29 日，制定《中国（上海） 自由贸易试验区管理办法》，对自贸试验区 的管理体制和基本管理制度等事项予以明确。 问：《管理办法》主要规范哪些内容？ 答：《管理办法》分七章和一个附件，共有 三十九条。主要规范以下六方面内容：一是 明确了本办法的制定依据、适用范围和自贸 试验区的区域功能。二是明确了自贸试验区 的管理机构及其职责。三是明确了自贸试验 区投资管理制度。四是体现了自贸试验区在 进出境监管等方面的制度创新。五是规定了 自贸试验区金融创新与风险防范机制。六是 明确了自贸试验区优化管理和服务的措施。
上海市政府发布自贸区管理办法 Shanghai Government Issues Q&A on Shanghai Free Trade Zone Administrative Measures
By Courtesy of Asia Briefing
答：《管理办法》适用于经国务院批准设立 的中国（上海）自由贸易试验区。自贸试验 区涵盖上海外高桥保税区、上海外高桥保税 物流园区、洋山保税港区和上海浦东机场综 合保税区，总面积 28.78 平方公里。 问：自贸试验区的区域功能是什么？ 答：自贸试验区肩负着全面深化改革和扩大 开放探索新途径、积累新经验的重要使命， 将发挥示范带动、服务全国的积极作用。主 要开展以下几方面的改革探索： 一是推进服务业扩大开放和投资管理体 制改革。 二是推动贸易转型升级，创新监管服务 模式。 三是深化金融领域开放。 四是探索建立与国际投资和贸易规则体 系相适应的行政管理体系，培育国际化、法 治化的营商环境。 问：自贸试验区在哪些服务业领域进一步扩
he Shanghai Municipal Government released the “Interpretation of the Administrative Measures for the Shanghai Free Trade Zone (hereinafter referred to as the ‘Interpretation’)” on October 15, which clarifies several issues regarding the administrative measures for the Shanghai Free Trade Zone (Shanghai FTZ). Detailed information can be found below.
Q: What is the background for introducing the “Administrative Measures for Shanghai Free Trade Zone”? A: With the view to regulate the daily operations of the Shanghai FTZ, the Shanghai Municipal Government released the “Administrative Measures for Shanghai Free Trade Zone (hereinafter referred to as ‘Measures’)” on September 29, which clarify the administrative system and regulations for the zone. Q: What’s the main content of the Measures? A: The Measures contain 39 provisions and regulate the following six aspects: 1, Clarifying the regulatory basis and applicable scope of the Measures, as well as the main function of the Shanghai FTZ; 2, Clarifying the responsibility of the administration committee of the Shanghai FTZ; 3, Clarifying the investment system of the Shanghai FTZ;
SpECIAL REPORT | 特别报道
大开放？ 答：自贸试验区根据《总体方案》，在金融 服务、航运服务、商贸服务、专业服务、文 化服务和社会服务等领域扩大开放，暂停或 者取消投资者资质要求、股比限制、经营范 围限制等准入限制措施。考虑到服务业扩大 开放需要逐步探索和深化， 《管理办法》明确， 自贸试验区根据先行先试推进情况以及产业 发展需要，不断探索扩大开放的领域、试点 内容及相应的制度创新措施。目前服务业开 放的具体举措，已在《总体方案》的附件《中 国（上海）自由贸易试验区服务业扩大开放 措施》中作了明确。 问：自贸试验区外商投资管理方面有哪些新 的制度？ 答：自贸试验区改革的一项重要措施，就是 借鉴国际通行规则，对自贸试验区内的外商 投资实行准入前国民待遇，实施外商投资准 入特别管理措施（负面清单）管理模式。 问：自贸试验区境外投资管理方面有哪些新 的制度？ 答：为了提高境外投资便利化程度，自贸区 改革境外投资管理方式，自贸试验区内企业 到境外投资开办企业，实行以备案制为主的 管理方式， 对境外投资一般项目实行备案制。 问：自贸试验区工商登记管理方面有哪些新 的制度？ 答：《总体方案》明确，自贸试验区内工商 登记与商事登记制度改革相衔接，逐步优化 登记流程。今年 3 月公布的《国务院机构改 革和职能转变方案》 要求， 改革工商登记制度， 将注册资本实缴登记制改为认缴登记制，并 实行先照后证的管理模式。为此， 《管理办法》 在工商登记方面规定了以下改革措施： 一是实行注册资本认缴登记制，公司股 东（发起人）对其认缴出资额、出资方式、 出资期限等自主约定并记载于公司章程，但 法律、行政法规对特定企业注册资本登记另 有规定的除外。公司股东（发起人）对缴纳 出资情况的真实性、合法性负责，并以其认 缴的出资额或者认购的股份为限对公司承担 责任。工商部门登记公司注册资本，不登记 公司实收资本。 二是实行“先照后证”登记制，自贸试 验区内取得营业执照的企业即可从事一般生
4, Clarifying the entry and exit supervision measures of the Shanghai FTZ; 5, Regulating the financial innovation and risk management system of the Shanghai FTZ; and 6, Clarifying the measures to optimize management and services in the Shanghai FTZ.
Q: What are the main functions of the Shanghai FTZ? A: According to the Measures, the main functions of the Shanghai FTZ are as follows: 1, Promoting the opening-up of the services industry and investment management system reform; 2, Facilitating trade transformation and upgradation; 3, Deepening the opening-up of the financial field; 4, Innovating the supervision service mode; 5, Exploring and establishing an administrative management system in line with international investment and trade rule systems; and 6, Cultivating an international and lawful business environment. Q: Which areas will be further opened up to domestic and foreign investors? A: The Shanghai FTZ will deepen the opening-up level in the following areas: 1, Financial services; 2, Shipping services; 3, Commercial and trade services; 4, Professional services; 5, Cultural services; and 6, Social services. Moreover, the Shanghai FTZ will suspend or cancel the entry requirements on investors’ qualifications, as well as restrictions on shareholding proportions and business scope.
Q: Has the Shanghai FTZ rolled out any new measures in terms of foreign investment management? A: The Shanghai FTZ will implement a “Negative List” approach towards foreign investment management. Foreign investment projects in the sectors not covered under the negative list only need to go through record-filing procedures. Q: Has the Shanghai FTZ rolled out any new measures in terms of overseas investment by enterprises in the zone? A: Overseas investment projects by enterprises in the zone only need to go through record-filing formalities.
Q: Has the Shanghai FTZ rolled out any new measures in terms of industrial and commercial administration? A: The Shanghai FTZ will implement a capital registration system. Shareholders of enterprises in the zone shall agree upon the contributing amount, forms and period independently, and record such in the company’s articles of association. The shareholders shall be liable for the authenticity and legality of the capital contribution and are held accountable to the enterprise within the limits of their respective subscribed capital or shares. The industrial and commercial authority will register the registered capital of the company, instead of the paid-in capital. 2014 Winter China Offshore
特别报道 | SpECIAL REPORT
产经营活动；从事需要许可的生产经营活动 的，可以在取得营业执照后，向主管部门申 请办理。法律、行政法规规定设立企业必须 报经批准的，应当在申请办理营业执照前依 法办理批准手续。 问：自贸试验区在进出境监管方面有哪些制 度创新和便利化措施？ 答：为了体现自贸试验区创新监管服务模式 的要求，《管理办法》根据《总体方案》， 以“一线放开”、“二线安全高效管住”为 原则，对自贸试验区进出境监管措施作了规 定。主要包括：第一，对自贸试验区和境外 之间进出货物，允许自贸试验区内企业凭进 口舱单信息将货物先行提运入区，再办理进 境备案手续。第二，对自贸试验区和境内区 外之间进出货物，实行智能化卡口、电子信 息联网管理模式，完善清单比对、账册管理、 卡口实货核注的监管制度。第三，允许自贸 试验区内企业在货物出区前自行选择时间申 请检验。第四，推进货物状态分类监管模式。 对自贸试验区内的保税仓储、加工等货物， 按照保税货物状态监管；对通过自贸试验区 口岸进出口或国际中转的货物，按照口岸货 物状态监管；对进入自贸试验区内特定的国 内贸易货物，按照非保税货物状态监管。第 五，推行“一次申报、一次查验、一次放行” 模式。第六，简化自贸试验区内货物流转手 续，按照“集中申报、自行运输”的方式， 推进自贸试验区内企业间货物流转。 问：自贸试验区金融创新方面有哪些举措？ 答：《总体方案》提出，要深化金融领域的 开放创新，加快金融制度创新，增强金融服 务功能。《管理办法》根据《总体方案》， 在金融创新方面明确了以下四方面的举措： 一是在资本项目可兑换方面，自贸试验 区实行资本项目可兑换，在风险可控的前提 下， 通过分账核算方式， 创新业务和管理模式。 二是在利率市场化方面，在自贸试验区 培育与实体经济发展相适应的金融机构自主 定价机制，逐步推进利率市场化改革。 三是在人民币跨境使用方面，自贸试验 区内机构跨境人民币结算业务与前置核准环 节脱钩。自贸试验区内企业可以根据自身经 营需要，开展跨境人民币创新业务，实现人 民币跨境使用便利化。
The zone will also pilot the “license before certificate” registration system. Enterprises in the Shanghai FTZ may commence normal production and operation activities after obtaining the business license. Enterprises engaged in businesses which require administrative approval may file an application with the competent authorities for the approval items after obtaining the business license. Q: Has the Shanghai FTZ rolled out any new measures in terms of entry and exit supervision? A: The Shanghai FTZ has rolled out the following entry and exit measures: 1, For goods transferred between the Shanghai FTZ and foreign territories, enterprises in the zone are allowed to deliver such goods to the zone by producing the import manifest information and file for entry record later. 2, For goods transferred between the Shanghai FTZ and domestic regions, an intelligent monitoring mode will be implemented. 3, Enterprises in the zone may decide when to apply for inspection on their own before their goods are transferred outside the zone. 4, The zone will implement a “one declaration, one inspection and one approval” mode. 5, The zone will implement a “centralized reporting and self-transport” approach to promote the flow of goods between enterprises in the zone. 6, The zone will promote a classified supervision mode for goods. Specifically: 7, Goods under bonded storage and processing goods in the zone will be regulated and supervised in accordance with provisions on bonded goods; 8, Goods imported and exported through the port in the zone and international transit goods will be regulated and supervised in accordance with provisions on port goods; and 9, Certain domestic trade goods that enter the zone will be regulated and supervised in accordance with provisions on non-bonded goods. Q: Has the Shanghai FTZ rolled out any new measures in terms of financial innovation? A: The Shanghai FTZ has put forward the following four measures for the financial reform: 1, RMB Convertibility under Capital Account 2, Under a controllable risk level, the Shanghai FTZ will implement a trial program
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四是在外汇管理方面，建立与自贸试验 区发展需求相适应的外汇管理体制，推进贸 易投资便利化。 问：自贸试验区在加强综合管理和服务方面 有哪些举措？ 答：按照《总体方案》要求，自贸试验区要 加快转变政府职能， 改革创新政府管理方式， 推进政府管理由注重事先审批转为注重事中、 事后监管。为此，《管理办法》就加强综合 管理和服务、优化管理流程和管理制度作了 以下几方面规定： 一是提高行政透明度，管委会和有关部 门在履职过程中制作或者获取的政策内容、 管理规定、 办事程序及规则等信息应当公开、 透明，方便企业查询。自贸试验区有关政策 措施、制度规范在制定和调整过程中，应当 主动征求自贸试验区内企业意见。
A businessman shows a new business license that he just acquired at the Shanghai Pilot Free Trade Zone.
的工作机制。对于外商投资项目核准（备案） 以及企业设立（变更），实行“一表申报、 一口受理”，工商部门统一接收工商、外资 审批或备案部门、质量技监和税务部门的申 请材料，通过部门间后台流转完成审批或备 案流程，再由“一口受理”窗口统一向申请 人发放各类审批结果文书或证照。对于企业 境外投资备案，由管委会统一接收申请人提 交的申请材料， 统一向申请人送达有关文书。 三是实行企业年报公示制度，自贸试验 区内企业按年度在规定的期限内，向工商部 门报送年度报告，并向社会公示，任何单位 和个人均可查询。 企业对年度报告的真实性、 合法性负责。 四是加强监管信息共享，管委会组织建 立自贸试验区监管信息共享机制和平台，实 现海关、检验检疫、海事、金融、发展改革、 商务、工商、质监、财政、税务、环境保护、 安全生产监管、港口航运等部门监管信息的 互通、交换和共享，为优化管理流程、提供 高效便捷服务、 加强事中事后监管提供支撑。 同时， 建立自贸试验区内企业信用信息记录、 公开、共享和使用制度，推行守信激励和失 信惩戒联动机制。 五是建立安全审查和反垄断审查的相关 工作机制。 投资项目或者企业属于安全审查、 反垄断审查范围的，管委会将及时提请开展 安全审查、反垄断审查。
of RMB convertibility under the capital account, and innovate business and management modes through separate accounting.
Interest Rate Liberalization The Shanghai FTZ will cultivate an independent pricing mechanism in line with the development of the real economy, and gradually promote the reform of interest rate liberalization. RMB Cross-border Usage Enterprises in the Shanghai FTZ may innovate cross-border RMB businesses based on their actual situation, thereby to facilitate the cross-border usage of RMB. Foreign Exchange Management The Shanghai FTZ will set up a foreign exchange management system to facilitate trade investment.
Q: Has the Shanghai FTZ rolled out any new measures in terms of strengthening comprehensive management and services? A: The Shanghai FTZ has established a “one-off handling” system to simplify the administrative procedures in the zone. For approval of foreign investment projects and enterprises establishment, the industry and commerce authorities in the zone shall accept the application documents submitted by applicants and deliver relevant instruments to such applicants in a unified manner. Moreover, enterprises in the zone are required to submit annual reports to the industry and commerce authorities. Such reports will be publicized and enterprises will be held liable for the authenticity and legality of the reports. 2014 Winter China Offshore
2014 Winter China Offshore
特别报道 | SpECIAL REPORT
亚洲，私人公司在过去几年内得 到了蓬勃的发展，帮助该地区的 私人企业家积累了大量的财富。
与此同时，富有阶层也发现已经越来越难以 在现在复杂多变的经济环境下，仅靠自己而 高效地管理财富。 家族办公室模式在欧洲和北美已经非常 成熟， 也得到了广泛的运用。在亚洲也处于 逐步发展的阶段。虽然这一过程意味着代代 相传，业内人士认为，一些地区，如香港、 新加坡和澳大利亚等都已经作为离岸金融中 心，为超级富有阶层管理财富的方式而获益。 在亚洲，特别是中国内地，家族办公室 拥有者们通常为首代富人，他们仍然喜欢亲 自管控名下的资产。即使决定设立家族办公 室，也仅仅为了处理闲置的现金或雇佣亲戚， 而不是为了帮助自己的财富持续增长。在这 个地区的财富创造仍然和家族有着千丝万缕 的联系。家族办公室还没有正式得到上述地 区最富有家族们的青睐，这一情况和欧洲和 北美不太一样。虽然如此，在第二和第三代 富有阶层在家族中逐渐崛起，长远来看这一 情况会有改观。会有更多的家族办公室出现， 并会把现有的办公室往更专业化的方向提 升。亚洲的家族办公室也会向高品质服务的
亚洲家族办公室驶上快车道 Family Offices Come of Age in Asia
By Leo Zhang
方向转变。 根据去年十月份发布的“瑞士联合银行 （UBS）/ 坎普顿（Campden）亚洲财富报 告——太平洋家族办公室调查报告”的数据， 和投资管理和创始家庭报告相关的核心服 务，都有在家族内完成的势头，同时支持服 务，比如法律顾问或税务规划等则还由外部 公司来完成。不仅如此，所谓的“软性”服务， 比如游艇或飞机管理等，对家族办公室来说 则不是首要事项。虽然现在的运营环境相对 来说还算是良性的，家族办公室越来越成为 一种规避风险的程序和方式。 税务法规很大范围内被认为是一种考量 的因素，被许多离岸金融属地以不同的策略 加以利用来规避风险。一条龙的服务是比较 流行的做法，而服务的中心则是财务的稳健。 该调查报告还发现亚洲 - 太平洋地区最 富有的投资者们，包括来自中国的富人，都 更倾向于把财富中的很大一部分用于直接投 资的机会。但是，他们的注意力主要放在诸 如房地产等产业，而不是资本市场上常见的 股市或债券等市场。这么看来，亚洲的家族
n Asia, private businesses have been booming in the past few years, helping entrepreneurs in the region accumulate a massive amount of wealth. Nevertheless, the wealthy group is finding it increasingly difficult to manage assets in an efficient manner on their own as the economic scenario turns sophisticated and market volatility rises. The family office model, which has been widely accepted and utilized in Europe and North America, has been gradually expanded in Asia. Despite that the process could mean a generational shift, places like Hong Kong, Singapore and Australia may take the lead to benefit from the change as offshore centers of wealth management for the ultra-rich group, experts said. In Asia, especially in China, owners of family businesses are usually first-
generation wealth creators, who still prefer to put all the assets under their control. Even if they decide to set up family offices, they may just hope to use them to park their idle cash or employ their relatives rather than growing their wealthy. Wealth creation in the region is still very much tied up with the family business and family offices have yet to capture the imagination of the region’s wealthiest families as they have done in Europe and North America. However, as the second and third generations take rein in the family business, things are going to change in the long haul. This will see more family offices being created and the greater professionalization of current ones. And the focus on Asia’s family offices is also shifting to improving the quality of services.
SpECIAL REPORT | 特别报道
办公室是在跟随欧洲的脚步，对不同金融产 品的考虑让他们在过去的很多年里持续涉足 直接投资。 “企业家族在亚太地区在全球财富市场 上继续扮演重要的角色。虽然在这个地区家 族办公室的模式还处于婴儿期，我们仍然继 续看到客户们对诸如家族生意机会，家族决 策、财富架构、慈善和家族办公室的设立等 话题颇感兴趣。瑞士联合银行亚太财富管理 中心首席执行官 Kathryn Shih 表示，“我们 相信，随着第二和第三代富有阶层逐渐在家 族中执掌大权，我们会看到家族办公室的概 念在不久的将来会向未来规划转变，且会更 多地运用策略来确保家族产业的长盛不衰。” 香港、新加坡和澳大利亚的联系 两个国际金融中心，香港和新加坡也已成为 亚太家族办公室设立的理想地区，也正越来 越多地吸引亚太以外地区的家族办公室在此 地选址。他们是大部分家族办公室的聚集 地——过去十年内超过 75% 的家族办公室 在这两个城市建立。在这两个金融中心里聚 集的数量众多的金融专家们，将确保在未来 的数十年内这两个地区的地位不被撼动。 一般家族办公室在日本以外的亚洲地区 设立时，他们会选址香港或新加坡。但是选 址在哪里设立家族办公室不完全取决于选址 地点的地理位置。“瑞士联合银行 / 坎普顿 财富调研报告”发现由中国内地富有家庭设 立的家族办公室不见得一定把办公室设立在 香港。事实上，新加坡对那些超高净值家庭 的吸引力要超过香港。富有的中国家族经常 选择新加坡设立他们的海外办公室，虽然就 地理位置和交通便利性上来看，香港占优。 据一位多元家族办公室的管理者透露： “一些大陆（中国）的家族选择新加坡的原 因是这里是非中国的主权国家。”新加坡在 和香港争做家族办公室选址地方面下了很大 功夫。新加坡财政部——这个城市国家的央 行——在新加坡作为财富管理和家族办公室 产业方面提供了很多的鼓励政策。 如果说新加坡采用鼓励家族办公室的策 略，香港则采取更为放任灵活的方式。香港 有成千上万的百万和亿万富翁人群，意味着 它在家族办公室的数量方面比新加坡略胜一 筹。不过说到底，两个城市的家族办公室环 境都非常优秀。澳大利亚在亚太的家族办公
According to the second annual UBS/ Campden Wealth Asia‐Pacific Family Offices Survey released in October, core services, related to investment management and reporting to the founding family, are on a trend towards in-house provision, whereas supporting services such as legal counsel or tax advisory tend to be outsourced. In addition, so-called “softer” services, such as yacht or aircraft management, don’t appear to be very high on the priority list of Asian family offices. Despite viewing the current operating environment as relatively benign, family offices are increasingly putting in place formal risk-mitigation procedures. Tax regulation has been widely cited as a concern, with diversification across several jurisdictions being used as the main strategy for mitigating this risk. Consolidation of offerings is the prevailing theme, and the scope of services is stable. The survey also found that Asia‐ Pacific’s wealthiest investors, including those from China, are moving much more of their money into direct investment opportunities. However, they are away from capital markets as they see greater opportunities in other businesses and real estate rather than equity and bond markets. In this respect, family offices in Asia are following trends in Europe, where concern over some financial products has led many of them to embrace direct investing in a more concerted manner in the last few years. “Entrepreneurial families have continued to play a key role in contributing to Asia‐Pacific's growing share of global wealth. Although the family office model is still in its infancy in the region, we continue to see increasing client interest in topics such as family business continuity, family decision‐making, wealth structuring, philanthropy and the setting up of family office structures,” said Kathryn Shih, CEO of UBS Wealth Management Asia Pacific.
“We believe that as the second and third generations assume roles of leadership within the family businesses; we are going to see the concept of family offices changing to focus more on planning for the future and putting strategies in place to ensure the continued success of long‐lasting family legacies.” The Hong Kong, Singapore and Australia Nexus The two Asian financial centers of Hong Kong and Singapore have established themselves as the pre-eminent locations for family offices in the region, and are increasingly attracting family office money from outside the region as well. They are where the majority of family offices are being set up – more than 75% of those established in the last 10 years in Asia have been launched in the two cities. The dominance of financial expertise in these centers will ensure they will see much of the development of the family office model in the region in the years ahead. Typically, when family offices are set up for families in Asia ex-Japan, they are based in either Hong Kong or Singapore. But any decision over where families set up their investment office isn’t necessarily decided by geographical considerations. The UBS/Campden Wealth survey found that family offices set up by mainland Chinese families don’t necessarily base their office in Hong Kong. Actually, Singapore is just as likely to be where a mainland Chinese ultra-high net worth will set up a family office as Hong Kong would be. Wealthy mainland Chinese families have often set up family offices in Singapore instead of the geographically more convenient, and arguably more culturally connected, Hong Kong. As one head of a multi family office said: “Some mainland (Chinese) families choose Singapore because that’s one sovereignty level removed from China.” Singapore’s 2014 Winter China Offshore
特别报道 | SpECIAL REPORT
室行业内也扮演了一个重要角色，虽然它更 多地面向国内——由于大部分在该国设立家 族办公室的富人都来自澳洲而非其它地方。 一些中国的富有阶层也会选择上海来进 行更多的经营活动，因为上海最近开立的自 由贸易区让它大幅度地提升了国际形象，成 为先进的金融产业城市。虽然如此，上海在 规模上和其它地区相比则不可同日而语，因 为资产账户和货币流动在中国大陆还是受控 和受限的。 亚太地区家族办公室的特点 在亚洲建立一个独立家族办公室的最佳资产 数额是 2.35 亿美元，这个数字和欧洲的基 本一致，在那里家族办公室市场早在数十年 前就已经出现。和欧洲水准保持一致意味着 亚洲迅速赶超其它地区的经验和标准。 亚洲家族办公室要求自己能够对相对更 大范围内的风险承担责任，其中包括其它一 些地方的家族办公室无法承担的，比如政治 和国家环境风险，以及信誉风险等。同时， 和投资相关的风险也一直是让家族办公室 比较担忧的问题。调研报告中关于家族办 公室的调查包括管理财富的多少和使用多少 银行来托管这些财富，很大一部分人觉得使 用多家托管银行意味着把风险降到最低。就 外部资产管理来说，大部分的家族办公室对 现状感到满意，虽然受访家族办公室中很大 一部分不会雇佣外部财富经理。向财富经理 分派财富的决定首先通过口述，以及对此前 的业绩表现来体现。相反地，业绩表现是很 多受访者决定终止现有的业务关系的主要原 因——不仅针对资产经理们来说，还包括其 它第三方伙伴。家族办公室经常考虑和其它 办公室合作考虑投资机会，但是他们觉得这 种投资交易的质量不会很高。 超过三分之二的亚太家族办公室都有慈 善方面的活动，还有 25% 的家族办公室计 划在未来的三年内参与到慈善活动中去。他 们参与或计划支持的慈善活动范围广阔。与 此同时，他们不希望以专项的基金来参与慈 善，正式的慈善政策也不大受欢迎。相反地， 在慈善参与度很高的家族办公室中，专注于 慈善活动的人员数量则相对来说非常稳定。 上述地区的家族办公室在未来一年内在 运作环境上不会有大的改动。看起来，相对 日益艰难的外部经济环境，家族办公室所提
government has done much more than rival Hong Kong to develop the family office market. The Monetary Authority of Singapore – the city state’s central bank – has been particularly encouraging in promoting the wealth management and family office sectors in the country. If Singapore has pursued an interventionist strategy to encourage family offices, Hong Kong has followed a more laissez-faire approach. That approach, coupled with the greater number of billionaires and multi-millionaires based in Hong Kong means it has a slight edge over Singapore in terms of the number of family offices it houses. Nevertheless, the family office environment is strong in both cities. Australia will also play a role in the development of the family office model in Asia-Pacific, although it is likely to be largely domestic, as much of the wealthy families setting up family offices in the country will originate from Australia and not the rest of the region. Some wealthy Chinese are also looking to base more of their activity in Shanghai as the city strives to boost its international image by opening a pilot Free Trade Zone and developing an advanced financial industry. However, the scale could be limited as long as the capital account and currency flows are controlled.
Characteristics of Family Offices in AsiaPacific The optimum level of assets under management for establishing a single family office in Asia is estimated at $235 million (€179.6 million), very much in line with estimates in Europe, a market with a decades-long head start in the family offices market. This close alignment with Europe suggests that Asia’s family offices have been quick to learn from other regions. Asia’s family offices see themselves as responsible for a relatively broad array of risks, including some that family offices
elsewhere tend not to concern themselves with, such as political and country risk, and reputational risk. Meanwhile, investmentrelated risks persistently worry family offices the most. Family offices in the survey report a correlation between the size of the fortune they manage and the number of custodian banks they use, with the larger ones feeling compelled to use a higher number of custodians in order to minimize counter party risk. Regarding external asset managers, most offices are satisfied with the ones they use, although a large number of responding offices use relatively few external managers. The decision to allocate capital with new managers is dictated first and foremost by track record and past performance. Conversely, performance issues are the main reasons why respondents are willing to end existing business relationships – not just with asset managers, but also with other outside partners. Family offices are frequently considering opportunities to coinvest alongside other offices, but they feel that the quality of such investment deals is poor. More than two-thirds of the family offices in Asia-Pacific engage in philanthropic activities, and a further 25% of those that do not are planning to do so in the next three years. They mention a wide range of causes that they either support or are planning to support. At the same time, they tend not to have dedicated endowments allocated to charitable giving, and formal giving policies are also not popular. Conversely, among the offices that report a high level of engagement in philanthropy, the staffing of philanthropic activities appears to be relatively consistent. Family offices in the region do not appear to expect big changes in their operating environment in the next 12 months. It appears staffing prospects
SpECIAL REPORT | 特别报道
供的职位则会向更好的方向发展。 直接投资主题的倾向性 很显然，家族办公室模式在上述地区呈不断 上升趋势，调查报告中 95% 的受访者表示 他们的家族办公室相对一年前更为灵活。事 实上，受访者中的 55% 认为他们的家族办 公室比一年前更活力十足。 家族办公室是长线投资者，其中 74% 表 达了至少未来五年的投资计划。亚太地区家 庭办公室视这一地区的投资机会要远远好于 其它地方。欧洲被认为是最不适宜投资的地区 之一。这些家族办公室认为充分理解投资策 略和透明度是决定财富管理和分配的最重要 因素。和 2012 年版本的上述调研相反，受访 者把更多的财富用在房地产、风险资本 / 私募 基金等直接投资项目上。调研报告中未包含多 个家族办公室也许能部分解释为什么会有这个 动向。但是向直接投资转换的趋势在开多个家 族办公室后仍然十分明显。亚洲的单一家庭办 公室似乎和他们的欧洲同僚有相似的资产配 置优先顺序。虽然相对欧洲来说，直接风险 资本投资和私募基金投资在亚洲更有市场。 “亚洲的最富有家庭对投资的回报越来 越有信心，但这并不表示他们会蜂拥涌入股 票市场或者对冲基金。相反，他们在削减此 类资产的配置，正越来越多地投入到直接投 资市场，比如房地产等。”坎普顿财富管理 研究中心主任 David Bain 表示。房地产投资 在亚太地区得到了最多的资产配置，而在香 港则最为明显。虽然新加坡的家族办公室也 喜欢房地产投资，他们比亚洲其它地方的人 会更多地选择风险资本和私募股权的直接投 资。澳大利亚家族办公室比亚洲其它国家更 喜欢股市。此外，所有国家的家族办公室都 持有大量的现金，在香港尤为如此。现金持 有率仍徘徊在 10% 附近，和在 2012 年的报 告持平。相比较，对冲基金在欧洲家族办公 室的资产配置选择中占有更大的比例。 今年的资产配置中房地产占据 16% 的位 置，比 2012 年的不到 9% 有所上升，对风险 资本和私募股权的直接投资上升到了 15%， 比 2012 年的 4% 有大幅增加。在发达国家的 股票市场配置下降到全部资产的 14%，而在 2012 年则是 21%。去年对固定收入的配置 也有所下降。亚洲最富有家族对对冲基金的 投资在去年几乎被砍去一半。
will improve against a backdrop of deteriorating prospects in other financial centers in the world.
Inclination to Direct Investment Themes Apparently, the family office model is growing in confidence in the region, with 95% of respondents in the survey saying their family office is as, if not more, viable than a year ago. Indeed, 55% of respondents say their family office is more viable than it was 12 months ago. Family offices are long‐term investors, with 74% of them reporting an investment horizon of at least five years. Asia‐ Pacific’s family offices view investment opportunities in their region much more favorably than other regions. Europe was seen as the least favorable region to invest in. These family offices value transparency of understanding an investment strategy as the most important issue influencing decisions on capital allocation to asset managers. As opposed to the 2012 edition of this study, respondents in the survey are moving more of their assets into direct investment opportunities in real estate and venture capital/private equity investments. Investors are taking money from capital market allocations to fund this development. The change may also be partly explained by the exclusion of multi family offices from this report, but the trend towards direct investing is still noticeable even after stripping out the distortion from MFOs. Asia’s single family offices appear to
have similar asset allocation priorities as their European counterparts, although interestingly direct venture capital and private equity investing is given a greater priority in Asia, compared to Europe. “Asia’s wealthiest families are becoming more optimistic about investment returns, but that doesn’t mean they are piling into equities and hedge funds. On the contrary they are cutting their investment allocations to these asset classes and like their counterparts in Europe investing more in direct investment opportunities like other businesses and property,” said David Bain, Head of Research at Campden Wealth. Real estate investing receives the biggest asset allocation among all the markets in Asia-Pacific, but is particularly strong in Hong Kong. Although Singapore‐ based family offices also like real estate investing, they were more exposed to venture capital and direct private equity stakes than any other center in Asia. In comparison, Australian family offices liked equities much more than their counterparts in the rest of Asia‐Pacific. In addition, cash holdings among family offices were still strong in all countries, but particularly so in Hong Kong. Cash holdings are still around the 10% mark, as they were in the 2012 study. In contrast, hedge funds still take up a larger proportion of Europe’s family office asset allocation choices. Real estate accounts for 16% of allocations this year, compared with just under 9% in 2012, and allocations to venture capital and direct private equity grew to 15%, compared with 4% in 2012. Equity market allocations in developed countries fell to 14% of total assets, compared with 21% in 2012. Allocation towards fixed income has also fallen in the last year. Hedge fund investing by Asia’s wealthiest families has also been cut by nearly a half in the last year. 2014 Winter China Offshore
离岸指南 | OFFSHORE HANDBOOK
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Asia Offshore Summit Bangkok, June 3rd & 4th, 2015
AOA Delegate Registration Fees: · Prebooking - USD 1,800 · After August 30th - USD 2,000
Who Should Sponsor & Attend
The Asia Offshore Association is back! We are pleased to announce our return with the highly anticipated Asia Offshore Summit in Bangkok in June 2015. Through resentations, workshops, and panel discussions, the topics to be addressed include the most pressing issues in Asia’s outbound offshore investments.
Senior Level Managers of the Following:
The two-day summit will gather the Asia's leading financial intermediaries with the international trust companies, bankers, lawyers, and corporate service providers for an exclusive and indepth conference examining the full spectrum of investment, trade, and wealth management coming out of Asia. The Asia Offshore Summit has been designed to explain to Asia’s top financial intermediaries how they can benefit from the unique asset management and and Offshore Professionals product offerings available in the world’s international offshore financial centers.
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