Research On The Reform Of Government Regulation In The Transformation Of Yinchuan Comprehensive Protection Area To Free Trade Area

In the new wave of economic globalization, The United States and European Union want to break the old rules of the international trade and investment led by WTO, and try their best to promote a new free trade negotiation led by themselves,The new rules covers high standard economic system to be excluded from China, including competitive neutrality, industrial policy, environmental protection, labor standards, data flow freely, the protection of intellectual property rights, government transparency and so on. Today’s economic globalization is different from the time before the finance crisis in 2008. The new rules of international trade and investment pay more attention to the elimination of trade barriers within the border, and its goal is investment and trade facilitation which has higher expectation for the government regulation system and measures. In order to adapt in the new changes about the rules of the global economy and trade in this context, Our country persist in opening up to promote the country’s reform, and firmly raising the level of the open economy. "One Belt One Road" is an important strategy made by our country, its implementation means we could seek for cooperation in resource and market on a wider scale. Our country established the China Pilot Free Trade Zone in Shanghai, Tianjin, Fujian, Guangdong via a. series of the policy innovation, We carried out the news policies and measures in pilot free trade zone to form some duplicated and available experience in the whole nation which could achieve the goal of opening-up forced the reform in the nationwide. As the successful operation in these pilot free trade zones, our country encouraged establishing more and more free trade zone in inland and border areas.At present, Ningxia Hui Autonomous Region follows the "One Belt One Road" strategy closely, Ningxia has sped up the implementation of the opening up strategy by the natural superiorities of economic and trade exchanges with Muslim countries. As the approval of establishing the Ningxia inland opening-up economic pilot zone and Yinchuan Comprehensive Bonded Zone by the State Council, Ningxia has gradually built the inland opening up economic system. Yinchuan comprehensive bonded zone,the only special customs supervision zones in Ningxia, undertake the mission of opening up.So the zone has the condition of transition from bonded zone towards free trade zone. However, Current government regulation system and measures can’t meet the requirement of free trade zone. The goal of free trade zone in worldwide is to achieve the trade and investment liberalization and facilitation which is related closely to the government regulation. Whereas, Owning to the restriction of the traditional idea of government regulation, the management in Yinchuan Comprehensive Bonded Zone has some restriction in trade and investment. Therefore, the reform of government regulation in the zone has been imperative and urgent.This paper is based on the theory of deregulation, incentive regulation and modern regulation. Firstly, I paid attention to study the government regulation of free trade zone in the foreign countries and the reform for existing pilot free trade zone in China, it is concluded that the government regulation of Yinchuan comprehensive bonded zone is the moderately relax under the background of national and local social economy development, Moreover, shows the area need to relax and the area need to strengthen supervision, which can give some advice about the government regulation reform about Yinchuan comprehensive bonded zone in the exploratory stage. Secondly, Focus on the cost-benefit analysis of the regulation policy from bonded zone to free trade zone and the comparative analysis on the existing government regulation reform in Yinchuan comprehensive bonded zone. Furthermore, these findings indicated that the government regulation reform in Yinchuan comprehensive bonded zone should be based on the characteristics of ethnic autonomous areas and the characteristics of Muslim culture in Ningxia. To achieve the transition to the China-Arab free trade zone which can reach the same rules as the Arab countries investment, Yinchuan should establish perfect law protection system, scientific regulatory system, and facilitation measures for trade and investment and industrial policies for China and Arab economic and trade cooperation.In summary, the paper suggest start with reform from regulation system, legislation, regulation technology, especially in the comprehensive administration, the entry of foreign capital, port clearance management and characteristics of industrial cooperation, and lead Yinchuan comprehensive bonded zone to sustainable development mode,which can guide the transformation of Yinchuan comprehensive bonded zone transform into a perfect law, supervision, efficient and convenient investment for a free trade zone.