Analysis Of The Relevant Legal Issues About Pursuing The RMB Capitai Account Convertibility In Shanghai Free Trade Test Area

Shanghai Free Trade test area (here in after referred to as Shanghai FTA) is born as China ’s economy booster. In the overall scheme of it, the RMB capital account convertibility is a pilot focused content of the financial reform. And the RMB capital account convertibility is a goal of the "twelve five" plan, so China would ultimately achieve the internationalization of RMB. Shanghai FTA is an experimental base to promote the capital account convertibility. In the process of pursuing the capital account convertibility in Shanghai Free Trade Zone, we may encounter a variety of problems, such as how to arrange the sequence of capital account liberalization, how to allocate and coordinate the regulatory responsibilities between the central bank and various regulatory agencies, how to monitor the risk of the capital account convertibility and how to solve the problem of asymmetric information and so on. In this article, firstly I will introduce the definition of the capital account convertibility, and then present a specific analysis of the degree of openness of the capital account and the feasibility of the capital account convertibility in our country. Lastly, I will study some legal issues that may be encountered in the process of the implementation of the RMB capital account convertibility in Shanghai FTA, and put forward legal decisions to solve these problems.The first part of this paper is to analyze the current situation of the RMB capital account convertibility. This part is mainly starting from the definition of capital account convertibility,which can analysis from two aspects,provisions of international and academics,then introduces the legislative status of China’s current capital account convertibility. The main content of this section is to lay the theoretical foundation for the research behind.The second part of this paper is about the RMB capital account convertibility’s opening degree analysis. In order to form contrast reference, firstly I analyze the current account convertibility, then the capital project is divided into four categories,which will be analyzed one by one. This part mainly analyzes the degree of capital account convertibility in China, and on the basis I will analysis the problems in China’s capital account opening process.The third part of this paper is about the analysis of the feasibility of the RMB capital account convertibility. This part is mainly from the country’s economic strength, macro economy, macroeconomic regulation and control and the financial system to analyze.The main purpose is to illustrate what conditions in our country at present is not enough mature and need to be improved. The fourth part of this paper is about the legal problems analysis in the process of RMB capital account convertibility in the Shanghai free trade area,then puts forward corresponding perfecting suggestion.This part is mainly from the order of capital account opening, the allocation of regulatory responsibilities between regulators, risk monitoring, and fiscal and monetary policy and foreign trade policy adjustment.