Research On The Legal Supervision Of Offshore Finance In Shanghai Pilot Free Trade Zone

Since the establishment of the China(Shanghai)Pilot Free Trade Zone(referred as "Shanghai Free Trade Zone ")in September 2013,China has put financial innovation as an important part of it.It aims to promote the convertibility of capital account and expand areas of financial sector to advance the trade and investment facilitation.Therefore,the development of offshore finance has important significance to the Shanghai Free Trade Zone,and the offshore financial supervision also shall be an important project to achieve the goal of financial reform.So far,the Shanghai Free Trade Zone has been established for three years,the offshore finance development has great achievement,but the schedule has been delayed.Obviously,the lack of an explicit legal system and supervision is the non-ignorable factor to hold back the development of Shanghai Free Trade Zone.On the one hand,the lack of legal supervision of the Shanghai Free Trade Zone appears as lagging legislation of basic law,inadequate auxiliary law,low legislative effect and flat legal system.On the other hand,the imperfect legal supervision of Shanghai Free Trade Zone also embodies as undefined regulatory model,ambiguous responsibility of the regulatory body,unsound regulatory system of access and exit and the lack of international cooperation in the regulatory efforts.Through the investigation and comparison of the typical offshore financial center,Tokyo Labuan and London,analyze the difference of the regulatory measures between the above offshore financial markets.I suggest the legislative branch should improve and complete legal supervision system of the offshore financial center,and strengthen international cooperation to improve the level of supervision of the Shanghai Free Trade Zone,in order to promote the development of the offshore financial market,and provide a model of the financial innovation experience for other FTA and the whole country.