1.

//
///

()

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

David Liao . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
() 8
2014 - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
20151

- () . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

- () . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
-
- () . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

2015
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
3 . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 26
1.0 . . . . . . . . . . . . . . . . . . . . . . . .
- 29

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

David Liao
2016.11



(2013.9)
(2015.4) (2015.4) (2015.4)
20169304 2015.4

475



31km2
60km2
43km2
29km 2
28km2 43km2
34km2
28km2 30km2

37km2 20km2 44km2
47km2

121 116 120 118

201420153.3 20156.4 2015-20164 20154-20164

17,946 32,200

2015.4.21



2013.9.29

2015.4.21


2015.4.21


2016717857

(km2) (km2)
121 118
2015.04) 92 - 43
- 34 - 44
- 20 - 31
- 37

29


120 116 &

- 30 - 60
- 43 - 28

- 47 - 28

475

: 6000
99%

4 5


,
()



15%

20169
3

2015.2 -

2013.12 -

2015.4 - [2015] 8

2
2014.2 - 2015.10 2015.12 - 2016.1


(40)

2013 2014 2015 2016

- -

-

2014.5 2015.4 2015.12 2016.4

1 2 3











QDII2

6 7

() , 201512
1.820141.520%2015
20141.51/10
2013920154 3/41/501/42016715
65000

/
201338
20169






,
()

2013929 28.78
42014
122820154
120.72







[2015] 8
2

8 http://www.china-shftz.gov.cn/Homepage.aspx http://www.chinanews.com/cj/2016/02-17/7761112.shtml 9
 40

20169)

139

3 (154)


139

3 (15)




139
315
1610


1310



152
3 (161)

(165)
2

142 (1411)

159)

3 (164)



152
3(164)

143 49%

(146)

()



40

20151030




4040

10 11
 3.
4.

( Free Trade Account)




--



:

--

FTE FTI

FTN

FTF



FTU


1. /

2. /

3. CNH


4.

2
5. [2015]8


6.
1.
2. 6

12 13
 (FTA) VS (BAU)*

FT

(FTN) VS (NRA)

FTN NRA

NRA

(2016.1.19[2016]15

NRA

14

() 2015201641794690%
5711187%20164409812771

, 20154 1754

60090%8080%

119.9:
30
43.1
46.8

0.5120
88%

16 http://www.china-tjftz.gov.cn/html/cntjzymyqn/portal/index/index.htm 17

()

20141231

/ 2015421201643032200
4801.573.794.34306484052.11

3.754.241552749.454.69

4.94

2121

21

118.04
3
43
43.78
31.26

:
,

:


e12

18 http://www.china-fjftz.gov.cn/article/index/gid/8/aid/142 19
 ()


2014123120154

/ 2015113313.3%27.9

64.7%10039

835.8

5050050

201543827133.79%18824
21 101%2347.43
3.3
10605400294.92
36.7%

116.2

607.06



28.2

3.71

28





15% IC

20 http://www.china-gdftz.gov.cn/ 21


-
-
-

22

[2016] 132


[2016] 132 1
13
500
500*1.5*1+500*0.5=1000
1 - 10003370
6.63

20175

= * = (+

* ) **

= 1 = 1
= 1
= 1

= * * +
*
11
11.5
: 1
: 0.5
=<

24 25


/

[2015]8

= * * *
11.5
11.5
10.2 0.5

* 2

2 1



2

FTU 3
2

FTU 8%
FTU 15
FTU 15%

3
2 1
2
FTU + )

FT

3


26 27

+

1
2FT3
500 NRA

500*1.5
*1.5 =
1125 2 1
CNY FTN
2-1125 = 1.25
6.63

CNYCNHCNH

CNYCNH

28 29


[2016]92
[2016]13 **

[2014]22 [2016]57 [2015]279
[2016]24
[2016]93

//
10

5 2
1

A B C 1



1

, = =
* 1 0.5

=
* 1

*

**

30 31

201512



[2015]36 FTE
FTNFTU(CNH)

6.6320 6.6370

FTE/FTN

FTEFTN

2016818500
USD/CNY6.6320USD/CNH6.6370,
FT6.6370
500*6.6370-6.6320= 2.5

CNY/CNH

32 33

FTN Escrow account

(FTEFTNFT
CNH

HBCN HSS CNH :

CTLA

FT

CNH


3 FTN 1





2 /

TT


FT CNH

TT
CTLA
CNHCNHFTN

FTN /

/

/

34 35


FT

TT
/
/


FT

TT ///

/

/

36 35

2013:
/

021 - 3888 3585 marensnzhang@hsbc.com.hk

2016.7 2016 022 - 5858 8281 kevinzhou@hsbc.com.cn

020 - 8313 1303 rachelxwang@hsbc.com.cn
2016.6 FTN, 2016.6
020 - 8313 1301 willylin@hsbc.com.cn

0755 - 2513 8336 maggiegan@hsbc.com.cn
2016.5 FT
NCD, 2016.1 0756 - 8803 669 kittyjjtai@hsbc.com.cn
3 , 2.90%, FTN
0592 - 2998 302 wisezheng@hsbc.com.cn


0591 - 8625 1707 stefaniebtyang@hsbc.com.cn
2015
2015.8

2015.3


2015.2



2015.1

2014
2014.9

2014.5

2014.2

2014.2

2014.1

2014.1

38 39