Page 39 - CCFA Journal - Second Issue

加中金融

双循环新格局在区域自贸区合作的新机遇与挑战

The Opportunities and Challenges in the Double-Circulation Paradigm

for Cooperation in Regional Free Trade Zones

【作者】吴雅楠博士，CFA，现任北京快快网络技术有限公司和上海亚厚资产管理有限公司董
事长，具有逾 23 年全球及国内投资管理经验。曾任信诚基金管理公司数量投资总监兼资深基
金经理，管理逾 200 亿元资产，涵盖结构化指数基金和量化多策略对冲产品。曾任加拿大道明
资产管理公司副总裁和高级投资经理，管理逾 300 亿加元资产并获得优异投资业绩。1996 年获
加拿大西安大略大学统计物理和应用数学的博士学位，美国洛斯阿拉莫斯国家实验室研究员。
北京市特聘专家，北京市“海聚工程”领军人才，中关村“高聚工程人才”。中国量化投资俱
乐部理事，中国绝对收益协会理事。中国教育部“春晖计划”专家，广东省高科技商会金融俱
乐部首席经济顾问。《量化投资与对冲基金》编委，“上海金融创新投资系列论坛”组委会

Dr. Yanan Wu is the Chairman of Beijing Kuai Kuai Network Technology Ltd. Co. & Shanghai Yahou
Asset Management Inc. with over 23 years’ global and Chinese investment experience. As the Head of
Quantitative Investment and senior portfolio manager for CITIC-Prudential Fund Management Co.,
Shanghai, China from 2009 through 2014, he managed about ￥20 billion (RMB) assets including
structured index funds and multi-strategy hedge funds. As the VP and senior portfolio manager of TD
Asset Management Inc., Toronto, Canada from 1996 till 2009, he managed about $30 billion (CAD)
assets including portable alpha, liability-driven products as well as global asset allocation, asset-liability
matching and duration extension overlay strategies for large pension, insurance, endowments, family trusts
and various institutional clients. One of his funds received Lipper award. Ph.D in statistical physics from University Western Ontario. Research
staff at Los Alamos National Laboratory, New Mexico, USA. He was a Specially Recruited Expert appointed by the municipal government of
Beijing, and was awarded one of leading entrepreneur talents of Zhong Guan Village, Beijing. He has served as an executive board member of
China Quantitative Investment Club since 2010, and a board member of China Absolute Return Association since 2016. One of founders of
Shanghai Financial & Innovative Investment Forum since 2010.

11 月 15 日，覆盖东盟十国和中日韩澳新共 15 个国家的“区域 On November 15th, 2020, the “Regional Comprehensive Economic
全面经济伙伴关系协定”（RCEP）正式签订，通过削减关税 Partnership Agreement” (RCEP) – an agreement covering 15
及非关税壁垒，不仅建立亚太区域的关税联盟，更成为全球最 countries including China, Japan, South Korea, Australia and New
大的经济贸易协定。缔约国间关税减让以立即降至零关税和 10 Zealand – was officially signed. By reducing tariffs and non-tariff
barriers, RCEP has not only established an economic union in the
年内降至零关税的承诺为主，其中，货物贸易零关税产品数整 Asia-Pacific region, but also one of the world’s largest economic and
体上超过 90%。中日两国的双边关税减让安排也成为历史性突 trade agreements. Tariffs among contracting states are ready to,
破。 either immediate or gradually within 10 years, move to zero. Among
them, the total number of zero-tariff products in tradable goods
从谈判过程看，由于成员国之间经济发展水平差距较大、协议 exceeds 90% of the region. The bilateral tariff reduction arrangement
内容涵盖范围广，RCEP 的诞生经历了“八年长跑”！RCEP 所 between China and Japan has also become a historic breakthrough.
覆盖的国家既包括日本、韩国、新加坡等发达国家，也包括泰
国、越南等东盟中处于初期发展阶段的发展中国家，以及中国
等中高收入的发展中国家，经济发展水平存在较大差异，同时 From the perspective of the negotiation process, due to the large gap
in the level of economic development among the member states and
对自由贸易规范的理解和熟悉程度也各不相同，因此对于协议 the wide scope of the agreement, the birth of RCEP has experienced
所涵盖的各领域诉求存在分歧，致使谈判过程艰难。前后共历 an “eight-year bull run”. The countries covered by RCEP include not
时八年，经过了 3 次领导人会议、19 次部长级会议和 28 轮正式 only developed countries such as Japan, South Korea, and Singapore,
谈判。我们本期就来聊聊 RCEP 对于中国的双循环新发展格局 but also developing countries in the early stages of development in
带来的新机遇和挑战。 the ASEAN region such as Thailand and Vietnam as well as those
with an increasing middle class such as China. There are large
differences in both the level of economic development and the level
of understanding and familiarity of free trade regulations. These
differences made the negotiation process difficult, hence the process
took 8 years, 3 leaders’ meetings, 19 ministerial meetings, and 28
rounds of formal negotiations.
We will review and analyze the new opportunities and challenges that
RCEP brings to China and the rest of the region in two aspects.

CCFA JOURNAL OF FINANCE DECEMBER 2020
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