| 摘要: | 中國、日本及韓國已經於2012年啟動自由貿易協定談判，東北亞經濟圈已儼然形成，且中、韓已簽訂FTA，未來對台灣的經濟發展將會產生全面性的影響。尤其中國是台灣、日本及韓國首要的出口市場，所以中、日、韓的自由貿易協定(FTA)若是先於兩岸ECFA完成，則台灣在中國市場的競爭力必將大幅的被縮減。面對區域經濟整合的趨勢，執行當局除應加速完成ECFA的簽定外，更應推動經濟貿易自由化，加速經貿制度的改革，為我國經濟注入新的動力，如此台灣才能突破區域經濟整合的瓶頸，在自由貿易協定上開花結果。
隨著中國與台灣先後加入WTO而負有對外開放金融服務市場之義務，本研究以 WTO為開端，介紹WTO框架下國際證券自由化及證券監管的合作與協調，並從MOU後台灣證券業進入中國市場的有利影響及ECFA生效後台資證券商進入中國市場之狀況，進而探討兩岸證券業的合作與發展。
本研究並藉以兩岸WTO及ECFA承諾表及CEPA、台星經濟伙伴、台紐等模式，從證券服務具體的承諾對兩岸證券業之影響研判兩岸證券業的開放方向及未來發展的態樣。最後闡述兩岸ECFA對證券商之監督管理及兩岸證券投資之救濟途徑。在兩岸服務貿易制度化的基礎下，促使兩岸服務業相互投資與貿易交流，為兩岸證券業的優勢互補及競爭力之提升帶來無限效益。
In 2012, China launched negotiations for free trade agreements with Japan and South Korea. A Northeast Asia Economic Circle is forming and is expected to have a full-scale impact on the economy of Taiwan. Particularly, China has become one of the major export markets for Taiwan, Japan and South Korea. Therefore, if a free trade agreement (FTA) between China and Japan or South Korea were finalized before the cross-strait ECFA, Taiwan’s competitiveness in the China market would weaken considerably. Riding on the wave of regional economic integration, the current Administration is expected to expedite the process of ECFA, push forward free trade, and speed up economic reform, as the public anticipates a fresh stream of driving force to bring Taiwan out of the bottleneck of regional economic integration and achieve substantial progress in free trade negotiations.
After both Taiwan and China became members of WTO, the two markets are bound by obligation to open the financial service market. This research started from an introduction to the framework of WTO regarding cooperation and collaboration of international free trade in securities, as well as the related supervision. This research also explored the prospects of cooperation and development in the cross-strait securities industry after signing of the MOU, covering the positive influence of the MOU to Taiwan’s securities services in terms of entering the China market and an overview on the Taiwanese securities businesses currently operating in China under ECFA.
This research also proposed the direction for future development of the cross-strait operations of the securities industries based on the commitments signed in cross-strait WTO framework and ECFA, CEPA, ASTEP, and ANZTEC, and the influence of the specific pledges to the cross-strait securities industry. Finally, this research discussed the securities supervision system in ECFA and legal remedies available to the cross-strait securities businesses. Based on a well set-up system, cross-strait service trade is expected to promote bilateral investment and trade in the service industries and bring limitless benefits in terms of complementary advantages and reinforced competitiveness. |
