On February 4, 2024, I visited Professor Xu Shimin, a well-known expert in China's financial and ** industry.
First of all, he told me: "You, Mr. Jin, are experts in the study of the innovative development of China's free zones and the innovation and development of the world's free zones, and I think that under the current world economic situation, the world's free economy needs to have a world barter agreement to regulate and promote barter under the new situation of world freedom."
I was drawn to his topic. Because I have been focusing on the exploration of barter in Zhejiang Free Zone and Hunan Free Zone for more than two years.
The International Barter Exchange is a key issue that needs to be cracked urgently. Professor Xu told us: "If there is no faith, people are in danger, and if there is no law, the country will be in turmoil." Legislation is the foundation and means of national governance. The ancients said: "Small wisdom governs things, medium wisdom employs people, and great wisdom legislates." "National governance must attach importance to legislation, and must insist on legislation first. Focusing on the organization and initiating the creation of the International Barter Exchange, it is proposed that the formulation of the "International Barter Agreement" is a hurdle that cannot be bypassed. Significant international barter** transaction issues.
First, it is the positioning of the barter exchange.
This is the primary issue in the success of the creation of a barter exchange. Barter Exchange is a first-class platform marked by barter, with digital securities trading as the core, spot market as the feature, money and goods as the criterion, and delivery as the characteristics. The ultimate goal is to build an ecosystem and ecological chain covering all digital assets and physical assets around the world, promote the strong development of the digital economy and real economy of all countries, and bring benefits to the people of all countries.
2. Barter ** member units.
The global unit of barter, embodied in a membership system. The form of barter transaction is to exchange goods, so it does not involve capital settlement and financial business, and the trading mode implemented by the barter exchange is digital certificate trading and spot delivery, and the two parties to the transaction can access the goods nearby to reduce logistics costs.
3. The structure and functional division of barter transactions This can be divided into eight major sections: First, the administrative sector. The highest core department is responsible for the real-time supervision of other business sectors and the personnel, property, security, and information security within the exchange. The second is the R&D sector. Carry out special research on the types of subject commodities of trading, international exchanges and cooperation, and release the research and development of barter exchange indices and new varieties. The third is the membership section. Responsible for the admission of all kinds of members of the exchange, the convening and daily management of the general meeting, various arbitrations and the expansion of the trading market. Fourth, the right confirmation sector. Under the guidance of the Ministry of Commerce and relevant agencies, it is responsible for the authentication, traceability, evaluation and registration of the subject matter of the transaction, and completes the confirmation of the right of the transaction variety. Fifth, the trading sector. Build a trading platform, organize transactions between buyers and sellers, transfer transaction records to the clearing section, and monitor the transactions of all parties in real time. Sixth, the liquidation sector. Responsible for receiving the registration and depository business of members, and processing transaction records into the clearing data of each member at any time; In addition, the implementation of commodity delivery is organized. Seventh, the data sector. Set up a "hot backup" system in an off-site location, and in the event of an unforeseen event, it is necessary to ensure the safety and reliability of data and the normal operation of transactions. Eighth, the training sector. Specially for the firm and local staff and members (focusing on the supply and marketing cooperative system) business training, rule training, market training.
Fourth, the core technology of barter.
Tokens and Tokens have a term in the blockchain – tokens. Tokens exist in digital form and represent a right, an intrinsic and intrinsic value. It has three major elements, namely digital proof of equity, encryption, and negotiability; Tokens are a characteristic application of blockchain, and without tokens, the incentive effect may be reduced, and the advantages of blockchain may not be fully utilized. Cryptocurrencies are just a special kind of token, and the token can represent all proof-of-stake. Digital certificates are digital asset equity certificates, which can be used, transferred, negotiable, identifiable, tamper-proof, and anti-forgery, and are generated based on smart contracts and the underlying technology of the blockchain. Its content includes digitized physical objects, property rights, usufruct rights, and smart contracts. The digital certificate in barter is mainly derived from the digital asset equity (electronic) certificate, which digitizes, property rights, **, and granularizes the value of the elements of the real economy, and is the credit warrant (equity proof) of the blockchain, which is essentially a value token, also known as "barter quota".
Fifth, barter will become a new hot spot in the world.
At present, there is a problem of insufficient liquidity in all countries, regions, enterprises and individuals. In this context, modern barter** is based on the Internet as a trading platform, using barter quota (instead of cash) and special barter trading software to break the limitations of time and space, and realize the free exchange of goods or services between enterprises and consumers. At present, under the situation of insufficient liquidity in the whole society, barter can alleviate the status quo of "no money for purchase, stock for stock", and through "exchanging goods for goods, each taking what he needs." "Therefore, barter has become the best choice to increase the liquidity of assets and commodities at present, and barter exchanges are the best goal to be pursued by the world.
Barter**, especially international barter**, requires an agreement that is acceptable to all parties and strictly adhered to. For the introduction of this treaty agreement, Professor Xu has studied barter** for many years, and completed the design of the framework of his writings, so as to construct the applied theoretical system of barter**.
Professor Xu told me: years of professional experience, years of thinking about barter, and realizing that when dealing with the relationship between the economy and the economy, we should improve the people's living standards, ensure the full employment of members of society, ensure the substantial and stable growth of the real income and effective demand of employed members, realize the full use of world resources, and expand the production and exchange of goods. Barter between enterprises, avoid all kinds of risks caused by credit problems, eliminate discriminatory treatment in the world, and promote the economic development of global countries, so as to contribute to the realization of the above goals.
It is remembered that it was the end of 2018, in order to promote the barter research in China's free pilot zone, the China Free Zone Innovation and Development Research Alliance established the "International Barter Research and Development Organization" after research, Professor Xu served as the chairman of the organization, and Weng Wenjun served as the secretary general. The three-year pandemic has not hindered Professor Xu's research work.
Recently, facing the economic situation in 2024, especially on December 7, 2023, the "Overall Plan for Comprehensively Connecting with International High-standard Economic and Trade Rules to Promote the High-level Institutional Opening-up of the China (Shanghai) Free Pilot Zone" was issued. The second is to improve the level of liberalization and facilitation of goods, and the third is to take the lead in implementing high-standard digital rules. To this end, the team held a special workshop to put the establishment of an "international barter** agreement" on the fast agenda. At the meeting, Professor Xu told us that the research results of nearly 100,000 words have been completed.
On February 9, 2024, we took concrete steps to move forward.
The United Nations Economic Development Committee of the Special Administrative Region, the World Federation of Free Zones, and the China Free Zone Innovation and Development Research Alliance said that they would organize barter countries and contribute to the formal conclusion of the barter agreement!