중국 일대일로(一帶一路) 금융자금조달 모델에 관한 연구

서봉교,최낙섭,이현태 한중사회과학학회 2016 한중사회과학연구 Vol.14 No.2

이 논문은 중국 일대일로의 연구 중에서 자금조달에 대한 측면을 중심으로 살펴보았다. 중국의 일대일로 자금조달은 첫째, 국제개발금융기구를 활용하는 모델이 있다. 최근 주목받고 있는 AIIB와 같은 국제개발금융기구를 활용하는 방식이다. 둘째, 관민합작 (PPP: Public-Private Partnership) 모델이 주목받고 있다. 정부나 공적 개발기구와 민간 기업이 함께 참여하는 방식이다. 중국정부는 대부분의 경우 일대일로 관련 사업의 프로젝트 파이낸싱을 원칙으로 하고 있기 때문에 향후 이런 관민합작 형태의 일대일로 자금조달이 활발해질 전망이다. 마지막으로, 중국정부는 위안화 국제화를 통해 일대일로 자금의 일부를 충당하고자 할 것이다. 하지만 2015년 6월 이후의 중국 주식시장의 변동성확대와 8월 전격적인 위안화 평가절하는 중국이 추진하는 위안화 국제화 속도를 일정정도 제약할 것으로 전망된다. 이러한 중국의 일대일로 프로젝트와 한국의 금융투자자들이나 건설사들이 참여할 때 가장 중요한 핵심은 각 프로젝트의 리스크를 정확하게 평가할 수 있는 역량을 확보하는 것이다. 이러한 역량은 한국과 중국의 금융협력을 통해 강화될 수 있을 것이다. 한편 일대일로의 가장 중요한 핵심 지역인 ASEAN 지역에 한-중 금융협력을 확대할 경우 ASEAN 지역에서 약화되고 있는 한국 제조업 기업들의 기반을 강화해 줄 수 있을 것으로 기대된다. This paper focuses on the financing problems of “One Belt and Road” initiatives of China. Chinese government plans several financing channels of “One Belt and Road” initiatives. First model is the using ‘International Development Financial Institution’ such as AIIB(Asian Infrastructure Investment Bank). Second model is the PPP(Public-Private Partnership) model, which is received attentions these days. Chinese government declared the project financing principle in the “One Belt and Road” financing aspects, so PPP financing model will be more popular afterward. Third model is the using RMB(Runminbi) Internationalization. Chinese government want to finance RMB investment capital for “One Belt and Road” initiative. RMB Internationalization and “One Belt and Road” will expedite the oversea expansion of Chinese financial institutions. Korean financial companies must use the opportunity from “One Belt and Road” initiative. Most important area will be ASEAN countries and the cooperation with China will enhance competitions of the Korean manufacture companies.

중국 비은행 국제결제의 발전 경과와 한국의 외환거래법 개정에 대한 시사점

서봉교 현대중국학회 2022 現代中國硏究 Vol.24 No.3

In Korea, credit card companies, securities firms, and fintech firms were also allowed to do various foreign exchange-related businesses because the "small overseas remittance business" regulation was newly established due to the revision of the Foreign Exchange Transaction Act in 2017. However, the recent development of information and communication technology has raised the need to revise the foreign exchange law in response to changes in the domestic and foreign financial environment, such as the emergence of new digital international payment methods and a surge in individual demand for small foreign exchange transactions. Over the past few years, China's third-party payment platform is expanding its influence in international payment of international e-commerce. Non-bank mobile international payment platforms based on QR codes are also prominent in areas such as small offline international payments and small international remittances. World First(acquired by Alibaba) and Lianlian International Payment, are growing rapidly by providing cheap and convenient international payment services to small and medium-sized Chinese online operators that sell to overseas consumers through global e-commerce platforms such as Amazon and eBay. Since 2013, four years earlier than Korea, China has allowed international payments to non-bank payment companies. Of course, in this process, illegal foreign exchange transactions due to institutional deficiencies became a problem. However, the Chinese government continues to improve the regulatory environment and supplement the system by introducing Wang Lian, a liquidation payment system for third-party mobile payments, and applying the CIPS international payment system with yuan as the basic international payment currency. Korea also needs to push for a revision of the Foreign Exchange Act in a way that can strengthen the international competitiveness of Korean non-bank small overseas remittance agents while securing stability in the foreign exchange market in the field of digital international payments. 한국은 2017년 외국환거래법 개정으로 ‘소액해외송금업자’ 규정이 신설되면서 외국환 전문은행이 아닌 카드사, 증권사, 핀테크사들에게도 외환관련 다양한 비즈니스가 허용되었다. 그러나 최근 정보통신 기술의 발전에 따른 새로운 디지털 국제결제 수단의 등장이나 개인의 소액 외환거래수요가 급증하는 등 국내외 금융환경의 변화에 대응한 외환법 개정의 필요성이 제기되고 있다. 지난 수년간 소액(소매) 국제결제 영역에서 중국 로컬 비은행 지급결제플랫폼이 매우 빠르게 성장하고 있다. 알리페이와 같은 중국 제3자 지급결제 플랫폼은 소액결제에 대한 낮은 수수료, 빈번한 거래, 빠른 처리 속도 등의 경쟁력을 내세워 국제전자상거래의 국제결제에서 영향력을 확대하고 있다. 중국의 국제 인적교류 확대에 따른 소액 오프라인 국제결제, 소액 국제송금 등의 영역에서도 QR코드 기반의 비은행 모바일 국제결제플랫폼이 두각을 나타내고 있다. 알리바바가 인수한 월드퍼스트나 롄롄국제결제 등은 아마존, 이베이 등의 글로벌 전자상거래 플랫폼을 통해 해외소비자들에게 판매하는 중국 중소 온라인 사업자들에게 저렴하고 편리한국제결제 서비스를 제공하면서 급성장하고 있다. 중국은 한국보다 4년이나 빠른 2013년부터 비은행 지급결제사의 국제결제를 허용하였다. 물론 이 과정에서 관련 제도의 미비로 인한 불법적인외환거래가 문제가 되기도 하였다. 하지만 중국정부는 제3자 모바일 결제전용의 청산결제 시스템 ‘왕롄’을 도입하고, 위안화를 기본 국제결제 매개통화로 하는 CIPS 국제결제 시스템을 모바일 국제결제에 적용하는 등의제도적인 보완과 규제환경 개선을 지속적으로 추진하고 있다. 디지털 국제결제 영역에서 미국과 중국의 비은행 국제결제 서비스의영향력은 확대되고 있다. 한국도 외환법 개정을 추진할 때 외환시장의 안정성을 확보하면서도 한국 비은행 소액외환송금업자의 국제경쟁력을 강화할 수 있는 방향을 고려할 필요가 있다.

콘크리트 포장의 급속 시공을 위한 프리캐스트 콘크리트 포장 공법 개발

서봉교 경희대학교 대학원 원우회 2007 高凰論集 Vol.40 No.-

The purpose of this research is to develop a construction method for efficient and fast repairing of pavements using precast concrete slabs based on the development of detailed technologies. For precast concrete pavements, the specifications for design and construction will be developed, and feasibility of the applications will be evaluated. To achieve these objectives, first, a literature search was performed to review the features of the existing precast pavements, and the performance of those pavements was investigated through visiting the actual precast pavements in Texas and New York, USA. In USA, the use of precast pavements increases consistently due to fast construction and good performance. Based on the existing technologies, design factors to develop Korean precast pavements were analyzed, and finally the precast slabs were designed for an experimental construction using small-scale precast concrete slabs. Moreover, structural analyses were performed to find the optimal lifting locations on the precast slabs, and the strains of the slabs were measured during the lifting process of the experimental construction. According to the developed design of a half-scale precast pavement, the experimental construction was conducted to install the total of 4 precast slabs, 2 slabs in each direction. While constructing, slab leveling and grouting methods were evaluated, and it was noticed that the construction was very convenient and fast. After performing the experimental construction, cores were taken to investigate the connection parts grouted with cement mortar, and it was found that the construction was very successful.

중국 新금융상품, 위어바오(余额宝)의 성장과중국 은행 자금조달 구조의 변화

서봉교,최낙섭 한국동북아경제학회 2014 동북아경제연구 Vol.26 No.3

This paper examined the development of YuEBao and other on-line financial instrumentsand their implication to financial structures of Chinese banks. During this last year,YuEBao had rapidly developed, because it had convenience, low risk and high returnon investment. So, Chines banks personal saving account, especially current account was rapidlydecreased. This meaned banks’ earning foundation was also rapidly decreased. Chinesbanks enhanced the deposit interest rate, and developed the structure deposit financialinstruments. This meaned the cost of bank financing was elevated. But Chinese governmentunderstanded that this change was not the week of Chinese financial systems but wasthe changes of internal interest structure. Furthermore, Chines government also hopedthat the development of internet finance industry could reform the monopolistic Chinesefinancial structures, so could enhance the effectiveness of Chinese financial industry. And in Chines fund market, MMF was rapidly increased, because of the bank’sfinancing problems increased the high interest rate special deposit. But soon the bank’sfinancing problems could be solved, so the recovery of trust for Chinese stock marketcould be main point of Chinese fund market development. Finally in these days, Chines banks were financed in offshore using RMB depositor RMB financial instruments, so the demand for RMB in foreign countries was rapidlyincreased. This changes promoted the RMB internationalization.

중국의 핀테크 금융혁신과 온라인은행의 특징

서봉교 한국동북아경제학회 2015 동북아경제연구 Vol.27 No.4

This paper investigates China’s FinTech Innovation which has developed the fastest in the world over the past few years and the characteristics of Chinese online banks, such as Alibaba’s MYbank and Tencent’s WeBank. A variety of Chinese FinTech, such as mobile fund sales, online insurance sales, P2P lending and Crowding fund etc., has already developed rapidly beyond the level of Mobile Checking service. The rapid growth of Chinese FinTech industry is accompanied by Chinese government’s anticipative deregulation in finance. There are several different characteristics between the rapid growth of Chinese FinTech industry and the recent development of Korean FinTech industry. First, the main agents responsible for the establishment of Chinese online banks were mostly non-financial companies such as distribution enterprises. In Korea, however, non-financial companies can establish Internet-Only Bank only after the Korean Banking Act is revised. Second, Chinese FinTech companies achieved the scale of economy on a broad customer base. However, it is expected that Korean FinTech companies may not realize the scale of economy, since many competitive companies enter the market in Korea. Third, Chinese FinTech innovation is prominent not only in the mobile payment system but also in small loan, especially P2P lending. But this type of innovation is difficult in Korea unless the Loan Company Acts are revised first. In order to secure competitiveness to Chinese Fintech industry, future Korean FinTech industry requires changes in legal and regulation environment and tangible results to function as driving forces for struggling Korean economy. But Korea should not forget the issues of security of financial transaction and soundness of financial industry in its obsession with the development of FinTech industry due to the rapid growth of Chinese FinTech industry.

Adoption of Virtual Technology to the Development of a BIM based PMIS

서봉교,이강,윤석헌 한국건축시공학회 2013 한국건축시공학회지 Vol.13 No.4

As construction projects become bigger, PMIS is being used as a project collaboration tool for project participants,owners, designers, inspectors and contractors. As the data type used in PMIS is usually text and most PMIS have no standard information classification system, there is a problem with data usability, such as the capacity for data search and analysis. BIM uses Objects and Properties, and this information might be used for relating with other construction information. As such, BIM technologies can be used with PMIS to enhance the data usability. The web environment is very convenient for multiple users, but the problem is that the data transfer speed is low for big files such as BIM model files. In this study, we suggested a Virtual Technology (VT) application to enhance the performance of BIM data exchange in PMIS, and tested and analyzed its efficiency when it is used to integrate BIM and PMIS in the web environment. The results of the study showed that VT can be used to enhance the efficiency of BIM data exchange in the web environment

미-중 국제금융 헤게모니 경쟁과 중국의 디지털 국제금융 도전

서봉교 고려대학교 미래성장연구원 2019 미래성장연구 Vol.5 No.2

추격 이론의 관점에서 현재 중국은 국제금융 패러다임의 전환 과정에서 2가지 “추격의 기회”를 가지게 되었다. 하나는 금융 산업에서 핀테크로 표현되는 글로벌 모바일 플랫폼이 급성장하는 기술-경제 패러다임의 전환이 진행되면서 기존 오프라인 금융에서 낙후되었던 중국에게도 추격의 기회가 생겼다. 다른 하나는 국제금융 분야에서 미국이 지난 수 십년간장악해 왔던 국제금융 패권에 대한 신뢰성이 약화되는 헤게모니의 전환 가능성이 생기면서 중국이 자기에게 유리한 새로운 디지털 국제금융 규범을 구축할 기회를 가지게 된 것이다. 이 논문에서는 디지털 국제금융 분야에서 중국이 미국에게도전하는 원동력을 두 가지 측면에서 분석하였다. 첫째, 미국과 달리 중국은 기존 오프라인 금융 시스템이 새로운 디지털 금융 패러다임으로의 전환에 방해가 되지 않았기 때문에 디지털 금융의 패러다임 전환에서 미국보다 유리한 입장이었다. 둘째, 디지털 국제금융의 국제표준을 제정하여 이미 글로벌 네트워크를 장악한 미국계 디지털 플랫폼에게 유리한 환경을 조성하고자 하는 미국의 희망과는 달리, 유럽과 미국은 데이터 주권으로 대표되는 네트워크 규제를 선호하고 있다.이는 자국의 시장을 보호하기 위함이다.

중국의 위안화 직거래 해외 사례와 특징-시장의 반응과 전략을 중심으로-

서봉교,정영록 한국동북아경제학회 2015 동북아경제연구 Vol.27 No.1

This paper attempts to forecast major changes that are going to occur due to theopening of Won-Yuan direct trading by examining the cases of Hong Kong, Japanand Taiwan which established Yuan direct trading prior to Korea. Hong Kong hadprepared for Yuan trading system since the beginning of 2000s. They started toaccumulate Yuan through Yuan trading after 2008 and recently, Yuan is coming inand flowing out of Hong Kong, making it an off-shore financial hub for Yuan. Onthe other side, Although Japan started Yen-Yuan trading in October 2012, theobjective for the direct trading was to make Yen an international currency. However,due to the rapid depreciation of Yen as a result of Abenomics, Yen-Yuan directtrading has become unpopular for many firms, while quantity of yuan trading areslowly increasing. Since Taiwan started direct trade with China, Taiwan has beenpushing practical strategies such as directly lending Yuan to Taiwan companieslocated in China or investing inter-bank bond market which has low risk and highyields. In addition to case studies, the paper looks at the cases of RQFII-ETF, RQFIIbondfund, Yuan savings and MMF which were introduced after the implementationRMB qualifies foreign institutional investors (RQFII) system through which one can invest in Chineses capital market using accumulated Yuan from Yuan direct trading. Especially, the paper takes close attention to the 南方东英(CSOP) financial managerand their successful strategies which acquired highest quota in RQFII. CSOP broughtsynergy in RQFII financial instruments by combining the strength of Chinesefinancial corporation, NanFang (南方) Financial Management Company, and HongKong financial corporation, Dong Ing (东英) Financial Group. NanFang, one of thetop financial management company in China, showed their advantage in using fundassets from the experience and know-hows in Chinese stock market investment. Dong Ing Financial Group, on the other hand, showed advantage in recruiting Yuanfund asset in Hong-Kong using their information on their business and customersbases already established in Hong- Kong.

中国金融40年变迁

徐逢敎 성균관대학교 성균중국연구소 2018 성균중국관찰 Vol.24 No.-

브렉시트와 위안화 국제화

서봉교 성균관대학교 성균중국연구소 2016 성균차이나브리프 Vol.4 No.4