金改前沿｜发挥试验田作用 上海国际金融中心建设再启新程

Core Viewpoint - The 2025 Lujiazui Forum has concluded, marking a significant moment for China's financial reform and development, with a focus on intensive policies, expanded openness, and innovative development in the context of complex international dynamics [1][2]. Group 1: Intensive Policies - The Central Financial Committee issued an opinion to accelerate the construction of the Shanghai International Financial Center, aiming for a comprehensive enhancement of its capabilities within five to ten years [2]. - The People's Bank of China announced eight financial opening measures to support the construction of the Shanghai International Financial Center, including establishing a trading report database and a digital RMB international operation center [2][3]. - The National Financial Regulatory Administration and the Shanghai Municipal Government released an action plan with practical measures to encourage innovation in technology finance and cross-border finance [3]. Group 2: Expanded Openness - Financial openness is a key theme, with the National Financial Regulatory Administration highlighting that China's financial openness benefits both itself and global capital [4]. - New initiatives, such as the establishment of a digital RMB international operation center and offshore trade financial service trials, are expected to reshape the global payment system [4][5]. - Shanghai is enhancing its international competitiveness in financial markets, with over 20 domestic and foreign reinsurance institutions now operating in the Shanghai Lingang New Area [5]. Group 3: Innovative Development - The forum emphasized the need for a financial service system that aligns with the rapid advancements in technology and industry, particularly in areas like artificial intelligence and biotechnology [6]. - The China Securities Regulatory Commission announced a series of reforms for the Sci-Tech Innovation Board, including the introduction of a growth tier and the resumption of listings for unprofitable companies [6][7]. - Shanghai is focusing on integrating technology innovation with industry innovation, with significant financial support for technology enterprises, including a loan balance of approximately 1.3 trillion RMB for tech companies in 2024, reflecting a 22.6% year-on-year increase [8].