【首席观察】吹风会埋下政策“伏笔”

Core Viewpoint - The recent announcements from the Chinese government regarding the comprehensive alignment of the Shanghai Free Trade Zone with international high-standard trade rules signify a pivotal shift towards institutional openness in China's financial reform [2][16]. Group 1: Policy Announcements - The State Council issued a notification to replicate and promote 77 pilot measures from the Shanghai Free Trade Zone to other free trade zones and nationwide, covering seven key areas including service trade, goods trade, digital rules, and intellectual property [2][3]. - Among the 77 measures, 34 will be promoted to other free trade zones, while 43 will be implemented nationwide [2]. Group 2: Key Measures in Service Trade - Eight critical measures in the service trade sector were highlighted, with four specifically aimed at optimizing cross-border capital management for multinational companies [3][4]. - Six of these measures involve the People's Bank of China and the Financial Regulatory Authority, focusing on financial technology, cross-border payments, data compliance, and financial infrastructure optimization [4][5]. Group 3: Digital Currency Initiatives - The measures encourage the exploration of digital RMB in foreign trade, particularly in supply chain finance, payment settlements, and accounting processes, with pilot locations identified in free trade zones [5][6]. - The People's Bank of China plans to support the innovative application of digital RMB in offshore trade scenarios, enhancing business efficiency through technologies like smart contracts [5][6]. Group 4: Financial Infrastructure Enhancements - The policy aims to optimize the cross-border capital management framework for multinational corporations, allowing them to establish global or regional funding centers in eligible free trade zones [7][8]. - Enhancements to the free trade account system are intended to facilitate the orderly flow of funds between free trade zones and overseas [9][10]. Group 5: Data Management and Compliance - Financial institutions will be allowed to transmit necessary operational data abroad under a national framework for cross-border data transmission security management [13]. - A data cross-border service center will be established in the Shanghai Free Trade Zone to provide efficient and compliant data handling services [13]. Group 6: Coordination of Rules and Standards - The draft rules for the RMB cross-border payment system (CIPS) are set to upgrade the operational framework, aligning closely with the service trade measures outlined in the notification [14][15]. - The integration of these rules aims to create a robust foundation for electronic payment systems and facilitate the modernization of financial infrastructure [15]. Group 7: Broader Implications for Financial Reform - The Shanghai Free Trade Zone is positioned as both a global rule adapter and a domestic policy provider, with the goal of expanding institutional openness and aligning with international standards [16]. - The ongoing reforms may lead to a comprehensive upgrade in institutional frameworks, potentially transforming the landscape of cross-border payments and financial interactions [16].