从“开门”到“定规”： “十四五”金融制度型开放交出答卷

Core Insights - The report highlights the significant progress in China's financial market opening during the "14th Five-Year Plan" period, transitioning from market access to institutional opening [1][3] - The focus for the upcoming "15th Five-Year Plan" is on deepening interconnectivity and aligning rules with international standards [4][5] Group 1: Financial Market Developments - The average annual growth rate of entrusted assets in trust, wealth management, and insurance asset management reached 8% over the past five years, with total assets growing to 154 trillion yuan by the end of 2024, a year-on-year increase of 10.4% [3] - By the end of 2024, foreign ownership of A-shares is projected to be approximately 3.4 trillion yuan, accounting for 4.3% of the total market, an increase of 1.8 percentage points from the end of the "13th Five-Year Plan" [2] - The expansion of interconnectivity mechanisms, including the launch of the Bond Connect "southbound" channel and the integration of QFII and RQFII systems, has broadened cross-border investment channels [2] Group 2: Regulatory and Legal Framework - The "14th Five-Year Plan" has seen the implementation of significant institutional breakthroughs, including the substantial reduction of the negative list and the establishment of a national treatment framework for foreign investment [1][3] - The introduction of the Futures and Derivatives Law has filled legal gaps in the derivatives market, providing clear legal boundaries for foreign participation [2] Group 3: Future Directions - The "15th Five-Year Plan" aims to optimize interconnectivity mechanisms through three levels and nine initiatives, focusing on expanding product offerings and improving risk management tools [5][6] - There is a call for further reduction of restrictions on foreign financial institutions, including ownership structures and business scopes, to attract high-quality foreign entities [6] Group 4: Currency Internationalization - The internationalization of the renminbi and reforms in the exchange rate mechanism have made substantial progress, with the cross-border payment system covering 180 countries [7][9] - The renminbi's role in global trade settlement and cross-border investment is expected to grow, with initiatives like digital renminbi bonds being tested in Hong Kong [8][10] - Future efforts will focus on enhancing the renminbi's use in energy and commodity settlements, strengthening offshore renminbi centers, and promoting digital currency applications [10]