离岸观澜｜从司法沙盒到地方立法 上海加快推动自贸离岸债高质量发展

Core Viewpoint - Shanghai is advancing the legal and institutional framework for its offshore bond market, particularly through the introduction of new regulations and judicial testing mechanisms aimed at enhancing market confidence and compliance with international standards [1][4][6]. Group 1: Judicial Developments - The Shanghai Financial Court has conducted a "judicial sandbox" test focusing on the handling of potential defaults in offshore bonds issued under Hong Kong law, marking a proactive approach to clarify cross-border legal frameworks [2][5]. - This judicial testing aims to provide a predictable legal framework for the burgeoning offshore bond market, which is crucial for attracting foreign investment [2][3]. Group 2: Legislative Initiatives - The Shanghai Municipal People's Congress has released a draft regulation specifically for the development of offshore bonds, which is the first of its kind in China, emphasizing the "two ends abroad" principle [4][6]. - The draft regulation includes 24 articles that define the issuance and use of offshore bonds, aiming to prevent domestic entities from circumventing regulations and ensuring that funds are primarily used outside of China [4][5]. Group 3: Market Implications - The reintroduction of offshore bonds is seen as a significant step in providing low-cost financing options for companies while enhancing the role of the Renminbi as a financing currency [5][6]. - The combination of judicial and legislative measures is expected to create a more stable and predictable environment for offshore bond issuance, which is essential for building an internationally credible Renminbi bond market [6].