国际金融中心对外开放的全球经验与上海提升路径

Core Insights - The high-level opening of financial markets is a core strategic pivot for the structural upgrade of the modern economic system, influenced by the post-pandemic global governance restructuring and digital technology paradigm shifts [1] - The competition logic of international financial centers has evolved from traditional "capital scale competition" to "institutional supply capability comparison" [1] Group 1: Current Status of Shanghai's Financial Market Opening - Shanghai has made significant progress towards becoming a globally influential international financial center, with 1,796 licensed financial institutions as of September 2025, nearly one-third of which are foreign institutions [2] - The internationalization of the RMB has improved, with the global payment share stabilizing at around 3.5%, ranking fourth globally, but still has substantial growth potential compared to the dollar's 48.5% [10] - Shanghai's financial market size ranks among the top globally, but foreign ownership in the stock market remains low at 8%-10%, compared to over 35% in mature markets like New York and London [9] Group 2: Comparative Analysis of Global Financial Centers - New York's governance-oriented open model is supported by the dollar's international status and a regulatory framework that promotes global rule output [4] - London's intermediary open model balances domestic regulatory flexibility with international rule adaptability, supported by a robust professional service network [5] - Singapore's adaptive open model emphasizes governance efficiency through a "three-in-one" framework that allows for dynamic regulatory adjustments [6] Group 3: Challenges and Opportunities for Shanghai - Shanghai faces structural shortcomings in market openness depth, monetary hub functionality, and financial rule discourse power compared to top financial centers [2] - The international financial rule discourse power of Shanghai is gradually increasing, transitioning from a "rule taker" to a "rule participant," but still needs to enhance its influence [10] - The regulatory framework in Shanghai requires further optimization to address issues such as multi-head regulation and data silos, which hinder cross-border investment and financial technology [11] Group 4: Governance Framework for High-Level Opening - Establishing governance principles such as adaptability, precision, and synergy is essential for constructing a high-level opening system [13] - Key tools for institutional innovation include high-standard rule pressure testing and the establishment of an internationalized legal protection ecosystem [14][15] - A multi-level risk prevention system is necessary to ensure the safety of financial high-level opening, incorporating macro-prudential management and regulatory technology [16] Group 5: Talent and Institutional Support - Building an international financial talent hub is crucial, with policies aimed at attracting high-end talent in derivatives innovation and financial technology [17] - The cultivation of specialized financial service clusters and enhancement of international financial cooperation platforms are vital for reducing transaction costs and increasing Shanghai's global competitiveness [17]