景建国展望“十五五”：将以指数为“锚”，构建与我国经济地位相称的现代化离岸金融生态体系

Core Viewpoint - The 22nd China International Financial Forum highlighted the development of a smart financial ecosystem in the digital economy era, with a focus on the release of the China Offshore Financial Index Report (2024-2025) [1][7]. Group 1: Offshore Financial Index Insights - The China Offshore Financial Index is described as a comprehensive measure of the depth of financial openness and global competitiveness, serving as a "barometer" and "compass" for national strategy and the Hainan free trade zone [3][9]. - The index increased to 106.50 points in 2024, reflecting a 0.31% growth from 2023, indicating the resilience of China's offshore financial market and providing a solid foundation for building a financial powerhouse [3][5][11]. - The index reveals structural weaknesses such as the decline of traditional businesses and insufficient integration of onshore and offshore finance, offering quantitative data to address these issues with targeted policy measures [3][9]. Group 2: Global Financial Center Development - Shanghai's cross-border RMB payment volume accounts for 47% of the national total, indicating the emergence of a dual-engine model alongside Hong Kong, which supports Shanghai's goal of becoming a global RMB asset allocation center [4][10]. - The gap between the integration of onshore and offshore finance and the IMF's 30% standard highlights a critical area for Shanghai to enhance its global resource allocation capabilities [4][10]. Group 3: RMB Internationalization - The issuance of offshore RMB bonds surpassed 689.9 billion yuan, and the global foreign exchange trading volume of RMB increased to 8.5%, illustrating a positive cycle of "onshore pricing, offshore trading, and global allocation" [4][10]. - These developments are pushing RMB from a settlement function towards roles in trading, reserve, and pricing [4][10]. Group 4: Hainan Free Trade Zone - The full closure of Hainan Island is a significant project for expanding high-level openness, with the offshore financial index monitoring key indicators such as fund flow efficiency and foreign investment participation [4][10]. - The index serves as both a "health check" for the effectiveness of financial openness post-Hainan's closure and a "navigation tool" for making Hainan a global hub for offshore financial innovation [4][10]. Group 5: Future Outlook - The index's increase to 106.50 points marks the beginning of a new phase of stabilization and recovery, shifting the focus from scale expansion to structural optimization [5][11]. - A "106.5+" action plan is proposed to leverage the current index as a starting point, focusing on three collaborative paths to enhance offshore finance qualitatively and quantitatively [6][11]. - The vision for the 14th Five-Year Plan includes a dual-driven approach of "central authorization + local innovation" and "business-first + legislative support" to address structural shortcomings and promote Hainan as an innovative financial testing ground [6][11].