Core Viewpoint - The 2025 Lujiazui Forum held in Shanghai focused on building a diversified financial service system to support the development of new productive forces, emphasizing the need for collaboration among various stakeholders [1][2]. Financial Support for Technology Enterprises - Experts at the forum highlighted the necessity of a financial support system that aligns with the new productive forces, with data showing a 24% year-on-year increase in the loan balance for technology-based SMEs by the end of Q1 this year [2]. - The president of the Export-Import Bank of China stated that the bank's technology loan balance reached 1.4 trillion yuan, accounting for 25% of the bank's total loans, focusing on connecting foreign trade with global markets [3]. Innovation in Financial Products - International financial institutions emphasized the need to improve risk-sharing mechanisms and innovate financial products to ensure precise alignment between financial resources and technological innovation [5]. - Various financial institutions announced plans to utilize equity, debt, and insurance tools to provide comprehensive financial services throughout the lifecycle of technology enterprises [6]. Investment Strategies - Standard Chartered Bank's executive director noted that a more efficient and systematic financial system is required to support new productive forces, suggesting that financial institutions can provide fund support through equity investments, venture capital, and green bonds [8]. Shanghai's Role in Financial Innovation - During the forum, a joint action plan was released to support Shanghai's development as an international financial center, focusing on exploring financial service models suitable for technology enterprises [9]. - The establishment of equity investment clusters in Shanghai's Pudong New Area aims to enhance support for technology innovation by integrating technology companies, industry funds, and service institutions [15]. Efficiency in Capital Access - A Chinese company's wearable AR glasses gained attention overseas after receiving crucial funding through the Zhangjiang equity investment cluster, demonstrating the efficiency of capital access, which was reduced from a year to approximately four months [11][13]. - The Lujiazui Group's general manager mentioned that the establishment of investment clusters allows for more efficient matching of technology projects with financial capital, increasing the success rate of transactions [17]. Diverse Capital Matrix - The Shanghai Pudong Innovation Investment Development Group's general manager highlighted the presence of various funds, including national and market-oriented investment institutions, facilitating capital access for technology enterprises through various matching activities [19].

Group 1: Financial Support for New Productive Forces - The 2025 Lujiazui Forum emphasized the need for a diversified financial service system to support the development of new productive forces [1][3] - By the end of Q1 2025, loans to technology-based SMEs in both domestic and foreign currencies increased by 24% year-on-year, indicating growing financial support for tech enterprises [3] - Several financial institutions announced plans to focus on supporting cutting-edge fields such as artificial intelligence and the digital economy [3][5] Group 2: Equity Investment Cluster in Shanghai - The Shanghai government is accelerating the establishment of an equity investment cluster to better serve technology innovation [5][7] - This cluster aims to integrate technology enterprises, industry funds, and service institutions to facilitate long-term capital investment in "hard technology" sectors [7][9] - The Shanghai Technology Investment Building has gathered nearly 20 funds and investment institutions, creating a diverse capital matrix to enhance project financing efficiency [9] Group 3: Inclusive Finance Development - The forum discussed enhancing the balance and accessibility of inclusive finance services [10][12] - Experts highlighted the need for different financial institutions to collaborate, with policy banks focusing on underdeveloped areas through long-term loans [12] - The rise of mobile payments and digital banking has significantly improved the coverage and convenience of global inclusive finance [14] Group 4: AI Empowering Financial Innovation - Artificial intelligence is seen as a key driver for efficiency innovation in the financial sector, with applications in risk control and compliance [16][18] - AI is reshaping traditional business logic in financial markets, leading to automation and intelligent upgrades in financial services [16] - There is a consensus on the need to balance innovation with risk management, including establishing AI regulatory frameworks [18] Group 5: Green Finance Ecosystem - The forum addressed the challenges facing green finance and the necessity for collaboration to enhance the green finance service system [19][21] - Experts emphasized the importance of developing standards and tools to internalize external costs related to climate change [23] - Recommendations included creating national standards for carbon reduction and expanding the variety of carbon financial products [25][27]

Core Viewpoint - The recent financial policy measures announced at the 2025 Lujiazui Forum signify China's commitment to deepen financial reform and enhance high-level openness, providing strong policy guidance for local financial systems, particularly for regions like Sichuan that are undergoing a critical transformation phase [1][2]. Policy Analysis - The eight financial opening measures reflect a clear signal of China's intention to maintain high-level openness and improve the modern financial system amidst global economic adjustments, focusing on stabilizing market expectations, deepening institutional reforms, and sustaining growth momentum [2]. - Among the eight measures, five are related to foreign finance, while three focus on domestic aspects, indicating a balanced approach to both internal and external financial development [2]. Key Directions - The measures emphasize three key areas: enhancing financial infrastructure for better resource allocation, facilitating cross-border capital flow through innovations like digital RMB and free trade accounts, and enriching risk management tools to improve market stability and service capabilities [3]. - The shift from "tool-based opening" to "systematic opening" is evident, indicating a long-term focus on institutional modernization and functional restructuring [3]. Opportunities for Sichuan - Sichuan, as a major western economic province, needs precise financial support and institutional supply to accelerate the development of strategic emerging industries and promote the specialization of small and medium-sized tech enterprises [4]. - The implementation of structural monetary policy tools and risk-sharing mechanisms for tech innovation can help establish a "Western Financial Innovation Corridor," enhancing financing accessibility for tech enterprises [4]. Recommendations for Sichuan - The establishment of a digital RMB international operation system and cross-border payment mechanisms will support Sichuan's economic interactions with the Chengdu-Chongqing economic circle and RCEP countries, enhancing local industries' efficiency in global value chains [5]. - Strengthening financial infrastructure, such as interbank transaction reporting and personal credit systems, is crucial for improving financial resource allocation and credit transparency in Sichuan [5]. - Innovations in offshore trade finance and offshore bonds can provide new opportunities for Sichuan as a hub for the Belt and Road Initiative, enhancing cross-border financing capabilities and attracting international capital [5].

在服务生态构建方面，蔡希良深刻感受到企业对科技金融的综合服务需求越来越迫切，他表示，中国人 寿通过保险、投资、银行三大板块协同，统筹运用股权、债权、保险等工具，为科技企业提供"初创期 风险保障-成长期投贷联动-成熟期资本运作"的全周期服务。 "保险资金具有长期资本、耐心资本的特点，而科技创新周期长、投入高的需求特征，保险资金具有较 好的匹配性。但是保险资金是老百姓的养老钱、救命钱，对资金运用的安全性要求比较高，科技企业早 期风险高，不确定性大，所以保险资金投早、投小存在天然障碍。"蔡希良如是说。 华夏时报（www.chinatimes.net.cn）记者 赵奕 上海报道 "发展新质生产力，是事关长远和全局的大事。"国家开发银行行长谭炯6月19日在2025陆家嘴论坛上表 示。 发展新质生产力是推动高质量发展的内在要求和重要着力点。中国证监会主席吴清在论坛首日发表主旨 演讲时指出，科技企业不仅需要融资，还需要市场资源整合、商业模式创新、公司治理提升等服务，帮 助科技成果加快转化，跨越"死亡之谷"。如何更好地发挥金融体系功能，优化融资结构，构建与新质生 产力发展所需的金融模式？在2025陆家嘴论坛上，多位嘉宾围绕" ...

Core Viewpoint - The collaboration between Shanghai and Hong Kong is a natural choice for both cities as they are complementary financial centers, enhancing their roles in the international financial landscape [1][5][10]. Group 1: Cooperation Framework - The "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan" was signed on June 18, outlining six areas of deep cooperation, including infrastructure connectivity and offshore financial strategies [1][6]. - The action plan aims to support cross-border financial services innovation and green finance development, enhancing the existing cooperation framework established since the launch of the Shanghai-Hong Kong Stock Connect in 2014 [6][7]. Group 2: Financial Market Dynamics - Shanghai serves as a key onshore financial hub, with the Shanghai Stock Exchange ranking third globally in market capitalization and leading in bond custody and gold trading volumes [2][4]. - Hong Kong, as the largest offshore RMB business center, has over 1.19 trillion RMB in deposits and has been a crucial channel for mainland enterprises to access international capital [4][5]. Group 3: Future Opportunities - The collaboration is expected to provide more financing opportunities for technology innovation enterprises and increase the demand for cross-border RMB payment settlements [8]. - The partnership will facilitate the establishment of financial centers in both cities, supporting mainland enterprises in their international expansion efforts [7][9]. Group 4: Strategic Importance - The synergy between Shanghai and Hong Kong is seen as a catalyst for the internationalization of the RMB and the integration of China's financial markets into the global system [9][10]. - The relationship is characterized by complementary strengths, with Shanghai focusing on domestic economic cycles and Hong Kong linking global capital networks [4][5].

Core Viewpoint - The recent developments in the Middle East have led to a decline in the Asia-Pacific markets, with A-shares experiencing a downward trend. However, the market showed signs of recovery on June 20, with the CSI A500 Index ETF (563880) slightly increasing by 0.31% as of 9:50 AM [1]. Group 1: Market Performance - On June 19, the Asia-Pacific markets experienced a broad decline due to escalating tensions in the Middle East, resulting in a single downward trend for A-shares [1]. - On June 20, the CSI A500 Index ETF (563880) opened higher and showed a slight increase of 0.31% by 9:50 AM, indicating a potential market recovery [1]. Group 2: Financial Forum Insights - The 2025 Lujiazui Forum opened on June 18, focusing on financial openness and high-quality development amid global economic changes. This forum is expected to promote capital market reforms and development, providing a favorable environment for the long-term outlook of the equity market [2][3]. - The People's Bank of China announced eight significant financial policies during the forum, including the establishment of a trading report database and a digital RMB international operation center, aimed at enhancing the financial market environment [3]. Group 3: Policy Implications - The forum's policies are expected to support long-term investment strategies, particularly in the context of the ongoing U.S.-China strategic competition, enhancing the international competitiveness of Chinese manufacturing [4][5]. - The reforms in the Sci-Tech Innovation Board (STAR Market) are designed to support high-quality technology enterprises, reflecting a commitment to developing new productive forces [5][6]. Group 4: Investment Opportunities - The CSI A500 Index ETF (563880) is highlighted as a key investment vehicle, focusing on core assets and new productive forces, which are expected to attract foreign capital amid a weak dollar environment [5][6]. - The ETF offers a low comprehensive fee rate and a monthly dividend assessment mechanism, providing investors with predictable returns and enhancing its appeal as a financing tool [7].

Core Insights - China has made significant progress in green finance, with green loan balances exceeding 40 trillion RMB, leading globally in this sector [2][3] - The country is enhancing international cooperation in green finance, particularly with Europe, to facilitate cross-border green capital flow [2][7] Green Finance Achievements - As of Q1 2023, China's green loan balance surpassed 40 trillion RMB, with green bonds and insurance markets also ranking among the largest globally [2] - By the end of 2024, China's green insurance coverage is expected to approach 500 trillion RMB, with major insurance groups investing over 500 billion RMB in green projects [2][4] Role of Financial Institutions - Banks and insurance companies are pivotal in promoting green finance, with institutions like Bank of Communications reporting over 10% of their loan portfolio in green loans, amounting to approximately 800 billion RMB [3] - China Pacific Insurance has developed innovative insurance models to enhance disaster coverage and promote green consumption [4] Challenges in Green Finance - Despite achievements, challenges remain, including insufficient coverage of existing green finance standards and a lack of product innovation [5] - High-carbon industries, such as power and steel, which account for 75% of national carbon emissions, require more financial support for low-carbon transitions [5] International Collaboration - China is actively sharing experiences and collaborating with the EU to develop a unified green finance market, with ongoing efforts to align standards and enhance product offerings [7][8] - The need for innovative financial products, such as options and futures, is emphasized to support energy transition financing [8] Supply Chain and ESG Compliance - Chinese companies face challenges in adapting to EU's stringent green transition and ESG compliance requirements, necessitating adjustments in supply chain management [9][10] - Companies are encouraged to diversify market strategies and enhance supply chain transparency to mitigate risks associated with regulatory compliance [10]

①外国投资者持有的美债为历史次高 美联储计划放松大型银行杠杆要求刺激债市 美国财政部报告显示，4月外国持有的美债总额为9.01万亿美元，仅比3月减少360亿美元，为历史第二 高。这一下降主要来自外国私人投资者净卖出美债，而外国官方机构则成为长期美债的净买家。美联储 将于6月25日召开监管政策会议，讨论修改"补充杠杆率"（SLR）。SLR要求银行无论资产风险高低， 均需为其资产留出资本比例。美国银行业多年来一直呼吁调整SLR，认为其已成为制约放贷业务和国债 市场流动性的"硬性约束"。如果调整，将释放数百亿美元资本，增强美债市场流动性，并提升华尔街金 融巨头的股东回报。华尔街金融巨头普遍预期将迎来监管放松，此次SLR调整可能是系列"去管制"措施 的开端，包括下调全球系统重要性银行（G-SIB）的附加费用、精简压力测试等。 国鸣投资秦毅：4月外国投资者持有美债规模升至历史第二高位，其中日本和英国持债量分别升至1.1万 亿美元和8077亿美元。从全球视角看，外国投资者持有美债比例自2012年的53%降至目前的34%。4月 特朗普宣布对等关税措施后，美国股债汇齐跌局面暂时趋于稳定。市场关注6月25日美国补充杠杆率 （S ...

Group 1 - The 2025 Lujiazui Forum concluded with a focus on "Financial Opening and Cooperation in Global Economic Changes and High-Quality Development" [1] - The People's Bank of China announced eight significant financial opening measures during the forum [1] - The forum raised questions about the advancement of RMB internationalization and the challenges that need to be addressed [1] Group 2 - A strong currency is identified as the first core element of a financial powerhouse, with internationalization being crucial for better resource utilization [3] - The current international status of the RMB does not match China's economic scale, indicating a need for further development of the currency [3] - Key challenges in RMB internationalization include balancing financial security and development, particularly regarding capital account convertibility [3] Group 3 - Offshore trade is essential for Chinese enterprises to engage in global supply chains without heavy asset investments [4] - The comprehensive reform of offshore trade financial services in Shanghai's free trade zone aims to enhance efficiency and convenience for companies involved in offshore trade [4] Group 4 - Effective risk management in financial globalization requires robust regulatory measures, including pre-emptive risk control and post-event monitoring [5] - Regulatory frameworks should align with international standards while considering local economic conditions to manage financial risks effectively [5] Group 5 - Strengthening international regulatory cooperation is emphasized as a necessity in the context of financial globalization [6] - Shanghai and Hong Kong are positioned to complement each other in the offshore RMB market, with Hong Kong offering more internationalized rules and products [8] - Shanghai's offshore market benefits from established economic cooperation in Southeast Asia, providing advantages for Chinese enterprises [8] - The People's Bank of China's regulatory approach in Shanghai's offshore market allows for stronger oversight compared to Hong Kong's offshore RMB market [8]

21世纪经济报道记者 吴霜 上海报道 尽管在陆家嘴论坛的全体大会上，四位主要金融监管机构领导——央行、金融监督管理总局、证监会和 外汇局，并未针对稳定币给出具体政策，但是这个话题却在接下来的会议中被频频提及，成为了今年陆 家嘴论坛的"支线"议题。 稳定币的产生是为了解决经济中的痛点 对公众来说，稳定币或许比较陌生，加上以前就有的数字人民币、加密币等等，让人傻傻分不清。但其 实稳定币早就在加密货币领域被广泛使用了，比如USDT，也叫泰达币Tether USD，是一种基于稳定价 值货币美元（USD）的代币，1USDT=1美元，可以随时兑换。 可以说，此前的稳定币更多是为了进行加密货币的交易，而近期香港监管提出的稳定币草案，则是更多 为解决实体经济中的问题。 5月21日，香港立法会通过《稳定币条例草案》，以在香港设立法币稳定币发行人的发牌制度；5月30 日，香港特别行政区政府在宪报刊登《稳定币条例》，意味着《稳定币条例》正式成为法例。 随后，两家互联网巨头积极响应。 6月12日，蚂蚁集团表示将在中国香港地区和新加坡申请稳定币牌照，还打算在卢森堡寻求许可，主要 是未来加强区块链业务，为其跨境支付和资金管理服务提供支持 ...