在全球经济格局深度调整、我国金融开放步伐加快的双重背景下，跨境金融作为贯通国内外市场的关键 纽带，其发展水平直接决定我国参与国际金融竞争与合作的能力。 服务实体经济，筑牢发展之本。聚焦跨境贸易、产业升级、战略项目等关键领域，推出针对性金融产品 与服务，避免金融空转。深耕跨境电商场景，搭建"金融+电商平台+物流"联动机制，推广数字人民币在跨境 收付中的应用。设立特色产业跨境基金，精准支持产业跨境发展；借助自贸离岸债工具，吸引境外投资者参与 境内实体项目。 当前，跨境金融已从早期单一的贸易结算迈向涵盖投融资、风险管理、资产配置等多元功能的高阶形 态。要实现高质量发展，亟需系统、前瞻的理论框架指引。 优化流程效率，打通流动瓶颈。给予自由贸易账户更多政策支持，推广全功能型跨境人民币资金池，降 低准入门槛。推行"事后核查"替代"事前审查"，简化单证审核流程；依托人民币跨境支付系统（CIPS）提升结 算透明度与效率；积极试点数字人民币在跨境贸易中的应用和跨境贸易的无因性融资。建立人民币与东南亚国 家货币直接兑换平台，完善汇率报价与清算机制，对接金融业通用报文方案ISO20022。 安全创新 我国跨境金融发展坚持"借鉴经验 ...

Core Viewpoint - The upcoming "15th Five-Year Plan" period marks a historical turning point for China's financial system, emphasizing the construction of a financial powerhouse and the development of five key financial areas to support new productive forces and enhance the real economy [1][15]. Group 1: RMB Internationalization - RMB internationalization must align with the overall national development strategy and continue to advance as a crucial component of building a financial powerhouse [3][18]. - The internationalization of RMB is not only about trade settlement but also involves investment pricing and official reserve functions, which are currently limited compared to the "petrodollar" system [3][20]. - Institutional openness will be a key driver for RMB internationalization, particularly in the commodity sector, where RMB is expected to play a larger role in pricing [4][19]. Group 2: Challenges and Opportunities - RMB internationalization faces two main constraints: the need for a stable economic foundation and the necessity to enrich the offshore financial asset system [5][20]. - The current supply of investable RMB assets abroad is limited, which restricts its use in international markets [7][21]. - The development of offshore bond markets is crucial, as they provide stable and appreciating investment options for foreign RMB holders [6][16]. Group 3: Offshore Financial System - A complete offshore financial system is essential for facilitating RMB internationalization, addressing the issue of RMB funds lacking investment opportunities post-settlement [7][21]. - The offshore bond market, particularly through instruments like dim sum bonds, needs to expand in scale and liquidity to enhance RMB's international presence [6][22]. - The design of offshore financial systems should be more open than onshore systems, serving as a "testing ground" for capital account liberalization [9][25]. Group 4: Regulatory Framework - The recent upgrades to the FT account system in the Pudong Free Trade Zone aim to enhance the offshore attributes of financial accounts, facilitating cross-border transactions [10][24]. - The focus should be on creating a robust offshore settlement platform that integrates effectively with the RMB cross-border payment system (CIPS) [12][26]. - The development of offshore reinsurance is also critical for supporting international business operations and managing risk exposure [27]. Group 5: Risk Management - There is a common misconception that offshore finance inherently increases risk; however, it can also provide important functions for risk hedging and diversification [28][29]. - The diversity of financial products in offshore markets can help market participants manage and mitigate risks effectively [28][29]. - Coordinated development between offshore and onshore financial systems is essential to avoid regulatory arbitrage and ensure effective risk management [29].

Group 1: Government Policies and Initiatives - The State Council, led by Premier Li Qiang, has initiated a package of fiscal and financial policies aimed at boosting domestic demand, emphasizing the importance of coordinating fiscal and financial policies to enhance policy effectiveness and encourage social capital participation in consumption and investment [1] - The Lingang New Area in Shanghai is set to establish an offshore financial (economic) functional zone to promote greater financial openness and innovation, focusing on enhancing cross-border investment and financing facilitation [2] - Shanghai has introduced measures to encourage foreign investment enterprises to reinvest domestically, optimizing foreign exchange registration and funding processes [4] Group 2: Financial Sector Developments - The Shanghai government has released 26 measures to support foreign-funded R&D centers, including facilitating financial services for technology innovation and research [5] - The Industrial and Commercial Bank of China (ICBC) Shanghai branch has completed the first equity merger loan under the new merger loan management regulations, marking an innovation in merger financial services [6] - The Shanghai Clearing House has announced a reduction in fees for credit derivatives clearing services to promote market development and reduce costs for market participants [11] Group 3: Market Statistics and Performance - As of December 2025, China's foreign exchange reserves reached $33,579 billion, an increase of $115 billion from November, reflecting a growth rate of 0.34% [19] - In 2025, the national futures market recorded a total transaction volume of 90.74 billion contracts, with a cumulative transaction value of 766.25 trillion yuan, representing year-on-year growth of 17.4% and 23.74% respectively [20]

Core Viewpoint - The financial system plays a crucial role in stabilizing expectations, growth, and structure amid economic transformation and cyclical fluctuations, with a focus on how to better serve the real economy and enhance system resilience [1][12] Group 1: Offshore Financial Development - The Hainan Free Trade Port's full closure is a significant milestone for China's high-level opening-up, providing a testing ground for innovative financial practices such as offshore data asset trading and cross-border digital asset pledging [1][3][14] - China's offshore finance is still in a developmental stage and has not yet reached a mature state, facing challenges such as the disconnection of old and new growth drivers, insufficient integration between offshore and onshore markets, and a lack of foreign investment attractiveness [1][11][22] Group 2: Opportunities and Challenges - The offshore financial sector is at a new development window, with the continuous internationalization of the RMB driving innovation in offshore financial services, injecting new vitality into the market [2][23] - Key challenges include the slow transition between traditional and emerging business models, limited integration of offshore and onshore markets, insufficient foreign investment, and a mismatch between legislation and business development [11][22] Group 3: Role of Hainan in Offshore Finance - Hainan's full closure has laid the groundwork for financial innovation by gradually lowering comprehensive tax rates and enhancing cross-border capital flow facilitation [3][14] - The collaboration between Shanghai, Hong Kong, and Hainan is essential for forming a supportive offshore financial ecosystem, with each region playing distinct roles in innovation, liquidity supply, and financial experimentation [4][15] Group 4: Financial Ecosystem and EF Account - The EF account in Hainan has shown progress in financial development, but it is merely a tool; the overall financial policy design and the capabilities of local financial institutions are crucial for success [5][16] - A complete financial ecosystem is necessary for the Hainan Free Trade Port, emphasizing proactive financial service awareness and continuous improvement in service capabilities [6][17]

Core Viewpoint - The Lingang New Area aims to enhance financial openness and innovation by establishing an offshore financial (economic) functional zone by 2026, focusing on five key business scenarios: offshore trade, non-resident mergers and acquisitions, treasury centers, offshore leasing, and reinsurance [1][2]. Group 1: Financial Innovation and Business Expansion - The Lingang New Area will deepen comprehensive reforms in offshore trade financial services and relax restrictions on non-resident merger loan trials [1][2]. - The area has signed projects with a total investment exceeding 220 billion yuan, with actual utilized foreign investment increasing by 124.3% [2]. - The area aims to attract more enterprises and young talent by reducing institutional transaction costs through innovative policies [2]. Group 2: Digital Transformation and Regulatory Enhancement - The area will expand and improve the cross-border data list management model, creating a compliant environment for offshore data industry development [3]. - Efforts will be made to digitize enterprise activities, government regulation, and park operations to enhance market and government efficiency [3]. - The work plan emphasizes the need to implement the national free trade zone enhancement strategy, focusing on cross-border data, finance, and offshore trade [3].

Core Viewpoint - The recent appreciation of the Renminbi (RMB) against the US dollar is attributed to multiple macroeconomic factors and market dynamics, with the offshore RMB breaking the 7 mark being a significant event that enhances its attractiveness in global markets [1][2]. Group 1: Factors Influencing RMB Appreciation - The weakening of the US dollar index, which fell below 100, is a primary driver of the RMB's strength, influenced by expectations of continued interest rate cuts by the Federal Reserve in 2026 [1][2]. - Increased demand for currency settlement by enterprises as the year-end approaches has contributed to the seasonal strengthening of the RMB [1]. - The sustained appreciation of the RMB has improved market sentiment, further pushing up its value [1]. Group 2: Implications for Offshore RMB Assets - The RMB's rise above 7 enhances the valuation attractiveness of offshore RMB assets, improving liquidity in offshore markets [2]. - The appreciation reduces the actual debt servicing costs for bonds issued in RMB, encouraging foreign institutions to issue "dim sum bonds" [2]. - A narrowing or even inversion of the interest rate differential between China and the US lowers the opportunity cost of holding RMB-denominated assets [2]. Group 3: Future Trends in Offshore Markets - If the RMB continues to appreciate moderately in 2026, the offshore market is expected to transition from a "liquidity market" to a "deep allocation market," with more diverse issuers seeking low-cost financing [3]. - The offshore RMB interest rate curve is anticipated to become smoother, and the range of derivative products will expand, indicating a shift towards quality improvement in RMB internationalization [3]. - Recent reports indicate a slight increase in China's offshore financial index, with growth in offshore bond issuance and cross-border RMB transactions, reflecting a structural upgrade in the offshore financial system [3]. Group 4: Strategic Development of Offshore Financial Markets - The demand for offshore RMB is driven by China's growing economic and political status globally, positioning it as a central player in international finance [4]. - Future developments in offshore finance will require institutional openness to attract relevant factors and enhance the internationalization of the RMB [4][5].

Core Viewpoint - The intersection of Hainan's openness and security is becoming increasingly visible, with military presence enhancing trade safety and operational efficiency in the region [1][9]. Group 1: Trade and Shipping Dynamics - The South China Sea accounts for 60% to 70% of external trade routes, making any delays significantly impactful on the supply chain [3]. - Historical examples, such as the security provided by military presence in the Strait of Malacca, illustrate how safety can foster a prosperous shipping ecosystem [5]. - The deployment of advanced military vessels like the Fujian aircraft carrier is perceived as a stabilizing factor for shipping stakeholders, enhancing their confidence in maritime operations [7]. Group 2: Economic and Financial Implications - Hainan's zero-tariff policy and offshore financial initiatives are attracting capital, but their success hinges on the smooth operation of trade routes [11]. - The integration of logistics, finance, and consumption in Hainan's free trade zone is designed to create a mutually reinforcing economic environment, where disruptions in one area can affect overall efficiency [11][15]. - The cost structure of shipping includes not only freight but also time, risk premiums, and insurance costs, which are critical for businesses when evaluating shipping routes [16]. Group 3: Regional Cooperation and Competition - The potential for regional cooperation is evident, with logistics firms from Singapore, ASEAN agricultural suppliers, and Chinese manufacturers closely monitoring market reconfigurations post-border closure [18]. - The establishment of stable shipping nodes is crucial for competitive advantage in supply chains, highlighting the need for effective legal frameworks and international cooperation [18][20]. Group 4: Security and Infrastructure - Hainan's strategy incorporates transparent tax systems and efficient customs processes, with security investments viewed as foundational infrastructure for attracting investment [15][16]. - The presence of naval forces and coast patrols is integrated into Hainan's open commitment, emphasizing the importance of public safety in investment attraction [16]. - The interplay of safety, regulations, services, and financial support is essential for creating a competitive hub, which Hainan aims to achieve [20].

Core Viewpoint - The Sanya International Forum emphasizes the future positioning of Hainan Free Trade Port and new opportunities in Sanya, highlighting the need for offshore finance development to align with the real economy through institutional supply and ecological construction [1]. Group 1: Development Strategies - Hainan should leverage its proximity to the mainland economy while also looking globally to facilitate the smooth flow of capital and talent [3]. - The focus should be on creating a "brand economy" that attracts global investment and talent, including hosting top international events and developing education, healthcare, and offshore service trade [3]. - Utilizing free trade port policies to explore new fields such as bulk commodity spot trading is essential for Hainan's development [3]. Group 2: International Financial Centers - Global offshore centers can be categorized into virtual and physical types, with notable examples including Hong Kong and Singapore as established financial hubs [4]. - Middle Eastern financial centers, such as Dubai and Abu Dhabi, follow a phased development strategy, emphasizing the importance of a supportive economic environment [5][6]. - Key characteristics of successful financial centers include independent regulatory powers, common law application, full foreign ownership, and low tax rates [7][12]. Group 3: Economic Integration and Talent Attraction - Hainan's development must focus on integrating with the mainland economy while also appealing to international markets [13]. - The region should aim to create a high-quality living environment that matches the lifestyle of high-income international professionals [13]. - Attracting global talent requires a diverse economic landscape and high-end service industry development to enhance Hainan's global brand influence [15]. Group 4: Education and Infrastructure - Hainan should invest in international higher education and vocational training to support the needs of professionals in the free trade port [17]. - The development of financial and trade infrastructure is crucial for enhancing connectivity and influence on a global scale [18].

海南岛，阳光、沙滩，以及诱人的免税商品，构成了许多人对这片热土的印象。然而，当你为一件比内地便宜不少的奢侈品而欣喜时，是否意识到，自己可 能正参与一场关乎十几亿人财富未来的深刻变革？ 故事的源头，要追溯到中国作为"世界工厂"的辛勤积累。经过无数个日夜的努力，我们积累了庞大的外汇储备，这笔凝聚着无数人汗水的"血汗钱"，却面临 着一种尴尬的境地。我们不得不将这些美元大量购买美国国债，这无疑是将财富存放在一个自身债务缠身，且信用风险日益增加的邻居家中。日益膨胀的美 国国债规模，以及巨额的利息支出，都让人感到不安。 更令人担忧的是，西方国家手中握有的金融"核弹"。2022年，俄罗斯海外资产被冻结的事件，无疑敲响了警钟。这让我们不得不思考，如果类似的风险降 临，我们庞大的外汇储备是否也会瞬间失去流动性？ 正是在这样的背景下，2025年12月18日海南全岛封关运作，就显得意义非凡。这绝非简单的"买买买"，而是一盘深谋远虑的大棋局，旨在为国家财富寻找一 条安全通道，打造一艘能够抵御金融风暴的"诺亚方舟"。 这盘棋的布局，早已超越了海南岛的范围。我们与沙特等石油大国探讨使用人民币结算石油，金砖国家也在积极构建独立于西方体系的 ...

专题：第二十二届中国国际金融论坛 12月19日-20日，"第二十二届中国国际金融论坛"在上海举行，主题为：数字经济时代的智能金融生态 构建。中国首席经济学家论坛理事长连平出席并演讲。 连平谈到，离岸金融不是简单的在岸金融的延伸和推动，离岸金融是一个具有独特功能和战略的部分， 优势在比较大的程度上跳出了国内现有的金融监管的框架，在一个更高开放的水平环境中间来进行制度 创新和压力测试。 如果从逻辑的角度做一个梳理，他提到，离岸金融是以制度创新——首先是制度创新——来吸引要素的 集聚的。制度创新吸引要素集聚，包括资本、包括人才、还包括信息等等。要素集聚之后推动市场深 化，使得市场有了进一步深入发展。在市场深化的前提下提升定价权和话语权，这个路径是三个阶段： 以制度创新来吸引要素的集聚，以要素集聚提升市场深化，以市场深化来提升定价权和话语权。 具体来说，这种核心价值有三个层面： 第一，在提升全球话语权和市场权方面，再走向储备货币的核心。 第二，在优化资源配置效率方面，离岸金融通过构建它的高循环的通道，在岸、离岸主要是从两个方面 推进的：第一个引进来，第二个走出去。 第三，是在参与全球金融治理方面，离岸金融是我们国家规 ...