Workflow
金融制度型开放
icon
Search documents
上海市委金融办、央行上海总部:进一步推进上海自贸离岸债高质量发展
Xin Lang Cai Jing· 2025-09-29 10:17
9月29日消息,按照2025陆家嘴论坛精神和国家金融管理部门统一安排,上海市委金融委员会办公室、 央行上海总部印发《关于进一步推进上海自贸离岸债高质量发展的若干措施(试行)》(简称"措 施")。措施内容显示,总体目标是通过深化金融制度型开放,在遵循"两头在外"的原则和对标国际通 行的规则标准基础上,面向国际加快推进自贸离岸债高质量发展,进一步拓宽"走出去"企业及"一带一 路"共建国家和地区等优质企业的投融资渠道。统筹发展和安全,在守牢风险底线条件下,加快构建与 上海国际金融中心相匹配的离岸金融体系,增强上海国际金融中心的竞争力和影响力。(上海证券报) ...
上海:进一步推进自贸离岸债高质量发展
Di Yi Cai Jing· 2025-09-29 08:24
(文章来源:第一财经) 上海市委金融委员会办公室、央行上海总部印发《关于进一步推进上海自贸离岸债高质量发展的若干措 施(试行)》。通过深化金融制度型开放,在遵循"两头在外"的原则和对标国际通行的规则标准基础 上,面向国际加快推进自贸离岸债高质量发展,进一步拓宽"走出去"企业及"一带一路"共建国家和地区 等优质企业的投融资渠道。统筹发展和安全,在守牢风险底线条件下,加快构建与上海国际金融中心相 匹配的离岸金融体系,增强上海国际金融中心的竞争力和影响力。 ...
从“开门”到“定规”: “十四五”金融制度型开放交出答卷
Sou Hu Cai Jing· 2025-09-18 16:47
互联互通机制也取得显著进展。从沪港通起步,先后落地深港通、债券通、互换通,产品类型从股票拓 展至债券、交易所买卖基金(ETF)和利率互换等资产类别,与此同时,债券通"南向通"正式开通, QFII与RQFII制度完成并轨,跨境投资渠道不断拓宽。值得一提的是,沪伦通机制已扩展至德国、瑞士 等欧洲主要金融市场,构建起横跨亚欧的资本市场纽带。 [ 据《中国资产管理市场(2024—2025)》报告,过去五年,信托、理财、保险资管等受托资产年均增 速达8%。 ] "十四五"收官之年,中国金融业开放已从"打开大门"升级为"重塑规则"。过去五年,负面清单不断压 缩,外资持股比例限制全面取消,沪深港通、债券通等互联互通机制持续扩容,人民币跨境使用稳步推 进,勾勒出制度型开放的清晰轨迹。 在全球经济格局深刻调整、地缘与产业变局叠加的背景下,展望"十五五",中国金融开放如何再下一 城? "十四五"答卷: 标志性制度突破 过去五年,"十四五"规划下的中国金融开放以制度型开放为核心,实现了从市场准入到规则对接的历史 性跨越。外资持股比例限制全面取消,沪深港通、债券通等互联互通机制不断扩容,标志着中国金融业 从"管道式开放"转向"制度型 ...
看多中国资产成外资共识
Jing Ji Wang· 2025-08-25 03:02
Group 1 - Multiple international investment banks have upgraded China's asset rating from neutral to overweight, indicating a growing consensus among foreign institutions on the positive outlook for Chinese assets [1] - Foreign capital has shown stable allocation towards RMB assets, with foreign holdings of domestic RMB bonds exceeding $600 billion and a net increase of $10.1 billion in domestic stocks and funds in the first half of the year [1] - The technology and artificial intelligence sectors have become focal points for foreign investment, with significant increases in holdings by foreign public funds such as Lobo and Invesco [1] Group 2 - China's financial market has improved its connectivity and investment environment, making it easier for foreign capital to participate, with the bond and stock markets ranking second globally in market capitalization [2] - Recent policy initiatives, such as allowing foreign financial institutions to offer similar services as domestic ones in pilot free trade zones, are expected to provide broader market opportunities for foreign entities [2] - The A-share market's recovery, with significant increases in major indices, has attracted foreign investment, as current valuation levels are perceived to offer enhanced allocation value [2] Group 3 - The stability of the RMB and its independent performance in global markets have made RMB assets an important option for global investors seeking to diversify risks and enhance returns [3] - A recent survey indicated that 30% of central banks worldwide plan to increase their allocation to RMB assets, reflecting growing international interest [3]
经济基本面向好、资本市场回暖势头日益显现——看多中国资产成外资共识
Sou Hu Cai Jing· 2025-08-24 22:59
Group 1 - Multiple international investment banks have upgraded their ratings on Chinese assets from neutral to overweight, reflecting a consensus among foreign institutions on the positive outlook for Chinese assets due to improving economic fundamentals and ongoing financial reforms [1] - Foreign investment in Chinese assets has remained stable this year, with foreign holdings of domestic RMB bonds exceeding $600 billion and a net increase of $10.1 billion in domestic stocks and funds in the first half of the year, reversing a two-year trend of net selling [1] - The technology and artificial intelligence sectors have become focal points for foreign investment, with firms like Lipper and Invesco accelerating their portfolio adjustments [1] Group 2 - China's financial market connectivity has improved, enhancing the convenience for foreign participation, with a comprehensive financial market system that ranks second globally in market capitalization for both bonds and stocks [2] - Recent policy initiatives, such as allowing foreign financial institutions to offer similar services as domestic ones in pilot free trade zones, are expected to provide broader market opportunities for foreign entities [2] - The A-share market's recovery, with significant increases in major indices, has made it an attractive option for foreign investors seeking diversified asset allocation amid global market volatility [2] Group 3 - The stability of the RMB and its independent performance in global markets have made RMB assets a key choice for global investors looking to diversify risks and enhance returns, with 30% of surveyed central banks indicating plans to increase their allocation to RMB assets [3]
金融监管总局、上海市人民政府印发行动方案支持上海国际金融中心建设
Jin Rong Shi Bao· 2025-08-08 07:57
Core Viewpoint - The article discusses the joint issuance of the "Action Plan to Support the Construction of Shanghai International Financial Center" by the Financial Regulatory Bureau and the Shanghai Municipal Government, aimed at enhancing the competitiveness and influence of Shanghai as an international financial center through high-level financial openness and promoting high-quality economic development [1][2]. Group 1: Financial Institution Development - The plan emphasizes the gathering of financial institutions to enhance financial service functions, encouraging banks and insurance companies to strengthen their presence in Shanghai and support the construction of the international financial center [1]. - It aims to facilitate the establishment of international financial organizations and associations in Shanghai, optimizing the service functions of local financial institutions and promoting collaboration among them [1]. Group 2: Financial Services for the Real Economy - The plan focuses on improving the quality and efficiency of financial services for the real economy, particularly in technology finance, carbon finance, inclusive finance, pension finance, and digital finance [2]. - It encourages financial institutions in Shanghai to explore financial service models tailored to the characteristics of technology enterprises and to participate in international carbon financial pricing [2]. Group 3: Institutional Opening and Internationalization - The plan aims to expand institutional opening and enhance the internationalization of Shanghai's financial industry by aligning with international high-standard trade rules and exploring cross-border loan businesses [2]. - It emphasizes the need to optimize cross-border financial services and promote the development of the Shanghai International Reinsurance Center and shipping insurance [2]. Group 4: Regulatory Improvement - The plan highlights the importance of improving regulatory standards and risk management capabilities of financial institutions in Shanghai, promoting prudent management while supporting financial innovation [3]. - It advocates for a collaborative approach to financial safety and the establishment of a financial risk prevention and disposal mechanism in Shanghai [3]. Group 5: Policy Support and Professional Services - The plan calls for enhancing policy support and improving the level of financial professional services, including the integration of party building with business operations and strengthening legal protections for financial activities [3]. - It supports the establishment of a financial regulatory data center in Shanghai and the development of a new asset management service platform [3].
熊猫债发展势头强劲 人民币国际化再添新动能
Sou Hu Cai Jing· 2025-07-29 22:15
Core Insights - The panda bond market has seen its first successful issuance by a U.S. company, Morgan Stanley, which issued a 5-year panda bond worth 2 billion yuan at a coupon rate of only 1.98, indicating strong investor demand [1] - Hungary has also issued two panda bonds, a 3-year bond worth 4 billion yuan and a 5-year bond worth 1 billion yuan, marking significant milestones in the panda bond market [1] - The issuance scale of panda bonds in the interbank market has exceeded 100 billion yuan this year, reflecting the growing interest of foreign investors in renminbi financing [1] Market Dynamics - The low interest rate environment for renminbi financing is a key factor driving the increase in panda bond issuances, alongside the deepening of China's financial market opening and the expansion of international trade partnerships [2] - Since 2022, regulatory policies have been implemented to facilitate panda bond issuance, optimizing the registration process and allowing more flexible use of raised funds, including overseas usage [2] - China's ongoing high-level opening up and the widespread use of renminbi in cross-border trade have bolstered confidence among domestic and foreign entities in holding and using renminbi, further promoting the development of the panda bond market [2]
2025年陆家嘴论坛学习体会:以金融制度型改革开放推动高质量发展
Guoyuan Securities· 2025-06-20 14:12
Group 1 - The report emphasizes the importance of financial institutional reform and opening up to drive high-quality development, particularly in the context of the 2025 Lujiazui Forum's theme of "Financial Opening and Cooperation in the Global Economic Landscape" [2][12] - The People's Bank of China (PBOC) announced eight innovative policies aimed at enhancing Shanghai's status as an international financial center, covering areas such as financial infrastructure, cross-border trade finance, and credit regulation [3][13] - The PBOC's call for adjusting the International Monetary Fund (IMF) member countries' quota structure is seen as a strategic move to promote the internationalization of the Renminbi and improve the current international monetary system [3][14][16] Group 2 - The National Financial Regulatory Administration highlighted the need for institutional opening to optimize the business environment, focusing on the potential for foreign investment in sectors like consumer services, technology finance, and green finance [4][20] - The administration plans to release an action plan to support Shanghai's international financial center construction, emphasizing institutional innovation in technology and cross-border finance [4][21] - The report notes that the current global trend of "de-globalization" necessitates a stable external financial cooperation network to facilitate the internationalization of the Renminbi [4][21] Group 3 - The China Securities Regulatory Commission (CSRC) introduced the "1+6" policy package for the Sci-Tech Innovation Board, aimed at enhancing the capital market's role in supporting technological and industrial innovation [5][23] - The report identifies three areas where the capital market needs improvement: capital formation mechanisms, product service systems for technology companies, and incentive mechanisms for innovation [5][23][24] - The CSRC's reforms are expected to facilitate the listing of unprofitable technology companies, thereby enhancing the capital market's unique advantages in serving these firms [5][25][26] Group 4 - The report anticipates that structural monetary policy tools will be a focus for the PBOC, with an emphasis on supporting early-stage technology companies through improved capital market mechanisms [5][33] - It suggests that the ongoing financial institutional opening will not only support China's manufacturing sector's international expansion but also attract quality foreign capital [5][34] - The report recommends a long-term bullish outlook on A-share core assets, particularly in the context of the integration of technology and industrial innovation [5][34]
《关于支持上海国际金融中心建设行动方案》印发—— 以金融高水平开放推动经济高质量发展
Jing Ji Ri Bao· 2025-06-18 20:13
Core Viewpoint - The "Action Plan" aims to enhance the competitiveness and influence of Shanghai as an international financial center, promoting high-level financial openness to drive high-quality economic development [1][2]. Group 1: Key Measures and Focus Areas - The "Action Plan" emphasizes the gathering of financial institutions in Shanghai, enhancing financial service functions, and encouraging foreign financial institutions to play a larger role in the development of Shanghai's international financial center [2]. - It aims to expand institutional openness and improve the internationalization of Shanghai's financial industry by aligning with international high-standard economic and trade rules [2]. - The plan includes improving regulatory standards and promoting proactive risk management capabilities among financial institutions in Shanghai to ensure financial safety [2][4]. Group 2: Open Cooperation and Innovation - Open cooperation is highlighted as a driving force for financial reform and development, with significant contributions from foreign institutions to China's modern financial system [3]. - The "Action Plan" encourages innovation in technology finance and cross-border finance, aiming to expand the breadth and depth of financial openness in Shanghai [3]. - It supports the establishment of a financial innovation regulatory mechanism to facilitate pilot projects that serve the real economy and foreign trade [4].
完善政策支持 全面提升上海国际金融中心能级
Core Viewpoint - The joint action plan by the Financial Regulatory Bureau and the Shanghai Municipal Government aims to enhance the construction of Shanghai as an international financial center through various measures, focusing on financial institution aggregation, improving financial services, expanding institutional openness, enhancing regulatory standards, and improving policy support [1][5]. Group 1: Financial Institution Aggregation - The plan emphasizes the need for commercial banks to increase support for Shanghai's international financial center by establishing dedicated institutions and authorizing local branches [1]. - It encourages foreign financial institutions to play a larger role in Shanghai's financial center development and prioritizes key foreign investment projects in Shanghai [1]. Group 2: Enhancing Financial Services - The action plan aims to improve the quality and efficiency of financial services for the real economy, particularly for technology enterprises, by exploring suitable financial service models [2]. - It promotes the development of carbon finance and aims to position Shanghai as an international hub for green finance [2]. Group 3: Expanding Institutional Openness - The plan advocates for aligning with international high-standard trade rules to explore financial institutional openness, including cross-border syndicate loans in the Shanghai Free Trade Zone [2]. - It aims to enhance the international operational capabilities of financial institutions and promote the development of Shanghai as an international reinsurance center [2]. Group 4: Enhancing Regulatory Standards - The action plan calls for improving the forward-looking risk management capabilities of financial institutions in Shanghai and promoting sound operations [4]. - It supports financial innovation pilot projects focused on serving the real economy and foreign trade, while establishing a financial risk prevention and disposal mechanism [4]. Group 5: Improving Policy Support - The plan emphasizes the integration of party building with business operations and the strengthening of legal frameworks to support the construction of Shanghai as an international financial center [4]. - It aims to enhance the technological level of financial regulation and support the establishment of a data center for the Financial Regulatory Bureau in Shanghai [4]. Group 6: Hong Kong-Shanghai Cooperation - The signing of the Hong Kong-Shanghai International Financial Center Collaborative Development Action Plan focuses on infrastructure connectivity and the strategic complementarity of offshore finance between the two cities [6][7]. - The plan includes measures to support cross-border financial services and encourages the development of financial products that meet offshore trade funding needs [8].