Group 1 - The establishment of the Shanghai International Financial Center is highlighted as a significant event in 2025, marking a milestone in the city's financial development [1] - The Central Financial Committee has released important opinions to deepen cooperation between central and local governments in financial center construction [3] - The opening of the International Monetary Fund's Shanghai Center signifies new progress in international exchange and cooperation [5] Group 2 - The establishment of a growth tier on the Sci-Tech Innovation Board and the implementation of the "1+6" reform demonstrate the capital market's enhanced service capabilities for new productive forces [7] - The launch of a "Technology Board" in the bond market, along with innovative financial tools, indicates ongoing optimization of the Sci-Tech financial ecosystem [7] - The facilitation of cross-border financial services has been comprehensively improved, contributing to a more open offshore financial system and market [7]

登录新浪财经APP 搜索【信披】查看更多考评等级 2月3日，上海市第十六届人民代表大会第四次会议开幕，市长龚正作政府工作报告。在部署"着力加强 核心功能建设，持续提升'五个中心'能级"时，报告明确指出，要深化国际金融中心建设，配合中央金 融管理部门加强科创板制度建设，更大力度培育壮大长期资本、耐心资本，探索构建离岸金融体系，加 快建设自主可控的人民币跨境支付体系。这为上海国际金融中心在"十五五"时期的功能升级指明了方 向。 "十四五"期间，上海国际金融中心建设活力迸发，金融市场规模与能级持续提升。数据显示，2025年前 三季度，在沪主要金融要素市场合计成交2967.8万亿元，同比增长12.7%。 与此同时，上海金融业对外开放在国内引领潮头，是外资金融机构进入中国市场的首选地。截至2024年 底，上海各类持牌金融机构达到1782家，其中外资金融机构占三分之一，全球主要跨国金融机构基本在 上海设有分支机构。 "十五五"是上海国际金融中心功能全面提升的关键五年。上海的目标是明确的，经过5—10年的建设， 基本建成与我国综合国力和全球影响力相匹配的国际金融中心。 这意味着上海将不仅是中国的金融中心，更将成为全球金融治 ...

Core Viewpoint - The Shanghai government aims to enhance its international financial center during the 14th Five-Year Plan, focusing on deepening the construction of the international financial center, fostering long-term capital, and exploring an offshore financial system [1][2]. Group 1: Financial Market Growth - During the 14th Five-Year Plan, Shanghai's financial market has shown significant growth, with a total transaction volume of 296.78 trillion yuan, representing a year-on-year increase of 12.7% [1]. - By the end of 2024, Shanghai is expected to have 1,782 licensed financial institutions, with foreign institutions making up one-third of this total [1]. Group 2: Strategic Pillars for Development - The construction of the international financial center is seen as a strategic core that drives the city's overall development, focusing on enhancing its competitiveness and influence [4]. - Four strategic pillars are identified: 1. Deepening the new market system and expanding its functions to create a global asset allocation center and risk management center [5]. 2. Promoting high-quality institutional opening and enhancing hub capabilities by building an offshore financial system [5]. 3. Ensuring comprehensive financial services for the real economy and nurturing new productive forces [6]. 4. Building a secure and efficient infrastructure to optimize the business ecosystem [6]. Group 3: Transitioning to Higher Standards - The construction of the international financial center is transitioning from a focus on scale to enhancing quality and strength, emphasizing the importance of playing a core role in the digitalization and internationalization of the renminbi [8][9]. - The city aims to shift from a channel-based opening to a rules and standards-setting opening, establishing itself as a hub for international financial standards [9]. Group 4: Enhancing the Dual Center Strategy - The dual center strategy focuses on building a global renminbi asset allocation center and risk management center, marking a shift from scale expansion to functional upgrades [13]. - Key recommendations include: 1. Establishing an offshore financial system aligned with international standards [13]. 2. Breaking through financial product bottlenecks, particularly in renminbi foreign exchange futures [14]. 3. Upgrading financial infrastructure and regulatory systems using advanced technologies [14]. 4. Optimizing the global business environment to attract international financial organizations and talent [14][15].

不论是离岸信贷还是离岸债券，陈贵指出上海的发展都还存在问题与不足。具体而言，制度体系待完 善，缺乏配套政策法规；支持市场基础薄弱，生态有待优化；风险防控机制不足；区域联动不足，全球 资源配置能力有待提升；人才与科技支撑不足。 针对离岸信贷发展，陈贵建议要完善制度体系与账户体系创新，出台制定《上海离岸信贷业务管理办 法》《上海离岸金融监管沙盒条例》等，明确业务规则、准入标准及监管要求，建立离岸金融创新业务 容错机制。促进产品与机构集聚，壮大离岸信贷市场主体，例如支持在沪银行设立离岸信贷专营子公 司，支持跨国公司在沪设立亚太资金运营中心，试点银团贷款份额跨境转让等。此外还要做好风险防控 与监管协同，守住离岸信贷发展底线；做好基础设施与生态优化，提升离岸信贷服务能力。 上海"十五五"规划提出，要坚定不移加快"五个中心"建设。增强国际金融中心竞争力和影响力，稳步扩 大金融领域制度型开放，提升国际化水平，建设人民币资产全球配置中心和风险管理中心。 在2026上海两会期间，国际金融中心建设发展也是代表委员关注的议题。上海市政协委员、市欧美同学 会国际工商分会会长、上海安杰律师事务所合伙人陈贵的建议，便聚焦在离岸信贷和离岸 ...

2026年上海两会如期召开，代表委员们聚焦上海国际金融中心建设这一核心议题，各抒己见、建言献 策，为城市金融发展注入智慧力量。 上海市人大代表、国泰君安期货有限公司计划财务部总经理助理马炜，结合自身行业经验，围绕金融衍 生品复合型人才培育提出建议。 其二，打造行业实训与继续教育平台。依托上期所、行业协会等，建设"上海金融衍生品人才实训基 地"，面向高校学生、在职人员开展国际化规则、产业套保、数字风控等专项培训。设立实训专项补贴 资金，对中小企业从业人员、高校学生给予培训补贴，开发线上平台提供"随选随学"课程。 其三，健全人才评价与激励机制。制定上海金融衍生品人才评价标准，将跨境交易能力、产业服务经 验、数字工具应用水平等纳入评价指标，建立行业人才库。对入库高端人才，在户籍落户、住房补贴、 子女教育等方面给予支持。 其四，强化高端人才引育力度。实施"上海金融衍生品高端人才计划"，面向全球引进高端人才，给予安 家补贴等扶持政策。支持本土人才参与国际行业交流、考取CFA（特许金融分析师）等国际资质并给予 补贴，培育本土国际化人才。 马炜表示，金融衍生品人才是上海国际金融中心建设的核心要素，也是衍生品市场服务实体经济 ...

2026.01. 30 本文字数：3355，阅读时长大约7分钟 作者 | 第一财 经 陈君君 1月29日，人民银行上海总部召开2026年第一季度新闻发布会，系统介绍2025年上海金融运行情 况。从披露的数据来看，在外部环境复杂、国内经济修复仍在推进的背景下，上海金融运行总体保持 平稳，多项关键指标出现积极变化，结构性改善特征进一步显现。 数据显示，2025年上海社会融资规模同比多增1021亿元，融资结构持续优化，企业融资成本处于历 史低位区间；自由贸易账户（FT账户）功能升级试点启动后首月运行平稳，跨境资金收付规模接近 500亿元人民币；跨境人民币业务在规模和结构上同步提升，全年收付金额达32.4万亿元，占全国比 重46%，继续保持全国第一。 业内人士认为，与"总量扩张"相比，2025年上海金融运行更值得关注的是结构变化和制度含量的提 升，这些变化将对"十五五"时期上海金融体系的运行模式产生更为深远的影响。 融资结构符合高质量发展要求 从总量看，金融对实体经济的支持力度保持在合理区间。数据显示，2025年全年，上海社会融资规 模增加11632亿元，同比多增1021亿元。 更具变化意义的是融资结构的调整。202 ...

Core Insights - The People's Bank of China (PBOC) Shanghai Headquarters is committed to accelerating the construction of Shanghai as an international financial center, achieving significant progress in 2025 through various reforms and initiatives [1][2]. Group 1: Cross-Border Trade and Investment Facilitation - The PBOC Shanghai Headquarters has deepened cross-border trade and investment facilitation, achieving effective offshore trade finance service reforms in the Lingang New Area, which improved cross-border settlement efficiency [2]. - The "green foreign debt" policy pilot has shown positive effects, and the management of multinational companies' cross-border cash pool business has been optimized [2]. - By the end of December 2025, 1,189 foreign institutions had entered the interbank bond market, holding bonds worth 3.46 trillion yuan, accounting for approximately 2% of the total custody in the market [2]. Group 2: RMB Internationalization - In 2025, Shanghai's cross-border RMB settlement volume reached 32.4 trillion yuan, a year-on-year increase of 9%, maintaining a 46% share of the national total [4]. - The RMB cross-border payment for securities investment reached 24.2 trillion yuan, representing over 70% of the total, enhancing Shanghai's status as a global RMB asset allocation center [4]. - The PBOC Shanghai Headquarters is actively implementing the "Action Plan for Further Enhancing Cross-Border Financial Service Facilitation" to expand the breadth and depth of RMB internationalization [2][5]. Group 3: Support for the Real Economy - The establishment of the Shanghai Financial "Five Major Articles" working group aims to strengthen policy coordination and support the development of the real economy [3]. - The Shanghai Science and Technology Innovation Financial Reform Pilot Zone is being accelerated, with initiatives like "Hu Ke Special Loans" and "Hu Ke Special Discounts" to support innovative enterprises [3]. - The digital RMB international operation center has officially started operations, and the pilot for a multilateral central bank digital currency bridge is progressing [3]. Group 4: Free Trade Account Function Upgrade - The upgrade of the free trade account function, initiated in December 2025, has seen participation from 11 banks and 29 enterprises, with nearly 50 billion yuan in cross-border payments recorded in the first month [6][7]. - The pilot aims to provide stronger financial support for the real economy and enhance the convenience of cross-border trade and investment [7]. - The pilot has achieved significant results, with 97% of transactions conducted in RMB, aligning with the policy to expand RMB usage in cross-border transactions [8].

Group 1 - The People's Bank of China Shanghai Headquarters reported positive progress in Shanghai's international financial center construction, highlighting increased social financing scale, rising direct financing proportion, optimized loan structure, and stable financing costs [1] - The Shanghai financial sector aims to enhance its international competitiveness and influence, as outlined in the 14th Five-Year Plan, with a commitment to implement moderately loose monetary policies and promote financial support for the real economy [1] Group 2 - In 2025, Shanghai's foreign-related income and bank settlement and sale of foreign exchange reached new highs, with total foreign-related income amounting to $5.66 trillion, accounting for over 36% of the national total, and a year-on-year growth of 14.3% [2] - The total amount of bank settlement and sale of foreign exchange exceeded $1.15 trillion, representing over 23% of the national total, with a year-on-year increase of 10.7% [2] - Cross-border RMB payment amounts reached 32.4 trillion yuan, a year-on-year growth of 9%, maintaining a national share of 46% [2] Group 3 - The Shanghai People's Bank emphasized the importance of deepening cross-border trade and investment facilitation, expanding financial market openness, and supporting the development of the real economy as part of its strategy for 2026 [3] - The 14th Five-Year Plan highlights the development of offshore financial functions, with plans to promote offshore trade financial service reforms in the Lingang New Area [3] Group 4 - Multiple reform and innovation policies were successfully implemented in Shanghai, with the free trade account pilot program receiving a significant upgrade in December 2025 [4] - The upgrade of the free trade account is considered the most important reform since its inception in May 2014, achieving significant results and positive feedback from stakeholders [5] Group 5 - The upgraded free trade account pilot program has shown remarkable outcomes, with 97% of cross-border transactions conducted in RMB, aligning with the policy direction to expand RMB's cross-border usage [5] - The green foreign debt pilot program initiated in November 2025 has effectively addressed the funding gap for green financing, with a total financing amount exceeding $6.4 million [5]

Core Insights - The overall financial operation in Shanghai remains stable in 2025, with several key indicators showing positive changes and structural improvements despite a complex external environment and ongoing domestic economic recovery [1] Financial Support to the Real Economy - In 2025, Shanghai's social financing scale increased by 1,163.2 billion RMB, with a year-on-year increase of 102.1 billion RMB [2] - Direct financing rose by 341.9 billion RMB, accounting for 29.4% of the total financing increase, which is an improvement of approximately 15 percentage points compared to the previous year [2] - The balance of loans in both domestic and foreign currencies reached 13.07 trillion RMB, with a year-on-year growth of 6.5%, slightly above the national average [2] Financing Costs and Structure - The weighted average interest rate for newly issued corporate loans in Shanghai was 2.64% in December 2025, a decrease of 38 basis points year-on-year [3] - The increase in direct financing and the decrease in financing costs reflect a significant structural change in Shanghai's financial market, indicating a shift towards high-quality development [3] Deposit Structure Changes - By the end of December 2025, the balance of deposits in Shanghai reached 24.5 trillion RMB, with a year-on-year growth of 11.3%, surpassing the national growth rate by 2.3 percentage points [4] - The growth rate of demand deposits for households and non-financial enterprises increased significantly, indicating a trend towards more active fund circulation [5] FT Account Function Upgrade - The FT account function upgrade pilot launched in December 2025 has seen stable operations, with cross-border fund payment volumes nearing 50 billion RMB [6] - The upgrade aims to balance convenience and risk management in cross-border fund usage, reflecting Shanghai's efforts to align financial regulations with international standards [6] Cross-Border Financial Activities - In 2025, Shanghai's banks recorded a total foreign-related income and expenditure of 5.66 trillion USD, a year-on-year increase of 14.3%, accounting for over 36% of the national total [7] - The total amount of cross-border RMB transactions reached 32.4 trillion RMB, representing a 9% year-on-year growth and maintaining a 46% share of the national total [7]

Core Insights - The People's Bank of China (PBOC) Shanghai Headquarters reported that in 2025, Shanghai's social financing scale increased by 1.1632 trillion yuan, with a year-on-year increase of 102.1 billion yuan [3] - Direct financing's proportion rose, with 34.19 billion yuan added, accounting for 29.4% of the total increase, up 15 percentage points year-on-year [3] - The total credit volume showed reasonable growth, with a focus on optimizing the structure and a steady decline in financing costs [2] Financing Structure - In 2025, the increase in RMB loans to the real economy was 658.9 billion yuan, representing 56.6% of the total social financing increment [3] - The balance of RMB loans in Shanghai reached 13.07 trillion yuan by the end of December, growing by 6.5% year-on-year, which is 0.3 percentage points higher than the national average [3] - The weighted average interest rate for newly issued corporate loans in December was 2.64%, down 38 basis points from the previous year [3] Deposits Overview - By the end of December, the total balance of deposits in Shanghai was 24.5 trillion yuan, with a year-on-year growth of 11.3%, exceeding the national average by 2.3 percentage points [3] - Household deposits increased by 9.1% year-on-year, while non-financial corporate deposits grew by 5.3% [3] - Non-bank financial institutions saw a significant deposit growth of 30.4% [3] International Financial Center Development - The PBOC Shanghai Headquarters is committed to supporting the construction of Shanghai as an international financial center, focusing on cross-border trade and investment facilitation, financial market openness, and the internationalization of the RMB [4] - As of December 2025, 1,189 foreign institutions entered the interbank bond market, holding bonds worth 3.46 trillion yuan, which is about 2.0% of the total custody in the market [5] - The total amount of cross-border RMB settlements in Shanghai accounted for 46% of the national total in 2025 [5] Cross-Border RMB Business - In 2025, the cross-border RMB payment volume reached 32.4 trillion yuan, a year-on-year increase of 9%, maintaining the highest share in the country at 46% [6] - The RMB cross-border payment related to the real economy increased by 14%, outpacing the overall growth rate by 5 percentage points [6] - Key sectors such as shipping, new foreign trade formats, and bulk commodities saw significant growth in cross-border RMB settlements, with increases of 48%, 16%, and 2.6% respectively [6] Future Outlook - In 2026, the PBOC Shanghai Headquarters plans to enhance offshore financial services, promote the internationalization of the RMB, and implement foreign exchange management reforms [7] - The focus will be on optimizing the financial business environment and supporting the construction of the Shanghai International Financial Center [7]