2月3日下午，上海市十六届人大四次会议上，市委书记陈吉宁参加浦东新区代表团审议，会场气氛热 烈，代表们争相发言，围绕政府工作报告相关内容谈体会、说发展、提建议，纷纷进言。 智通财经（www.thepaper.cn）记者注意到，持续约两个半小时的审议中，十余位代表作了发言。审议的 焦点不仅有上海"十五五"发展、浦东引领区建设等议题，也涉及推进制度型开放、服务企业走出去、科 技教育人才等话题，民生领域的养老、医疗、消防安全等亦是热议重点。 审议现场，陈吉宁认真倾听记录，与大家深入交流讨论并作了回应，要求相关部门及时对接，认真研究 代表的意见建议，充分吸收借鉴到今年各项工作中。 2月3日下 午，上海市十六届人大四次会议上，市委书记陈吉宁参加浦东新区代表团审议。陈正宝 摄 "今年是'十五五'开局之年。要把思想和行动统一到中央对形势的科学判断和对工作的决策部署上来， 一以贯之当好'施工队长'，把习近平总书记为上海擘画的蓝图持之以恒细化为'施工图'、高质量转化 为'实景画'。"陈吉宁指出。 他说，浦东要充分发扬敢打敢拼敢争先的"小老虎"精神，聚焦打造社会主义现代化建设引领区，扎实推 动高质量发展，持续强化重要功能，深化高 ...

Group 1: Economic Development and Investment - The government aims to strengthen domestic demand as a strategic foundation, focusing on enhancing consumption and investment in both goods and services [1] - A target of 2,550 billion yuan is set for major project investments throughout the year [1] - The government plans to promote service consumption by developing various sectors such as night economy, live-streaming economy, and elder economy [1] Group 2: Core Functionality and Industrial Development - The focus is on building a modern industrial system, enhancing the foundation of the real economy, and upgrading industries like petrochemicals and steel through smart and green technology [2] - Major projects in integrated circuits, biomedicine, and artificial intelligence are to be accelerated [2] Group 3: Technological and Industrial Innovation - The government emphasizes the efficient transformation and application of major technological achievements, encouraging enterprises to increase R&D investment [4] - Plans include the establishment of over 50 advanced smart factories and the promotion of intelligent and green development across industries [4] Group 4: Urban Development and Infrastructure - The city will enhance urban spatial development by advancing new city construction and improving the capabilities of specialized industrial parks [7] - A focus on smart city construction aims to improve digital public service capabilities and infrastructure [7] Group 5: Rural Revitalization - The government is committed to improving modern agricultural quality and efficiency, with plans to build 80,000 acres of high-standard farmland [8] - Initiatives to promote the integration of primary, secondary, and tertiary industries in rural areas are underway [8] Group 6: Cultural and Tourism Development - The establishment of the Shanghai Grand Opera House and the promotion of various tourism sectors, including red tourism and rural tourism, are key initiatives [9] - A new round of reforms in state-owned cultural institutions is planned to enhance public cultural services [9] Group 7: Green and Low-Carbon Transition - The government is focused on pollution prevention and control, with plans to implement a new round of clean air action [10] - Initiatives to enhance green ecological space quality include the addition of 100 parks and improving park management [10] Group 8: Social Welfare and Employment - The government aims to create a job-friendly environment, targeting the addition of over 600,000 urban jobs [11] - Support for key groups such as recent graduates and unemployed individuals will be strengthened through various employment assistance policies [11]

Economic Growth and Development - Shanghai's GDP is projected to reach 5.67 trillion yuan with a growth rate of 5.4% by 2025 [2] - The total import and export volume is expected to reach 4.51 trillion yuan, with exports growing by 10.8% [6] Financial and Technological Reforms - The government aims to enhance the construction of the Sci-Tech Innovation Board and promote financial system reforms [2] - A focus on developing offshore financial systems and improving cross-border financial services is highlighted [2] Industry and Innovation - R&D expenditure is expected to account for approximately 4.5% of Shanghai's GDP by 2025 [4] - The output of strategic emerging industries is projected to grow by 6.5%, with integrated circuits, biomedicine, and artificial intelligence expected to exceed 2 trillion yuan [4] Foreign Investment and Projects - Actual foreign investment is anticipated to reach 16.06 billion USD (approximately 114.8 billion yuan) [6] - The government plans to attract foreign investment in advanced manufacturing, modern services, and high-tech industries [6] Consumer Market and Tourism - The government aims to boost consumption and develop Shanghai into an international consumption center [8] - Plans include enhancing service consumption and promoting various tourism initiatives [8] Cultural and Creative Industries - The report emphasizes the importance of cultural industry projects and the development of new cultural formats [9] - The government aims to improve the capabilities of the cultural industry, including film production and creative design [9]

Core Insights - The People's Bank of China (PBOC) Shanghai Headquarters will focus on offshore financial development in Shanghai and expand the pilot reform of offshore trade finance services in the Lingang New Area in 2026 [1] - In 2025, Shanghai's social financing scale increased by 1,163.2 billion yuan, with a year-on-year increase of 102.1 billion yuan, effectively meeting the financing needs of the real economy [1] - The weighted average interest rate for newly issued corporate loans in Shanghai was 2.64% in December 2025, a decrease of 38 basis points from the previous year, marking a historical low [1] Financing Structure - In 2025, the increase in RMB loans to the real economy was 658.9 billion yuan, accounting for 56.6% of the total social financing increment [1] - Direct financing rose by 341.9 billion yuan, representing 29.4% of the total social financing increment, which is a year-on-year increase of 15 percentage points [1] Monetary Policy - The PBOC Shanghai Headquarters will continue to implement a moderately accommodative monetary policy and promote coordinated fiscal and financial measures to stimulate domestic demand [2] - The aim is to maintain low social comprehensive financing costs and continuously improve the quality and efficiency of financial services to the real economy [2]

促进社会综合融资成本低位运行 ● 本报记者 黄一灵 1月29日，中国证券报记者从人民银行上海总部召开的2026年第一季度新闻发布会上获悉，2026年，人 民银行上海总部将立足实际，配合总行做好上海发展离岸金融相关工作，推动临港新片区离岸贸易金融 服务综合改革试点扩围，积极推动外汇管理改革试点政策落地。 人民银行上海总部宏观审慎管理部副主任施建东介绍，上海自由贸易试验区自由贸易账户功能升级试点 自启动以来，首批业务成功落地。截至目前，共有11家银行、29家企业参与试点，跨境资金收付规模合 计近500亿元。 据介绍，2025年，上海市社会融资规模同比多增，直接融资比重上升；信贷总量合理增长，结构持续优 化，融资成本稳中有降。 施建东表示，这次功能升级试点是上海自由贸易账户自2014年5月启动以来最重要的一次改革。总体而 言，试点成效显著，基本达到预期目标，并呈现"结算便利、运行平稳、业务多元、风险可控、本币为 主"五个特点。试点通过收紧"跨二线"管理实现"跨一线"自由收付，试点企业使用升级账户开展证券投 资以外的资本项下业务，不受投注差外债、全口径跨境融资、境外放款相关额度和审批限制，无须到外 汇管理部门办理前置 ...

持续优化金融营商环境 人民银行上海总部宏观审慎管理部副主任施建东介绍，上海自由贸易试验区自由贸易账户功能升级试点 自启动以来，首批业务成功落地。截至目前，共有11家银行、29家企业参与试点，跨境资金收付规模合 计近500亿元。 1月29日，中国证券报记者从人民银行上海总部召开的2026年第一季度新闻发布会上获悉，2026年，人 民银行上海总部将立足实际，配合总行做好上海发展离岸金融相关工作，推动临港新片区离岸贸易金融 服务综合改革试点扩围，积极推动外汇管理改革试点政策落地。 促进社会综合融资成本低位运行 据介绍，2025年，上海市社会融资规模同比多增，直接融资比重上升；信贷总量合理增长，结构持续优 化，融资成本稳中有降。 具体来看，2025年全年上海社会融资规模增加11632亿元，同比多增1021亿元，较好地满足了实体经济 的融资需求。从融资结构看，对实体经济发放的人民币贷款增加6589亿元，占社融增量的56.6%。直接 融资增加3419亿元，占社融增量的29.4%，同比上升15个百分点。 贷款融资成本方面，2025年12月，上海市新发放企业贷款加权平均利率为2.64%，较上年同期下降38个 基点，处于历史低 ...

上海作为对外开放"前沿阵地"，涉外经济持续活跃。 据中国人民银行上海总部外汇管理部副主任钟磊介绍，2025年，上海地区涉外收支和银行结售汇规模再 创新高。银行代客涉外收支总额5.66万亿美元，占全国的36%以上，同比增长14.3%。银行结售汇总额 超1.15万亿美元，占全国的23%以上，同比增长10.7%。 钟磊表示，双向证券投资持续活跃。2025年，上海地区境内直接投资资本金流入逐季回升，境外直接投 资保持增长，全年直接投资涉外收支总额同比增长5.8%。 "随着金融市场双向开放稳步推进，外资配置人民币资产、境内主体参与国际金融市场日益活跃，相关 的跨境资金流动主要依托上海国际金融中心实现，全年证券投资项下收支总额同比增长19%以上，占全 国的比重超六成。"钟磊表示。 ◎记者 马慜 1月29日，中国人民银行上海总部召开2026年第一季度新闻发布会，介绍上海2025年金融运行"成绩 单"：社会融资规模同比多增，直接融资比重上升，各项贷款结构优化，融资成本稳中有降，存款活性 明显增强……一组亮点数据勾勒出上海国际金融中心建设取得的积极进展。 "增强国际金融中心竞争力和影响力"已被写入上海"十五五"规划建议。展望下 ...

Group 1 - The core viewpoint of the articles highlights the challenges and solutions faced by Shanghai Xafei Cosmetics Co., Ltd. as it shifts its production to Southeast Asia while ensuring the safety of its cross-border supply and capital chains [1][2] - Shanghai Xafei Cosmetics Co., Ltd. has been in operation since 1985, primarily engaged in the wholesale and sales of chemical products, with a market presence in the US, Europe, East Asia, and Southeast Asia [1] - The company is transitioning its production to Southeast Asia to optimize its industrial chain layout, which has led to a need for financial services that can ensure capital safety and align with its new business model [1] Group 2 - Agricultural Bank of China Shanghai Branch has established a "Service Trade Innovation Business Base" in the Lingang New Area in 2023, and a "Cross-Border Offshore Business Center" in September 2025 to explore advanced financial services and institutional innovations [2] - The bank focuses on institutional openness and aims to convert policy opportunities into practical development, particularly in promoting cross-border offshore business in the Lingang New Area [2] - The bank has successfully implemented the first digital RMB cross-border settlement business under capital items in Shanghai and participated in various pilot projects related to offshore trade and financial services [2]

Core Insights - The Shanghai "15th Five-Year Plan" emphasizes enhancing the competitiveness and influence of Shanghai as an international financial center, focusing on building a global RMB asset allocation center and risk management center, and improving financial services for the real economy [1][2]. Group 1: Offshore Financial Zone - The plan proposes the establishment of an offshore financial (economic) functional zone, which is a significant innovation aimed at facilitating the return of foreign capital for RMB asset investment [3][4]. - The offshore financial market will operate under more relaxed regulations, providing a new trading market for foreign investments, with the Shanghai Free Trade Zone serving as a typical example [3][4]. - Measures include expanding cross-border financial services, enhancing offshore credit and free trade offshore bond development, and optimizing regulatory frameworks [4][5]. Group 2: RMB Foreign Exchange Futures - The plan includes exploring the pilot launch of RMB foreign exchange futures trading, which is crucial for managing RMB exchange rate risks and enhancing the market's pricing power [6][7]. - Establishing an RMB foreign exchange futures market is seen as a strategic move to deepen financial reforms and promote RMB internationalization [7]. - The pilot program will adhere to principles of practical demand and risk neutrality, ensuring that financial innovations serve the real economy while managing risks [7]. Group 3: Support for Technology Finance - The plan emphasizes the development of technology finance, supporting early-stage investments in hard technology and the growth of the Sci-Tech Innovation Board and technology bond markets [9][10]. - Shanghai plays a critical role in supporting equity and bond financing for technology enterprises, with significant fundraising achievements in the Sci-Tech Innovation Board and technology bonds [10]. - The overall strategy aims to transition the international financial center from scale expansion to quality improvement, focusing on serving the real economy through institutional innovation and technological empowerment [10].

Group 1 - The core viewpoint of the Shanghai "14th Five-Year" planning proposal emphasizes the acceleration of building "five centers" to enhance the city's capabilities and competitiveness, with a focus on futures and derivatives [1] - The proposal aims to strengthen Shanghai's position as an international financial center by establishing a global RMB asset allocation center and risk management center, expanding cross-border and offshore financial services, and promoting RMB internationalization [1][2] - It highlights the need for a robust financial market system, promoting direct financing, enhancing capital market functions, and developing a multi-tiered equity market while also focusing on the orderly development of futures and derivatives markets [2] Group 2 - The proposal includes plans to enhance the international trade center by strengthening the resource allocation function of bulk commodities and supporting the establishment of a national bulk commodity warehouse registration center [2] - In the context of building a global leading international shipping center, the proposal emphasizes the development of modern shipping services and the establishment of a world-class shipping exchange [3] - It supports the expansion of shipping financial services, including insurance and financing leasing for ships and aircraft, while also promoting the use of RMB for shipping freight settlements [3]