Core Viewpoint - The 22nd China International Financial Forum emphasizes the construction of an intelligent financial ecosystem in the digital economy era, highlighting the collaboration potential between Shanghai and Hong Kong in offshore finance and digital currency applications [1][6]. Group 1: Financial Centers and Collaboration - Hong Kong is recognized as one of the world's three major financial centers, while Shanghai is the largest onshore financial center in China, both benefiting from significant policy support in offshore finance [3][8]. - The development of offshore finance in Hainan post-closure is expected to accelerate, necessitating a discussion on how these three regions can collaborate and achieve differentiated competition in the coming years [3][8]. Group 2: Technological and Economic Transformations - The world is undergoing three major transformations: a new industrial revolution driven by technology, rapid restructuring of global supply chains, and significant changes in the geopolitical and international monetary landscape [3][8]. - Emerging technologies such as blockchain, AI, and big data are reshaping the financial industry, leading to a rapid evolution of financial infrastructure in the digital economy era [3][8]. Group 3: Digital Currency and Financial Infrastructure - There is substantial cooperation potential between Hong Kong and Shanghai in developing financial infrastructure for the digital economy, including expanding the application scenarios for digital RMB and establishing a collaborative ecosystem with digital HKD [4][9]. - The Shanghai and Shenzhen agreement on the collaborative development of international financial centers includes plans to connect financial infrastructure and accounts, emphasizing the need for forward-looking layouts involving blockchain and digital RMB [4][9]. Group 4: Future Opportunities in Financial Collaboration - The Shanghai Gold Exchange has launched an international version of its designated warehouse in Hong Kong, along with gold trading contracts for delivery in Hong Kong, indicating a step towards expanding cooperation into other commodities [4][9]. - Future collaboration could enhance the role of the RMB from a settlement currency to a pricing and reserve currency, with opportunities for establishing financial information service centers, international credit rating centers, and strengthening international arbitration centers [4][9].

Core Viewpoint - The 22nd China International Financial Forum emphasizes the construction of an intelligent financial ecosystem in the digital economy era, highlighting the role of the Lujiazui Financial City as a platform for rule adoption and institutional transformation [1][6]. Group 1: Offshore Financial Insights - Lujiazui Financial City is not just a financial cluster but a platform for transforming rules into practical business tools for enterprises [3][8]. - The essence of offshore finance is characterized by the separation of goods, money, and documents, necessitating a new regulatory approach to manage risks effectively [4][9]. - The competitive advantage of offshore economic zones lies not in lower tax rates compared to regions like the Caribbean, but in automation and digital governance capabilities that ensure secure business operations [4][9]. Group 2: Strategic Positioning and Collaboration - Lujiazui has become a strategic hub for Chinese enterprises' global layout, gathering numerous financial and professional service institutions to assist companies in managing global assets from Shanghai [4][9]. - The relationship between Shanghai, Hainan, and Hong Kong should be collaborative rather than competitive, with Lujiazui positioning itself as a "command center" for outbound enterprises and a financial hub [4][9]. - The future of cooperation, especially between Shanghai and Hong Kong, is expected to outweigh competition, with a trend of foreign asset management companies potentially shifting their Asia-Pacific headquarters to Shanghai as Chinese business expands [4][9].

（来源：经济参考报） 关于未来走势，报告认为，外部环境推动中国离岸金融服务需求结构性上升，人民币国际化与离岸金融 呈现深度协同发展新格局，政策体系加速完善构筑制度保障新优势。 报告建议，深化上海、香港、海南三地联动，打造功能互补、合力共进的离岸金融生态。 景建国表示，上海如同"创新策源地"，侧重制度创新与人民币流动性供给；香港如同"全球枢纽港"，强 化定价与清算优势；海南如同"未来试验田"，依托封关政策，开展离岸数据资产交易、跨境数字资产质 押等前沿创新。展望"十五五"，全球去美元化思潮涌动，中外利差格局深度调整，叠加海南封关的政策 红利，人民币离岸金融正站在战略风口之上。 报告首席顾问、中国首席经济学家论坛理事长连平建议，要着力构建离岸人民币资产池，完善收益曲 线，发行不同期限的离岸金融产品，创新离岸人民币产品箱，吸引投资者广泛参与风险对冲。未来中国 离岸金融发展重心，将从扩流量转向建功能、立制度，建设功能齐全、深度充足、安全可靠的金融枢 纽，为全球投资者提供留得住、能增值的交易平台。 日前在中国国际金融论坛上发布的《中国离岸金融指数报告（2024-2025）》（以下简称"报告"）显 示，2023年至202 ...

专题：第二十二届中国国际金融论坛 "无论你在上海做离岸金融，或在大湾区和海南，不可能脱离中国的外汇监管来做自己的规则。无论企 业出去到哪里或者是做离岸金融，一定要了解中国的外汇监管，中国外汇监管规则是非常复杂的。" 他还提到，如果有争议解决的话，"你的资产在哪里，就在哪里解决问题"。"比如我到俄罗斯投资，我 的争议解决就可以选俄罗斯的法院或者是俄罗斯的仲裁机构解决。到香港仲裁或到新加坡仲裁可以吗？ 可以，但是后面会碰到很大的问题。" 谈及中国企业"出海"，刘江谈到，大家讲"不出海就出局"。"在平时路演中，我们也会引用老外对中资 企业出海的一句经典评价，'要么是在餐桌上，要么在菜单里'（If you are not on the table， you are on the menu）。" 他表示，希望中资企业出海的时候能够更加主动、更加审慎的应对所的金融风险。让金融风险无论是汇 率、利率、大宗商品、信用、天气所有的金融风险，或者说所有能够用金融衍生品对冲的风险，都能够 管理得驾轻就熟。这样企业只要聚焦自己的产品和销售，出海就能游刃有余。 "离岸可能就是最好的承载金融衍生品、金融风险管理职能的桥头堡和前线阵地。" ...

2025.12. 08 本文字数：3067，阅读时长大约6分钟 作者 | 第一财经 胥会云 包括全球城市指数（GCI）、全球城市竞争力报告（GUCR）、全球金融中心指数（GFCI）、全球 创新指数（GII）等10个针对全球城市的权威榜单显示，上海5年来的全球排位实现了六升两平两 降，坐稳第二圈层领头羊，正在向第一圈层努力迈进。 12月7日举行的上海加快"五个中心"建设研讨会上，上海市政府副秘书长，上海市发展和改革委员会 主任、党组书记顾军表示，"十五五"规划《建议》提出的很多任务与上海"五个中心"建设紧密相 关。"十五五"时期，"五个中心"建设要不断强化"四大功能"，加快形成整体效应、平台效应、放大效 应、辐射效应，更好体现对全国发展大局的战略支撑作用。 "十五五"强化四大效应 近年来，上海以加快建设"五个中心"为主攻方向，统筹牵引经济社会发展各方面工作，提升城市能级 和核心竞争力。 包括全球城市指数、全球城市竞争力报告、全球城市实力指数、全球金融中心指数、国际航运中心发 展指数、自然指数-科研城市、全球创新指数、世界旅游城市发展报告、智慧城市指数、国际交往中 心城市指数在内的10个针对全球城市的权威榜单排名 ...

Core Insights - Shanghai has seen a significant improvement in its global rankings over the past five years, achieving six increases, two stable positions, and two decreases across ten authoritative global city rankings, solidifying its position as a leader in the second tier of global cities and striving to advance to the first tier [1][2] Group 1: Economic Performance - In the first three quarters of this year, Shanghai's GDP reached 40,721 billion yuan, reflecting a year-on-year growth of 5.5% [2] - The output value of strategic emerging industries accounted for 44.1% of the total industrial output value, with the three leading industries experiencing an 8.5% year-on-year growth [2] - The total import and export volume from January to October reached 37,000 billion yuan, marking a 5.2% year-on-year increase [3] Group 2: Financial Center Development - In 2024, Shanghai's major financial markets recorded a total transaction volume of 32,842.2 trillion yuan, which is an 11.6% increase compared to the previous year [2] - Shanghai hosts nearly 1,800 licensed financial institutions, with foreign financial institutions accounting for over 30% of this total [2] Group 3: International Trade and Shipping - Shanghai Port became the first port to exceed a container throughput of 50 million standard containers last year, and the airport handled over 100 million passengers [3] - Shanghai has ranked third globally in the Xinhua-Baltic International Shipping Center Index for six consecutive years [3] Group 4: Technological Innovation - Shanghai ranks sixth globally in the best technology clusters, indicating a concentration and vibrancy of technological innovation [3] - The city aims to enhance its role as a hub for international technology innovation by integrating clinical trial resources and optimizing regulatory frameworks [7] Group 5: Strategic Recommendations - To strengthen the "Five Centers" construction, Shanghai needs to enhance four key effects: overall effect, platform effect, amplification effect, and radiation effect [4] - The city should focus on creating a complete offshore financial system and improve the efficiency of offshore RMB payment and settlement [7] - Shanghai is encouraged to leverage its system integration advantages to drive the construction of a modern industrial system through technological innovation [5]

Core Viewpoint - The revision of the "Offshore Banking Business Management Measures" represents a strategic shift for China's offshore finance from "rule following" to "rule contribution," aiming to adapt to the digital era while balancing safety and efficiency [1][18]. Historical Context and Limitations of the Original Measures - The original measures were established in the aftermath of the Asian financial crisis, focusing on preventing capital shocks and providing limited cross-border services through OSA accounts [2]. - By 2002, four pilot banks had served 12,000 overseas enterprises with over $300 billion in settlements, showcasing a balance between safety and openness [2]. Current Challenges and Critiques - The original framework has become outdated due to the international shift towards functional offshore finance and the rise of digital finance, leading to significant capital outflows and limitations on the offshore RMB market [3][4]. - The restrictions on currency types and monopolistic practices by major banks have resulted in inefficiencies and unfair competition, with foreign banks gaining a larger market share [3][4]. Proposed Revisions and Recommendations - A unified offshore account system is recommended to eliminate fragmentation and reduce compliance costs, allowing for better integration with digital applications [6]. - The proposal includes expanding account opening eligibility, removing the $100 million annual cross-border settlement requirement, and supporting various types of enterprises, including those in technology and green finance [7][9]. - The measures suggest optimizing functionalities by allowing RMB and other currencies to be exchanged freely within offshore accounts and integrating digital RMB systems [8]. Regulatory Framework and Oversight - A new regulatory structure is proposed, involving a collaborative approach among the central bank, financial regulatory authority, and foreign exchange administration to enhance oversight and data sharing [13]. - The framework emphasizes a data-driven approach to compliance, moving away from traditional document verification to real-time monitoring of transactions [4][12]. International Cooperation and Governance - The article advocates for enhancing global governance of offshore finance through cooperation with international regulatory bodies and adherence to global standards [14]. - It emphasizes the importance of maintaining regulatory sovereignty while engaging with foreign entities operating in China's offshore market [14]. Principles for Future Management - The proposed principles include aligning the pace of opening with regulatory capabilities, ensuring coordinated development between onshore and offshore markets, and balancing innovation with risk management [16][17].

其三，补齐上海国际金融中心"离岸功能"的短板。通过全品类离岸金融业务布局，形成"在岸监管 规范、离岸自由灵活"的双轮驱动格局，助力上海在2035年建成"全球顶级的国际金融中心"。 上海临港特殊经济功能区的核心底气，源于省级经济社会管理权限的制度赋能。与普通自贸试验区 相比，其拥有三项关键权限：总投资超50亿元的离岸项目由管委会"一站式办结"，无需层层上报；自主 对接国际金融机构与跨国总部，统筹离岸资金池和跨境技术转移；获顶层设计支持，可在税收、金融、 数据跨境等领域自主制定专项政策。 然而，受我国分业监管格局影响，核心授权尚未真正落地。比如，金融领域的创新政策需对接多部 委监管要求，部分政策备案后仍需部委合规校验，落地周期长；税收领域因"统一税政"框架，地方自主 空间有限，优惠细则衔接部委政策时推进缓慢；数据跨境领域需国家层面安全评估，流程远超企业预 期。这一落差削弱了功能区的吸引力，使"2030年离岸金融资产突破1.2万亿元"的目标面临落空风险。 欲破解上述困境，需国家明确部委与地方的权责清单，建立跨部门快速协调机制，让省级授权切实转化 为功能区的核心竞争力。这种"权责对等"的探索空间，应借鉴迪拜杰贝阿里自 ...

Core Insights - The global transaction volume of the Renminbi (RMB) has increased to 8.5%, narrowing the gap with the British Pound, indicating a new opportunity for RMB internationalization [1] - The next 10 to 15 years are critical for the deepening development of RMB internationalization, as the international monetary system is undergoing significant changes [1] Group 1 - The International Monetary Fund (IMF) is witnessing a shift towards a diversified reserve currency trend as countries accelerate their de-dollarization processes [1] - The emergence of digital currencies and new international monetary systems is gaining heightened attention from the international community [1] - Offshore finance plays a crucial role in promoting the internationalization of currencies, with Hong Kong serving as a key offshore RMB market [1] Group 2 - Recommendations include consolidating Hong Kong's position as an offshore RMB business hub and promoting coordinated development of global offshore markets [2] - Hong Kong's highly internationalized financial market and legal system make it a vital gateway for foreign investors into the mainland market [2] - The strategy involves leveraging Hong Kong to connect with other international financial centers like London, Singapore, and Luxembourg, while expanding offshore RMB business with countries along the Belt and Road Initiative and the RCEP region [2]

Core Insights - The article emphasizes that successful financial policies should be based on practical exploration rather than top-down design, particularly in the offshore financial sector [1][10] Group 1: Historical Examples - The emergence of the Eurodollar market in London during the 1950s serves as a benchmark for the "practice first, policy later" approach, where the market developed without specific regulations, leading to significant growth [2] - The UK's introduction of the "dual banking system" in 1968 and the subsequent Banking Act in 1979 were based on practical experiences, resulting in a tenfold increase in London's offshore financial scale within a decade [2] - Singapore's offshore market growth from 20 billion USD in 1970 to 1.8 trillion USD in 2023 illustrates the effectiveness of dynamic policy adaptation following market needs [5] Group 2: China's Unique Context - China's offshore financial development has been characterized by a gradual approach, with significant milestones such as the establishment of offshore RMB funding pools and the growth of business scale to 2.1 trillion USD by 2023, reflecting a 320% increase since policy initiation [3] - The article highlights that premature legislation could lead to rigid policies that stifle innovation, as evidenced by the experiences of other countries [3][10] Group 3: Policy Dynamics - Successful financial policies require a dynamic interaction between business practices and regulatory frameworks, allowing for innovation while managing risks effectively [4] - The case of Meizhou's foreign exchange management illustrates how responsive policy-making can lead to significant cost savings for businesses and stimulate local economic growth [6] Group 4: Lessons from History - The decline of Tokyo's offshore market serves as a cautionary tale about the dangers of implementing rigid regulations without understanding market needs, resulting in stagnation [8] - The U.S. "Banking as a Service" model highlights the importance of learning from practical failures to inform future regulatory frameworks [9] Group 5: Future Path for China - The article proposes a three-step strategy for China's offshore financial development, starting with expanding pilot programs in free trade zones and gradually moving towards comprehensive legislation as practices mature [12][13] - The ultimate goal is to create a robust offshore financial ecosystem that aligns with international standards while being tailored to China's specific context [10][13]