勾明扬 2025年12月18日，海南自由贸易港正式启动全岛封关运作，标志着这片热土迈入全新发展阶段。在 这一历史性时刻到来之前，一项重要金融基础设施早已在此布局——2024年5月6日，海南自由贸易港多 功能自由贸易账户（以下简称"EF账户"）正式上线运行。这一创新举措，成为实现"跨境资金高水平自 由便利流动"目标的关键一步。 对许多人而言，EF账户还比较陌生。简单来说，它是以国内现有本外币账户和自由贸易账户为基 础，专门为海南自贸港构建的本外币合一账户体系，遵循的是"一线放开、二线按照跨境管理、同名账 户跨二线有限渗透"原则。这好比为自贸港跨境资金流动架起一条"高速路"，让符合条件的自贸港内机 构、境外机构、境外个人和境内外金融机构可以享受更加便利的跨境资金结算、汇兑、投融资等相关服 务。 这种便利，首先体现为对企业经营活力的松绑与赋能。过去，企业进行跨境贸易结算、从境外融资 或对境外投资，常常面临流程长、审核多、成本高等问题。EF账户上线后，符合条件的海南自贸港内 企业就能够高效统筹运用国内国际两个市场的金融资源。比如，高新技术企业可以更便捷地获得境外资 金用于研发；贸易公司可以大幅缩短回款周期，提高资金周 ...

金融政策创新试验田：海南将成为金融开放政策的重要试验区域，包括跨境资产管理、离岸金融业务、数字货币应用等方面的先行先试，为全国金融改革积 累经验。 海南自由贸易港封关启动！金融管理新机遇要来了？ 2025年12月18日，海南自由贸易港将迎来具有里程碑意义的封关运作。这一重大举措并非"封岛"，而是通过海关监管特殊区域的建立，推动海南更高水平的 对外开放。在这一历史性时刻，金融管理领域将迎来哪些变革与机遇？ 海南自由贸易港的封关运作，意味着"一线放开、二线管住、岛内自由"的监管模式正式实施。在金融管理领域，这一政策将带来多方面影响： 跨境资金流动便利化：封关后，海南将在风险可控前提下，进一步推进跨境贸易和投融资自由化便利化。金融机构将获得更多跨境业务创新空间，为企业和 个人提供更高效的国际金融服务。 海南自由贸易港封关启动！金融管理 海南自由贸易港封关启动！金融管理新机遇要来了？ 同时，财富管理行业也将迎来独特发展机遇： 离岸财富管理新阵地：海南有望发展成为离岸财富管理中心，为高净值客户提供更加多元化的资产配置选择，特别是在跨境资产管理和税收优化方面。 金融产品创新加速：在自贸港政策框架下，将有更多创新型金融产品 ...

Core Viewpoint - Qianhai is leveraging its position as a financial hub to attract foreign investment, particularly from Hong Kong, aiming for significant advancements in financial openness and resource aggregation by 2025 [2][3]. Group 1: Financial Institutions - Seven key licensed financial institutions have been established in Qianhai, accounting for 60% of the city's new additions, including banks, securities, and futures companies [3]. - Notable new entrants include Fubon Bank (Hong Kong) Shenzhen Branch, which is the first branch of Fubon Bank in mainland China, enhancing the international financial landscape in Qianhai [3]. Group 2: Insurance and Private Equity - Four insurance fund projects initiated by companies like Ping An and Taiping have been launched in Qianhai, representing 80% of the city's new insurance projects, with a total scale of 47.8 billion yuan [4]. - The newly established private equity and venture capital funds in Qianhai account for 30% of the city's total new additions, with a management scale of 40% [4]. Group 3: Financial Technology - Qianhai has established a financial technology research and development center by Future Asset Group, marking a significant step in the smart finance sector [5]. - Major financial institutions such as HSBC and East Asia Bank have set up fintech subsidiaries in Qianhai, facilitating deep integration between Hong Kong capital and mainland innovation [5]. Group 4: Policy and Ecosystem - A total of 518 financial institutions have settled in Qianhai, with foreign capital accounting for approximately 30%, creating a diverse financial ecosystem [6]. - The financing leasing sector has surpassed 250 billion yuan in asset scale, with significant projects like the leasing of China's first domestically produced C919 aircraft [6]. Group 5: Voices and Perspectives - Experts highlight that Qianhai's success in attracting quality financial resources is due to its integrated approach of policy foundation, Hong Kong-mainland collaboration, and industry-finance synergy [7]. - Qianhai is viewed as a practical policy environment that serves as a model for financial openness and a testing ground for RMB internationalization [7].

Core Insights - Qianhai has emerged as a significant financial hub, attracting over 500 financial institutions, making it one of the highest concentrations of Hong Kong and foreign financial entities in China [1][3][8] - By 2025, Qianhai aims to deepen financial openness, focusing on high-quality financial resource aggregation and the construction of a distinctive financial ecosystem [1][3] Financial Institutions and Investments - Seven key licensed financial institutions have recently settled in Qianhai, including Fubon Bank (Hong Kong) and Huatai Securities, accounting for 60% of the city's new additions [3][4] - The total scale of four insurance fund projects initiated by companies like Ping An and Taiping in Qianhai reaches 47.8 billion yuan, representing 80% of the city's new insurance fund projects [4] Financial Technology Development - Qianhai has established a financial technology R&D center by Future Asset Group, indicating a strategic extension into smart finance [5] - Major financial institutions such as HSBC and East Asia Bank have set up fintech subsidiaries in Qianhai, enhancing the integration of Hong Kong capital with mainland tech innovation [5] Policy and Regulatory Framework - The implementation of the "30 Measures for Financial Support in Qianhai" has achieved over 90% execution, leading to six national firsts and eight initial results [7] - The establishment of the first foreign-controlled securities company in Qianhai reflects the region's commitment to innovative financial practices and deepening cross-border cooperation [7] Ecosystem and Collaboration - Qianhai has attracted 518 financial institutions, with about 30% being foreign, creating a symbiotic ecosystem that includes leading fintech companies and international insurance groups [8] - The integration of finance and industry in Qianhai is exemplified by the leasing of China's first domestically produced C919 aircraft, showcasing collaborative breakthroughs [8] Systematic Upgrades and Future Outlook - Qianhai's financial development has transitioned from isolated breakthroughs to systematic upgrades, focusing on institutional innovation and deepening Hong Kong-Shenzhen collaboration [9] - The region is positioned as a critical support for the high-quality development of Shenzhen and the new financial openness framework of the Guangdong-Hong Kong-Macao Greater Bay Area [9]

Core Viewpoint - The People's Bank of China (PBOC) has signaled a continuation of a moderately loose monetary policy to support high-quality economic development in 2026 [1][4]. Group 1: Monetary Policy Direction - The PBOC's meeting emphasized the importance of maintaining a moderately loose monetary policy to ensure economic stability and growth [1][4]. - The central bank aims to enhance financial support for key areas such as expanding domestic demand, technological innovation, and small and medium-sized enterprises [4][6]. Group 2: Key Tasks for 2026 - The PBOC has outlined five key tasks for 2026, including: 1. Upholding the centralized leadership of the Party and ensuring the implementation of monetary policies [4][5]. 2. Improving the central bank's institutional framework and enhancing the monetary policy toolkit [5][6]. 3. Continuing to implement a moderately loose monetary policy while promoting structural reforms in the financial supply side [6][7]. 4. Preventing and mitigating financial risks in key areas to maintain financial stability [6][7]. 5. Gradually advancing high-level financial openness while ensuring national financial security [6][7]. Group 3: Operational Focus - The PBOC will closely monitor financial market conditions and ensure the stability of financial infrastructure and services to meet public financial needs [7].

Core Viewpoint - The meeting of the People's Bank of China (PBOC) emphasized the importance of implementing the spirit of the Central Economic Work Conference, focusing on macroeconomic management and financial stability for the upcoming year [2][3]. Group 1: Economic Performance and Policy Direction - The PBOC acknowledged the achievements made over the past year despite external pressures and internal challenges, highlighting the effectiveness of the central leadership in navigating economic complexities [3]. - The meeting underscored the need for a proactive macroeconomic policy to ensure stable economic growth and high-quality development, aligning with the goals set for the 14th Five-Year Plan [3][4]. Group 2: Monetary Policy and Financial Management - The PBOC plans to continue implementing a moderately loose monetary policy, focusing on stabilizing economic growth and ensuring reasonable price recovery [5]. - There will be an emphasis on enhancing the transmission mechanism of monetary policy and optimizing structural monetary policy tools to support key sectors such as domestic demand, technological innovation, and small and medium-sized enterprises [5][6]. Group 3: Financial Stability and Risk Management - The meeting highlighted the importance of preventing and mitigating financial risks, maintaining a balance between economic growth, structural adjustments, and financial stability [5]. - The PBOC aims to strengthen financial risk monitoring and establish mechanisms for providing liquidity to non-bank financial institutions under specific scenarios [5][6]. Group 4: Financial Openness and International Cooperation - The PBOC is committed to advancing high-level financial openness while ensuring national financial security, participating in global financial governance reforms, and promoting the internationalization of the Renminbi [6]. - The development of a comprehensive cross-border payment system for the Renminbi and the gradual rollout of digital currency are also key focuses [6].

Core Viewpoint - The People's Bank of China emphasizes the continuation of a moderately loose monetary policy and the acceleration of financial supply-side structural reforms to stabilize economic growth and ensure reasonable price recovery [2] Group 1: Monetary Policy - The meeting highlights the importance of using various monetary policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions flexibly and efficiently [2] - It stresses maintaining ample liquidity and promoting low financing costs for the economy [2] - The central bank aims to enhance financial support for the real economy, particularly in key areas like expanding domestic demand, technological innovation, and support for small and micro enterprises [2] Group 2: Financial Stability - The meeting calls for the prevention and resolution of financial risks in key areas to maintain financial stability [2] - It emphasizes the need to improve the central banking system and build a strong central bank [2] - The central bank is tasked with ensuring the basic stability of the RMB exchange rate at a reasonable and balanced level [2] Group 3: Coordination with Fiscal Policy - There is a focus on optimizing the use of structural monetary policy tools and enhancing coordination with fiscal policy [2] - The goal is to incentivize and guide financial institutions to support key sectors effectively [2]

Core Viewpoint - The meeting emphasized the importance of implementing the central government's economic policies and strategies for the upcoming year, focusing on macroeconomic stability and financial management to support high-quality development and economic growth [2][3]. Group 1: Economic Performance and Policy Direction - The meeting highlighted that despite external pressures and internal challenges, China's economy has made significant progress, achieving key development goals for the "14th Five-Year Plan" [3]. - The central bank is tasked with adhering to the principles of Xi Jinping's thought and the directives from the 20th National Congress, ensuring a stable and progressive approach to monetary policy [3][4]. Group 2: Monetary Policy and Financial Support - The central bank will continue to implement a moderately loose monetary policy, focusing on stabilizing economic growth and ensuring reasonable price recovery [5]. - There will be a flexible use of various monetary policy tools, such as interest rate cuts and reserve requirement ratio adjustments, to maintain ample liquidity and support the real economy [5]. Group 3: Financial Stability and Risk Management - The meeting stressed the importance of preventing and mitigating financial risks, particularly in key sectors, to maintain overall financial stability [6]. - A robust monitoring and early warning system for financial risks will be established to ensure the smooth operation of financial markets and institutions [6]. Group 4: Financial Openness and International Cooperation - The central bank aims to promote high-level financial openness while safeguarding national financial security, engaging in global financial governance, and advancing the internationalization of the Renminbi [6]. - Efforts will be made to develop a comprehensive cross-border payment system for the Renminbi and to steadily advance the digital currency initiative [6].

Core Viewpoint - The meetings held by the People's Bank of China (PBOC) and the National Financial Regulatory Administration emphasized the importance of implementing the spirit of the Central Economic Work Conference, focusing on macroeconomic stability and financial management to support economic growth and high-quality development in the upcoming year and the 14th Five-Year Plan period [2][7]. Group 1: Economic Performance and Policy Direction - The PBOC acknowledged the achievements made over the past year despite external pressures and internal challenges, highlighting the effectiveness of the central leadership in navigating economic development [3]. - The meetings outlined the necessity of adhering to the guiding principles of Xi Jinping's thought and the decisions made during the 20th National Congress of the Communist Party, emphasizing a stable yet progressive approach to economic policy [4][7]. Group 2: Monetary Policy and Financial Management - The PBOC plans to continue implementing a moderately loose monetary policy, focusing on enhancing the effectiveness of both existing and new policies to stimulate domestic demand and optimize supply [4][5]. - There is a commitment to maintaining liquidity at adequate levels and ensuring low financing costs for the real economy, while also coordinating with fiscal policies to support key sectors such as technology innovation and small and medium-sized enterprises [5][6]. Group 3: Risk Prevention and Financial Stability - The meetings stressed the importance of preventing and mitigating financial risks, particularly in key areas, to maintain overall financial stability and support high-quality economic development [5][8]. - The regulatory bodies are tasked with enhancing their monitoring and assessment capabilities to preemptively address potential financial risks and ensure the stability of financial markets [8][9]. Group 4: Financial Sector Reforms and International Cooperation - The PBOC and the National Financial Regulatory Administration are focused on advancing financial reforms, enhancing regulatory frameworks, and promoting the internationalization of the Renminbi [5][9]. - There is an emphasis on strengthening financial cooperation on a global scale and improving the cross-border payment systems for the Renminbi, alongside the development of digital currency initiatives [5][9].

人民财讯12月12日电，12月12日，中国人民银行党委书记、行长潘功胜主持召开党委会议，传达学习中 央经济工作会议精神，落实全国金融系统工作会议要求，研究部署贯彻落实举措。会议强调，稳步推进 金融高水平开放，维护国家金融安全。践行全球治理倡议，积极参与和推进全球金融治理改革完善。务 实开展金融外交和多双边货币金融合作。推进人民币国际化。持续建设和发展多渠道、广覆盖的人民币 跨境支付体系。稳步发展数字人民币。 ...