在全球金融格局加速变革的当下，离岸金融作为金融皇冠上的明珠已成为国际金融中心建设和人民币国 际化的关键力量；我国开展离岸金融活动，为上海和香港这两个国际金融中心带来了全新的发展机遇。 香港作为历经"惊涛骇浪"的国际金融中心，已具备强大的竞争力与抗风险能力。上海与香港并非竞争对 立关系，而是相互依存、协同共进的命运共同体，上海更是香港国际金融中心的坚强后盾与重要补充。 上海开展离岸金融对香港国际金融中心地位的影响 一是潜在影响。随着上海等地积极推进离岸金融业务，出台优惠政策、优化市场准入条件，可能会分流 部分原本集中于香港的离岸金融业务。内地加大税收优惠力度，降低企业运营成本，会吸引部分金融机 构和企业将业务重心转向内地，进而减少香港金融市场的业务量。 上海离岸金融业务的快速发展创造了大量就业机会和广阔的职业发展空间。若上海在薪酬待遇、职业晋 升机会和生活成本等综合因素上更具优势，可能导致部分香港金融人才流入上海。 上海离岸金融市场的崛起加剧了市场竞争，对香港金融市场的传统优势构成挑战。上海金融机构加快金 融产品创新，推出一系列离岸金融新产品和服务，与香港市场形成竞争态势。在离岸人民币方面，上海 人民币计价的金 ...

Paris, 15 April 2025 Capitalised terms used herein shall have the meaning specified for such terms in the Caisse Française de Financement Local base prospectus to the €75,000,000,000 Euro Medium Term Note Programme dated 8 July 2024 (the “Base Prospectus”). Caisse Française de Financement Local has decided to issue on 17 April 2025 – Euro 1,000,000,000 Fixed Rate Obligations Foncières due 17 April 2035. The net proceeds of this issue will be used to finance and/or refinance, in whole or in part, the Eligib ...

Core Viewpoint - The article emphasizes the importance of financial support, monetary and fiscal policies, and government reforms in achieving sustainable development goals, highlighting their feasibility and expected positive effects [1][15]. Financial Support Policy Framework - The policy framework focuses on innovative tools and structural optimization to support sustainable development [2]. - Structural monetary policy tools, such as "swap convenience" and "repo increase re-lending," are expected to expand operations to over 300 billion yuan in 2025, targeting technology innovation, green transformation, and support for small and micro enterprises [3]. Monetary Policy - The report advocates for a moderately loose monetary policy, with measures like interest rate cuts and reserve requirement ratio reductions to maintain liquidity and align social financing with economic growth [3][5]. - The expected outcome includes a more favorable financing environment for sustainable development projects, reducing costs and attracting investments in green energy and environmental protection [5]. Fiscal Policy - A more proactive fiscal policy is proposed, with a deficit rate set at 4% for 2025, increasing the deficit scale to 5.66 trillion yuan, which will support infrastructure investment and housing projects [6][8]. - Special bonds and local government bonds are emphasized to ensure funds are directed towards significant strategic areas, enhancing the effectiveness of fiscal spending [6][8]. Capital Market Reform - The report suggests deepening capital market reforms to attract long-term funds and optimize market ecology, including easing restrictions on social security and insurance funds in equity markets [4]. - The introduction of digital finance into the financial standard system aims to enhance resource allocation efficiency and guide capital towards high-value-added sectors [4]. Real Estate Financial Strategies - Strategies include lowering mortgage rates and down payment ratios to stabilize the real estate market, with a focus on preventing debt default risks [7][11]. - Investments in new urbanization and high-standard farmland construction are highlighted as crucial for sustainable development [7]. Reform and Market Dynamics - The report calls for breaking down institutional barriers and enhancing market vitality through reforms in tax collection and financial standards [10][12]. - Strengthening financial regulation and promoting a unified national market are essential for risk prevention and resource allocation efficiency [12]. Conclusion - The combination of financial support, policy coordination, and deepened reforms is positioned as a sustainable development pathway, with a focus on achieving a GDP growth target of 5% for 2025 and enhancing the contribution of green and digital industries to the economy [14][15].