Core Viewpoint - The development of the Shanghai International Financial Center is closely linked to the growth of the derivatives market, which plays a crucial role in enhancing China's financial system's internationalization and security [1]. Group 1: Derivatives Trading as a Core Driver - Derivatives trading is a key pillar of international financial centers, with Shanghai's futures exchange achieving a trading volume of 6 billion contracts in 2024, accounting for 18% of global commodity derivatives trading [2]. - The average daily trading volume of Shanghai crude oil futures exceeded 500,000 contracts, significantly enhancing Shanghai's pricing influence in the Asia-Pacific region [2]. - The "Shanghai Gold" benchmark has become the second-largest global gold pricing benchmark, with a participation rate of 25% [2]. - In 2024, the trading volume of interest rate swaps in the Shanghai interbank market reached 45 trillion yuan, effectively helping enterprises manage interest rate volatility risks [2]. Group 2: Development Environment for the Derivatives Market - The construction of the Shanghai International Financial Center provides a favorable environment for the derivatives market, with a 40% year-on-year increase in derivatives trading volume in the free trade zone in 2024 [3]. - The Shanghai Clearing House has achieved T+0 cross-border clearing for RMB derivatives, improving efficiency by 50% [3]. - Tax incentives have attracted international asset management institutions, and talent programs have led to a net inflow of over 10,000 professionals in derivatives [3]. Group 3: Interaction Between RMB Internationalization and Derivatives Development - The linkage between offshore and onshore derivatives markets resulted in a cross-border RMB derivatives trading volume of 12 trillion yuan in 2024, making RMB the fifth-largest currency for derivatives trading globally [4]. - The integration of commodity derivatives with industrial finance has created an ecosystem that significantly reduces costs for enterprises [4]. - The green finance derivatives market is thriving, with the Shanghai Environment and Energy Exchange aiming for a scale of over 1 trillion yuan by 2025 [4]. Group 4: Strategic Positioning for Financial Security and International Influence - The derivatives market plays a dual role in financial security and the construction of international financial centers, with enterprises using derivatives to hedge against cost fluctuations [5]. - Innovations in dynamic margin management have enhanced risk prevention levels [5]. - The increase in derivatives trading volume can significantly enhance the global competitiveness of financial centers, with Shanghai aiming to improve its global financial center ranking through derivatives innovation [5]. Group 5: Existing Gaps and Future Directions - Compared to mature international markets like New York and London, China's derivatives market has differences in regulatory frameworks, regulatory focus, cross-border regulation, and margin financing for derivatives trading [6]. - The need for continuous exploration in regulatory coordination and market openness is emphasized to promote the collaborative development of the derivatives market and the Shanghai International Financial Center [6]. Group 6: Four Dimensions to Promote the Internationalization of the Derivatives Market - There is a need to deepen cross-border regulatory cooperation while maintaining risk prevention, gradually transitioning to a mixed regulatory framework to enhance market efficiency and international competitiveness [12]. - Prioritizing the development of entity-related derivatives and establishing innovation laboratories to ensure new products are adequately tested before market introduction [13]. - Accelerating the internationalization of infrastructure, with the Shanghai Clearing House aiming to connect with international standards and achieve real-time connections with Euroclear by 2027 [14]. - Focusing on the development of derivatives tools that meet enterprise risk hedging needs and encouraging international investor participation to enhance market internationalization [16].

Group 1 - The Shanghai Financial Industry Association held its re-election conference on July 9, electing a new council and supervisory board, with Ren Deqi, Chairman of the Bank of Communications, elected as the chairman [1] - Key figures elected as executive vice-chairmen include Kong Qingwei, former chairman of China Pacific Insurance Group, and Xie Wei, president of SPD Bank, among others [1] - The conference was attended by senior officials from the Shanghai government, highlighting the importance of the association in the development of Shanghai as an international financial center [3] Group 2 - Wu Wei, the Executive Vice Mayor of Shanghai, emphasized the association's role in supporting the construction of the Shanghai International Financial Center and its commitment to serving the financial industry and promoting innovation [5] - The association aims to strengthen its role as a platform and bridge for financial services, particularly for small and medium-sized enterprises and innovative companies [5][6] - The outgoing chairman, Ren Deqi, reported on the association's achievements in promoting inclusive finance and enhancing the international profile of Shanghai's financial sector [6][8] Group 3 - Ren Deqi outlined the association's future goals, including enhancing financial services, supporting the real economy, and promoting high-level financial openness [8][9] - The association plans to foster collaboration among financial institutions and improve its operational mechanisms to facilitate innovation and cooperation [6][9] - The focus will be on deepening international exchanges and showcasing the achievements of Shanghai as a financial hub [6]

Group 1 - The Shanghai Financial Industry Association has undergone a leadership change, with Ren Deqi, Chairman of the Bank of Communications, re-elected as the new chairman [1] - The Shanghai financial system has significantly enhanced its market scale and capability, improving its service to the real economy and steadily increasing its internationalization level [1][2] - The association aims to enhance organizational capacity and guide financial institutions to leverage their professional advantages, focusing on key areas such as deepening financial market construction and facilitating cross-border RMB payments [1][2] Group 2 - Wu Wei emphasized the importance of internationalization as a key indicator of financial center capability, advocating for proactive engagement in both "going out" and "bringing in" initiatives [2] - The Shanghai Financial Industry Association was established in response to the State Council's directive to develop Shanghai as an international financial center and has been dedicated to promoting financial development since its inception in April 2009 [2] - The new leadership of the Shanghai Financial Industry Association is committed to practical measures to support the development of the real economy and enhance internationalization [3]

Group 1 - The construction of Shanghai as an international financial center is supported by national reforms and policies aimed at enhancing its global financial hub status [2][3] - Recent initiatives include the establishment of a growth layer on the Sci-Tech Innovation Board and measures to facilitate cross-border financial services [2][3] - Shanghai aims to become a key hub in the global financial system through high-level financial openness, enhancing the role of RMB assets, and improving its financial ecosystem [3][5] Group 2 - The competition among international financial centers is intensifying, with cities like London, New York, Hong Kong, and Singapore implementing innovative development measures [4][5] - Shanghai's strengths lie in financial development and infrastructure, while its weaknesses include reputation and business environment, indicating a need for soft power enhancement [5] - The establishment of a high-level offshore financial market in Shanghai is crucial for attracting international investments and enhancing the city's financial capabilities [6][7] Group 3 - The development of an offshore financial market in Shanghai requires supportive tax policies and regulatory frameworks to attract foreign institutions [8][9] - Shanghai's offshore market must connect with global markets, including Hong Kong, London, and Singapore, to facilitate RMB transactions and enhance liquidity [9] - The city should focus on creating innovative financial products to meet the needs of international investors and improve its global financial market presence [9][10] Group 4 - To elevate its status as an international financial center, Shanghai needs to establish a more internationalized and innovative corporate structure for listed companies [10][11] - The city should enhance its financial market's reputation by improving transparency and providing authoritative reports on its financial center development [12][13] - A multi-lingual platform for financial information dissemination is essential to attract international investors and improve Shanghai's global recognition [13][14] Group 5 - The cultivation of strategic financial talent is critical for Shanghai's international financial center development, requiring a focus on training and retaining skilled professionals [14][15] - The city should benchmark against top international financial institutions to enhance its competitiveness and governance capabilities [14]

Macroeconomic Situation - On June 24, six departments including the central bank jointly issued the "Guidance on Financial Support for Boosting and Expanding Consumption", with 19 measures such as setting up a 500 billion yuan re - loan for service consumption and elderly care to support three major consumption areas [1] - The Central Financial Commission issued the "Opinions on Supporting the Accelerated Construction of the Shanghai International Financial Center", and the financial regulatory authorities and the Shanghai government issued a supporting action plan [1] - On June 27, the central bank conducted 525.9 billion yuan of 7 - day reverse repurchase operations, with a net investment of 364.7 billion yuan on the day [1] - The Fed maintained the interest rate at 4.25% - 4.5% in June, revised down the 2025 GDP forecast, and revised up inflation and unemployment rate forecasts [2] - UK's May car exports to the US dropped 55.4% year - on - year, and car production dropped 32.8% year - on - year, hitting a 76 - year low [2] - Trump decided to terminate trade negotiations with Canada and may impose new tariffs due to Canada's digital service tax, affecting the Canadian dollar and stock and bond markets [2] REITs Market - The first shopping mall public REITs of the year, CICC China Greentown Commercial REITs, was listed on the Shenzhen Stock Exchange, with a fundraising scale of 1.58 billion yuan and a offline subscription multiple of 249 times [2] Stock Index Futures - On June 27, A - share indices showed mixed performance. The Shanghai Composite Index fell 0.70% to 3424.23 points, the Shenzhen Component Index rose 0.34% to 10378.55 points, and the ChiNext Index rose 0.47% to 2124.34 points. The trading volume was 1.5411 trillion yuan, a decrease of 42.1 billion yuan from the previous day [3] - The CSI 300 index continued to adjust on June 27, closing at 3921.76, a decrease of 24.26 [4] Coke and Coking Coal Futures - On June 27, the coke weighted index was strong, closing at 1425.5, a rise of 35.5 [5] - On June 27, the coking coal weighted index remained strong, closing at 855.9 yuan, a rise of 39.8 [6] - The port coke spot price was stable, with supply and demand showing certain trends. The price of coking coal in some areas increased, and the market was mixed [8] Sugar Futures - Brazilian sugar production in June is expected to decline significantly. The Zhengzhou sugar futures 2509 contract rose slightly at night [8] Rubber Futures - The Shanghai rubber futures showed narrow - range fluctuations at night on June 27. Inventory and warehouse receipt data had certain changes [9] Soybean Meal Futures - The international soybean market is affected by weather and planting area expectations. The domestic soybean meal price is under pressure in the short term [9] Live Pig Futures - On June 27, live pig futures fluctuated. The market is in a situation of loose supply and demand, and the upside space is limited [10] Copper Futures - The Shanghai copper market's price rose under multiple factors, but there are still uncertainties [12] Cotton Futures - The Zhengzhou cotton futures' main contract closed at 13845 yuan/ton on Friday night. The cotton inventory decreased [12] Iron Ore Futures - On June 27, the iron ore 2509 main contract rose 1.99%, closing at 716.5 yuan. The market shows a pattern of increasing supply and demand [12] Asphalt Futures - On June 27, the asphalt 2509 main contract fell 0.03%, closing at 3561 yuan. The market is in a weak fundamental situation [13] Log Futures - The log 2509 contract's price and trading volume had specific performance on June 27. The spot price was stable, and the import volume decreased [13] Steel Market - The "Two New" policies are effective, and the state supports equipment renovation. The steel market demand is weak in the off - season [14] Alumina Market - The supply of domestic alumina is relatively loose, and the demand is relatively stable [14] Aluminum Futures - The domestic electrolytic aluminum supply is stable, and the demand is affected by the off - season in the short term but is expected to improve in the long term [15] Lithium Carbonate Market - The price of lithium carbonate rose, but the market still has an oversupply situation [15]

Group 1 - The construction of Shanghai International Financial Center is a significant decision by the central government, aimed at promoting high-quality financial development and enhancing national competitiveness [1][2] - Recent policy documents have been released to support the acceleration of Shanghai's international financial center construction, indicating a new phase of quality improvement [1][2] - The establishment of the international financial center is expected to enhance international financial influence and optimize resource allocation, making Shanghai a hub for global financial activities [2] Group 2 - The People's Bank of China and other regulatory bodies have issued an action plan to enhance cross-border financial service facilitation, which is crucial given the changing external environment [4] - The action plan includes measures for cross-border settlement, exchange rate hedging services, and comprehensive financial services, aimed at creating a favorable business environment for foreign trade enterprises [4] - Financial institutions are developing tailored work plans to support the construction of the international financial center and assist enterprises in expanding overseas [4][7] Group 3 - Banks like Bank of Communications are committed to enhancing financial support for enterprises going abroad, which is vital for increasing the competitiveness of the Shanghai International Financial Center [7] - The bank is improving cross-border settlement efficiency and utilizing digital solutions such as blockchain technology to facilitate trade document processing [7] - Shanghai Pudong Development Bank is also innovating financial service models to meet the cross-border needs of enterprises, providing comprehensive financial solutions [8]

Group 1 - The article emphasizes the importance of integrating technological innovation with industrial needs to drive transformation and upgrade in various sectors, particularly in engineering machinery [3] - The People's Bank of China announced eight policy measures aimed at enhancing Shanghai's international financial center status, including the establishment of a digital RMB international operation center and improvements in cross-border payment systems [4][5] - The National Financial Regulatory Administration highlighted the need for open cooperation in financial reform, supporting foreign investment in green finance, and enhancing the multi-tiered pension insurance system [6][7] Group 2 - The China Securities Regulatory Commission aims to promote the integration of technological and industrial innovation, introducing measures to enhance the role of the Sci-Tech Innovation Board as a testing ground for reforms [8][9] - The State Administration of Foreign Exchange plans to establish a more convenient and open foreign exchange management system, focusing on enhancing the service quality for the real economy and deepening reforms in direct investment foreign exchange management [10][11] - The Central Financial Committee and the Shanghai Municipal Government issued opinions to accelerate the construction of Shanghai as an international financial center, focusing on financial market development and enhancing service quality for the real economy [12][13] Group 3 - The signing of the "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan" aims to enhance cooperation between the two regions in areas such as cross-border clearing and digital RMB applications [14][15]

Core Viewpoint - The article emphasizes the importance of enhancing the competitiveness and influence of Shanghai as an international financial center, aligning with national strategies for financial reform and modernization [1][4]. Group 1: Key Initiatives for Financial Center Development - The action plan includes deepening financial market construction, promoting high-quality development of multi-level equity markets, and supporting the establishment of a world-class futures exchange in Shanghai [2]. - It aims to elevate the capabilities of financial institutions by attracting large domestic and international financial organizations and enhancing the global competitiveness of Shanghai's financial sector [2][3]. - The plan also focuses on improving financial infrastructure, including the development of a cross-border payment system and the establishment of a gold market infrastructure [2][3]. Group 2: Financial Openness and Economic Service - The strategy involves expanding high-level financial openness and aligning with international trade rules to facilitate cross-border trade and investment [3]. - It emphasizes the need to enhance services for the real economy, including the establishment of a green finance standard and the development of a unified credit service platform [3]. - The initiative also aims to support the integration of the Yangtze River Delta region through high-quality financial services [3]. Group 3: Financial Security and Regulatory Framework - The article highlights the importance of maintaining financial security under open conditions by utilizing technologies like blockchain and big data for risk assessment [3]. - It calls for the establishment of a monitoring and early warning system for cross-border capital flows and enhancing regulatory collaboration between central and local authorities [3].

Core Viewpoint - The central government has issued a significant document outlining a strategic plan to establish Shanghai as an international financial center within five to ten years, emphasizing the need for a modern financial system and enhanced global influence [2][3]. Strategic Goals - The document sets six strategic goals for the development of the Shanghai International Financial Center, aiming for a comprehensive enhancement of its capabilities and functions, including becoming a global hub for RMB asset allocation and risk management [3][4]. - The plan indicates a shift in leadership, with the Central Financial Office and Shanghai municipal government jointly overseeing the initiative, highlighting the importance of high-level attention and coordination [3][4]. Key Tasks - The document outlines six core tasks aimed at deepening financial market construction, enhancing financial institutions, improving financial infrastructure, expanding high-level financial openness, increasing service quality for the real economy, and ensuring financial security under open conditions [5]. - Specific focus areas include creating a high-quality development demonstration zone for listed companies and enhancing the international pricing influence of Shanghai's financial markets [6]. Offshore Financial System - The establishment of an offshore financial system is highlighted as a breakthrough strategy, aiming to connect domestic and international markets and support Chinese enterprises in global expansion [9][10]. - The offshore financial system will primarily operate in RMB and include various financial services such as offshore banking, bond issuance, and insurance, with a focus on creating a more flexible policy environment to attract foreign investment [10][11]. Financial Technology and Regulation - The document emphasizes the importance of financial technology innovation and regulatory collaboration, advocating for advancements in digital currency and blockchain applications while ensuring a prudent regulatory framework [8].

■张炜 在近日举行的2025陆家嘴论坛上，中国人民银行、国家金融监管总局、中国证监会及国家外汇管理局发布了多项金融开放举措。相关专家在接受中国经济 时报采访时表示，一系列新举措的推出将增强金融服务实体经济能力，构建高水平对外开放机制，同时推动上海国际金融中心建设不断实现新突破。 增强金融服务实体经济能力 论坛期间，央行宣布将在上海实施八项金融开放举措，包括设立数字人民币国际运营中心、在上海临港新片区开展离岸贸易金融服务综合改革试点、在上 海"先行先试"结构性货币政策工具创新等。 "一系列金融开放举措将助力中国金融体系全方位提升市场活力与竞争力、优化金融结构与产品、助力人民币国际化进程、增强金融服务实体经济能力以 及提升金融风险管理水平。"上海交通大学安泰经济与管理学院、中国发展研究院副研究员钟辉勇对中国经济时报说，这些举措再次表明中国坚定不移推 进高水平对外开放的决心，将进一步推动中国金融市场在规则、标准、制度等方面与国际先进水平接轨，更好地发挥市场在资源配置中的决定性作用，引 导国内外资本的高效流动和配置，更好提升中国金融市场的国际影响力。 南开大学金融发展研究院院长田利辉在接受中国经济时报采访时表示，陆家 ...