1月29日，人民银行上海总部召开2026年第一季度新闻发布会，系统介绍2025年上海金融运行情况。从 披露的数据来看，在外部环境复杂、国内经济修复仍在推进的背景下，上海金融运行总体保持平稳，多 项关键指标出现积极变化，结构性改善特征进一步显现。 数据显示，2025年上海社会融资规模同比多增1021亿元，融资结构持续优化，企业融资成本处于历史低 位区间；自由贸易账户（FT账户）功能升级试点启动后首月运行平稳，跨境资金收付规模接近500亿元 人民币；跨境人民币业务在规模和结构上同步提升，全年收付金额达32.4万亿元，占全国比重46%，继 续保持全国第一。 业内人士认为，与"总量扩张"相比，2025年上海金融运行更值得关注的是结构变化和制度含量的提升， 这些变化将对"十五五"时期上海金融体系的运行模式产生更为深远的影响。 融资结构符合高质量发展要求 从总量看，金融对实体经济的支持力度保持在合理区间。数据显示，2025年全年，上海社会融资规模增 加11632亿元，同比多增1021亿元。 更具变化意义的是融资结构的调整。2025年，上海直接融资增加3419亿元，占社融增量的29.4%，较上 年提升约15个百分点；同期， ...

中国人民银行上海总部29日召开2026年第一季度新闻发布会，记者在会上获悉，2025年上海人民币跨境 收付金额达32.4万亿元，同比增长9%，占全国比重46%，继续保持全国第一。其中，证券投资项下人民 币跨境收付24.2万亿元，占总量七成以上，对提升上海人民币资产全球配置中心地位发挥了重要作用。 中国人民银行上海总部宏观审慎管理部副主任施建东介绍，跨境人民币业务服务实体经济能力持续提 高。与实体经济密切相关的"经常项目＋直接投资(不含资金池)"人民币跨境收付金额合计3.5万亿元，同 比增长14%，高于整体增速5个百分点。经常项目、货物贸易人民币跨境收付占同期本外币跨境收付的 比重分别较上年提高1.9个、1.0个百分点，实体经济层面经营主体使用跨境人民币结算的意愿不断增 强。 施建东表示，下一步，上海总部将紧扣"十五五"规划导向，指导银行不断提升跨境金融服务能力，将更 多符合条件的企业纳入优质企业名单，优化业务办理流程，提升人民币资金收付效率，更好发挥跨境人 民币业务服务实体经济、全力支持稳外贸稳外资、加快推进上海国际金融中心建设的作用。 (责任编辑：王晨曦) 施建东介绍，2025年，上海总部围绕扩大人民币跨境 ...

Core Viewpoint - In 2025, the Shanghai headquarters of the People's Bank of China implemented a moderately loose monetary policy, resulting in a significant increase in social financing and direct financing, alongside a reasonable growth in credit and a steady decline in financing costs [2][19]. Financing and Credit Situation - The total social financing in Shanghai increased by 1.1632 trillion yuan, a year-on-year increase of 102.1 billion yuan, effectively meeting the financing needs of the real economy [3][20]. - The structure of financing improved, with RMB loans to the real economy increasing by 658.9 billion yuan, accounting for 56.6% of the financing increment. Direct financing rose by 341.9 billion yuan, making up 29.4% of the total, a year-on-year increase of 15 percentage points [3][20]. - By the end of December, the balance of loans in both domestic and foreign currencies reached 13.07 trillion yuan, a year-on-year growth of 6.5%, which is 0.3 percentage points higher than the national average [4][21]. - The weighted average interest rate for newly issued corporate loans in December was 2.64%, down 38 basis points from the previous year, marking a historical low [4][21]. Deposit Growth - By the end of December, the balance of deposits in both domestic and foreign currencies reached 24.5 trillion yuan, a year-on-year increase of 11.3%, which is 2.3 percentage points higher than the national average [5][22]. - Household deposits grew by 9.1% year-on-year, while non-financial enterprise deposits increased by 5.3% [5][22]. Foreign Exchange and Cross-Border Transactions - In 2025, Shanghai's foreign exchange receipts and payments reached a total of 5.66 trillion USD, accounting for over 36% of the national total, with a year-on-year growth of 14.3% [6][24]. - The total amount of cross-border RMB payments reached 32.4 trillion yuan, a year-on-year increase of 9%, maintaining a 46% share of the national total [8][26]. - The direct investment foreign exchange receipts and payments totaled a year-on-year increase of 5.8%, with securities investment receipts and payments growing by over 19% [7][25]. Policy Initiatives and Future Plans - The Shanghai headquarters will continue to implement a moderately loose monetary policy and promote financial reforms to support the "14th Five-Year Plan" and the construction of the Shanghai International Financial Center [12][30]. - The upgrade of the free trade account function aims to enhance cross-border trade and investment facilitation, with significant participation from banks and enterprises [14][31]. - The green foreign debt pilot program has been initiated to support enterprises in green and low-carbon transformation projects, with financing exceeding 64 million USD (approximately 450 million yuan) [16][34].

Core Viewpoint - The People's Bank of Shanghai Headquarters is committed to advancing the construction of Shanghai as an international financial center, focusing on cross-border trade and investment facilitation, financial market openness, and supporting the real economy in 2025 [1][4]. Group 1: Cross-Border Trade and Investment Facilitation - The bank aims to deepen cross-border trade and investment facilitation, implementing comprehensive reforms in offshore trade finance services in the Lingang New Area to enhance cross-border settlement efficiency [1][4]. - The pilot for "green foreign debt" policies has shown positive effects, and there is a steady advancement in foreign exchange business reforms and management of multinational corporate cross-border cash pools [1][4]. Group 2: Financial Market Openness - The bank is working to expand high-level financial market openness, successfully promoting the issuance of offshore bonds in the Shanghai Free Trade Zone [1][4]. - As of December 2025, 1,189 foreign institutions have entered the interbank bond market, holding bonds worth 3.46 trillion yuan, which accounts for approximately 2% of the total custody in the market [1][4]. Group 3: RMB Internationalization - Efforts are being made to broaden and deepen the internationalization of the RMB, with the total cross-border RMB settlement in Shanghai accounting for 46% of the national total in 2025 [2][5]. Group 4: Support for the Real Economy - The establishment of a working group for Shanghai's financial "five major articles" aims to enhance policy coordination and support for the real economy, particularly in the technology innovation sector [2][6]. - Initiatives include the issuance of technology innovation bonds in the interbank market and the promotion of carbon reduction support tools [2][6]. Group 5: Financial Environment Optimization - The bank is focused on improving the financial development environment by enhancing payment convenience and optimizing tax refund services for outbound travelers [2][6]. - The digital RMB international operation center has officially started operations, and the multi-central bank digital currency bridge pilot is progressing [2][6]. Group 6: Future Work Plans - In 2026, the bank plans to continue promoting offshore financial services reforms, advance RMB internationalization, and support the implementation of foreign exchange management reform pilot policies [3][7].

据介绍，"陆家嘴金融沙龙"去年全年举办40场活动。沙龙秘书处形成200余万字嘉宾发言实录，总 结提炼出104条政策建议。其中有55条建议被浦东新区"十五五"金融规划采纳，31条列入《中国（上 海）自由贸易试验区提升能级深入推进高水平制度型开放方案》，为上海国际金融中心建设贡献了行业 智慧。 记者 杜晨薇 市委常委、浦东新区区委书记李政出席活动。 昨天下午，"陆家嘴金融沙龙"2026年系列活动开幕。首期活动以"点燃浦东新春消费新引擎"为主 题，为浦东消费企稳回升、实现经济高质量发展凝聚金融智慧。 ...

Core Viewpoint - The establishment of AIA Asset Management and Holland Asset Management in Shanghai marks a significant step in the city's financial opening and development as an international financial center, showcasing the "Shanghai speed" in facilitating foreign investment [2][3][4]. Group 1: Company Establishment and Background - AIA Asset Management and Holland Asset Management are the first foreign-owned insurance asset management companies to open in Shanghai, reflecting the city's commitment to high-level financial openness [2][3]. - AIA Group, the parent company of AIA Asset Management, is the first foreign-owned life insurance company in mainland China, with operations across 18 markets in the Asia-Pacific region [3]. - Holland Group, the initiator of Holland Asset Management, has over 180 years of history and provides long-term life insurance and asset management solutions globally [3]. Group 2: Regulatory Support and Market Confidence - The rapid establishment of these companies, completed in just six months, demonstrates the efficiency of Chinese regulatory bodies and their support for foreign investment [4]. - The head of the National Financial Regulatory Administration noted that the asset management market in China has grown at an annual rate of approximately 8% over the past five years, making it the second-largest asset and wealth management market globally [4]. Group 3: Future Business Focus - AIA Asset Management plans to transition existing investment capabilities from AIA Life Insurance and aims to innovate in the market by offering diverse investment strategies and products [7]. - Holland Asset Management intends to deepen its presence in the Chinese market and support the development of Shanghai as an international financial center, leveraging its existing partnerships and exploring new business opportunities [8].

Group 1 - The Shanghai Municipal Party Committee has approved the proposal for the 15th Five-Year Plan, emphasizing the enhancement of the international financial center's competitiveness and influence, with specific deployments for building a global RMB asset allocation center and risk management center [1] - The Shanghai financial system work meeting highlighted the importance of party organization coverage in the financial sector and shared progress on the coverage of non-public financial enterprises [2] - The "Action Plan to Enhance the Commodity Level of Nonferrous Metals" was released, aiming to strengthen the linkage between futures and spot markets [3] Group 2 - The Shanghai Financial Regulatory Bureau issued the "Action Plan for High-Quality Development of Pension Finance," proposing 20 measures to build a pension management system with Shanghai characteristics [5] - The first delivery of the futures contract for coated printing paper was successfully completed, with a total delivery volume of 1,840 tons and a delivery amount of nearly 7.6 million yuan [6] - The Shanghai Asset Management Association announced ten major initiatives for building a global asset management center by 2025, reflecting innovative achievements in the sector [8] Group 3 - The Shanghai Futures Exchange announced adjustments to the margin ratios and price limits for copper, aluminum, gold, and silver futures, effective from January 22, 2026 [9] - The Shanghai International Energy Exchange is seeking public opinion on revising its risk control management rules, with feedback due by January 28, 2026 [10] - HSBC China has launched its first local public fund custody business, providing custody services for a fund managed by E Fund Management [11] Group 4 - The launch of the "Intelligent Reporting and Review Project for Ship Insurance Certificates" by PICC Shanghai and the Shanghai Maritime Bureau marks a shift towards online and intelligent processes in insurance certificate review [12] - The Construction Bank has introduced a new RMB structured deposit product in the free trade zone, successfully facilitating two offshore enterprises in managing their funds [13] - The first batch of technology innovation convertible bonds was successfully issued, providing low-cost long-term funding for tech enterprises [14] Group 5 - Shanghai Securities has received approval for its sponsorship business qualification, marking a significant breakthrough in its core business license layout [15] - The successful implementation of the first domestic credit certificate electronic document submission business by the Bank of Communications Shanghai branch represents a new financial service breakthrough [16] - Three branches of Shanghai Rural Commercial Bank have been recognized as the first batch of green branches in Shanghai, promoting sustainable finance [17] Group 6 - The People's Bank of China is focusing on creating a favorable monetary and financial environment to support high-quality economic development [19] - The minimum down payment ratio for commercial property loans has been adjusted to no less than 30% to adapt to changes in the real estate market [20] - The State Administration of Financial Supervision has issued new regulations to standardize the administrative licensing process for financial institutions [24] Group 7 - The China Securities Regulatory Commission has expanded the range of futures market products available for foreign investors, adding 14 new futures options [29] - The CSRC has approved the registration of options for 20 rubber, low-sulfur fuel oil, and international copper, ensuring a smooth launch and operation of these products [30] - Longqi Technology has completed its "A+H" listing, marking a significant milestone in its capital market strategy [31]

Core Insights - The launch of the China Construction Bank's (CCB) Free Trade Zone (FTZ) RMB structured deposit product marks a significant step in meeting the RMB fund management needs of offshore enterprises, filling a market gap in structured deposit products under the FTZ [1][3] - The product aims to address the low deposit retention rates and insufficient yields faced by cross-border enterprises due to a lack of deposit products in the FTZ market [1][3] Product Features - The FTZ structured deposit is a RMB-denominated financial management product that innovatively links to financial indicators closely related to business operations, such as exchange rates and interest rates, while ensuring principal protection and a minimum guaranteed return [2][4] - The product allows for customized linkage to various financial benchmarks, maintaining a conservative profile while providing flexible options for enterprises with strict capital preservation requirements [2][4] Market Context - The launch aligns with the ongoing development of Shanghai as an international financial center, where more enterprises are opening FTZ accounts for cross-border operations [1][3] - CCB's Shanghai branch has been actively responding to regulatory requirements aimed at enhancing cross-border financial service convenience, focusing on product innovation and integrated operations [2][4] Future Plans - CCB's Shanghai branch plans to continue addressing core pain points in cross-border enterprise operations by expanding its FTZ product offerings and enhancing customized, professional, and comprehensive service upgrades [2][4]

Core Viewpoint - The Shanghai "14th Five-Year Plan" emphasizes the transformation of Shanghai into a global center for RMB asset allocation and risk management, marking an upgrade in its role as an international financial center [1][2]. Group 1: Strategic Developments - The plan proposes to expand cross-border and offshore financial services, establish an offshore financial functional zone, and enhance the interconnectivity of domestic and international financial markets [2][3]. - It aims to create the Shanghai International Financial Asset Trading Platform and explore pilot programs for RMB foreign exchange futures trading, which will significantly enhance the global pricing power and attractiveness of Shanghai's financial market [2][3]. - The emphasis on technology in risk management and regulatory collaboration is intended to ensure the stability of Shanghai's financial system amid increasing global uncertainties [2][3]. Group 2: Key Innovations - Five important innovations in the construction of Shanghai's international financial center are identified: upgrading functional positioning, establishing an offshore financial functional zone, creating the Shanghai International Financial Asset Trading Platform, elevating risk management to a core function, and reshaping the technological foundation with digital financial infrastructure [3][4]. - These innovations can be distilled into three core transformations: functional transformation, institutional transformation, and technological transformation, which are interdependent and collectively form the strategic line of the "14th Five-Year Plan" [3]. Group 3: Financial System Enhancements - The plan emphasizes the need to improve financial services for the real economy, with specific focus areas including technology finance, green finance, inclusive finance, pension finance, and digital finance [4]. - It highlights the transition of Shanghai's international financial center from a phase of "scale expansion" to one of "functional upgrade," driven by higher levels of institutional openness and deeper integration of technology [4]. - The vision is to establish Shanghai not just as a larger international financial center, but as a pivotal hub for the reconstruction of the global financial system, supporting RMB internationalization and high-level financial openness in China [4].

龚正说，当前，上海正以"五个中心"为主攻方向，加快建成具有世界影响力的社会主义现代化国际 大都市。金融是上海最重要的城市功能之一，我们正按照中央要求，深入实施金融高水平对外开放，着 力完善金融市场体系、产品体系、机构体系、基础设施体系，持续增强上海国际金融中心的竞争力和影 响力。感谢瑞银集团在沪连续举办26届大中华研讨会，期待"十五五"时期继续深化合作。欢迎瑞银加大 在沪投资布局，把更多长期资本、核心功能、重要平台、关键业务等资源放在上海，持续加强与本土企 业合作，提供更多差异化的解决方案和创新型产品，助力上海国际金融中心建设。上海是中资企业进军 国际市场的桥头堡，希望瑞银更好服务中国企业"走出去"，也期待瑞银积极向全球合作伙伴推介上海， 引导各类基金投资上海，推动更多金融机构和优质企业深耕上海。上海将一如既往地打造一流营商环 境，支持各类经营主体在沪发展壮大。 安思杰说，近年来全球经历了各种挑战，但中国尤其是上海取得的成绩令人敬佩，中国成功实现了 从制造到创造的转型。瑞银在上海举办了26届大中华研讨会，每次都会探讨中国给全球投资者带来的投 资机遇。瑞银对中国、对上海的承诺不变，并更加坚定在华展业的信心。瑞银 ...