Group 1 - The asset management industry is transitioning from "scale expansion" to "quality improvement," driven by favorable economic conditions, structural diversity, and a growing middle-income population in China [1][2] - In the first half of the year, China's GDP grew by 5.3%, indicating stable economic progress and the continuous expansion of the asset management market [1] - By the end of 2024, Shanghai is expected to have 1,782 licensed asset management institutions, with foreign financial institutions accounting for one-third of this total, showcasing Shanghai's attractiveness and clustering effect [1] Group 2 - Shanghai Pudong Development Bank (SPDB) has established a "digital intelligence" strategy focusing on five key areas: technology finance, supply chain finance, inclusive finance, cross-border finance, and financial asset management [2] - SPDB's total assets have surpassed 9.6 trillion yuan, ranking 19th in the "Global Bank 1000" list by "Banker" magazine for 2025 [2] - The bank aims to provide comprehensive and friendly services by adhering to the principles of brand globalization, diversified asset allocation, long-term value, and digital ecological development [2]

Core Viewpoint - The asset management industry is transitioning from "scale expansion" to "quality improvement," driven by favorable economic conditions, the development of Shanghai as an international financial center, and a growing middle-income group in China [3][4]. Group 1: Economic Context - China's GDP grew by 5.3% year-on-year in the first half of the year, indicating stable economic progress and high-quality development [3]. - The asset management market in China is expanding, with a more diverse industry structure, showcasing a "hundred flowers blooming" scenario [3]. Group 2: Industry Development - By the end of 2024, Shanghai is expected to have 1,782 licensed asset management institutions, with foreign financial institutions accounting for one-third of this total, highlighting Shanghai's attractiveness and clustering effect [3]. - The bank has established a "digital intelligence" strategy focusing on five key areas: technology finance, supply chain finance, inclusive finance, cross-border finance, and financial asset management [3]. Group 3: Future Outlook - The bank aims to adhere to the mission of building a strong financial nation and fulfilling its responsibility to serve the public, focusing on "one center and four developments" [4]. - The implementation paths include global brand integration, diversified asset allocation, long-term value creation, and a digital ecosystem for asset management services [4][5].

Core Viewpoint - The issuance of the world's first public offshore bond from the Shanghai Free Trade Zone by the Bank of Communications Hong Kong branch marks a significant step in promoting offshore financial development and enhancing Shanghai's international financial center status [1][2] Group 1: Bond Issuance Details - The offshore bond has a term of 3 years and a coupon rate of 1.85% [1] - The bond is listed on both the Macau Financial Assets Exchange and the Luxembourg Stock Exchange [1] - The issuance attracted significant interest from overseas institutional investors from regions including Hong Kong, the Middle East, and Central America [1] Group 2: Strategic Importance - The issuance aligns with the Shanghai Free Trade Zone's offshore financial construction requirements and aims to facilitate high-level financial openness [1] - The Central Securities Depository Company plays a crucial role in supporting the offshore market's investment and financing system, contributing to the construction of Shanghai as an international financial center [1] Group 3: Future Plans - The Central Securities Depository Company will continue to fulfill its responsibilities as a financial infrastructure provider and optimize services for offshore bonds [2] - There are plans to expand financing channels for "going out" enterprises and high-quality overseas companies, promoting the development of the offshore financial ecosystem in Shanghai [2]

Core Insights - The issuance of the first offshore bond under the Shanghai Free Trade Zone (FTZ) policy marks a significant milestone in the development of the offshore bond market in China [1] - The bond, issued by Bank of China Hong Kong Branch, has a total issuance size of 500 million RMB, indicating strong interest from international investors [1] - The successful issuance reflects the commitment of Shanghai Clearing House to enhance the internationalization and digitalization of the financial market [1] Group 1 - The bond issuance was supported by the People's Bank of China and involved multiple overseas investors, showcasing a collaborative effort in the financial sector [1] - The offshore bond strictly adheres to the "two ends abroad, multi-level custody" principle, allowing foreign entities to issue bonds and engage in secondary market transactions [1] - The participation of various international financial institutions, including China Construction Bank (Asia) and Shanghai Pudong Development Bank London Branch, highlights the growing interest in China's offshore financial products [1] Group 2 - The successful issuance is seen as a key achievement in the construction of Shanghai as an international financial center, contributing to the diversification of financial products available in the market [1] - Shanghai Clearing House aims to accelerate the high-quality development of the offshore financial market in the Shanghai FTZ, enhancing the city's financial capabilities [1] - This event is viewed as a pivotal step in expanding the pool of overseas RMB assets, aligning with broader financial market reforms in China [1]

Core Viewpoint - The article discusses the issuance of the "Action Plan" to support the construction of Shanghai as an international financial center, emphasizing the importance of enhancing its competitiveness and influence in alignment with national policies [1][2]. Group 1: Overall Requirements - The "Action Plan" is guided by Xi Jinping's thoughts on socialism with Chinese characteristics for a new era, aiming to serve high-quality economic development and expand institutional openness while balancing financial development and security [2]. Group 2: Specific Measures - The plan includes five main areas with 27 specific measures, focusing on: 1. Promoting the aggregation of financial institutions to enhance service capabilities, encouraging banks and insurance institutions to strengthen their support for Shanghai's international financial center [2][3]. 2. Improving financial services for the real economy, enhancing the quality of technology finance, and developing green finance initiatives [2][3]. 3. Expanding institutional openness to elevate the internationalization of Shanghai's financial sector, optimizing cross-border financial services, and promoting offshore financial innovations [3]. 4. Enhancing regulatory standards to ensure financial safety while supporting innovation in key areas [3][4]. 5. Improving policy support and professional financial services, including the establishment of a financial consumer protection center and enhancing the regulatory technology level [3][4]. Group 3: Financial Innovation and International Cooperation - The plan aims to establish a regulatory mechanism for financial innovation, allowing for pilot projects that focus on serving the real economy and international cooperation in financial practices [4]. - It also emphasizes the development of an international green finance hub, encouraging local financial institutions to engage in carbon finance activities and participate in international carbon pricing [4].

Core Viewpoint - The article discusses the joint issuance of the "Action Plan to Support the Construction of Shanghai International Financial Center" by the Financial Regulatory Bureau and the Shanghai Municipal Government, aimed at enhancing the competitiveness and influence of Shanghai as an international financial center through high-level financial openness and promoting high-quality economic development [1][2]. Group 1: Financial Institution Development - The plan emphasizes the gathering of financial institutions to enhance financial service functions, encouraging banks and insurance companies to strengthen their presence in Shanghai and support the construction of the international financial center [1]. - It aims to facilitate the establishment of international financial organizations and associations in Shanghai, optimizing the service functions of local financial institutions and promoting collaboration among them [1]. Group 2: Financial Services for the Real Economy - The plan focuses on improving the quality and efficiency of financial services for the real economy, particularly in technology finance, carbon finance, inclusive finance, pension finance, and digital finance [2]. - It encourages financial institutions in Shanghai to explore financial service models tailored to the characteristics of technology enterprises and to participate in international carbon financial pricing [2]. Group 3: Institutional Opening and Internationalization - The plan aims to expand institutional opening and enhance the internationalization of Shanghai's financial industry by aligning with international high-standard trade rules and exploring cross-border loan businesses [2]. - It emphasizes the need to optimize cross-border financial services and promote the development of the Shanghai International Reinsurance Center and shipping insurance [2]. Group 4: Regulatory Improvement - The plan highlights the importance of improving regulatory standards and risk management capabilities of financial institutions in Shanghai, promoting prudent management while supporting financial innovation [3]. - It advocates for a collaborative approach to financial safety and the establishment of a financial risk prevention and disposal mechanism in Shanghai [3]. Group 5: Policy Support and Professional Services - The plan calls for enhancing policy support and improving the level of financial professional services, including the integration of party building with business operations and strengthening legal protections for financial activities [3]. - It supports the establishment of a financial regulatory data center in Shanghai and the development of a new asset management service platform [3].

李云泽前往上海金融监管局调研，强调要扎实推进深入贯彻中央八项规定精神学习教育，一体推进 学查改，严字当头、以学促改、真查实改，为监管工作高质量发展提供坚强作风保障。要深入推进"四 新"工程巩固提升年行动，深化拓展整治形式主义为基层减负，积极营造干事创业的良好氛围。要主动 融入地方经济社会发展大局，坚持与地方同责共担、同题共答、同向发力，推动《关于支持上海国际金 融中心建设行动方案》落实落地，在科技金融、跨境金融等领域积极探索，更好助推上海国际金融中心 建设。 责任编辑：杨喜亭 6月17日，金融监管总局党委书记、局长李云泽赴上海调研，实地考察中国（上海）自由贸易试验 区临港新片区发展情况。强调银行业保险业要深入贯彻落实习近平总书记对临港新片区"五个重要"的指 示精神，在更深层次、更宽领域、以更大力度推进临港新片区金融领域高水平开放，助力打造更具国际 市场竞争力和影响力的特殊经济功能区，不断提升上海国际金融中心能级。 李云泽实地走访上海保险交易所、上海国际再保险登记交易中心，并慰问基层干部职工。他强调要 稳步推进再保险领域制度型开放，充分发挥上海保险交易所金融基础设施作用，以上海国际再保险登记 交易中心建设为抓手 ...

Core Points - The establishment of the People's Bank of China Shanghai Headquarters marks a significant decision to enhance the central banking system and support the construction of Shanghai as an international financial center [1][2] - The Shanghai Headquarters has played a crucial role in implementing innovative reforms and enhancing the competitiveness of Shanghai's international financial center, contributing to national financial reform [3][4] - The Shanghai Headquarters has expanded its national functions while maintaining local responsibilities, distinguishing itself from previous branches [4][5] Group 1: Financial Innovation and Reform - The Shanghai Headquarters has initiated a series of pioneering reforms, including cross-border RMB settlement and the establishment of a free trade account system, significantly contributing to the high-quality development of Shanghai's economy [3][4] - In 2024, the total amount of cross-border RMB payments in Shanghai reached 29.8 trillion yuan, accounting for 47% of the national total, reflecting the deep integration of China's financial system into the global market [3][4] Group 2: Financial Market Opening and International Cooperation - The Shanghai Headquarters has facilitated the entry of 1,170 foreign institutions into the interbank bond market, holding bonds worth 4.23 trillion yuan as of June 2025, enhancing international financial cooperation [6] - The Headquarters has successfully hosted significant international financial meetings and supported the establishment of international financial institutions in Shanghai, thereby increasing its global influence [6] Group 3: Support for the Real Economy - The Shanghai Headquarters has focused on implementing monetary policy effectively, leading to a significant increase in deposits and loans, with the total deposits reaching 22.01 trillion yuan and loans 12.27 trillion yuan by the end of 2024 [7] - Initiatives such as the Shanghai Science and Technology Financial Reform Pilot Zone and the promotion of green finance have been launched to support the development of the real economy [7][8] Group 4: Financial Management and Service Optimization - The Shanghai Headquarters aims to create an optimal financial ecosystem by enhancing payment services and financial infrastructure, including the establishment of one-stop service centers for foreign personnel [8] - The implementation of digital currency trials and blockchain technology for cross-border tax payments reflects the commitment to modernizing financial services [8] Group 5: Financial Risk Prevention - The Shanghai Headquarters prioritizes financial risk prevention through enhanced monitoring and regulatory measures, ensuring the stability of the financial system [9] - The implementation of deposit insurance and coordinated mechanisms for risk prevention and resolution are key strategies to maintain financial security [9] Group 6: Strategic Goals and Future Directions - The central government has set ambitious goals for Shanghai to become a leading international financial center, with a focus on enhancing competitiveness and global influence [10][11] - The Shanghai Headquarters is committed to advancing reforms and innovations in line with national strategies to contribute to the establishment of a strong central bank and financial power [11]

Core Insights - The issuance of the world's first offshore bond under the Shanghai Free Trade Zone by Bank of Communications' Hong Kong branch marks a significant step in building an offshore financial system aligned with Shanghai's international financial center, aiding the internationalization of the Renminbi [1][2] - The bond features a coupon rate of 1.85% and a maturity of 3 years, receiving ratings of A2 from Moody's and A from Fitch, with custody provided by the Central National Debt Registration and Settlement Co., Ltd [1] - The successful issuance attracted high-quality foreign investors from regions including Hong Kong, the Middle East, and Central America, showcasing the bank's comprehensive financial service capabilities [1][2] Group 1 - The bond is the first public offering of an offshore bond under the Shanghai Free Trade Zone, adhering to the "two ends abroad" principle and international standards [2] - Bank of Communications has established itself as the only institution in the market that integrates six key roles: issuance, investment, underwriting, trust, clearing, and settlement for offshore bonds [2] - The bond is cleared by the Shanghai Free Trade Zone's designated clearing bank, which provides funding collection and interest payment services [3] Group 2 - The bond is registered and custodied within the Shanghai Free Trade Zone, leveraging efficient domestic financial infrastructure for integrated services [4] - The Free Trade Account (FT Account) plays a crucial role in providing cross-border settlement services, facilitating orderly capital flow between the Free Trade Zone and overseas [5] - The bond will be listed simultaneously on the Macau Financial Assets Exchange and the Luxembourg Stock Exchange, reflecting the bank's commitment to the dual circulation development strategy [6]

Group 1: Offshore Financial Development - The successful issuance of offshore bonds in Shanghai Free Trade Zone, with a scale of 500 million yuan, supports overseas entities in raising funds in international markets, marking a significant step in the development of offshore RMB bonds [2] - The new pilot scheme for offshore trade finance aims to streamline the settlement process from 2-3 days to "second-level," enhancing competitiveness with established offshore centers like Hong Kong and Singapore [2] - As of July 18, participating offshore trade companies completed 22 transactions with a total cross-border payment of 648 million yuan [2] Group 2: Growth in Offshore Trade - In Q1 2025, the offshore trading volume in the Lingang New Area reached approximately 8.15 billion USD, reflecting a year-on-year growth of 56.67% [3] - The Lingang New Area plans to leverage its offshore trade platform and financial pilot to create a model for global order reception, overseas processing, and settlement in Lingang [3] Group 3: Financial Market Infrastructure - Shanghai is recognized as one of the cities with the most comprehensive global financial factor markets, including stocks, bonds, futures, and gold markets, alongside essential financial infrastructure [4] - Recent regulatory measures have further strengthened Shanghai's position as an international financial center [4] Group 4: Cross-Border RMB Payment System - The CIPS (Cross-Border Interbank Payment System) has launched RMB international letter of credit services, enhancing convenience for enterprises in RMB trade settlements [7] - In the first half of the year, Shanghai's cross-border RMB payment totaled 16.2 trillion yuan, a year-on-year increase of 15%, maintaining its leading position nationally [7] Group 5: Foreign Investment and QDII Expansion - A new batch of QDII (Qualified Domestic Institutional Investor) quotas totaling 3.08 billion USD has been approved, allowing foreign banks to support clients in global asset allocation [8][10] - The expansion of QDII quotas is expected to enhance the ecosystem for capital market flows and inject long-term confidence into the market [10] - Foreign financial institutions are accelerating their presence in Shanghai, with significant investments in various sectors, including insurance and asset management [10]