Core Viewpoint - The 2025 Lujiazui Forum focuses on "Financial Openness and Cooperation in the Global Economic Changes and High-Quality Development," emphasizing global financial governance, extensive financial openness, capital market integration with technology and industry, and a comprehensive foreign exchange innovation policy [1][2]. Financial System - The international monetary system is likely to evolve towards a scenario where a few sovereign currencies coexist, compete, and balance each other. The global cross-border payment system is developing towards greater efficiency, security, inclusiveness, and diversity. There is a need for international financial organizations to enhance the representation and voice of emerging markets and developing countries. Additionally, structural monetary policy tool innovations are being highlighted, including pilot programs for blockchain letters of credit refinancing, cross-border trade refinancing, and expansion of carbon reduction support tools [2][3]. Financial Openness - China is poised for significant financial openness, focusing on several areas: - Expansion and upgrading of consumer demand, creating vast financial service opportunities - Broad prospects in technology finance, promoting pilot programs for equity investments in financial asset investment companies and loans for technology enterprise mergers - Strong momentum in green finance, with foreign institutions introducing ESG rating systems and climate risk management tools - Opportunities in pension finance, with plans to expand pension wealth management, savings, exclusive insurance, and commercial pension pilot programs - A golden period for wealth management, supporting foreign institutions in investment, asset allocation, and insurance planning [2][3]. Capital Market - The capital market aims to enhance the integration of technology innovation and industrial creation through the introduction of the "1+6" policy measures, which include: - Establishing a growth layer for the Sci-Tech Innovation Board - Restarting the fifth set of listing standards for unprofitable companies on the Sci-Tech Innovation Board - Introducing a pre-review mechanism for IPOs of high-quality technology companies - Expanding the applicability of the fifth set of standards and strengthening the linkage between stocks and bonds to support technological innovation [3]. Foreign Exchange Management - A comprehensive innovation policy for foreign exchange management is being established, focusing on creating a system that is more convenient, open, secure, and intelligent. This includes implementing ten facilitation policies in free trade pilot zones, such as optimizing new international trade settlement methods and expanding the Qualified Foreign Limited Partner (QFLP) pilot [3].

Group 1 - The core viewpoint is that the National Foreign Exchange Administration will further support foreign trade enterprises and promote cross-border investment and financing facilitation, implementing a package of foreign exchange innovation policies in free trade pilot zones to stabilize employment, enterprises, markets, and expectations [1][2] Group 2 - In supporting foreign trade enterprises, banks are encouraged to include more new trade entities in trade facilitation policies, optimizing foreign exchange fund settlement for foreign trade service companies and facilitating centralized management of overseas funds for trustworthy contracting enterprises [1] - The facilitation of cross-border investment and financing will include policies to attract foreign investment for research institutions, expand cross-border financing for technology enterprises, and reduce the negative list for capital project income usage [1][2] - A pilot program for green foreign debt will be launched, encouraging eligible enterprises to use foreign debt for green projects, and there will be a unified management of domestic enterprises' overseas listing funds [1][2] Group 3 - The National Foreign Exchange Administration aims to establish a more convenient, open, secure, and intelligent foreign exchange management system, enhancing the foreign exchange policy framework based on integrity [2] - The foreign exchange market has remained stable amid complex conditions, with the RMB appreciating by 1.6% against the USD and a reasonable balance in the current account surplus [2] - Future expectations indicate that the resilience of the foreign exchange market will continue to strengthen, with the proportion of foreign exchange hedging by enterprises and the share of RMB cross-border receipts in goods trade expected to rise to around 30% [2]

Group 1 - The China Securities Regulatory Commission (CSRC) will officially implement a third set of standards on the ChiNext board to support high-quality, unprofitable innovative companies to go public [2] - CSRC Chairman Wu Qing emphasized the acceleration of key measures for the opening up of the capital market, including optimizing access management and expanding the range of products available for foreign investment [3] - The CSRC will leverage the legislative authorization of the Pudong New Area to explore capital market system innovations, enhancing Shanghai's status as an international financial center [4] Group 2 - The State Administration of Foreign Exchange (SAFE) will implement a package of foreign exchange innovation policies in the free trade pilot zone, including optimizing international trade settlement and expanding the Qualified Foreign Limited Partner (QFLP) pilot [5] - SAFE Vice Governor Zhu Hexiong stated that the foreign exchange market in China is expected to maintain stable operation, supported by a recovering economy and a balanced international payment situation [6] - There has been a notable increase in foreign investment in domestic bonds and stocks, with foreign net purchases of domestic bonds remaining high and recent increases in stock purchases [7]

中国人民银行副行长、国家外汇局局长朱鹤新在2025陆家嘴论坛上表示，国家外汇局将在自贸试验区实 施一揽子外汇创新政策。包括优化新型国际贸易结算、扩大合格境外有限合伙人(QFLP)试点等10项便 利化政策，积极支持自由贸易试验区提升战略。(新华社) ...