Core Insights - The cross-border payment and settlement scale in China has reached a historical high, with a total of $14 trillion expected by 2024, marking a 64% increase from 2020 [4][6] - The cross-border payment and settlement total for the first three quarters of this year reached $11.6 trillion, reflecting a year-on-year growth of 10.5% [4][6] - The "14th Five-Year Plan" period has seen a significant increase in the scale and stability of China's cross-border payments, with an average annual growth rate of 8 percentage points higher than the previous five-year period [4][6] Trade and Economic Activity - The average annual growth rate of foreign trade in Gansu Province has reached 13.9% since 2021, with the total import and export value expected to exceed 60 billion yuan for the first time in nearly a decade in 2024 [6] - The average annual scale of service trade imports and exports has exceeded $860 billion during the "14th Five-Year Plan" period, representing a 26% increase compared to the previous five-year period [7] Financial Market Developments - As of June 2025, China's foreign financial assets exceeded $11 trillion, while foreign liabilities surpassed $7.2 trillion, indicating a 25% and 10% increase respectively since the end of 2020 [8] - The implementation of a dual management framework for foreign exchange markets has enhanced the stability and optimization of international payments [8] Service Trade Improvements - The introduction of facilitation policies has significantly improved the efficiency of cross-border fund settlements for enterprises, with a reported 3,000 transactions amounting to over $64 million completed in the first half of the year [9][10] - The development of cross-border e-commerce has become a new driving force for foreign trade growth, with over 130,000 small and micro businesses benefiting from improved foreign exchange services [11] Open Market Initiatives - The issuance of Panda bonds by foreign institutions in China's interbank bond market has expanded, with cumulative issuance exceeding 1 trillion yuan [12] - Reforms to the Qualified Foreign Institutional Investor (QFII) and Renminbi Qualified Foreign Institutional Investor (RQFII) systems have simplified approval processes and enhanced cross-border capital management [13][14]