Core Viewpoint - The People's Bank of China, along with other regulatory bodies, has issued an action plan to enhance cross-border financial services in Shanghai, focusing on facilitating enterprises' international operations and addressing existing challenges in financial services [1][2]. Group 1: Key Features of the Action Plan - The action plan emphasizes an "enterprise perspective and problem-oriented" approach, based on consultations with over 80 companies to identify challenges in cross-border financing and financial services [1]. - It proposes 18 key measures across five areas: improving cross-border settlement efficiency, optimizing foreign exchange risk management, strengthening financing services, enhancing insurance protection, and refining comprehensive financial services [2]. Group 2: Specific Measures and Innovations - The plan includes support for banks to implement foreign exchange business management methods and establish a pilot mechanism for due diligence exemption, aimed at streamlining processes and reducing costs for enterprises [2]. - Banks are encouraged to provide efficient cross-border payment services, including a 24/7 cross-border remittance product that allows for instant account crediting for eligible businesses, enhancing financial management efficiency [2][3]. Group 3: Digital and Market Innovations - The action plan supports the development of deposit products based on foreign trade accounts, allowing for market-based pricing of foreign currency deposits to attract more funds [3]. - It highlights successful cases of digital services, such as the first cross-border electronic invoice payment processed through a foreign bank, and the use of digital currency for cross-border transactions [3]. Group 4: Institutional Developments - The establishment of a cross-border syndication loan center by the Bank of China in Shanghai has already served numerous enterprises, indicating a growing infrastructure for international financing [4]. - The Industrial and Commercial Bank of China has set up an international syndication business center in Shanghai, optimizing operations to align with international standards, thus enhancing its role as a core banking partner for global enterprises [4].