◎记者 宋薇萍 严曦梦 陈贵还建议，上海可试点"数字围网"监管模式：借鉴新加坡"亚洲货币单位"（ACU）账户隔离经验，升 级上海自贸账户（FT账户）功能，探索建立"新离岸账户"（NOA）体系。 打造企业"走出去"重要支点 围绕新一轮高水平对外开放，上海正加快在更高能级上布局离岸金融与离岸经济。上海"十五五"规划建 议提出，"拓展跨境和离岸金融服务功能""打造离岸金融（经济）功能区"，释放出上海在全球金融体系 和国际经贸网络中争取先手、塑造枢纽的新信号。 今年上海两会期间，围绕离岸金融、离岸贸易等关键议题，代表委员密集建言献策。 加快建设人民币资产全球配置中心 上海市政协委员，复旦大学国际金融学院金融学教授、执行院长钱军在今年上海市两会期间接受上海证 券报记者采访时表示，提升上海国际金融中心能级，一个重要方向就是提升股市、债市、大宗商品等市 场"传统板块"的国际化水平。其中，债券市场的国际化颇具想象空间。随着经济的发展，境内企业将更 加积极地"走出去"，在全球市场布局并融入当地市场，并有望在境内券商"出海"的协助下，发行以人民 币计价的债券。从这个意义上讲，上海有望也应该成为中国企业"出海"综合金融服务的"起锚 ...

Core Insights - The Qianhai Shekou Free Trade Zone achieved an import and export value of 561.25 billion RMB in 2025, tripling its scale since 2015 and accounting for nearly 70% of the total import and export value of the Guangdong Free Trade Zone [1] - The zone has been recognized as a leader in institutional innovation, ranking first in the institutional innovation index among China's free trade zones for four consecutive years from 2022 to 2025 [1] Group 1 - In 2025, the Qianhai Shekou Free Trade Zone's import and export value reached 561.25 billion RMB, a 4% year-on-year increase [1] - The zone has implemented innovative customs supervision practices, including a national pilot program for "one-time testing, one-time certification, and integrated passage" [1] - The establishment of a global center warehouse and the introduction of a new logistics model, "Multi-Country Consolidation (MCC) Qianhai," have been significant achievements [1] Group 2 - The Qianhai Comprehensive Bonded Zone has enhanced its interaction with Hong Kong's supply chain, contributing to a significant increase in bilateral trade [2] - In 2025, Qianhai's import and export value with Hong Kong reached 122.39 billion RMB, a 55.2% year-on-year increase, making Hong Kong the largest trading partner of Qianhai [2] - The trade value with Hong Kong accounted for 21.8% of the total import and export value of the Qianhai Shekou Free Trade Zone, reflecting a 7.2% increase from 2024 [2]

Core Viewpoint - The 22nd China International Financial Forum emphasizes the construction of an intelligent financial ecosystem in the digital economy era, highlighting the importance of offshore trade for Chinese enterprises' global operations [1][5]. Group 1: Offshore Trade and Globalization - The trend of Chinese enterprises going global has accelerated, transitioning from market expansion to deeper global operations, with offshore trade becoming a key strategic lever for optimizing global resource allocation and enhancing international competitiveness [3][7]. - Offshore trade involves not only the optimization of transaction processes but also a comprehensive layout of funds, goods, information, and talent, driven by institutional innovation, technological empowerment, and deep integration of industrial upgrades [3][7]. - The success of enterprises in going global relies on both the courage to explore frontier markets and the support of a reliable and robust underlying structure, with innovation in offshore trade being the core engine for upgrading this structure [3][7]. Group 2: Compliance and Risk Management - While offshore finance is essential for development, it must comply with China's foreign exchange regulatory system and legal framework, with legal and tax risk prevention being a primary concern for enterprises going global [3][7]. - The value of offshore trade is ultimately reflected in the industry, with the renewable energy sector serving as an excellent model for observing offshore trade practices due to its rapid technological iteration and high degree of globalization in the supply chain [3][7]. Group 3: Strategic Collaboration - The company, as a professional consulting institution in the cross-border field, emphasizes that the globalization process of enterprises is not a solitary endeavor, and it is willing to collaborate with various parties to support enterprises from strategic planning to execution [4][8].

Group 1: Consumption and Lifestyle - The range of zero-tariff imported goods has expanded from 1,900 items to over 6,600, covering 74% of tax categories, with prices of cosmetics, luxury goods, and electronics generally 20%-50% lower than mainland prices [2] - Imported fruits and maternal and infant products are expected to see price reductions due to tariff exemptions, with Chilean cherries potentially decreasing by 20% [3] - Tourists can retain a duty-free quota of 100,000 yuan per year, and a new "buy now, pick up" model for items priced ≤20,000 yuan has been introduced [2] Group 2: Employment and Entrepreneurship - Individual income tax for residents living in Hainan for over 90 days is capped at 15%, significantly lower than the mainland's maximum of 45%, resulting in substantial tax savings [8] - Corporate income tax for encouraged industries has been reduced to 15%, alongside zero tariffs on imported equipment, leading to a 20% reduction in operational costs for businesses [8] - New high-paying job opportunities are emerging in cross-border e-commerce, international logistics, and biomedicine, with salary increases potentially exceeding 30% [8] Group 3: Business Benefits - "First-line" imported goods that meet conditions can be directly released, while "second-line" goods entering the mainland will be managed through classified channels [9] - Companies can freely allocate global funds through Hainan Free Trade Port accounts, enhancing offshore trade settlement efficiency, with offshore trade volume expected to reach $11.95 billion by 2024 [10] Group 4: Medical and Educational Internationalization - The Boao Lecheng International Medical Tourism Pilot Zone has introduced over 500 types of foreign new drugs and medical devices, with approval times reduced to 72 hours [5] - Twelve new international schools have been established in areas like Lingshui Li'an, offering international education programs such as the IB curriculum [6] Group 5: Challenges and Risks - The tourism peak season may lead to increased local prices for fruits and seafood, and there is a need to guard against "proxy purchasing" smuggling [11] - The influx of talent may raise employment thresholds, leading to intensified competition for high-end positions [12]

Core Viewpoint - The official launch of Hainan's free trade port on December 18 marks a significant transformation for the island, characterized by policy benefits and institutional innovation, positioning Hainan as a gateway between China and the global market [1][5]. Group 1: Trade and Economic Impact - The "first line of opening" effectively reshapes the trade landscape, with the customs boundary between Hainan and foreign countries nearly disappearing, allowing most imported goods to enter with zero tariffs and enabling "direct release" of goods [1]. - Tourists from 86 countries can enter Hainan visa-free, facilitating the flow of capital and personnel, thus making Hainan the thinnest barrier between mainland China and global markets [1]. - The "second line of control" is designed to prevent tax arbitrage, allowing tourists to purchase duty-free goods for personal use while restricting professional purchasing agents, thus maintaining a fair national market [3]. Group 2: Institutional Innovation - The establishment of the Hainan Free Trade Port Law transforms temporary benefits into long-term legal frameworks, serving as a "system pressure test" for China to explore how to align with international rules while safeguarding national security [5]. - Hainan is positioned as an "irreplaceable strategic pivot," transitioning from a transit point to a service hub for offshore trade, with significant trade settlement volumes already exceeding $10 billion [7]. Group 3: Societal Changes - The transformation is expected to enhance the lives of ordinary people, with high-tech companies creating job opportunities locally, reducing the need for migration to major cities [10]. - The expansion of the duty-free shopping list to include daily consumer goods and the introduction of international medical products and educational programs signify a shift towards a long-term, innovation-driven development model [10].

Group 1 - The 2025 Free Trade Zone Development Forum opened in Haikou, focusing on high-level openness to promote the high-quality development of free trade zones [1][3] - The forum attracted over 400 participants, including business leaders, diplomats, and experts from various countries, highlighting the international interest in Hainan's free trade port [1][3] - Hainan's free trade port is set to officially commence operations on December 18, enhancing international exchanges and maintaining efficient connections with the mainland [1][3] Group 2 - The chairman of the Thai Chamber of Commerce emphasized that the operation of Hainan's free trade port represents China's commitment to high-level openness and serves as a core platform for trade facilitation and cooperation with ASEAN and the broader RCEP region [1][3] - The forum featured a series of activities, including keynote speeches, roundtable discussions, and investment promotion, showcasing Hainan's potential for attracting investment and fostering industry cooperation [4] - A project for a waste sanitation robot was signed during the forum, with the company benefiting from a 15% corporate income tax incentive, illustrating the advantages of operating in Hainan [4]

Core Viewpoint - The Hainan Provincial Committee of the Communist Party of China has released recommendations for the 15th Five-Year Plan, emphasizing the need to enhance the flow of goods and factors in an open economy, particularly focusing on foreign investment, foreign trade, and foreign personnel [1] Group 1: Foreign Investment - The plan aims to improve the service mechanism and public platform for foreign investment, enhancing the brand of "Investment Free Trade Port" [1] - A push for the establishment of several landmark foreign investment projects is highlighted as a key initiative [1] Group 2: Foreign Trade - The recommendations stress the importance of improving the quality and efficiency of foreign trade, promoting market diversification, and integrating domestic and foreign trade [1] - There is a focus on consolidating traditional trade advantages while innovating in digital trade and accelerating the development of intermediate goods trade and cross-border e-commerce [1] Group 3: Foreign Personnel - The plan includes measures to improve living conveniences for foreign personnel, such as residence, healthcare, education, and payment systems [1] - The goal is to significantly increase the number of foreign tourists and expatriates in Hainan [1]

Core Viewpoint - The eighth China International Import Expo (CIIE) event focused on the high-level opening of the Lingang New Area, emphasizing its role as a pilot zone for reform and opening-up in China [1] Group 1: Key Areas of Focus - Lingang will concentrate on offshore trade, cross-border and offshore finance, cross-border data, high-level shipping, and value-added telecommunications [1] - The initiative aims to enhance central-local collaboration and system integration, conducting more extensive open pressure tests [1] Group 2: Development Goals - The goal is to establish an "international data processing hub," explore "offshore financial functional zones," and deepen the construction of "digital comprehensive protection zones" [1] - This effort is intended to better leverage the role of the national reform and opening-up "test field" [1]

Core Insights - The offshore trade stamp duty tax incentive policy in Hainan Free Trade Port has begun to show positive effects, with 21 enterprises benefiting from a total of 9.67 million yuan in tax reductions in the second quarter of 2025 [1][2] Group 1: Policy Implementation - The Ministry of Finance and the State Taxation Administration issued a notice in March 2025 to continue the offshore trade stamp duty tax incentive policy, exempting stamp duty for contracts related to offshore trading by enterprises registered in Hainan Free Trade Port and other designated areas [1] - The policy has been particularly beneficial for key industries such as petroleum and product wholesale, metal and metal ore wholesale, and trade brokerage and agency [1] Group 2: Business Impact - The tax incentives have led to a reduction in operational costs and facilitated business expansion for companies in Hainan, with specific examples including 8 enterprises in Danzhou receiving 3.91 million yuan in tax reductions and 3 enterprises in Sanya benefiting from 3.07 million yuan [1] - Zhongkuang Guolian (Hainan) Development Co., Ltd. reported over 100% quarter-on-quarter growth in offshore trading business volume in Q2 2025, attributed to the combined effects of tax incentives and cross-border trade facilitation policies [2] Group 3: Coordination and Risk Management - Hainan Provincial Taxation Bureau has established a cross-departmental coordination mechanism with finance, commerce, and foreign exchange management departments to ensure smooth policy implementation and service management [2] - A comprehensive management service mechanism has been developed to prevent risks, including pre-implementation guidance, real-time reminders during implementation, and post-implementation risk response [2] - The Hainan Taxation Bureau is enhancing the offshore trade comprehensive service platform to improve the efficiency of tax compliance and management through digital means [2]

Core Viewpoint - The Shanghai Lingang New Area is enhancing its role as a platform for higher-level opening-up, contributing to the "Lingang Plan" for international trade and investment [1][14]. Economic Growth and Development - The Lingang New Area has seen an average annual growth rate of 17.6% in regional production value over the past six years, with the number of market entities increasing to 156,000 [3]. - The area has introduced 166 innovative or leading open measures, with 79 being nationally pioneering cases [3]. - The number of listed companies in the Lingang New Area has increased from 9 in 2020 to 17 in 2024 [3]. Talent and Population - The Lingang New Area has attracted 141,000 talents, with a population of 580,000, reflecting a growth rate of 80% [4]. Offshore Trade and Services - The "Going Out" comprehensive service platform was established to assist Chinese enterprises in international expansion, featuring over 500 professional service institutions [15][16]. - The platform has facilitated over 15,000 offshore trade authenticity verifications, with total payment amounts exceeding 430 billion RMB, accounting for 70% of offshore trade [16]. Financial and Insurance Innovations - The area has developed a reinsurance market, with a trading scale of 39.26 billion RMB and premium registration exceeding 84.2 billion RMB [7]. - The establishment of a risk-sharing mechanism for the aviation industry has led to a reduction in insurance prices by over one-third [8]. Future Plans and Strategic Goals - The Lingang New Area aims to enhance its service network by expanding its presence across China and establishing over 40 liaison stations globally [15]. - The area is focused on integrating offshore trade, financial services, and digital solutions to create a comprehensive support system for enterprises [9][10]. Institutional Innovation - The Lingang New Area is positioned as a "testbed" for institutional innovation, contributing to Shanghai's development as a global financial center [10][17]. - The area emphasizes the importance of aligning local regulations with international standards to facilitate cross-border trade and investment [17].