编者按 2025年7月11日，大金融思想沙龙第258期暨人大深圳社科沙龙第66期"沪港协同：重塑国际金融中心发展新格局"线上沙龙活动顺利举办，香港中文大 学刘佐德全球经济及金融研究所名誉高级研究员谢国樑和上海社会科学院世界经济研究所助理研究员、上海市经济学会金融开放研究专委会主任邓志 超作主题报告，中银香港首席经济学家钟红，复旦大学国际金融研究中心主任、教授杨长江，南洋商业银行助理总裁张红波出席并参与研讨。活动由 中国人民大学深圳金融高等研究院副院长邱志刚主持。 沙龙第一环节，由香港中文大学刘佐德全球经济及金融研究所名誉高级研究员谢国樑和上海社会科学院世界经济研究所助理研究员、上海市经济学会 金融开放研究专委会主任邓志超分别作主题报告。 谢国樑指出，香港金融市场于2024年后呈现回暖迹象，表现为资金持续流入、拆息走低、IPO融资全球领先、股市市值显著回升，市场信心逐步恢 复。香港离岸金融中心地位根基稳固，主要得益于法律体系稳健、自由港政策的延续以及内地企业持续的融资需求。与此同时，香港与上海在法律体 系、资本流动与金融服务功能方面形成天然互补，沪港A+H及市场互联互通等机制奠定了两个金融中心协同发展的制度基础 ...

"我们要深刻理解和把握中央把交行总部放在上海的战略考量，围绕上海'五个中心'建设，发挥交行的 特色和优势，着力提升科技金融能级，发挥金融市场交易优势，打造跨境金融和离岸金融特色。"近 日，在交通银行（601328）召开的2025年中期业绩发布会上，交通银行副董事长、执行董事、行长张宝 江表示，交通银行将充分发挥总部在沪优势，积极服务上海主场建设。 交通银行高级管理层表示，未来，将在金融管理部门和上海市委、市政府的领导下，进一步深入贯彻中 央各项部署，着力打造科技金融、跨境金融、离岸金融等特色优势，全面助力上海国际金融中心建设和 高水平对外开放。 "作为唯一总部设在上海的大型商业银行，交行党委认真贯彻落实中央各项战略部署，依托总部优势， 认真把握上海先行先试的政策机遇，全力支持上海打造更具全球竞争力的国际金融中心。"交通银行副 行长杨涛介绍说，目前，交行从三个方面把握金融开放趋势中的商业机会。 一是深度参与和完善上海金融要素市场建设。交行债券通、互换通交易量处于市场前列，今年上半年， 交行还获批南向通托管清算银行资格。 二是充分运用上海"先行先试"政策机遇，高水平服务跨境贸易。交通银行半年报显示，今年上半年，交 ...

全球金融格局正经历百年未有的深刻重构，人民币国际化与离岸金融被赋予国家战略的关键使命。 2023年中央金融委员会《关于支持加快建设上海国际金融中心的意见》首次明确提出，"构建与上 海国际金融中心相匹配的离岸金融体系"，标志着离岸金融从"补充角色"跃升为国家金融开放战略的核 心支柱；2024年《人民币国际化白皮书》显示，人民币已连续四年稳居全球第五大支付货币，但在贸易 融资、现金管理等高附加值场景的占比仍不足20%，这种"规模扩张与质量提升不同步"的现象，凸显了 加快人民币国际化进程的紧迫性。 离岸金融与人民币国际化双向赋能的逻辑、挑战与镜鉴 第一，人民币国际化与离岸金融肩负重要时代使命。 一是人民币国际化对我国具有根本性的战略意义：可摆脱美元潮汐冲击，避免我国资产价格与经济 稳定被外部货币周期所裹挟，减少美国货币政策外溢对我国金融市场的扰动；显著提升人民币的资产购 买力，随着人民币成为强势国际货币，我国居民跨境消费、企业海外投资的实际购买力将大幅增强等。 二是两大战略呈现深度咬合的依存关系。健全的离岸金融市场是人民币"走出去"不可或缺的"高速 公路网"，为两大战略之间的跨境循环提供了清算、融资、避险等全链条服 ...

文/景建国 上海金融业联合会专家、上海首席经济学家金融发展中心离岸金融研究所所长 当前全球金融秩序正经历"美元霸权松动+数字技术重构"的双重变革，作为我国国际金融中心建设的核 心承载地，上海离岸金融中心的构建绝非孤立的区域工程，而是通过完善离岸功能、强化全球资源配置 能力的战略举措。其核心在于打造"开放-安全-创新"三维平衡的新型范式：既遵循离岸金融中心"政策洼 地+风险隔离+功能互补"的发展规律，又以数字技术突破传统路径、为上海国际金融中心注入新动能。 国际货币基金组织（IMF）2024年《全球金融稳定报告》指出，新兴经济体离岸金融中心若能实现"技 术驱动的可控开放"，对GDP的拉动效应可达1.2%-1.8%，这为上海探索建设离岸金融中心提供了全球视 野下的价值坐标。本文方案重点研究和分析《上海国际金融中心建设"十四五"规划》中"离岸金融"功能 升级的相关要求，重点突出对上海建设国际认可的"国际金融中心"的支撑作用。 一、离岸金融中心：国际金融中心的核心标配 全球顶级国际金融中心的发展印证着一条铁律：离岸金融中心是其获得国际认可的核心标配。纽约依托 离岸美元市场、伦敦凭借离岸欧元清算体系、香港与新加坡通过自 ...

Core Insights - The Lingang New Area in Shanghai has transformed from a blueprint into a hub of institutional innovation and industrial aggregation over the past six years [2] - The region has achieved an average annual GDP growth of 17.6%, with nearly 100,000 new market entities established, totaling 156,000 [2] - A total of 166 innovative cases have emerged, including 79 nationally pioneering cases [2] - The number of listed companies in the area increased from 9 in 2020 to 17 in 2024 [2] Financial and Industrial Development - Over 700 financial institutions and investment firms have established operations in the Lingang New Area [2] - The average annual growth rate of both foreign and domestic currency deposits and loans is 20% [2] - Cross-border finance, technology finance, and offshore finance are rapidly developing, with national-level financial infrastructures such as the Shanghai International Reinsurance Center and International Asset Trading Platform being established [2]

Core Viewpoint - The development of the offshore RMB market can draw lessons from Japan's successful experience in offshore finance, emphasizing a low-profile and pragmatic approach to enhance financial competitiveness and support the internationalization of the RMB [1][4]. Group 1: Japan's Offshore Financial Success - The internationalization of the yen was driven by the establishment of a robust offshore financial market, which transformed the yen from a trade settlement tool to a freely convertible currency [1]. - The revision of Japan's Foreign Exchange and Foreign Trade Act in 1998 eliminated residual foreign exchange controls, significantly enhancing the linkage between offshore and onshore markets [1]. - The offshore yen lending rate (Euroyen LIBOR) and Tokyo interbank offered rate (TIBOR) spread narrowed to within 5 basis points, creating a mechanism for "offshore pricing - onshore transmission" [1]. Group 2: Functions of Offshore Financial Markets - Offshore financial markets serve as a key platform for the three core functions of currency internationalization: payment, investment, and reserve [2]. - Japan's economic layout in South America, particularly in Brazil and Argentina, exemplifies the deep synergy between offshore finance and industrial investment [2]. Group 3: Mechanisms in South America - In Brazil, Japan's investment reached $78 billion in 2023, utilizing a profit repatriation mechanism that aligns local regulations with offshore financial markets [2]. - In Argentina, despite capital controls, Japanese companies established efficient funding channels through "offshore node interconnection" [2]. Group 4: Low-Profile Strategy and Benefits - Japan's low-profile approach in offshore finance has led to macro-financial stability, enhanced micro-enterprise competitiveness, and geopolitical adaptability [3]. - The offshore market acted as a buffer against external shocks, stabilizing foreign exchange reserves and mitigating speculative pressures [3]. - The low-profile development provided Japanese companies in South America with operational advantages, including lower financing costs and improved tax efficiency [3]. Group 5: Lessons for China's Offshore RMB Market - China's offshore RMB market should transition from "policy-driven" to "institution-driven" and "market-driven," focusing on quality competition rather than scale [5]. - The establishment of a "offshore RMB entity label" system can ensure that offshore funds are closely tied to real trade and investment [5]. - A cross-border "trade-logistics-fund flow" big data verification platform can be developed to prevent false trade and arbitrage [5]. Group 6: Asset Pooling and Risk Isolation - Creating a "RMB-foreign exchange dual fund pool" in pilot areas can enhance the efficiency of fund utilization [6]. - The establishment of a multi-tiered RMB safe asset system through regular issuance of offshore central bank bills and government bonds can attract global investors [6]. - Implementing an "electronic fence" for risk isolation can prevent external shocks from affecting onshore markets [6]. Group 7: Tax Neutrality and Legal Framework - A tax system that is neutral and transparent, similar to Japan's, can reduce policy arbitrage in offshore RMB business [7]. - Establishing an "offshore RMB international arbitration center" can ensure that arbitration rules align with international practices while maintaining control over adjudication [7]. Group 8: Gradual and Low-Profile Approach - A gradual and low-profile strategy should be adopted to allow for institutional adjustments without rushing to create an "international benchmark" [8]. - The focus should be on improving foundational systems such as offshore account functions and tax policies in pilot free trade zones [9].

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 financial services [2] - The new pilot program for offshore trade finance aims to streamline settlement processes, reducing the time from 2-3 days to "second-level" transactions, 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 revenue 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 programs to create a "global order, overseas processing, Lingang settlement" model, aiming to unlock further growth potential in offshore trade [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 [3] - Recent financial management initiatives have strengthened Shanghai's international financial center, enhancing its market and infrastructure [3] Group 4: Capital Market and Foreign Investment - The recent approval of a new batch of Qualified Domestic Institutional Investor (QDII) quotas, totaling 3.08 billion USD, allows foreign banks to support clients in broader global asset allocation [7][8] - Foreign investment institutions are increasingly participating in China's capital market, with foreign entities accounting for about one-third of licensed financial institutions in Shanghai [9] - The expansion of QDII quotas is expected to optimize the ecosystem for capital market flows, injecting long-term confidence into the market [8]

Core Viewpoint - The article highlights the six-year journey of China Bank Wealth Management, emphasizing its commitment to serving the economy and society through innovative financial products and services, while aligning with national goals such as green finance and technological innovation [2][31]. Group 1: Company Overview - China Bank Wealth Management was established in July 2019 as a wholly-owned subsidiary of China Bank, focusing on public and private wealth management products, advisory services, and asset management [1]. - The company has accumulated a product management scale of nearly 20 billion yuan and has served over 4,000 clients, generating absolute returns of 2 billion yuan for its customers [3]. Group 2: Technological and Financial Innovation - The company is actively enhancing its financial support for advanced manufacturing and strategic emerging industries, focusing on sectors like equipment manufacturing, green technology, and new materials [5]. - During the 14th Five-Year Plan period, the company has invested over 20 billion yuan to meet the financial needs of technology-driven enterprises [6]. - The company is also seizing opportunities in the bond market for technology innovation, supporting the issuance of technology innovation bonds [7]. Group 3: Green Finance Initiatives - China Bank Wealth Management is committed to the national "dual carbon" goals, integrating ESG principles into its investment strategies and developing a diversified green wealth management product system [9][10]. - The company has launched its first "ESG Preferred" series product in 2021, with the scale of ESG-themed products exceeding 70 billion yuan [10]. Group 4: Inclusive Finance and Social Responsibility - The company emphasizes inclusive finance as a means to enhance financial service efficiency and accessibility, particularly in rural areas, and has developed products tailored to support rural revitalization [13][14]. - It has also introduced "Love Charity" wealth management products to promote social harmony and support public welfare initiatives [15]. Group 5: Pension Finance - The company is addressing the aging population by innovating financial products for retirement, with a total pension finance product scale exceeding 50 billion yuan [19]. - It has launched multiple pension-themed brands and products to meet diverse retirement investment needs [18]. Group 6: Digital Transformation - The company is advancing its digital transformation in wealth management, aligning with national strategies for high-quality digital finance development [22]. - It is building a leading digital infrastructure to enhance operational efficiency and customer engagement [23][25]. Group 7: International Expansion - The company supports high-level foreign trade and economic strategies, exploring offshore financial development and diversifying its cross-border asset offerings [27]. - It has established over 123 distribution channels, with non-China Bank channel sales exceeding 500 billion yuan [29].

Core Viewpoint - The establishment of the Shanghai Offshore Economic Function Zone is a strategic move in response to the profound adjustments in the global financial landscape, aiming to enhance Shanghai's international financial center capabilities and facilitate the internationalization of the Renminbi from "trade settlement" to "reserve currency" [1] Institutional Innovation - The core competitiveness of the Shanghai Offshore Economic Function Zone lies in a regulatory framework that aligns with international practices while incorporating Chinese characteristics, emphasizing "transparent rules + precise regulation" [2] - The zone will implement a "boundary management" approach, allowing foreign capital to flow freely while ensuring that offshore activities do not disrupt the onshore financial system [2] Business Environment Innovation - The average approval time for foreign financial institutions to set up offshore business departments in China is currently 187 days, significantly longer than the 4-week standard in Dubai. The zone aims to reduce this to 30 days through a "commitment system + full-process supervision" [3] - The zone will promote a "multi-currency fund pool + blockchain clearing" model to enhance cross-border settlement efficiency, targeting a significant increase in corporate fund turnover rates by 2025 [3] Tax Policy Design - The zone will adopt a "low tax + strong regulation" policy, proposing a 5% capital gains tax and zero VAT for offshore financial activities, while implementing strict anti-tax avoidance measures [4] - A "tax neutrality + anti-avoidance" mechanism will be established to prevent tax arbitrage and ensure compliance in offshore operations [4] Legal and Regulatory Coordination - A "special legal application zone" will be created to allow international commercial contracts to choose applicable laws, enhancing the legal framework for offshore operations [5][6] - A joint regulatory meeting involving the central bank, foreign exchange bureau, and financial regulatory authorities will oversee offshore financial activities, promoting innovation while managing risks [6] Business Ecosystem - The zone will focus on providing comprehensive services for cross-border trade and investment, particularly for countries involved in the Belt and Road Initiative [7] - The offshore bond market will be a key focus, with targets set for issuance and financing for infrastructure projects by 2026 [8] Internal and External Coordination - The zone will establish a network linking itself with Hong Kong and global nodes, facilitating risk isolation and collaborative value release [12] - A "Shanghai-Hong Kong offshore financial express" mechanism will be implemented to allow for the flow of funds based on real trade backgrounds [13] Risk Prevention - A "prevention-monitoring-disposal" risk control system will be established to mitigate concerns about risk spillover [16] - The zone will implement strict account management to ensure complete separation between offshore and onshore accounts, with rigorous transaction verification processes [17] Ecological Support - The zone will develop a talent system to attract and cultivate international financial professionals, aiming to increase the proportion of foreign talent by 2025 [21] - High-level infrastructure will be enhanced to improve global competitiveness, including the establishment of a global offshore financial data port [22]

Core Viewpoint - The Shanghai Lingang New Area is positioned as a key breakthrough for exploring offshore financial development in China, focusing on three-dimensional innovations in offshore trade financial services [1][7]. Group 1: Innovations in Offshore Trade Financial Services - Establishment of dedicated offshore trade accounts (FTT accounts) allows for cross-border fund transfers in seconds, aiming for a threefold increase in fund turnover rate by 2025 compared to traditional accounts [1]. - Implementation of digital RMB for cross-border settlements, with a target to cover 80% of offshore trade scenarios by 2026 [1]. - Simplification of business processes through blockchain technology, reducing the number of required paper documents from 20 to 3, significantly decreasing verification time from multiple days to seconds [1]. Group 2: National-Level Authenticity Verification Platform - Integration of data from six major systems, including foreign exchange, customs, and taxation, to create a national-level offshore trade authenticity verification blockchain platform, improving verification accuracy from 82% to 99% [2]. - The platform includes a risk heat map for automatic triggering of enhanced due diligence on high-risk transactions, ensuring full traceability of cross-border funds [2]. Group 3: Tax and Service Ecosystem - Upgraded tax incentives for offshore trade enterprises, including exemptions from income tax and VAT for offshore RMB settlement businesses [2]. - Introduction of a comprehensive financial service package, providing financing based on accounts receivable and establishing a service center for offshore trade enterprises [2]. Group 4: Offshore Bond and Multi-Currency Strategy - Legislative measures to establish a regulatory framework for offshore bonds by the end of 2025, enhancing the offshore attributes of these instruments [3]. - Expansion of available currencies in FTT accounts to 19 and signing currency swap agreements with countries like Vietnam and Egypt [3]. - Development of a digital RMB offshore bond lifecycle management platform by 2026, reducing settlement cycles and costs significantly [3]. Group 5: Pricing and Global Capital Attraction - Collaboration with Hong Kong and Singapore to create a RMB offshore bond yield curve, aiming to become a core pricing benchmark by 2030 [4]. - Implementation of tax exemptions for foreign investors in offshore bonds, with plans to introduce RMB offshore bond futures and options by 2026 [4]. Group 6: Institutional and Corporate Engagement - Integration of various account types into a new FT account, with a target increase in non-resident account penetration from 5.9% to 45% by 2026 [5]. - Incentives for state-owned enterprises to use RMB for at least 50% of payments in Belt and Road projects, along with export tax rebates for RMB settlements [5]. Group 7: Infrastructure and Regional Service Enhancement - Development of a global RMB offshore clearing center in Lingang by 2027, with a daily clearing volume target of 50 trillion yuan [6]. - Upgrading CIPS to a platform for both settlement and asset custody, with a goal of 50 trillion yuan in offshore bond custody by 2025 [6]. - Establishing a three-tier service structure to enhance offshore financial services across the Yangtze River Delta region [6]. Group 8: Long-term Vision - The strategy aims to establish Shanghai as a global offshore asset allocation center centered around RMB by 2030, enhancing its status in international financial governance [7].