（编辑：朱紫云 审核：何莎莎 校对：翟军） 青浦区区委副书记、区长金晓明指出，希望金融业在以下三个方面给予青浦更大支持：一是在服务国家 战略上，共同探索示范区绿色金融、科技金融的标准互认和产品互通；创新跨境金融、离岸金融服务模 式，为企业参与全球竞争提供更加便捷安全的金融支持。二是在赋能产业升级上，围绕青浦"3+3+3"主 导产业，综合运用产业基金、股权投资基金、科技信贷以及投贷联动等方式，为广大企业提供全生命周 期的金融解决方案。三是在人民城市建设上，为青浦城中村改造、重要基础设施建设等提供稳定金融支 持，更好支持"农文旅商体展"六业融合发展，不断激活城乡活力。 市委金融办常务副主任周小全表示，上海金融业联合会和全市金融行业协会要继续发挥好桥梁和纽带作 用，在全市广大金融机构的共同参与下，共同打造"流动的金洽会"和"家门口的金洽会"，完善金融服务 体系，创新金融服务范式，进一步提升服务的便利性、精准性和积极性，推动中小微企业发展再上新台 阶，推动"五个新城"建设再上新水平，为上海在中国式现代化中发挥龙头带动和示范引领作用作出新的 更大贡献。 中经记者 郝亚娟 夏欣 上海 北京报道 9月29日，第十九届上海金 ...

全球货币体系正在重构，与"一带一路"和离岸经济建设深度交织。离岸金融已成为我国从金融大国 迈向金融强国的必答题。 长期以来，国内对离岸金融疑虑重重，担心监管失控、脱实向虚、冲击在岸市场、风险外溢、不可 持续等，这些认知藩篱严重制约了其发展。事实上，国际上成熟离岸金融中心的实践早已证明：离岸金 融不是"洪水猛兽"，而是可控可管的现代金融基础设施。 当前，中国正迎来破解疑虑的历史窗口，如美元霸权松动为人民币离岸市场提供了战略空间；"一 带一路和离岸经济"相关国家的贸易投资催生巨量跨境金融需求；我国22个自贸试验区更为制度创新提 供了试验田。 本文从制度、业务、协同、风控和生态五个维度，提出兼具国际视野与中国特色的解决方案，推动 离岸金融从"边缘补充"跃升为"核心支柱"。 制度创新：破解"监管失控"的闭环设计 第一，市场化准入的效率革命。当前，我国外资金融机构设立审批平均耗时187天，远高于迪拜28 天、新加坡45天的国际标准，这种"准入壁垒"反而加剧了外界对"监管失控"的担忧。不少企业为绕开冗 长审批，倾向直接落户境外离岸金融中心，结果形成监管盲区。当务之急是推行"承诺制+全流程监 管"：企业提交基础材料后，7个 ...

Group 1 - Offshore finance serves as a "convenient window" for international business, simplifying cross-border transactions for companies [2][3] - In 2024, a Chinese new energy vehicle company financed its Hungarian factory through Hong Kong's offshore financial center, reducing costs by 2%, which led to a price drop of 3,000 yuan for domestic models [4] - The average price of consumer goods financed through offshore financial channels decreased by 8% in 2024, benefiting consumers directly [4] Group 2 - Offshore finance enhances the usability of the renminbi abroad, with over 60% of Southeast Asian merchants supporting direct renminbi settlement, reducing exchange fees from 1.5% in 2019 to 0.3% in 2024 [5] - By the end of 2024, the renminbi's deposit scale in offshore markets reached 1.2 trillion USD, facilitating easier transactions for more countries [5] Group 3 - Offshore finance helps companies establish secure supply chains abroad, with a high-tech company setting up a research center in Singapore to avoid technology restrictions, stabilizing 2,000 domestic engineering jobs [6] - Companies utilizing offshore strategies have a 37% higher job stability compared to those without such strategies [6] Group 4 - A robust offshore financial system enhances China's risk resistance, with over 50 billion USD repatriated during global financial fluctuations in March 2024, stabilizing the renminbi exchange rate [7] - The fluctuation of gasoline prices in 2023 was controlled within 3%, significantly lower than the 15% during the 2008 financial crisis, showcasing the strength of the financial system [7] Group 5 - Global economic governance issues can directly impact ordinary people's lives, as seen in Sri Lanka's debt crisis affecting medicine availability and EU carbon tariffs increasing car prices [9][10] - The price of Thai jasmine rice in supermarkets is influenced by the USD exchange rate, with a 10% increase in 2024 due to the Federal Reserve's interest rate hikes [10] Group 6 - Trade rules significantly affect consumer prices, with direct renminbi purchases of Russian oil reducing costs by 0.3 yuan per liter compared to USD transactions, saving drivers nearly 20 billion yuan annually [11] - Simplifying import processes for essential goods like cancer drugs could reduce prices by up to 40% [11] Group 7 - The establishment of free trade agreements, such as the African Continental Free Trade Agreement, has led to a 50% increase in sales for Chinese machinery in Africa, resulting in wage increases for workers [12] - The semiconductor supply chain's restrictions have led to a 15% production cut for some domestic brands, affecting employment [12] Group 8 - China's participation in global governance reforms aims to ensure fair rules that benefit its citizens, focusing on protecting the interests of workers in manufacturing and agriculture [21][24] - The introduction of "zero barriers" in digital trade could enhance access to overseas services and reduce costs for consumers [16]

Core Viewpoint - The news discusses the reasons behind Chinese companies, including Evergrande, registering in the Cayman Islands for bankruptcy protection and the broader implications of this trend in corporate strategy [1][2]. Group 1: Reasons for Preference for Cayman Islands - Tax benefits are a significant factor for companies choosing the Cayman Islands, as it does not impose corporate tax, income tax, or capital gains tax, only requiring a minimal annual license fee [4]. - The legal framework in the Cayman Islands is well-established and recognized internationally, making it an attractive location for companies seeking to list overseas [6]. - The "red-chip structure" allows domestic companies to transfer assets to a Cayman-registered entity, facilitating a smoother and quicker listing process on foreign exchanges [8]. Group 2: Advantages of Cayman Islands - The absence of foreign exchange controls in the Cayman Islands allows for free movement of capital, which is appealing for companies engaged in international transactions [9]. - Political stability and a secure business environment are key advantages, as the Cayman Islands is a British Overseas Territory with a good social order [11]. - The strict confidentiality laws in the Cayman Islands protect sensitive information about shareholders and company operations, enhancing privacy for businesses [11]. Group 3: Regulatory Challenges - The Cayman Islands has strengthened regulations in response to global tax transparency initiatives, requiring companies to meet economic substance requirements [12]. - Non-compliance with these new regulations could result in significant penalties or even the removal of companies from the registry, indicating a shift in the ease of offshore registration [12]. Group 4: Strategic Considerations - Registering in the Cayman Islands is part of a broader strategy that includes tax optimization, ease of listing, capital mobility, confidentiality, and global market positioning [13]. - The example of Bawang Tea's "Cayman-Singapore-China" structure illustrates how companies can navigate geopolitical risks while optimizing tax liabilities and maintaining control [13]. - As globalization deepens, the trend of offshore registration may become more common, necessitating careful consideration of the associated risks and benefits [15].

Core Insights - The online seminar "Shanghai-Hong Kong Cooperation: Reshaping the New Pattern of International Financial Center Development" highlighted the recovery of Hong Kong's financial market post-2024, driven by capital inflows, low interbank rates, and leading global IPO financing [3][5] - The collaboration between Shanghai and Hong Kong is characterized as structurally complementary rather than competitive, with both cities serving distinct roles in the financial ecosystem [9][10] Group 1: Hong Kong Financial Market Recovery - Hong Kong's financial market shows signs of recovery with significant capital inflows, a drop in interbank rates, and a substantial increase in IPO financing, reaching HKD 280.8 billion in the first half of 2025, a 322% increase year-on-year [5][6] - The total market capitalization of Hong Kong's stock market reached HKD 42.7 trillion by the end of June 2025, up 33% from the previous year [5] - Despite positive signals in the financial market, the real estate sector remains weak, indicating a cautious outlook on the overall economic recovery [6] Group 2: Structural Factors Supporting Hong Kong's Financial Center Status - Hong Kong's stability as an international financial center is supported by a robust legal system, ongoing demand for offshore financial services from mainland enterprises, and its role as a trade hub in the Asia-Pacific region [7][8] - The relationship between Hong Kong and the U.S. remains strong, with a trade surplus of USD 271.5 billion over the past decade, highlighting Hong Kong's importance as a business base for U.S. companies [8] Group 3: Opportunities for Shanghai-Hong Kong Cooperation - Future cooperation between Shanghai and Hong Kong is expected to focus on five key areas: enhancing connectivity mechanisms, collaboration in the bond market, green finance, digital currency and fintech, and supporting cross-border trade and financial services [11][13][14][15] - The development of a "New York-London" style dual hub structure is proposed, with Shanghai focusing on onshore financial services and Hong Kong on offshore services [29] Group 4: Challenges in Renminbi Internationalization - The international payment status of the Renminbi is currently misaligned with China's economic standing, with a coverage rate of only 0.25, compared to higher rates for other major currencies [23] - The offshore financial development in China is lagging behind the growth of its foreign trade, indicating a need for enhanced support for the offshore Renminbi market [24] Group 5: Implementation Pathways for Offshore Financial Development - The collaboration between Shanghai and Hong Kong is essential to address structural challenges in offshore financial development, focusing on upgrading free trade account functions, restarting offshore bond markets, and enhancing digital currency applications [28][32] - The proposed action plan emphasizes the importance of offshore financial services and the need for regulatory frameworks to support innovation and market demand [27][32]

Core Viewpoint - The strategic decision to establish the headquarters of the Bank of Communications (BoCom) in Shanghai is aimed at enhancing its role in supporting the city's development as a global financial center, leveraging its unique advantages in technology finance and cross-border financial services [1][2]. Group 1: Financial Market Participation - BoCom is actively participating in the construction of Shanghai's financial market, with its trading volumes in Bond Connect and Swap Connect ranking among the top in the market. In the first half of the year, BoCom was approved as a custodian and clearing bank for the Southbound Trading [1]. - The bank's cross-border trade financing balance increased by nearly 40% compared to the beginning of the year, reflecting its commitment to supporting domestic and international dual circulation [1]. Group 2: Comprehensive Financial Services - BoCom is enhancing its comprehensive financial services across various sectors, including equity, loans, bonds, leasing, and trust services, focusing on key customer groups in technology and cross-border trade [2]. - The bank has seen significant growth in equity investments in technology enterprises in Shanghai and led the underwriting of the first technology innovation bond in the interbank market for the city [2]. - As of June, BoCom has established 23 specialized branches for technology in Shanghai, aiming to better serve the city's leading industries and contribute to its development as a global innovation center [2]. Group 3: Future Plans - The senior management of BoCom plans to further implement central government policies under the guidance of financial management departments and local authorities, focusing on developing technology finance, cross-border finance, and offshore finance [2].

Group 1 - The global financial landscape is undergoing a profound restructuring, with the internationalization of the RMB and offshore finance being assigned key strategic missions by the state [1] - The 2023 Central Financial Committee's opinion emphasizes the construction of an offshore financial system that matches the Shanghai International Financial Center, marking a shift in the role of offshore finance to a core pillar of the national financial opening strategy [1] - The 2024 RMB Internationalization White Paper indicates that the RMB has maintained its position as the fifth largest payment currency globally for four consecutive years, but its share in high-value scenarios like trade financing and cash management remains below 20%, highlighting the urgency to accelerate the RMB's internationalization [1] Group 2 - The interdependence between RMB internationalization and offshore finance is crucial, as a robust offshore financial market is essential for the RMB's global expansion, providing necessary services such as clearing, financing, and hedging [2] - The mutual empowerment between offshore finance and RMB internationalization is not merely additive but forms an organic closed loop through demand traction, supply response, and institutional guarantees, which determines the efficiency and quality of strategic advancement [2] Group 3 - Demand-side structural differentiation is evident, with the RMB settlement proportion in goods trade with Belt and Road countries reaching 28% in 2024, a 15 percentage point increase since 2020, but the penetration rate for private enterprises is only 12%, significantly lower than the 45% for state-owned enterprises [3] - The service trade demand is evolving, with a significant increase in the need for financial services across cross-border trade, education, healthcare, and tourism, yet the RMB's share in personal cross-border payments is less than 5% [4] Group 4 - The supply side of offshore RMB services shows a concentration in major financial centers like Hong Kong, Singapore, London, and Dubai, with Hong Kong dominating offshore RMB deposits (60%) and bond issuance (75%) [5] - There is a notable gap in inclusive financial services for small and medium-sized enterprises (SMEs), with 80% of outward-oriented SMEs finding offshore financial services too costly and complex [6] Group 5 - Institutional constraints include balancing the demands for openness with risk prevention, as capital account convertibility remains a significant limitation [7] - The direction for institutional innovation should focus on gradual opening and precise risk control, with the need to replicate successful local experiences and establish a coherent regulatory framework [7] Group 6 - International experiences from Japan and the UK/US provide valuable insights, with Japan's "dual-track" profit repatriation mechanism and the US's offshore dollar strategy showcasing different paths to currency internationalization [8][9] - The challenges posed by the dominance of stablecoins in the digital currency landscape highlight the need for proactive measures in the digital RMB space to avoid losing ground in internationalization [12] Group 7 - The lack of inclusive offshore financial services is a core bottleneck for the RMB's internationalization, with a significant gap between the willingness and actual capability of enterprises to use RMB for settlement [13] - The "Matthew effect" in market mechanisms leads to a preference for serving high-net-worth clients, leaving SMEs underserved and highlighting the need for policies that address this imbalance [14] Group 8 - A comprehensive action plan is proposed to enhance the offshore financial ecosystem, focusing on market collaboration, policy incentives, technological empowerment, and capacity building [15] - The establishment of a three-pole network involving Shanghai, Hong Kong, and Dubai is suggested to enhance global service capabilities and facilitate RMB's internationalization [15][16] Group 9 - Policy measures should aim to lower institutional costs and stimulate market participation, including tax incentives and revolutionary simplification of approval processes [17][26] - Enhancing the infrastructure for RMB usage, including upgrading clearing and payment networks, is essential for improving liquidity and convenience [25] Group 10 - Strengthening risk prevention mechanisms and building international trust through intelligent regulatory systems are crucial for the RMB's acceptance as a reserve currency [27] - The long-term strategy for RMB to replace the USD involves maintaining economic and trade leadership, establishing a mature RMB pricing system for commodities, and enhancing the offshore financial market's global service capacity [28][29]

Core Viewpoint - The construction of Shanghai's offshore financial center is a strategic initiative aimed at enhancing global resource allocation capabilities, driven by the dual transformation of "dollar hegemony loosening + digital technology reconstruction" in the global financial order [1][2]. Group 1: Offshore Financial Center as a Core Component - Offshore financial centers are essential for international financial centers, as evidenced by New York, London, Hong Kong, and Singapore, which have developed comprehensive offshore ecosystems that balance cross-border capital flow and risk control [2]. - Establishing a matching offshore financial center in Shanghai is crucial for the national financial opening strategy and is necessary for enhancing global resource pricing power and attracting international capital [2]. Group 2: Institutional Innovation for Dynamic Balance - The core competitiveness of offshore financial centers lies in their ability to balance "open efficiency" and "risk prevention" through institutional design [3]. - Shanghai can innovate by establishing a "digital enclosure" regulatory system that integrates existing accounts into a new offshore account model, allowing for flexible management of offshore and onshore funds [4]. Group 3: Tax Policy Neutrality and Precision - Tax policy is a double-edged sword for offshore financial centers; Shanghai should find a balance between attractiveness and compliance by implementing a low tax burden combined with strong regulation [7]. - A proposed 5% capital gains tax on general offshore business could reduce cross-border financing costs for Chinese enterprises by 1.8 percentage points while generating approximately 2 billion yuan in annual tax revenue [7]. Group 4: Technological Empowerment in Offshore Finance - Digital technology is reshaping the underlying logic of offshore finance, with blockchain and digital currency at the core of creating a leading digital financial testing ground in Shanghai [8]. - Blockchain technology can significantly reduce transaction costs and time in cross-border settlements, as demonstrated by successful pilot projects in Shanghai [9]. Group 5: Gradual Capital Account Opening - The proposed "three-step" strategy for capital account opening includes initial, mid-term, and mature phases, focusing on gradually relaxing restrictions on offshore investments and cross-border financing [14]. - By 2030, a faster opening of the capital account could create an additional $1.2 trillion space for global RMB asset allocation [15]. Group 6: International Collaboration and Rule Integration - Shanghai should transition from being a "rule follower" to a "rule co-creator" in the global financial landscape, enhancing its attractiveness to international investors through compatible legal and dispute resolution mechanisms [18][19]. - Collaborative efforts with RCEP member countries and the establishment of a "Shanghai Offshore Financial Rules Alliance" could enhance Shanghai's role in global offshore finance [21]. Group 7: Paradigm Value of Offshore Financial Centers - The development of offshore financial centers is fundamentally about the mutual empowerment of offshore and onshore functions, which can provide significant support for Shanghai's international financial center construction [22][23]. - Shanghai's unique value lies in breaking away from traditional low-tax arbitrage paths by constructing a new paradigm through institutional innovation and technological empowerment [23].

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].