Core Viewpoint - The revision of the "Offshore Banking Business Management Measures" represents a strategic shift for China's offshore finance from "rule following" to "rule contribution," aiming to adapt to the digital era while balancing safety and efficiency [1][18]. Historical Context and Limitations of the Original Measures - The original measures were established in the aftermath of the Asian financial crisis, focusing on preventing capital shocks and providing limited cross-border services through OSA accounts [2]. - By 2002, four pilot banks had served 12,000 overseas enterprises with over $300 billion in settlements, showcasing a balance between safety and openness [2]. Current Challenges and Critiques - The original framework has become outdated due to the international shift towards functional offshore finance and the rise of digital finance, leading to significant capital outflows and limitations on the offshore RMB market [3][4]. - The restrictions on currency types and monopolistic practices by major banks have resulted in inefficiencies and unfair competition, with foreign banks gaining a larger market share [3][4]. Proposed Revisions and Recommendations - A unified offshore account system is recommended to eliminate fragmentation and reduce compliance costs, allowing for better integration with digital applications [6]. - The proposal includes expanding account opening eligibility, removing the $100 million annual cross-border settlement requirement, and supporting various types of enterprises, including those in technology and green finance [7][9]. - The measures suggest optimizing functionalities by allowing RMB and other currencies to be exchanged freely within offshore accounts and integrating digital RMB systems [8]. Regulatory Framework and Oversight - A new regulatory structure is proposed, involving a collaborative approach among the central bank, financial regulatory authority, and foreign exchange administration to enhance oversight and data sharing [13]. - The framework emphasizes a data-driven approach to compliance, moving away from traditional document verification to real-time monitoring of transactions [4][12]. International Cooperation and Governance - The article advocates for enhancing global governance of offshore finance through cooperation with international regulatory bodies and adherence to global standards [14]. - It emphasizes the importance of maintaining regulatory sovereignty while engaging with foreign entities operating in China's offshore market [14]. Principles for Future Management - The proposed principles include aligning the pace of opening with regulatory capabilities, ensuring coordinated development between onshore and offshore markets, and balancing innovation with risk management [16][17].

其三，补齐上海国际金融中心"离岸功能"的短板。通过全品类离岸金融业务布局，形成"在岸监管 规范、离岸自由灵活"的双轮驱动格局，助力上海在2035年建成"全球顶级的国际金融中心"。 上海临港特殊经济功能区的核心底气，源于省级经济社会管理权限的制度赋能。与普通自贸试验区 相比，其拥有三项关键权限：总投资超50亿元的离岸项目由管委会"一站式办结"，无需层层上报；自主 对接国际金融机构与跨国总部，统筹离岸资金池和跨境技术转移；获顶层设计支持，可在税收、金融、 数据跨境等领域自主制定专项政策。 然而，受我国分业监管格局影响，核心授权尚未真正落地。比如，金融领域的创新政策需对接多部 委监管要求，部分政策备案后仍需部委合规校验，落地周期长；税收领域因"统一税政"框架，地方自主 空间有限，优惠细则衔接部委政策时推进缓慢；数据跨境领域需国家层面安全评估，流程远超企业预 期。这一落差削弱了功能区的吸引力，使"2030年离岸金融资产突破1.2万亿元"的目标面临落空风险。 欲破解上述困境，需国家明确部委与地方的权责清单，建立跨部门快速协调机制，让省级授权切实转化 为功能区的核心竞争力。这种"权责对等"的探索空间，应借鉴迪拜杰贝阿里自 ...

南都讯记者杨文君 发自北京 近日，国际清算银行（BIS）发布数据显示，人民币全球交易量占比升至 8.5%，与英镑差距缩小，国际化进程迎来新机遇窗口。对此，中银证券全球首席经济学家、董事总经 理管涛表示，未来10至15年是人民币国际化向纵深发展的关键阶段。 管涛表示，当前，国际货币领域的最大变化正在发生。在全球新变局下，以美元为主导的国际货币体系 内在缺陷显现，各国加速去美元化进程，呈现出多元化储备货币趋势；数字化加速发展，数字货币以及 新型国际货币体制机制更加受到国际社会高度关注。 近日，管涛同其他专家合著了《货币新局：国际金融格局重塑与人民币新机遇》，立足于国际货币体系 的演变脉络，着眼于人民币国际化的重新定位问题，探讨多极化国际货币体系变革。他在书中谈道，离 岸金融作为国际金融体系的关键组成部分，在推动货币国际化进程中扮演着不可或缺的角色。以中国香 港为主体的离岸人民币市场，长期发挥着政策"试验田"与市场"桥头堡"的双重功能，是人民币国际化的 重要支撑。未来10至15年是人民币国际化向纵深发展的关键阶段，亟须促进离岸市场自身发展及其与在 岸市场的战略协同，以扩大人民币的国际使用网络与规模效应。 促进人民币 ...

Core Insights - The article emphasizes that successful financial policies should be based on practical exploration rather than top-down design, particularly in the offshore financial sector [1][10] Group 1: Historical Examples - The emergence of the Eurodollar market in London during the 1950s serves as a benchmark for the "practice first, policy later" approach, where the market developed without specific regulations, leading to significant growth [2] - The UK's introduction of the "dual banking system" in 1968 and the subsequent Banking Act in 1979 were based on practical experiences, resulting in a tenfold increase in London's offshore financial scale within a decade [2] - Singapore's offshore market growth from 20 billion USD in 1970 to 1.8 trillion USD in 2023 illustrates the effectiveness of dynamic policy adaptation following market needs [5] Group 2: China's Unique Context - China's offshore financial development has been characterized by a gradual approach, with significant milestones such as the establishment of offshore RMB funding pools and the growth of business scale to 2.1 trillion USD by 2023, reflecting a 320% increase since policy initiation [3] - The article highlights that premature legislation could lead to rigid policies that stifle innovation, as evidenced by the experiences of other countries [3][10] Group 3: Policy Dynamics - Successful financial policies require a dynamic interaction between business practices and regulatory frameworks, allowing for innovation while managing risks effectively [4] - The case of Meizhou's foreign exchange management illustrates how responsive policy-making can lead to significant cost savings for businesses and stimulate local economic growth [6] Group 4: Lessons from History - The decline of Tokyo's offshore market serves as a cautionary tale about the dangers of implementing rigid regulations without understanding market needs, resulting in stagnation [8] - The U.S. "Banking as a Service" model highlights the importance of learning from practical failures to inform future regulatory frameworks [9] Group 5: Future Path for China - The article proposes a three-step strategy for China's offshore financial development, starting with expanding pilot programs in free trade zones and gradually moving towards comprehensive legislation as practices mature [12][13] - The ultimate goal is to create a robust offshore financial ecosystem that aligns with international standards while being tailored to China's specific context [10][13]

Core Insights - The core viewpoint of the report is that Bank of Communications has shown steady growth in its financial performance for the first three quarters of 2025, with a focus on enhancing its role in Shanghai's economic development and improving its financial services capabilities [1] Financial Performance - As of the end of the reporting period, Bank of Communications had total assets of 15,499.783 billion yuan, an increase of 599.066 billion yuan, representing a growth of 4.02% compared to the end of the previous year [1] - For the first three quarters of this year, the bank achieved operating income of 199.645 billion yuan, a year-on-year increase of 1.80% [1] - The net profit attributable to shareholders reached 69.994 billion yuan, reflecting a year-on-year growth of 1.90% [1] Strategic Initiatives - The bank is deeply integrated into Shanghai's "Five Centers" construction, focusing on enhancing its technological financial capabilities and maintaining its leading position in financial market operations [1] - It has established cooperation with 65 major municipal projects and 191 district-level projects in Shanghai during the reporting period [1] - The bank has completed "Bond Connect" transactions amounting to 650.1 billion yuan and "Swap Connect" transactions totaling 634.4 billion yuan [1] Risk Management - As of the end of the reporting period, the non-performing loan ratio was 1.26%, a decrease of 0.05 percentage points from the end of the previous year [1] - The provision coverage ratio stood at 209.97%, an increase of 8.03 percentage points compared to the end of the previous year [1] - The bank disposed of non-performing loans amounting to 55.737 billion yuan, which is a year-on-year increase of 28.12% [1]

Core Viewpoint - The meeting emphasized the need to enhance the scientific and precise management of economic operations, aiming to successfully conclude the year and the "14th Five-Year Plan" [1][2]. Group 1: Economic Performance - The city's economy has shown a continuous recovery this year, with the first three quarters performing better than expected, demonstrating strong resilience and vitality [1]. - There is a call to maintain a clear mindset and seize the time window to actively pursue economic goals, with a focus on stabilizing employment, businesses, markets, and expectations [1][2]. Group 2: Policy and Strategy - The meeting highlighted the importance of utilizing a combination of policies to maximize the effects of initiatives like "two new" and "two heavy," while exploring growth potential in key sectors [2]. - There is a push for dynamic optimization of policy measures in response to new situations and trends, enhancing the predictability and agility of responses [2]. Group 3: Industry Development - The meeting called for accelerating the transformation and upgrading of key industries, particularly through the integration of culture, tourism, and commerce [2]. - Support for enterprises to enhance their capabilities and core competitiveness in the leasing and business services sectors was emphasized [2]. Group 4: Reform and Growth - The need to leverage the benefits of reform and opening up to create new growth points was discussed, including supporting "hard technology" companies in utilizing capital markets for accelerated growth [2]. - The meeting also stressed the importance of promoting offshore finance and replicating successful reform measures to enhance development momentum [2].

Core Viewpoint - The meeting emphasized the need to analyze and respond to the current economic situation in the city, highlighting a positive economic recovery trend in 2023, with expectations for continued growth and resilience [2][3]. Economic Performance - The city's economy has shown a steady recovery, with the first three quarters of 2023 performing better than expected, demonstrating strong resilience and vitality [2]. - The focus is on maintaining a clear understanding of the economic landscape and seizing opportunities to enhance development confidence and strategic determination [2]. Policy Implementation - There is a call to enhance the scientific and precise management of economic operations, aiming to achieve the goals for the year and the "14th Five-Year Plan" [3]. - The government plans to utilize a combination of policies to maximize the effects of initiatives aimed at key growth areas, while also adapting policies dynamically to new situations [3]. Industry Development - Emphasis on transforming and upgrading key industries, particularly in cultural tourism and sports, to foster multi-industry collaboration and promote the "event economy" [3]. - Support for enterprises to expand internationally and optimize their overseas presence is a priority, alongside enhancing the competitiveness of the leasing and business service sectors [3]. Reform and Growth - The meeting highlighted the importance of leveraging the benefits of reform and opening up to create new growth points, particularly in capital market reforms to support "hard tech" companies [3]. - There is a focus on accelerating offshore financial development and replicating successful reform measures to enhance development momentum [3].

Core Viewpoint - The meeting emphasized the need to enhance the scientific and precise management of economic operations, aiming to successfully conclude the year and the "14th Five-Year Plan" [1][3]. Economic Performance - The city's economy has shown a continuous recovery this year, with the first three quarters demonstrating stable progress and better-than-expected performance, reflecting strong resilience and vitality [2]. Strategic Focus - The meeting highlighted the importance of maintaining a clear mindset, seizing the time window, and striving to be proactive and competitive, with a focus on stabilizing employment, enterprises, markets, and expectations [2][3]. Policy Implementation - There is a call to effectively utilize policy combinations to amplify the effects of initiatives, explore growth potential in key areas, and accelerate the formation of tangible work outputs [3]. Industry Development - The meeting stressed the need to promote the transformation and upgrading of key industries, enhance the integration of culture, tourism, commerce, and sports, and develop the "event economy" [3]. Market Expansion - Emphasis was placed on leveraging comparative advantages to explore diversified markets and support enterprises in optimizing their overseas layouts [3]. Reform and Innovation - The meeting underscored the importance of releasing the dividends of reform and opening up, creating new growth points, and supporting "hard tech" companies in utilizing capital markets for accelerated growth [3]. Future Planning - There is a focus on preparing for the "15th Five-Year Plan" and the upcoming year, with a call for determination and effort to achieve the annual economic and social development goals [3].

Core Points - The 19th Shanghai Financial Services for the Real Economy Conference has successfully launched its "Park Tour" initiative, focusing on enhancing financial support for the Qingpu District [1][2] - Qingpu District aims to leverage financial services to support national strategies, industrial upgrades, and urban development [1] Group 1: Financial Support for National Strategies - The financial industry is encouraged to explore standards recognition and product interoperability in green and technology finance, as well as innovate cross-border and offshore financial service models to facilitate global competition for enterprises [1] - Financial institutions are expected to provide more convenient and secure financial support for businesses participating in global markets [1] Group 2: Empowering Industrial Upgrades - Financial solutions will be tailored around Qingpu's "3+3+3" leading industries, utilizing various financial instruments such as industrial funds, equity investment funds, and technology credit to offer comprehensive financial solutions throughout the business lifecycle [1] Group 3: Supporting Urban Development - Financial backing is sought for urban village renovations and key infrastructure projects in Qingpu, aiming to support the integration of agriculture, culture, tourism, commerce, sports, and exhibitions [1] - The goal is to continuously invigorate urban and rural vitality through stable financial support [1] Group 4: Enhancing Financial Services - The Shanghai Financial Industry Association is tasked with improving the financial service system and innovating service models to enhance convenience, precision, and positivity in financial services [2] - The focus is on promoting the development of small and micro enterprises and advancing the construction of the "Five New Cities" [2]

Core Viewpoint - The global monetary system is undergoing reconstruction, deeply intertwined with the "Belt and Road" initiative and offshore economic development, making offshore finance a crucial aspect for China to transition from a financial power to a financial stronghold [1] Institutional Innovation - The anxiety surrounding offshore finance regulation stems from a misunderstanding of the balance between openness and security, necessitating a transparent and efficient regulatory framework [3] - Current foreign financial institution approval processes in China take an average of 187 days, significantly longer than international standards, highlighting the need for a streamlined "commitment system + full-process supervision" [3] - Proposed tax policies include a 5% capital gains tax and zero value-added tax for certain offshore trade, aiming to balance tax neutrality and anti-avoidance measures [4] - A legal framework that allows for the selection of international commercial law in specific zones is suggested to enhance international recognition and arbitration efficiency [5] - Establishing a regulatory coordination mechanism among key financial authorities is essential to improve policy consistency and reduce regulatory fragmentation [6] Ecological Anchoring - The disconnect between offshore finance and the real economy has led to perceptions of capital flight; thus, aligning offshore financial activities with the "Belt and Road" initiative is crucial [8] - Traditional offshore bond issuance should be closely tied to projects in "Belt and Road" countries, with specific targets for offshore RMB bond issuance [8] - Innovative business models, such as offshore RMB stablecoins, should be trialed to support supply chain financing related to the "Belt and Road" initiative [9] - A new offshore account system is proposed to streamline operations and reduce costs for enterprises, while also encouraging international investment in manufacturing related to the "Belt and Road" [10] Collaborative Buffering - Concerns about offshore finance impacting onshore markets stem from misconceptions about their relationship; a collaborative network involving Shanghai, Hong Kong, and global nodes is proposed [12] - The establishment of a "Shanghai-Hong Kong offshore express" is suggested to facilitate smoother capital flows and tax incentives for offshore investments [13] Defensive Framework - The perceived risk of offshore finance spilling over into the domestic market highlights the need for a robust defense mechanism combining technology and regulation [16] - A dual isolation and dynamic balance system for accounts is proposed to ensure clear separation between offshore and onshore funds [16] - Upgrading monitoring capabilities through a cross-border capital flow monitoring center is essential for timely risk response [17] Sustainable Ecology - The sustainability of offshore finance in China is questioned due to a lack of supportive infrastructure and talent; a comprehensive support system is needed [20] - Initiatives to attract and cultivate talent in offshore finance are critical, including competitive compensation and educational programs [21] - Upgrading physical and digital infrastructure to support offshore financial activities is necessary for enhancing service capabilities [22] - Establishing a national offshore financial development committee to oversee strategic development and regulatory frameworks is recommended [23] Future Outlook - By 2030, China's offshore finance market is expected to exceed $10 trillion, with Shanghai emerging as a top global financial center and offshore RMB becoming a major international payment currency [24]