Core Viewpoint - Shanghai is focusing on offshore finance as a key strategy for upgrading its international financial center capabilities, particularly in the context of the "14th Five-Year Plan" and the establishment of offshore financial zones in the Lingang New Area and the Eastern Hub International Business Cooperation Zone [1][3][4]. Group 1: Offshore Finance Development - The "14th Five-Year Plan" emphasizes expanding institutional openness in the financial sector and enhancing cross-border and offshore financial services to better support initiatives like the Belt and Road [3][4]. - The establishment of offshore financial zones is seen as a crucial step for Shanghai to enhance its international financial center status, similar to global financial hubs like New York and London [2][3][4]. - Experts believe that developing offshore finance will attract global capital and institutions, thereby improving Shanghai's comprehensive service capabilities and enabling it to "overtake on a curve" [3][4]. Group 2: Strategic Importance - The exploration of offshore finance in Shanghai is not merely a business expansion but is viewed as a significant national strategic initiative [2][5]. - The historical context of Shanghai's offshore finance development dates back to the late 1980s, with significant advancements occurring after the establishment of the Free Trade Account (FT Account) in 2013 [5][6]. - The shift from local business exploration to a national strategic framework marks a pivotal moment for Shanghai as it aims to transition from a financial power to a financial stronghold [6]. Group 3: Regulatory and Functional Framework - The construction of a robust offshore financial system is essential, with a focus on creating a clear regulatory framework and expanding functional capabilities [7][8]. - Key areas for development include establishing a comprehensive offshore financial regulatory system, enhancing business scenarios, and deepening functional offerings in the Lingang New Area [7][8]. - The upcoming regulations set to take effect in March 2026 are expected to provide a solid legal foundation for the healthy development of offshore financial markets [7]. Group 4: Future Prospects and Challenges - The offshore financial market is undergoing significant changes, influenced by geopolitical factors and the increasing demand for risk aversion, presenting both challenges and opportunities for the internationalization of the Renminbi [13][14]. - Recommendations for enhancing the internationalization of the Renminbi include establishing a global asset allocation center for Renminbi assets and expanding the offshore trade finance service reform pilot [14][15]. - The anticipated advancements in Shanghai's offshore financial center are expected to provide substantial benefits for enterprises, particularly those involved in the Belt and Road initiative, by offering wider financing channels and more efficient cross-border settlement [15].

"十五五"时期，上海国际金融中心建设重在提高竞争力和国际化水平，并稳步扩大金融高水平对外开 放。根据《上海市国民经济和社会发展第十五个五年规划纲要》（下称"上海'十五五'规划纲要"），上 海在临港新片区和东方枢纽国际商务合作区探索打造离岸金融（经济）功能区。 "离岸金融"并非一个新概念，但在上海"十五五"开局之年，它或许被赋予了重要的国家战略意义。"离 岸金融（经济）功能区的建设是上海踢好国际金融中心'临门一脚'的重要突破口。"中国首席经济学家 论坛理事长、广开首席产研院院长连平在接受《国际金融报》记者专访时表示。 从试点到体系 离岸金融这盘关乎上海未来金融高水平对外开放的重要棋局，究竟应如何落子？其核心载体FT账户 （自由贸易账户），又将迎来怎样的功能升级？在全球离岸金融市场深刻变革的今天，上海又将如何抓 住历史性机遇，推动人民币国际化进程加速？连平在专访中给出了独到见解。 "临门一脚" 上海的离岸金融之路，经历了一场漫长的探索，与中国金融市场的开放同频。在连平看来，理解上海当 下的选择，必须深刻了解离岸金融的过往历史。 "上海在离岸金融领域的探索并非简单的业务补充，而是一场意义深远的国家战略实践。"连平告 ...

Core Insights - The construction of Shanghai International Financial Center (SIFC) has transitioned from "gathering institutions, building frameworks, and expanding scale" during the 14th Five-Year Plan to "strengthening functions, enhancing levels, and optimizing ecology" in the 15th Five-Year Plan, with a focus on offshore finance as a key driver by 2026 [1][6][9] Group 1: Achievements in 2025 - In 2025, SIFC achieved significant progress in financial market construction, institutional capacity, financial infrastructure, and high-level openness, marking a new stage of functional enhancement [2][4] - The total amount of cross-border RMB payments in Shanghai reached 32.4 trillion yuan, a year-on-year increase of 9%, maintaining a 46% share of the national total [3] - The number of licensed financial institutions in Shanghai reached 1,813, with 128 international reinsurance platforms, including 34 foreign institutions [3] Group 2: Strategic Initiatives - The central financial committee issued opinions to support the acceleration of SIFC construction, aiming for a comprehensive enhancement of its capabilities over the next five to ten years [2] - The Shanghai government signed a collaborative development action plan with Hong Kong to strengthen cooperation in building international financial centers [2] - The 15th Five-Year Plan emphasizes the establishment of a global RMB asset allocation center and risk management center, enhancing cross-border and offshore financial services [6][7] Group 3: Future Directions - The focus will shift towards enhancing pricing power, resource allocation rights, and global service capabilities, aiming to establish Shanghai as a global center for RMB asset allocation and risk management [1][8] - Offshore finance is identified as a breakthrough point for SIFC construction, with plans to address challenges in legal frameworks, tax arrangements, and cross-border data flow [9][10] - Recommendations include establishing offshore financial functional zones, enriching offshore RMB product systems, and optimizing the legal and business environment to enhance international competitiveness [10][11]

转自：新华财经 新华财经上海2月24日电（记者陈云富、王淑娟）作为展现上海国际金融中心建设进展的年度"成绩单"，节后第一 天，2025年上海国际金融中心建设十大事件对外发布。金融中心建设央地协作全面深化、国际货币基金组织上海 中心启用、跨境金融服务便利化水平全方位优化、离岸金融体系与市场开放稳慎推进……过去一年，一系列具有 全局意义的金融改革创新在上海密集落地，交出成色十足的年度答卷。 回望，是为了更好地前进。当前，上海正进一步加大对外开放，推动金融中心建设与经济、贸易、航运和科创中 心建设联动发展，持续提升全球资源配置力。一个不断提升能级的国际金融中心，正在黄浦江畔澎湃前行。 开放新答卷：离岸金融体系启新程 离岸金融是衡量国际金融中心成熟度的重要标尺。2025年9月，《关于进一步推进上海自贸离岸债高质量发展的若 干措施（试行）》正式印发，为自贸离岸债业务开展提供了"行动指南"。凭借"发行端、投资端两头在外"的独特 制度设计，自贸离岸债迅速成为连接境内优质资产与境外资本的重要通道。 今年1月，随着首单由非银行金融机构提供跨境担保的自贸离岸债完成发行，已有多家机构参与打通自贸离岸债的 发行、交易和清结算全流程。 ...

"十四五"时期，上海国际金融中心建设以"聚机构、建框架、扩规模"为主线，重点集聚持牌机构、完善 市场门类、扩大交易规模，深化国际金融中心"从0到1"的基础搭建。步入"十五五"新时期，上海国际金 融中心建设则转向"强功能、提能级、优生态"。离岸金融将成为2026年上海国际金融中心建设的重要抓 手和突破口。 在"十四五"收官的2025年，上海国际金融中心建设在金融市场建设、金融机构能级、金融基础设施、金 融高水平对外双向开放等方面取得明显进展，功能跃升进入新阶段。 迈步"十五五"新征程，上海国际金融中心建设不再单纯追求机构数量，而是聚焦定价权、资源配置权、 风险管理权、全球服务能力，从"要素集聚"升级为"功能输出"，核心目标是打造人民币资产全球配置与 风险管理中心，做强离岸、跨境、科技金融等核心功能，提升全球资源配置与规则影响力。 量质齐升又一年 2025年不仅是"十四五"规划收官之年，也是上海国际金融中心建设能级提升的一年。在2025陆家嘴论坛 召开期间，中央金融委员会印发《关于支持加快建设上海国际金融中心的意见》，提出要经过五至十年 的建设，上海国际金融中心能级全面提升，现代金融体系的适应性、竞争力、普惠性显 ...

Core Viewpoint - The "15th Five-Year Plan Outline for National Economic and Social Development of Shanghai" emphasizes the establishment of an offshore financial system that aligns with Shanghai's status as an international financial center, marking a strategic shift towards high-level financial openness [1][2]. Group 1: Strategic Importance - The inclusion of offshore finance in the five-year plan signifies a transition from fragmented pilot projects to a systematic institutional framework, representing a key move from "channel-type openness" to "institutional openness" [1][2]. - Offshore finance is identified as a core vehicle for the internationalization of the Renminbi, an essential component in the construction of an international financial center, and a critical infrastructure for supporting Chinese enterprises in their global expansion [1][2]. Group 2: Systematic Development - The plan outlines a comprehensive approach to developing an offshore financial function zone, including optimizing offshore account systems, promoting offshore credit, innovating free trade offshore bonds, and enhancing regulatory frameworks [2]. - The transition from "quota approval" to "rule governance" is highlighted, with a focus on negative lists and macro-prudential measures, aiming to facilitate a dual-circulation system for Renminbi cross-border transactions [2]. Group 3: Integration with Real Economy - The vitality of offshore finance is linked to its deep integration with the real economy, as Chinese enterprises engage in global industrial restructuring through various financial services [3]. - The Shanghai Free Trade Zone's Lingang New Area is positioned as the core area for offshore financial functions, aiming to provide comprehensive, multi-currency, and international financial services for Chinese companies venturing abroad [3]. Group 4: Global Governance Contribution - The offshore financial function zone is envisioned not only as a testing ground but also as a replicable model for institutional supply, contributing to global offshore financial governance with a framework rooted in Chinese practices [3].

数字化浪潮正在重构金融业底层逻辑，金融科技已从"创新选项"蜕变为国家金融竞争力的"战略基 石"。它不仅极大地拓宽了金融服务的效率与能力边界，更在夯实金融强国根基、跃升上海国际金融中 心能级、加速人民币国际化等国家战略中扮演着核心驱动角色。日前，中国人民银行等八部门已联合发 文，防范处置虚拟货币、现实世界资产代币化（RWA）的相关风险。在此背景下，我们更需聚焦金融 科技的正向赋能，以合规创新筑牢金融强国建设的数字根基。 金融科技的四重核心赋能价值 金融体系的"数字命脉"。建设金融强国的核心支撑在于科技自主创新，金融科技已从三大维度筑牢 根基。在资源配置上，借力大数据与人工智能，精准破解信息不对称困境，实现金融活水的精准滴灌； 在风险防控上，依托区块链与隐私计算技术，构建穿透式、智能化的风控体系，全面提升金融系统的稳 健性与韧性；在国际话语权上，通过主导技术创新，参与全球金融治理与规则制定，助力我国实现从金 融规模大国向金融规则强国的历史性跨越。 上海国际金融中心的"创新引擎"。上海国际金融中心的能级跃迁，关键在金融科技的突破性创新。 当前，上海已确立并深化"策源地、标准地、试验田、枢纽地"四重战略定位。联合实验 ...

Group 1 - Shanghai's GDP growth target for this year is set at around 5%, with a focus on enhancing the capabilities of the "Five Centers" [3] - The Shanghai government aims to strengthen the international financial center by advancing financial system reforms and improving cross-border financial services [3][4] - There is a push for the development of offshore financial functions to enhance Shanghai's global competitiveness in the financial sector [5][6] Group 2 - The Shanghai government is initiating a pilot program for purchasing second-hand homes to expand the supply of affordable rental housing, with support from China Construction Bank [7] - The Shanghai Futures Exchange has announced adjustments to margin levels and price limits for silver and other futures contracts due to significant price volatility [9] - The Shanghai Stock Exchange is working on creating a multi-layered ETF market, with projections indicating that the domestic ETF market will exceed 6 trillion yuan by 2025, surpassing Japan [10] Group 3 - The People's Bank of China reported that cross-border RMB transactions reached 32.4 trillion yuan in 2025, marking a 9% year-on-year increase [10] - The first commercial real estate REITs projects have been accepted for review, indicating an expansion of the REITs market into commercial properties [10] - A biodiversity loan for forest economy has been successfully issued, supporting the construction of a world-class ecological island in Chongming [12]

◎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 ...

2月3日下午，上海市十六届人大四次会议上，市委书记陈吉宁参加浦东新区代表团审议，会场气氛热 烈，代表们争相发言，围绕政府工作报告相关内容谈体会、说发展、提建议，纷纷进言。 智通财经（www.thepaper.cn）记者注意到，持续约两个半小时的审议中，十余位代表作了发言。审议的 焦点不仅有上海"十五五"发展、浦东引领区建设等议题，也涉及推进制度型开放、服务企业走出去、科 技教育人才等话题，民生领域的养老、医疗、消防安全等亦是热议重点。 审议现场，陈吉宁认真倾听记录，与大家深入交流讨论并作了回应，要求相关部门及时对接，认真研究 代表的意见建议，充分吸收借鉴到今年各项工作中。 2月3日下 午，上海市十六届人大四次会议上，市委书记陈吉宁参加浦东新区代表团审议。陈正宝 摄 "今年是'十五五'开局之年。要把思想和行动统一到中央对形势的科学判断和对工作的决策部署上来， 一以贯之当好'施工队长'，把习近平总书记为上海擘画的蓝图持之以恒细化为'施工图'、高质量转化 为'实景画'。"陈吉宁指出。 他说，浦东要充分发扬敢打敢拼敢争先的"小老虎"精神，聚焦打造社会主义现代化建设引领区，扎实推 动高质量发展，持续强化重要功能，深化高 ...