通知要求，深入实施自由贸易试验区提升战略，用好上海自由贸易试验区制度型开放试点经验，因 地制宜做好复制推广工作，重点推进企业和群众急需的试点举措，在更大范围释放制度创新红利，以高 水平开放推动深层次改革、高质量发展。 【纠错】 【责任编辑:邱丽芳】 通知指出，2023年11月，国务院印发《全面对接国际高标准经贸规则推进中国（上海）自由贸易试 验区高水平制度型开放总体方案》，支持上海自由贸易试验区全面对接国际高标准经贸规则开展先行先 试，打造国家制度型开放示范区。经过一年多的试点试验，开展了一批引领性、标志性制度创新，形成 了一批具有较高含金量的先进经验和典型案例。 新华社北京7月3日电（记者谢希瑶）国务院日前印发的《关于做好自由贸易试验区全面对接国际高 标准经贸规则推进高水平制度型开放试点措施复制推广工作的通知》3日对外发布。 根据通知，此次复制推广的77条试点措施，涵盖服务贸易、货物贸易、数字贸易、知识产权保护、 政府采购改革、"边境后"管理制度改革、风险防控等7个方面。其中，加强数字人民币试点应用场景创 新、优化跨国公司跨境资金集中运营管理政策、制定数据出境负面清单、推动电子提单等电子单据应 用、健全协调 ...

Core Viewpoint - The article emphasizes the importance of maintaining market stability as a primary regulatory task, highlighting the need for a balanced approach between efficiency and fairness in capital market operations [8][9]. Group 1: Regulatory Developments - The China Securities Regulatory Commission (CSRC) held a meeting on July 2, 2025, stressing the need for a stable market environment and the implementation of mechanisms to prevent risks in areas such as bond defaults and private equity funds [8]. - The CSRC aims to optimize capital market mechanisms, including stock and bond financing and mergers and acquisitions, to support technological and industrial innovation [8][9]. Group 2: Cross-Border Payment System - The People's Bank of China (PBOC) released a draft for public consultation regarding the rules for the Renminbi Cross-Border Payment System, indicating a move to adapt to the evolving needs of cross-border payment systems [6][7]. Group 3: Quantitative Trading Regulations - New regulations for quantitative trading came into effect on July 7, 2025, tightening the supervision of high-frequency trading, which could lead to increased costs and a shift in trading strategies [12]. - The new rules may result in a short-term decrease in market liquidity, with daily trading volumes potentially dropping by approximately 100 billion yuan due to high-frequency trading accounting for 20%-30% of A-share trading [12]. Group 4: Hong Kong IPO Market - In the first half of 2025, Hong Kong's IPO market raised over 107 billion HKD, ranking first globally, with a 22% increase compared to the previous year [13]. - The rise in IPOs reflects Hong Kong's strengthened position as an international financial center, driven by regulatory innovations and improved market conditions [13].

Group 1 - The State Council has issued a notice to promote the replication and promotion of pilot measures for comprehensive alignment with international high-standard economic and trade rules in the China (Shanghai) Free Trade Zone [1][2] - The notice emphasizes the importance of aligning rules, regulations, management, and standards to build a higher-level open economy, supporting the Shanghai Free Trade Zone as a national model for institutional openness [1][2] - The pilot experiences from the Shanghai Free Trade Zone are expected to be leveraged to release institutional innovation dividends and drive deep reforms and high-quality development across a broader scope [1] Group 2 - Local governments are required to strengthen their responsibilities and leadership in the replication and promotion work, ensuring that the measures are tailored to local conditions and addressing urgent needs of enterprises and the public [2] - The State Council departments are tasked with supporting local replication efforts and must complete specific guidelines within one year of the notice's issuance [2] - There is a focus on balancing openness and security, enhancing risk assessment and prevention measures, and ensuring a transparent and efficient regulatory system [2]