专题：2025三亚•财经国际论坛 他指出，既要做好离岸金融中心所需的要素供给、制度建设、生态繁荣，同时也不可避免地需要实体经 济发展。所以，离岸金融中心及离岸服务贸易中心发展的核心要素，在制度方面，要促进要素流动，资 本自由流动特别需要涉及货币、制度、金融基础设施、支付等工具，本质上是一致的。 傅诚刚表示，离岸金融中心背后有复杂且健全或专一的实体经济支撑，这是海南未来建设自贸港、离岸 金融中心、离岸国际金融中心或跨境投融资新高地需要考虑的。 他指出，既要做好离岸金融中心所需的要素供给、制度建设、生态繁荣，同时也不可避免地需要实体经 济发展。所以，离岸金融中心及离岸服务贸易中心发展的核心要素，在制度方面，要促进要素流动，资 本自由流动特别需要涉及货币、制度、金融基础设施、支付等工具，本质上是一致的。 三亚•财经国际论坛暨第五届三亚财富管理大会12月27日在海南三亚举办。中国创新金融研究院理事 ⻓、原阿布扎比国际金融中心及金融服务监管局中国首席代表傅诚刚出席并发言。 "离岸若不与国际市场接轨，与在岸的连接就毫无意义。"傅诚刚说。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信 ...

新华财经北京12月25日电（记者翟卓）"为满足西部陆海新通道沿线企业高效、安全的跨境结算需求， 我们具体推出五方面措施。这些措施将显著提升通道沿线企业跨境结算效率，降低贸易结算成本。"国 家外汇管理局外汇研究中心主任陈之为说。 他是在25日举行的金融支持加快西部陆海新通道建设有关情况新闻发布会上作出上述表述的。 陈之为表示，《关于金融支持加快西部陆海新通道建设的意见》系统集成了跨境结算、投融资领域改革 试点政策，为通道经贸发展营造"更加便利、更加开放、更加安全、更加智慧"的外汇政策环境。主要体 现在以下三个方面： 第一，在跨境贸易结算方面，着力构建"越诚信、越便利"的外汇服务环境。国家外汇局推出了五方面措 施。 在跨境融资方面，在有条件的地区允许符合条件的非金融企业在银行直接办理外债登记，支持符合条件 的高新技术、专精特新和科技型中小企业跨境融资便利化，拓宽企业融资渠道。 "后续我们还将支持通道沿线企业开展绿色外债、合格境外有限合伙人试点，为通道基础设施建设、产 业转型升级以及企业'走出去'提供更优质的外汇服务。"陈之为说。 第三，在强化数智赋能方面，推动跨境金融服务平台在通道沿线地区共建共用。国家外汇局始终 ...

八部门发文！西部陆海新通道建设迎来金融支持重点举措 新华社北京12月24日电记者12月24日从中国人民银行了解到，近日中国人民银行等八部门联合发布意 见，提出21条金融支持重点举措，推动发挥好"融资"和"结算"两项金融核心功能，支持西部陆海新通道 高质量发展。 据介绍，八部门联合发布的《关于金融支持加快西部陆海新通道建设的意见》，从多个方面提出重点举 措，聚焦"通道带物流、物流带经贸、经贸带产业"发展主线，深化金融改革创新开放，全面完善西部陆 海新通道金融服务体系。 在完善金融组织协作体系方面，意见提出，加大金融资源统筹支持。鼓励金融机构总行（总部）围绕西 部陆海新通道跨区域综合运营模式，探索沿线省（区、市）分支机构授信一体化机制，推动金融资源跨 省流动。 在构建高质量资金融通体系方面，意见提出，在重庆设立西部陆海新通道基金，支持沿线基础设施和产 业园区建设。探索按照市场化、法治化原则，对存量通道基建项目债务给予转股等政策支持。支持加快 发展多式联运"一单制"金融保险服务，鼓励银行、保险公司等开发更多符合航运业发展需要的金融产品 和服务。 在完善金融开放体系方面，意见提出，支持广西打造中国—东盟金融城、重庆建 ...

天津市地方金融管理局局长唐力表示，"十四五"时期，全市金融业发展迈上新台阶，截至2024年年末， 金融业增加值和各项贷款规模较2020年均增长超20%，金融业增加值占全市GDP比重达到14.2%，A股 上市公司总市值较2020年增长80%，融资租赁公司总资产超2.3万亿元，较2020年增长近30%，科技、绿 色、普惠、养老和数字金融贷款持续保持高增长态势；金融集聚水平显著增强，金融服务更加精准有 力，金融运行更加安全高效，政策体系更加健全完善，金融开放更具活力。 中国人民银行天津市分行行长黄晓龙在会上介绍，截至10月末，天津市银行业总资产超7万亿元，较"十 三五"末增长超30%；上市公司市值超1.6万亿元、期货公司总资产超370亿元，较"十三五"末均实现60% 以上增长，金融业已成为天津市重要的支柱产业。五年来，充分运用各类货币政策工具，释放中央银行 资金4200亿元；累计9次下调存款准备金率，释放长期资金近600亿元。截至11月末，天津市存贷款余额 分别为5.03万亿元、4.83万亿元，较"十三五"末分别增长47.5%和24.2%。 中经记者 慈玉鹏 北京报道 12月19日，天津市政府新闻办举行高质量完成" ...

与此同时，金融开放创新蹄疾步稳。人民银行锚定"跨境资金流动自由便利"目标，推进一批金融创新政 策先行先试，跨境收支规模持续增长。数据显示，2025年1-11月，海南省跨境收支规模1016.1亿美元， 2020年以来年均增长率55%。 ● 本报记者 彭扬 其中，跨境贸易投资高水平开放试点持续深化。政策实施以来，海南累计发生跨境贸易便利化试点业务 430.5亿美元、跨境投融资便利化试点业务28亿美元。 海南自贸港于12月18日正式启动全岛封关运作。中国证券报记者了解到，2020年《海南自由贸易港建设 总体方案》发布以来，中国人民银行持续完善与海南自贸港相适应的金融政策和制度体系，扎实做好金 融改革发展稳定各项工作，有力支持海南自贸港建设成型起势。 封关三项金融准备工作全部完成。具体而言，跨境资金流动管理制度进一步完善，人民银行海南省分行 制定发布了《海南自由贸易港多功能自由贸易账户业务管理办法》，为跨境资金自由流动提供制度保 障。多功能自由贸易账户（EF账户）上线运行，2025年10月末，海南11家银行上线EF账户，发生业务 量折合人民币超2500亿元；开户主体与80个国家和地区发生资金划转。跨境资金流动监测预警 ...

11月28日，"'十四五'广东成就"系列主题新闻发布会（第二场）在广州举行。会上，中国人民银行广东 省分行副行长刘云华介绍，"十四五"以来，人民银行广东省分行与外汇局广东省分局紧密配合，围绕高 水平便利化、跨境投融资改革、营商环境优化及结算渠道拓展等方面，推出多项试点政策，有效提升了 跨境资金流动效率，增强了市场主体的获得感和便利度。 截至2025年10月末，辖区累计办理贸易外汇结算试点业务达2194.1亿美元；共有125家企业集团开展本 外币跨境资金池试点，集中外债及境外放款额度超4100亿美元。 推高水平便利化试点，超2000亿美元试点业务落地 "截至今年10月末，辖区累计办理贸易外汇结算试点业务2194.1亿美元。"刘云华介绍。 同时，广东率先在广州开展外商投资非企业科研机构外汇便利化试点（又称"科汇通"试点）并扩大至全 省，允许境外科研开办资金，直接汇入境内的外资非企业科研机构，助力科技创新要素跨境自由流动。 深化跨境投融资创新，跨境资金池业务额度超4100亿美元 刘云华指出，广东稳步推进跨境投融资体制改革创新，开展本外币跨境资金池、私募股权跨境投资及绿 色外债等政策试点，推动粤港澳三地金融市场互联互 ...

Group 1 - The China Securities Regulatory Commission (CSRC) plans to introduce more substantial opening measures to enhance the capital market's institutional openness, focusing on risk prevention, strong regulation, and high-quality development [1] - The CSRC aims to improve the convenience of cross-border investment and financing, ensuring policy stability, transparency, and predictability while enhancing communication with international investors [1] Group 2 - Analysts are optimistic about the Hong Kong stock market's prospects for 2026, driven by fundamental improvements rather than valuation recovery, with AI industry catalysts expected to enhance net asset return rates [2] - The inflow of foreign and southbound funds into the Hong Kong stock market is anticipated to continue, with a more balanced structure, and sectors such as technology, innovative pharmaceuticals, and brokerage firms are highlighted for investment [2] Group 3 - The China Securities Regulatory Commission has released draft guidelines for the performance comparison benchmarks of publicly offered securities investment funds, indicating a trend towards more refined and diverse benchmarks that better reflect actual investment strategies and risk-return characteristics [3] Group 4 - The National Health Commission has issued implementation opinions to promote and regulate the application of "Artificial Intelligence + Healthcare," identifying eight key application areas and setting development goals for 2027 and 2030, which may benefit companies like Yunnan Baiyao and Aojiahua [4] Group 5 - The People's Bank of China emphasizes the importance of strengthening the international financial center status of Hong Kong and enhancing the interconnectivity of financial markets between the mainland and Hong Kong [5] Group 6 - As of the end of October 2025, 2,879 companies listed on the Shenzhen Stock Exchange reported a total revenue of 15.72 trillion yuan, a year-on-year increase of 4.31%, and a net profit of 903.02 billion yuan, up 9.69%, indicating overall stable growth driven by technological innovation [6][7] Group 7 - In September, 24 companies announced share buyback plans, reflecting shareholder confidence in long-term development, with a total proposed buyback amount of 599 million yuan, highlighting companies like Hainan Huatie and Wuzhou Transportation [8] Group 8 - Foreign institutions have conducted intensive research on 309 A-share companies since October, focusing on high-growth sectors such as AI, industrial automation, and semiconductors, with an increase in foreign investment in A-shares noted [9] Group 9 - In October, public fund institutions significantly increased their research activities, covering 632 stocks across 30 industries, with a notable focus on the pharmaceutical and biotechnology sectors [12] Group 10 - Gaode Software is reportedly entering the Robotaxi sector, with plans to expand globally, indicating a strategic focus on autonomous driving services [13][14]

Core Viewpoint - The establishment of Mizuho Securities (China) Co., Ltd. marks a significant milestone for Mizuho Financial Group, being the first wholly foreign-owned and Japanese securities firm approved in China, reflecting the depth and breadth of China's capital market opening [1] Group 1: Market Entry and Strategy - Mizuho Securities aims to tap into China's vast capital market, which ranks third globally in terms of fund pool size, focusing on corporate bond underwriting and trading within the domestic bond market [1] - The company has established a one-stop financial service system for Chinese enterprises expanding overseas, enhancing its ability to support cross-border transactions [3] Group 2: Collaboration and Innovation - Mizuho is actively involved in facilitating cross-border transactions, providing comprehensive services from market research to post-merger integration, particularly in high-end manufacturing projects [2] - The company emphasizes the importance of collaboration between Japanese and Chinese enterprises, particularly in high-tech development and innovation, and aims to share experiences while learning from China's advancements [2] Group 3: Regional Development and Social Contribution - Mizuho recognizes Shanghai's dual role as a historical and innovative financial center, and is committed to enhancing cooperation between Tokyo and Shanghai to address challenges such as language barriers and talent mobility [4] - The company is also focused on contributing to social issues like aging populations, sharing its experiences in green finance and ESG initiatives to support sustainable development in Shanghai [4] Group 4: Events and Networking - Mizuho has been a consistent participant in the China International Import Expo, collaborating with Shanghai Lingang to create a platform for Japanese companies entering the Chinese market [5] - The firm aims to strengthen the integration of supply chains and capital markets between China and Japan, promoting mutual benefits and growth in international markets [5]

Core Viewpoint - Santander Bank's stock price increased by 2.97%, reflecting investor confidence in the bank's future developments [1][2] Group 1: Expansion and Market Presence - Santander Bank has established a new branch in Shenzhen, marking a significant expansion in China after entering the market 11 years ago [1] - The Shenzhen branch is the first Spanish foreign financial institution to operate in Guangdong, enhancing Santander's presence in the region [1] - The establishment of the branch received strong support from local government, ensuring a smooth registration process that took less than 1.5 hours [1] Group 2: Strategic Goals and Market Opportunities - The expansion aims to serve the cross-border financial needs of local enterprises and prepare for enhanced financial integration in the Greater Bay Area [2] - Santander Bank's global service network will facilitate Chinese companies' access to international markets [2] - The bank's strategy in the context of increasing global economic uncertainty signals positive prospects for future economic trends and represents new investment opportunities [2] Group 3: Long-term Value Creation - Santander Bank's ongoing expansion in China, supported by favorable policies, is expected to strengthen its market position [2] - Despite uncertainties in the market, the bank's global expansion strategy is likely to create long-term value for shareholders [2] - Investors are encouraged to monitor Santander's performance in emerging markets and its ability to integrate global operations for greater returns [2]

Core Insights - The report from the State Administration of Foreign Exchange indicates that China's current account is expected to remain balanced in the second half of 2025, with cross-border investment and financing likely to improve steadily [2] - As of June 2025, China's total external debt was $2.4368 trillion, showing a slight decrease of 0.6% from March 2025, with a stable debt scale and currency structure [2][7] Trade Performance - In the first half of 2025, China's current account surplus was $294.1 billion, remaining within a reasonable range, with total goods trade volume increasing by 2% year-on-year [4] - Goods exports reached $1.7 trillion, a 7% increase year-on-year, while imports were $1.2 trillion, down 4% year-on-year [4] - Service trade showed robust growth, with total service imports and exports rising by 6% year-on-year, and travel income increasing by 42% to $24.3 billion, marking a historical high for the same period [4][5] Foreign Investment and Debt - By June 2025, China's foreign financial assets exceeded $11 trillion, while liabilities were over $7.2 trillion, resulting in a net foreign asset of $3.8 trillion, a 16% increase from the end of 2024 [7] - Direct investment in China accounted for 51% of total foreign liabilities, while securities investment made up 30%, reflecting a rising trend [7] Future Outlook - The report anticipates that the external environment will remain complex, with potential pressures from trade protectionism and geopolitical conflicts, but China's economic fundamentals are strong enough to support stable international payments [9] - The foreign exchange management department plans to expand reforms and facilitate cross-border trade and investment, while also enhancing monitoring to mitigate external risks [10]