中国人民银行召开2025年下半年工作会议暨常态长效推动中央巡视整改工作推进会。会议要求，持续提 升金融管理和服务水平。统筹推进重点立法修法项目，规范高效推进行政执法。纵深推进金融"五篇大 文章"统计。研究编制中国人民银行"十五五"改革发展规划。抓好数字央行建设重点任务落实。建设安 全高效的跨境支付体系。有序推进快速支付系统互联互通。构建全方位的涉诈涉赌"资金链"治理防护 网。做好现金服务与管理。加强数字人民币基础设施建设和推广应用。加快国家金库工程项目建设，保 障国库业务平稳有序运行。扎实做好第五轮反洗钱评估各项工作。(中国人民银行) ...

Core Viewpoint - The launch of the Cross-Border Payment System on June 22 by the People's Bank of China and the Hong Kong Monetary Authority marks a significant advancement in financial cooperation between mainland China and Hong Kong, aiming to enhance cross-border remittance services and reduce reliance on the SWIFT system [2][3]. Group 1: System Overview - The Cross-Border Payment System is built on the Memorandum of Understanding for cross-border payment connectivity between mainland China and Hong Kong, facilitating efficient and secure remittance services by connecting the mainland's Interbank Payment System (IBPS) with Hong Kong's Faster Payment System (FPS) [3]. - The system aims to address the growing demand for cross-border financial services as economic and trade ties between the Greater Bay Area and Hong Kong deepen [2]. Group 2: Advantages of the Cross-Border Payment System - The system offers several advantages, including support for interbank remittances, various payment purposes, real-time transactions, low transaction costs, and the ability to use mobile numbers for remittance [5][12]. - Unlike the traditional SWIFT system, which can take 1-2 business days for transactions, the new system allows for instant transfers, significantly improving efficiency [7]. - The Cross-Border Payment System reduces costs associated with SWIFT, where fees can reach 1%-3% of the transaction amount, by eliminating intermediaries and offering promotional zero-fee services [7]. Group 3: Operational Details - The initial participants in the Cross-Border Payment System include six major banks from mainland China and six from Hong Kong, enhancing the system's operational capacity [11][12]. - There are specific remittance limits: Hong Kong residents can remit up to 200,000 HKD annually and 10,000 HKD daily, while mainland residents can remit up to 50,000 USD annually and 300,000 RMB daily [12]. - The system currently focuses on person-to-person (P2P) transactions, with plans to expand to business and government transactions in the future [12]. Group 4: Strategic Implications - The Cross-Border Payment System is expected to strengthen Hong Kong's role as an offshore RMB hub and enhance the city's financial center status by increasing RMB deposits [13]. - The People's Bank of China plans to collaborate with the Hong Kong Monetary Authority to ensure the smooth operation of the system and promote high-quality development of the cross-border payment framework [13].

Core Viewpoint - The "Silk Road E-commerce" initiative is enhancing global trade efficiency and promoting digital transformation in commerce, with China establishing partnerships with 35 countries to facilitate this growth [1][2]. Group 1: Current Achievements - The "Silk Road E-commerce" has rapidly expanded, creating a consensus that "to do e-commerce, look to China," and has significantly contributed to the digitalization and convenience of global trade [1]. - E-commerce cooperation has yielded fruitful results across various fields, enhancing product circulation, logistics, and information sharing, thereby improving overall cross-border trade efficiency [2]. Group 2: Economic and Social Impact - The initiative has allowed African countries to leverage Chinese e-commerce platforms to promote local products, such as coffee and handicrafts, leading to increased international visibility and improved economic returns for local businesses [2]. - Successful practices in countries like Rwanda and Kenya demonstrate the economic and social benefits of "Silk Road E-commerce," providing valuable insights for sustainable development in underdeveloped regions [2]. Group 3: Challenges and Areas for Improvement - Despite the number of cooperative countries, the depth of collaboration remains limited, with many countries only engaging in product sales and platform access without deeper integration into supply chains and digital technology sharing [3]. - Uneven development of digital infrastructure restricts full participation in e-commerce, particularly in developing countries where logistics and payment systems are underdeveloped [3]. Group 4: Future Development Focus - Future efforts should prioritize deepening industry and supply chain cooperation, optimizing resource allocation, and enhancing competitiveness in global markets through cross-border logistics centers [4]. - Strengthening cross-border payment systems and promoting the use of the Renminbi in "Silk Road E-commerce" can mitigate exchange rate risks and improve transaction efficiency [4]. - Accelerating digital infrastructure development, especially in underdeveloped regions along the Belt and Road, is crucial for enhancing the overall e-commerce ecosystem [4]. Group 5: Role of Shanghai - Shanghai's experience in trade digitalization and international rule-making can serve as a model for national and international practices, promoting a more open and innovative approach to global digital trade [5].

Group 1 - The second meeting of the China-Europe Financial Working Group was held in Brussels, Belgium, on May 13-14, focusing on global economic uncertainties and macroeconomic conditions [1] - Discussions included financial stability, banking and insurance regulation, and the development of pension funds and leasing companies [1] - Constructive discussions were held on emerging areas such as sustainable finance, cross-border data flow, and the construction of cross-border payment systems [1] Group 2 - A roundtable meeting for China-Europe financial institutions took place concurrently, where financial institutions provided professional advice on digital transformation and fintech innovation [1] - There was extensive communication regarding specific requests to optimize market access and promote business innovation [1] - All parties agreed to establish a regular communication mechanism to jointly promote deeper and broader financial cooperation between China and Europe [1]