Core Viewpoint - The People's Bank of China Shenzhen Branch and the State Administration of Foreign Exchange Shenzhen Branch held a press conference, highlighting the implementation of supportive monetary policies to enhance financial support for key sectors and promote high-quality economic development in Shenzhen [1]. Group 1: Loan Growth and Financial Support - As of September 2025, the total loan balance in Shenzhen reached 9.94 trillion yuan, a year-on-year increase of 5.0%, with an increase of 457.41 billion yuan since the beginning of the year, exceeding last year's growth by over 200 billion yuan [1]. - The loan structure has been optimized, with manufacturing loans growing by 13.2% and loans for scientific research and technical services increasing by 15.9% year-on-year [2]. - The balance of technology loans reached 2.18 trillion yuan, up 8.2% year-on-year, while inclusive small and micro loans totaled 1.97 trillion yuan, growing by 7.1% [2]. Group 2: Support for SMEs and Consumption - Shenzhen is enhancing the financing environment for private small and medium-sized enterprises (SMEs) through innovative models like "credit + credit reporting" and "credit + guarantee" [3]. - The average interest rate for newly issued corporate loans in Shenzhen was 2.75% in September 2025, a decrease of 0.53 percentage points year-on-year, indicating a decline in overall financing costs [4]. - Financial support for consumption and foreign trade has been prioritized, with 476.1 billion yuan in loans issued to service sectors, and new products like "micro trade loans" and "cross-border e-commerce loans" introduced to meet financing needs [5][6]. Group 3: Cross-Border Financial Services - Since the implementation of high-level pilot policies in February 2024, the level of cross-border trade and investment facilitation in Shenzhen has improved, benefiting over 1,800 enterprises with a business scale exceeding 210 billion USD [7]. - The cross-border RMB business in Shenzhen has seen increased volume and expanded coverage, with banks customizing financial services to meet enterprise needs [7]. - The "Cross-Border Wealth Management Connect" 2.0 measures have attracted approximately 31,000 new individual investors, with cross-border payment amounts totaling 50.74 billion yuan, representing nearly 50% of the Greater Bay Area's total [8].

Core Viewpoint - Shanghai Clearing House has established itself as a leading global financial infrastructure, particularly in foreign exchange clearing and RMB asset management, contributing significantly to the development of Shanghai as an international financial center [1][5]. Group 1: Financial Infrastructure - Shanghai Clearing House has built six major platforms to support the construction of Shanghai as an international financial center, making it the largest foreign exchange clearing platform globally [1]. - It serves as a key bond issuance platform with a bond custody volume nearing 50 trillion yuan [1]. - The clearing house is also a major platform for over-the-counter clearing of bulk commodities and has extensive cross-border connectivity [1]. Group 2: Unique Role and Standards - The unique role of Shanghai Clearing House as a financial infrastructure is highlighted by its internationality, safety, and leadership [5]. - It has established a global network interconnected with major international infrastructures, enhancing the participation of international institutions in Shanghai's financial market [5]. - The risk control standards set by Shanghai Clearing House have become global benchmarks, aligning with international standards, regulations, and ESG criteria [5]. Group 3: Product and Channel Development - Shanghai Clearing House has introduced the "Yulan Bond" as a cross-border financing brand, facilitating domestic institutions in raising funds abroad, with the first non-financial enterprise "Yulan Bond" launched in November last year [6]. - It has supported nearly 900 billion yuan in "Panda Bonds" financing within the domestic market [6]. - The clearing house has established cross-border dual-channel custody pathways, with "Northbound" and "Southbound" custody balances reaching 340 billion yuan and 580 billion yuan, respectively, by the end of September [6].

Group 1 - The core viewpoint of the news is the release of the "Action Plan" aimed at enhancing cross-border financial service facilitation in Shanghai, emphasizing the city's role as an international financial center [1][2] - The "Action Plan" includes 18 key measures across five areas: improving cross-border settlement efficiency, optimizing foreign exchange risk management services, strengthening financing services, enhancing insurance protection, and perfecting comprehensive financial services [1] - The plan aims to support enterprises in their international expansion, enhance the internationalization level of Shanghai's financial center, and strengthen its competitiveness and influence [1][3] Group 2 - The "Action Plan" is characterized by four highlights: pioneering policies for trial implementation, optimizing business processes, innovating products and services, and leveraging digitalization to improve efficiency and experience for enterprises going global [2] - Shanghai will create a "financial service package" to provide comprehensive, one-stop financial solutions tailored to the needs of enterprises, including customized services for key companies [2] - The plan also focuses on optimizing cross-border capital management, upgrading free trade account functions, and enhancing the efficiency of cross-border capital allocation to reduce international operational costs for enterprises [3]

Core Viewpoint - The People's Bank of China, along with other regulatory bodies, has issued an action plan to enhance cross-border financial services in Shanghai, focusing on facilitating enterprises' international operations and addressing existing challenges in financial services [1][2]. Group 1: Key Features of the Action Plan - The action plan emphasizes an "enterprise perspective and problem-oriented" approach, based on consultations with over 80 companies to identify challenges in cross-border financing and financial services [1]. - It proposes 18 key measures across five areas: improving cross-border settlement efficiency, optimizing foreign exchange risk management, strengthening financing services, enhancing insurance protection, and refining comprehensive financial services [2]. Group 2: Specific Measures and Innovations - The plan includes support for banks to implement foreign exchange business management methods and establish a pilot mechanism for due diligence exemption, aimed at streamlining processes and reducing costs for enterprises [2]. - Banks are encouraged to provide efficient cross-border payment services, including a 24/7 cross-border remittance product that allows for instant account crediting for eligible businesses, enhancing financial management efficiency [2][3]. Group 3: Digital and Market Innovations - The action plan supports the development of deposit products based on foreign trade accounts, allowing for market-based pricing of foreign currency deposits to attract more funds [3]. - It highlights successful cases of digital services, such as the first cross-border electronic invoice payment processed through a foreign bank, and the use of digital currency for cross-border transactions [3]. Group 4: Institutional Developments - The establishment of a cross-border syndication loan center by the Bank of China in Shanghai has already served numerous enterprises, indicating a growing infrastructure for international financing [4]. - The Industrial and Commercial Bank of China has set up an international syndication business center in Shanghai, optimizing operations to align with international standards, thus enhancing its role as a core banking partner for global enterprises [4].

Group 1 - The construction of Shanghai International Financial Center is a significant decision by the central government, aimed at promoting high-quality financial development and enhancing national competitiveness [1][2] - Recent policy documents have been released to support the acceleration of Shanghai's international financial center construction, indicating a new phase of quality improvement [1][2] - The establishment of the international financial center is expected to enhance international financial influence and optimize resource allocation, making Shanghai a hub for global financial activities [2] Group 2 - The People's Bank of China and other regulatory bodies have issued an action plan to enhance cross-border financial service facilitation, which is crucial given the changing external environment [4] - The action plan includes measures for cross-border settlement, exchange rate hedging services, and comprehensive financial services, aimed at creating a favorable business environment for foreign trade enterprises [4] - Financial institutions are developing tailored work plans to support the construction of the international financial center and assist enterprises in expanding overseas [4][7] Group 3 - Banks like Bank of Communications are committed to enhancing financial support for enterprises going abroad, which is vital for increasing the competitiveness of the Shanghai International Financial Center [7] - The bank is improving cross-border settlement efficiency and utilizing digital solutions such as blockchain technology to facilitate trade document processing [7] - Shanghai Pudong Development Bank is also innovating financial service models to meet the cross-border needs of enterprises, providing comprehensive financial solutions [8]

Core Viewpoint - The "Action Plan" aims to enhance the competitiveness and influence of Shanghai as an international financial center, reflecting China's commitment to financial reform and opening up [2][4]. Group 1: Competitiveness and Influence of Shanghai International Financial Center - The financial market system in Shanghai is increasingly complete, with a total cross-border RMB payment amount expected to reach 29.8 trillion yuan in 2024, a 30% year-on-year increase, accounting for 47% of the national total [3]. - The internationalization level of Shanghai's financial institutions is rising, with 1,782 financial institutions, one-third of which are foreign [3]. - Shanghai is leading in financial technology innovation, enhancing the application of fintech to empower the real economy [3]. - The ability to serve the real economy has significantly improved, with Shanghai becoming a key funding allocation center supporting various national initiatives [3]. Group 2: Pain Points in Cross-Border Financial Services - Companies face three main pain points in cross-border financial services: inefficient cross-border fund turnover, inadequate foreign exchange risk management tools, and limited cross-border financing channels [4][5]. Group 3: Optimization Measures in the Action Plan - The Action Plan includes 18 innovative measures across five areas, such as optimizing foreign exchange business management and enhancing the global fund management system for enterprises [6]. - It expands the range of participants in the foreign exchange market and enriches hedging tools to improve the functionality of the RMB cross-border payment system [6]. - The plan supports banks in increasing cross-border trade credit issuance, thereby reducing the cost of RMB trade financing for enterprises [6]. Group 4: Highlights of the Action Plan - A notable innovation is the pilot program in Shanghai to support RMB cross-border trade financing through the rediscount window, which will lower financing costs for enterprises [7]. - The optimization of the full-function fund pool in the Shanghai Free Trade Zone allows for automated cross-border payment processing, enhancing global fund management efficiency [7]. - These measures reflect a focus on enhancing the convenience of cross-border financial services and demonstrate China's commitment to financial openness and institutional innovation [8]. Group 5: Regulatory and Safety Measures - The regulatory framework should be categorized and layered, simplifying approval processes for high-credit-rated enterprises while maintaining strict oversight on high-risk activities [9]. - A unified data collection and sharing platform for cross-border financial business can enhance regulatory efficiency and identify abnormal fund flows [9]. - The introduction of regulatory technology and international regulatory cooperation will help balance financial openness with risk prevention [9].

Core Viewpoint - The "Action Plan" aims to enhance cross-border financial services in Shanghai, supporting enterprises going global and the Belt and Road Initiative, while leveraging digital empowerment to convert policy benefits into tangible development outcomes [1][2][3] Group 1: Significance of the Action Plan - The issuance of the "Action Plan" aligns with the growing demand for cross-border financial services and aims to leverage Shanghai's advantages as an international financial center to provide comprehensive financial support for enterprises and the Belt and Road Initiative [2][3] - The plan supports enterprises in going global and promotes high-quality economic development by improving cross-border capital flow efficiency and reducing trade costs [3] Group 2: Implementation Measures - The "Action Plan" includes 18 key measures across five areas: improving cross-border settlement efficiency, optimizing exchange rate hedging services, strengthening financing services, enhancing insurance protection, and refining comprehensive financial services [4] - Shanghai has initiated pilot reforms in foreign exchange business management, with 4 banks and 10 branches participating, achieving an international payment scale of $1.3 trillion from January to May 2025 [5] Group 3: Cross-Border Financial Services - The plan facilitates multinational companies' cross-border fund management, with 169 companies participating in cross-border fund concentration management, covering 2,100 domestic and 483 foreign member companies, and managing external debt of $246.83 billion [6] - The free trade account functions are being expanded, with cumulative cross-border settlements amounting to RMB 279.3 trillion and financing obtained through these accounts totaling RMB 4.07 trillion by May 2025 [7] Group 4: Digital Currency and Risk Management - The plan promotes the use of digital RMB in cross-border payments, with nearly 8 billion yuan in transactions completed by May 2025, supporting various trade and investment scenarios [8] - Efforts to enhance exchange rate risk management include training and the development of a service platform, with a signed amount of $301.03 billion in exchange rate hedging products, reflecting a 46% year-on-year increase [9][10] Group 5: Future Directions - Future initiatives will focus on deepening foreign exchange business reforms, enhancing cross-border investment facilitation, and expanding the use of RMB in international trade, particularly in Belt and Road countries [14][15]

Core Viewpoint - The launch of the "Cross-Border Payment Link" marks a significant advancement in facilitating cross-border remittances from mainland China to Hong Kong, allowing for real-time transactions and enhanced user convenience [1][2]. Group 1: Service Features - The "Cross-Border Payment Link" allows users to complete remittances using mobile phone numbers or bank account information, eliminating the need for physical visits to bank branches and paperwork [2]. - Customers can choose to remit funds in either Renminbi or Hong Kong dollars, providing flexibility in currency selection [2]. - The service enhances transaction transparency through real-time tracking, reducing uncertainties associated with traditional cross-border remittance processes [2]. Group 2: Implementation and Support - The People's Bank of China and the Hong Kong Monetary Authority collaborated to establish connectivity between the mainland online payment interbank clearing system and Hong Kong's fast payment system [1]. - China Merchants Bank (CMB) was one of the first banks to pilot this service, receiving professional guidance from the Shenzhen branch of the People's Bank of China during the implementation process [1]. - CMB aims to innovate and enhance cross-border financial services, having already introduced various services such as cross-border wealth management and study abroad remittance [2].

Core Viewpoint - The speech emphasizes the need for continuous financial opening to better support enterprises in their development and international expansion [1] Group 1: Financial Reform and Development - The year marks the beginning of the "14th Five-Year Plan" and sets higher demands for the construction of Shanghai as an international financial center [1] - There will be a focus on deepening financial reforms to better serve technological innovation [1] - The aim is to leverage the advantages of being an international financial and technological innovation center to accelerate the establishment of a comprehensive, diversified, and sequential technology-finance service system [1] Group 2: Cross-Border Financial Services - The implementation of the "18 measures" for facilitating cross-border financial services will be a priority [1] - There is a commitment to expand financial openness to better support enterprises in their international ventures [1] - The strategy includes adapting to changes in foreign trade conditions and promoting increased cross-border trade credit [1] Group 3: Legal and Risk Management - There will be efforts to improve the financial legal environment and enhance risk management [1] - The goal is to better coordinate financial development with safety considerations [1]

Core Insights - The event "Financial Empowerment for Enterprises Going Global" was held in Shanghai, focusing on enhancing cross-border financial services and supporting enterprises in international markets [1] Group 1: Policy Initiatives - The People's Bank of China, along with other regulatory bodies, issued an action plan to enhance cross-border financial service convenience in Shanghai, addressing diverse financial needs [3] - Yangpu District released measures to promote high-quality development in science and technology finance, including 20 specific initiatives across five key areas [3] - The district aims to support international technology innovation and online new economy sectors with 15 unique measures, including establishing the "Yangfan" AEO enterprise service [3] Group 2: Financial Services and Solutions - Bank of China Shanghai Branch introduced a "24/7 Direct Account" service for whitelist enterprises, allowing for immediate foreign exchange transactions and improving capital efficiency [4] - A guarantee fund model was introduced to reduce the cash deposit ratio for enterprises, enhancing customs clearance efficiency amid tariff fluctuations [4] - The Shanghai Municipal Financial Office provided a detailed interpretation of the action plan's strategic goals and key tasks [4] Group 3: Risk Management and Support - The China Foreign Exchange Trading Center emphasized the importance of exchange rate risk management and provided case studies on risk management tools [4] - Yangpu Customs shared initiatives for AEO credit cultivation, offering preferential treatment to support the high-quality development of foreign trade enterprises [5] - Xtransfer highlighted the role of cross-border payment solutions in facilitating global transactions for foreign trade enterprises [6] Group 4: Future Directions - Yangpu District plans to further optimize the policy environment, enhance top-level design, and promote cross-border investment and financing convenience [6] - The district aims to strengthen international financial cooperation and encourage innovation in cross-border financial products and services [6]