从扫码支付的"秒到账"，到跨境投资的"一键通"，再到小微企业贷款的"快审批"——这些日常金融 场景的顺畅运转，背后都离不开金融基础设施的支撑。作为金融市场的"核心骨架"，金融基础设施不仅 是各类交易的"中转站"，更是维护金融稳定、保障资源配置的基石，其架构设计与监管效能，直接关系 到金融服务的质量与经济运行的平稳。 金融基础设施是金融资源交易运行的"道路桥梁"。金融基础设施是指为各类金融活动提供基础性公 共服务的系统及制度安排。目前，我国已逐步形成了为货币、证券、基金、期货、外汇等金融市场交易 活动提供支持的基础设施体系，功能比较齐全、运行整体稳健。金融基础设施服务效率的高低和质量的 优劣，决定了金融市场定价和资源配置是否有效。金融基础设施的服务效率越高、质量越优，市场信息 传递就越及时，资金供需匹配就越精准。 党的二十届四中全会审议通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建 议》，首次将"加快建设金融强国"写入五年规划建议，并围绕此目标作出全面部署，其中提出"建设安 全高效的金融基础设施"。未来如何进一步建设好金融基础设施，助力金融强国建设？经济日报记者采 访了多位业内人士。 推动资源高 ...

在跨境支付行业，一个明显的变化正在发生。 出海企业正在变得更加多元： 市场更分散、运营更本地化、组织结构更扁平。与此同时，越来越多企业开始将成本中心迁往香港、新加坡，甚至直接设在业务发生地附近。 这让一个问题变得越来越突出——企业不再只关心钱怎么"收进来"，而是关心这些钱，能否被长期、合规、高效，规模化地用起来。 在一次围绕跨境支付与企业全球化资金管理的交流中，Neobank代表公司Qbit的创始人吴羽君提出了一个非常清晰的判断： 随着企业全球化程度加深，跨境支付的竞争正在变得更加多维：除了通道能力之外，资金如何被使用、被管理、被规模化支持，正成为越来越重 要的组成部分。 这个判断，并非来自概念层面的推演，而是源自Qbit，这家已经在真实业务中高速运行的全球化团队的长期实践。 当"虚拟卡"不再只是一个支付工具 在很多人的认知里，"虚拟卡公司"本质上只是一个工具提供者： 给企业一张卡，用来刷海外平台、订阅服务、支付广告费用。 但在真实的企业运营中，问题远不止如此。 随着客户规模扩大、市场分布变广，企业真正面临的，往往是一些更底层、更系统性的问题： "如果只是提供一张卡，这些问题一个都解决不了。"吴羽君在交流中直 ...

简单来说，就是从藏在手机里的"电子现金"正式转变为能生息的数字存款货币。这可不是简单的术语调 整，而是一次关乎钱如何"活起来"的机制跃迁。 2026年1月1日，中国数字人民币将迎来一次里程碑式的升级。根据中国人民银行最新发布的《行动方 案》，数字人民币正式从"数字现金"迈入"数字存款货币"时代。 想象一下，未来你数字钱包里的余额不再只是静态数字，而是像银行储蓄一样产生利息，甚至参与信贷 循环——数字人民币正从支付工具演变为一个完整的金融基础设施。 从"钱包"到"账户"：钱终于能生钱了 过去，数字人民币被定义为"数字现金"，类似于揣在手机里的电子纸币，不产生利息，主要功能是支 付。而升级后，用户在商业银行钱包中的数字人民币将被明确为商业银行负债，享受存款保险保障，银 行可为其支付利息，用户也能参与银行资产负债管理。这意味着，数字人民币不再只是支付工具，而是 具备了价值储藏功能——你的数字钱包终于能"钱生钱"了。 这一调整背后，是央行对金融规律的尊重。现金因其匿名性无法生息，而存款通过银行信贷投放参与经 济循环，这才是现代货币体系的核心。数字人民币2.0版选择融入传统金融体系，而非像加密货币那样 试图"颠覆"它， ...

12月19日-20日，"第二十二届中国国际金融论坛"在上海举行，主题为：数字经济时代的智能金融生态 构建。中国现代国际关系研究院国际金融研究所副所长黄莺出席并演讲。 黄莺谈到，香港是全球三大金融中心之一，上海是中国最大的在岸金融中心，在发展离岸金融方面获得 了很多政策支持，而海南封关后不只离岸贸易会得到迅速发展，离岸金融也有较大发展潜力，因此，未 来三地如何协同发展，实现错位竞争，这是未来几年需要深入探讨的重要问题。 谈及上海和香港之间如何合作，黄莺表示，目前，世界正经历三重变革：首先，新一轮产业革命方兴未 艾，新技术牵引全球产业链快速重构，推动全球产业格局巨变。其次，新技术，特别是区块链、AI、 大数据等技术的飞速发展对金融行业产生强大重塑作用，数字经济时代的金融基础设施正处在迅速孵化 和变轨过程中。第三，世界政经格局和国际货币体系进入剧烈动荡期和激烈变革期，主要国家围绕金融 货币权力展开激烈争夺。在这样的大背景下，上海和香港这两大金融中心都必须认真思考如何应对时代 挑战，通过提升自身金融竞争力更好服务国家战略。 她表示，香港和上海在打造面向数字经济的金融基础设施方面有巨大的合作潜能，拓宽数字人民币应用 场 ...

Core Viewpoint - The construction of a financial system that adapts to the development of future industries is a complex system engineering task, requiring a balance between effective markets and proactive government intervention, while breaking path dependence and institutional barriers [1][22]. Group 1: Future Industry Characteristics - Future industries are characterized by the deep integration of technological and industrial innovation, representing a shift towards disruptive innovation driven by cutting-edge technologies [4]. - These industries face fundamental differences in financing needs compared to traditional industries, primarily due to their inherent uncertainty and the lack of established market applications [4][3]. - The rise of future industries necessitates a profound structural reform of the financial supply side to create a modern financial ecosystem that effectively accommodates their unique risk-return characteristics [3][4]. Group 2: Financial System Requirements - The financial system must develop mechanisms for prudent management of uncertainty, flexible operational mechanisms, inclusive development mechanisms, and transparent regulatory mechanisms to adapt to the uncertainties of future industries [4]. - There is a need for a financial infrastructure that can price and manage innovation-related uncertainties, utilizing financial technology for real-time risk monitoring and developing diversified investment tools [9][10]. Group 3: Capital Market Development - The capital market must evolve to support a modern industrial system, focusing on maintaining a reasonable proportion of manufacturing and enhancing the service capabilities of various market segments [5][7]. - A multi-layered capital market system should be established to enhance the service capabilities for specialized small and medium enterprises, particularly those with high intangible asset ratios [7][12]. Group 4: Investment and Financing Coordination - A seamless and complementary financing ecosystem is required to support the growth trajectory of future industries, necessitating a diverse "toolbox" of financing options tailored to different stages of enterprise development [12]. - The financial system should transition from a focus on collateral-based lending to a value discovery approach, emphasizing the importance of intangible assets and future growth potential [6][13]. Group 5: Innovation in Financial Products - Financial products must be innovated to align with the characteristics of future industries, including the development of green finance, digital finance, and inclusive finance to support various sectors of the economy [17][20]. - The establishment of a comprehensive financial service standard system is essential to support the growth of future industries and ensure that financial resources are effectively allocated [18][19]. Group 6: Regulatory Framework - A modern regulatory framework is necessary to ensure that financial resources are effectively directed towards innovation while managing risks, requiring a shift towards functional and penetrating regulation [21]. - The financial system must be equipped to handle systemic risks while promoting a culture of investment in innovative sectors, ensuring that financial resources are available for long-term projects [21].

Group 1: Achievements during the 14th Five-Year Plan - China's economy grew by approximately 40 trillion RMB during the 14th Five-Year Plan, reaching a total economic volume of 140 trillion RMB, which is equivalent to the total volume of several medium-sized economies [1][2] - Per capita GDP increased from 10,504 USD in 2020 to 13,445 USD in 2024, indicating resilience and vitality in economic development [2][4] - The World Bank adjusted its high-income standard, lowering the threshold from 14,005 USD to 13,935 USD, which brings China closer to crossing the high-income threshold by just 275 USD [2][4] Group 2: Economic Development Requirements for the 15th Five-Year Plan - The 15th Five-Year Plan must achieve an average annual growth rate of 4.5% to 5% and gradually raise inflation to around 2% to support nominal economic growth [8][14] - By 2035, China's GDP needs to exceed 200 trillion RMB and per capita GDP should surpass 20,000 USD, building on the 40 trillion RMB growth achieved during the 14th Five-Year Plan [8][14] Group 3: Challenges and Strategic Responses - Current challenges include low inflation and employment pressures, which could hinder nominal GDP growth if not addressed [13][14] - The need for coordinated fiscal and monetary policies is emphasized to ensure effective resource allocation and improve the business environment [13][14] Group 4: International Trade and Economic Environment - China's trade surplus is projected to reach nearly 1 trillion USD in 2024, with expectations of further growth to 1.2 trillion USD in 2025, reflecting strong external competitiveness [15] - The global trade environment is expected to face significant challenges by 2026, necessitating proactive measures to adapt to changing conditions [15][16] Group 5: Digital Currency and Financial Infrastructure - The rise of digital currencies and financial infrastructure is reshaping global financial dynamics, with China leading in central bank digital currency (CBDC) initiatives [18][19] - The U.S. is focusing on stablecoins to maintain dollar dominance, while other countries are exploring their own digital currency strategies [19][21] - The integration of blockchain technology into traditional payment systems, such as SWIFT, is underway, indicating a shift towards a more digitalized financial landscape [22][23]

Core Viewpoint - The strategic cooperation agreement signed between Shanghai Clearing House and Shanghai University of Finance and Economics represents an innovative collaboration between a key national financial infrastructure and a prominent academic institution, aimed at enhancing research in financial technology and cultivating high-quality talent in the financial sector [1] Group 1: Strategic Cooperation - The agreement is seen as a significant milestone for both parties, marking a new starting point for collaboration and mutual development [1] - Both parties aim to align with the goal of building a strong financial nation and actively contribute to the "five major articles" in finance [1] Group 2: Research and Talent Development - The collaboration will focus on joint scientific research that is frontier, strategic, and application-oriented, addressing key technological challenges in the financial industry [1] - There will be a concerted effort to cultivate high-level, interdisciplinary professionals in financial technology and infrastructure [1] Group 3: Knowledge Sharing and Quality Development - The partnership aims to promote knowledge sharing and the transformation of research outcomes, contributing to the establishment of a Chinese financial knowledge system [1] - The ultimate goal is to enhance the service efficiency of financial infrastructure and support the high-quality development of China's financial sector [1]

Core Viewpoint - The recent release of the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" emphasizes the importance of accelerating the construction of a financial powerhouse, highlighting the need for enhanced competitiveness and influence in the global financial landscape [2] Group 1: Financial Development Goals - The 15th Five-Year Plan sets the overarching requirement of building a financial powerhouse, with a focus on enhancing China's global financial competitiveness and participation in international financial governance reform [2] - The plan identifies the construction of a modern industrial system and technological innovation as key strategic tasks that require robust financial support [2] Group 2: Monetary Policy and Macro-Prudential Management - The plan calls for the improvement of the central bank system and the establishment of a comprehensive macro-prudential management framework to ensure effective monetary policy transmission [3] - Emphasis is placed on balancing the timing and intensity of monetary policy, avoiding excessive liquidity while ensuring sufficient support for economic recovery [3] - The plan advocates for enhanced coordination between monetary and fiscal policies to support major projects and maintain financial stability [3] Group 3: Macro-Prudential Management System - A comprehensive macro-prudential management system will be developed to monitor systemic risks more accurately and maintain financial market stability [4] - The plan includes optimizing the macro-prudential assessment framework and enhancing the regulatory focus on systemically important financial institutions [4] - The toolbox for macro-prudential policies will be expanded to address potential liquidity risks and ensure coordinated efforts among various regulatory frameworks [4] Group 4: Financial Sector Innovations - The plan outlines the development of five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, which are essential for supporting national strategies and optimizing financial resource allocation [5] - Technology finance aims to create a robust support system for technological innovation, while green finance focuses on facilitating the transition to a low-carbon economy [5] - Inclusive finance seeks to provide targeted financial support to small and micro enterprises and rural sectors, contributing to common prosperity [5] Group 5: Capital Market Development - The plan emphasizes enhancing the inclusiveness and adaptability of capital market systems, promoting direct financing through equity and bond markets [6] - It aims to shift the focus from financing-led to balanced investment and financing, encouraging long-term capital to enter the market [6] - The development of various financial products, including futures and asset securitization, will be prioritized to support the real economy [6] Group 6: Financial Institution Optimization - The plan proposes optimizing the financial institution system to ensure that various financial entities focus on their core businesses and improve governance [7] - It highlights the importance of small and medium-sized financial institutions and encourages policies to support their development [7] - Large financial institutions are urged to enhance their global competitiveness and adapt to international markets [7] Group 7: Financial Regulation and Risk Management - The plan calls for strengthening financial regulation and enhancing collaboration between central and local regulatory bodies to build a comprehensive risk prevention and resolution system [8] - It emphasizes the need for proactive risk monitoring and the application of regulatory technology to improve risk management capabilities [8] - The legal framework for financial regulation will be updated to address the challenges posed by digital finance and complex financial products [8] Group 8: Financial Infrastructure Development - The plan stresses the importance of building a secure and efficient financial infrastructure to support the stable operation of the financial system [9] - A robust financial infrastructure will enhance service delivery to the modern industrial system and improve China's influence in global financial governance [9] Group 9: Financial Openness and International Cooperation - The plan outlines a strategy for deepening financial openness, transitioning from market access to institutional openness [10] - It aims to create a comprehensive open ecosystem that includes the development of the Shanghai International Financial Center and the promotion of digital currency [10] - The plan emphasizes the need to balance openness with security, using macro-prudential management and regulatory measures to mitigate risks [10]

Core Viewpoint - Financial infrastructure is crucial for the construction of international financial centers, with unique roles in internationality, security, and leadership [1][3][4] Group 1: Internationality - Shanghai Clearing House has established a global network interconnected with major financial infrastructures worldwide, enhancing the participation and scope of international institutions in the Shanghai financial market [3] - The innovative "Yulan Bond" has achieved seamless connectivity between domestic and foreign markets through the interconnection with European clearing infrastructures [3] Group 2: Security - The most important factor in building an international financial center is security, with Shanghai Clearing House's risk control standards becoming a global benchmark [4] Group 3: Leadership - The systems and rules established by Shanghai Clearing House are aligned with global financial infrastructure standards, demonstrating its leadership role [4]

Core Insights - The article highlights the transformative impact of cross-border financial innovations in Shenzhen, particularly through the efforts of Minsheng Bank's Shenzhen branch, which has significantly improved financial services for export enterprises [1][2][3][4][5][6][7]. Group 1: Cross-Border Financial Innovations - Minsheng Bank's Shenzhen branch serves nearly 5,000 import and export enterprises, with an online cross-border remittance rate reaching 85% [1]. - The proportion of small and micro enterprises among cross-border trade financing clients is 95% [1]. - The bank has successfully broken through barriers in small currency settlements, now covering over 130 currencies [1][5]. Group 2: Financing Solutions for Export Enterprises - An automated credit product introduced by Minsheng Bank has streamlined the financing process for export enterprises, reducing the time from weeks to "customs declaration equals financing" [2]. - Approximately 70% of small and medium-sized enterprises in Shenzhen face a persistent "orders without funds" dilemma, prompting the bank to develop more flexible financing tools [2]. Group 3: Efficiency in Customs and Tax Processes - The bank's system allows enterprises to obtain "release before tax payment" qualifications through pure credit, significantly reducing customs clearance times and associated costs [3]. - By connecting directly with customs data, the bank has automated guarantee limits, leading to substantial savings in capital occupation costs [3]. Group 4: Currency Barrier Solutions - Minsheng Bank's "One Account, Multiple Currencies" service allows enterprises to initiate payments in local currencies while locking in exchange rates, enhancing financial efficiency [4][5]. - This service covers over 40 receiving currencies and more than 130 payment currencies, facilitating global transactions [5]. Group 5: Risk Management and Currency Hedging - The bank has developed a "full-link hedging" service system, resulting in a customer hedging ratio of 41% and a sevenfold increase in customer numbers [7]. - The introduction of low-threshold exclusive options for small and micro enterprises has made risk management more accessible, allowing for tailored hedging strategies [6][7]. Group 6: Overall Impact and Recognition - Minsheng Bank's Shenzhen branch has achieved a facilitation settlement volume of 4.1 billion USD and a 52-fold increase in currency hedging scale, reflecting its commitment to financial reform and support for national economic development [7].