记者 王海燕 2014年8月实施的《中国（上海）自由贸易试验区条例》，是全国首部自贸试验区立法，具有开创 性意义，对全国各地自贸试验区立法起到了示范效应。 9月25日，上海市第十六届人民代表大会常务委员会第二十四次会议表决通过了新修订的《中国 （上海）自由贸易试验区条例》，自9月29日起施行。 时隔11年，条例为何重新修订？市人大常委会法工委副主任常江说，此次修订聚焦上海自贸区十多 年来的改革创新举措，通过系统性、集成式制度安排，向境内外经营主体展示上海自贸试验区发展的成 果和信心，继续发挥上海自贸试验区在全国范围"头雁"的示范引领作用。 "此次修订最突出的特点是更加强调系统集成与整体谋划。"市人大财经委立法监督处处长张震表 示，其新颖性甚至体现在章节标题上——例如，专设"第八章边境后管理制度"，就是一个创新点，直接 对标CPTPP高标准的国际经贸协定。 张震说，过去自贸试验区的改革重点主要放在"一线放开、二线管住"的监管模式上，更多关注货物 在口岸与内地之间的流动问题。本次修订则实现了重要突破：制度创新的焦点不再局限于一线与二线之 间，而是延伸至"边境后"阶段，即涵盖一线、二线之后更深层次的国内经济运行规则 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 来源：债券杂志 摘 要 自贸区债券是一种特殊的境外债券形式。本文聚焦2013年中国（上海）自由贸易试验区成立以来我国自贸区债券的发展阶段演变，总结其历史发行特征并 分析原因，针对市场发展所面临的问题提出引入多元化发行主体、健全信用评级体系等建议，以期推动自贸区债券向高质量发展方向迈进。 关键词 自贸区债券 跨境融资 信用评级 流动性 自贸区债券是指在我国自由贸易试验区范围内发行、流通，依托自贸区特殊政策框架和金融基础设施运作的债券品种，在审批流程、发行结构等方面与其 他离岸债券有相似之处。 自贸区债券的发展初衷是推动人民币离岸交易，便利中资企业"走出去"融资，提升人民币跨境结算功能以及稳慎推动人民币国际化。然而在实践中，受制 于参与主体及市场环境条件，境外主体发行自贸区债券数量较少，多数发行人在自贸区内并无实际业务，造成自贸区债券市场的可持续发展和国际化进程 推进相对缓慢。 2025年6月，中国人民银行负责人在陆家嘴论坛上重磅宣布，要发展自贸离岸债，拓宽"走出去"企业及"一带一路"共建国家和地区优质企业的融资渠道。 自贸区债券重新受到市场关注。从发展阶段来看， ...

（上接1版） 制度型开放成果显著 "十四五"期间，外资金融机构调整优化在华业务布局，发挥引资、引智、引技纽带作用，助力企业"引 进来""走出去"，加大对制造业、民营小微、绿色金融等领域的金融支持力度。 目前，全球前50大银行有43家在华设立机构，40家最大的保险公司半数已进入中国。"外资银行和保险 机构总资产超过7万亿元，各项业务保持良好增长态势。"金融监管总局局长李云泽在2025陆家嘴论坛上 表示。 既有"熟面孔"深耕，也有"新朋友"入场。今年3月，外商独资证券公司法巴证券（中国）有限公司开 业；9月，保德信保险资产管理有限公司获批开业，外资独资保险资管队伍再添新员…… 中国证监会主席吴清日前在国新办新闻发布会上介绍，"十四五"期间，新增核准13家外资控股证券基金 期货机构来华展业兴业。 一家家"外商独资"金融机构落子背后，是我国稳步扩大金融制度型开放的生动注脚。近年来，我国放宽 金融服务业市场准入，持续完善准入前国民待遇加负面清单管理模式，完全取消银行、证券、基金管 理、期货、人身险领域的外资持股比例限制，大幅扩大外资机构业务范围。 金融对外开放将走向 "更高水平、更深层次、更宽领域" 国际机构深入布局中 ...

中国人民银行、国家外汇管理局有关负责人表示，《公告》发布后，银行间债券市场的境外机构投资者 均可参与债券回购业务，包括通过直接入市和"债券通"渠道入市的全部境外机构投资者。投资者类型包 括：境外中央银行或货币当局、国际金融组织、主权财富基金；境外商业银行、保险公司、证券公司、 基金管理公司、期货公司、信托公司及其他资产管理机构等各类金融机构，以及养老基金、慈善基金、 捐赠基金等中长期机构投资者。 此外，境外金融基础设施、自律组织和行业协会可为境外机构投资者在银行间债券市场开展债券回购业 务提供服务，相关行为应当符合中国法律法规和金融管理部门规定，境外自律组织和行业协会应将主协 议标准版本向中国人民银行备案。 北京商报讯（记者 岳品瑜 董晗萱）9月26日，中国人民银行、中国证监会、国家外汇管理局联合发布了 关于进一步支持境外机构投资者开展债券回购业务的公告（以下简称《公告》）。 ...

Core Viewpoint - The first major revision of the "Shanghai Free Trade Zone Regulations" has been approved, set to take effect on September 29, 2025, reflecting significant changes in the operational environment and management system of the free trade zone over the past decade [1][2]. Group 1: Investment and Trade Facilitation - The revised regulations solidify existing practices such as the negative list for foreign investment, customs facilitation, and the "single window" for international trade, while also introducing new measures for emerging trade formats and cross-border digital trade [4]. - Future plans include broader foreign investment access, pilot programs for advanced telecommunications, and support for foreign investment in healthcare and vocational training sectors [4]. - The regulations aim to enhance the management of bonded maintenance services for high-tech equipment and promote the use of various fuels in international shipping [4]. Group 2: Financial and Data Flow - The regulations emphasize the development of financial infrastructure and the expansion of cross-border financial services, including support for technology, green, and digital finance [5]. - A mechanism for data security compliance and cross-border data flow is established, promoting high-quality data utilization and international cooperation in the digital economy [5][6]. - Plans to create an international data economic industrial park and enhance data processing capabilities are outlined [6]. Group 3: Innovation and Talent Development - The regulations promote the aggregation of innovative elements, support for cross-border technology transactions, and the development of key industries such as biomedicine and artificial intelligence [7]. - New policies for attracting foreign talent include streamlined visa processes and support for research institutions [8]. - The focus on integrated innovation in key industries aims to enhance Shanghai's position in emerging sectors like integrated circuits and advanced manufacturing [7].

将在上海自贸试验区挂牌设立12周年之际正式施行。 全国首部自贸试验区立法——《中国（上海）自由贸易试验区条例》完成修订，并将在上海自贸试验区 挂牌设立12周年之际（即2025年9月29日）正式施行。 9月25日，修订后的《中国（上海）自由贸易试验区条例》（以下简称《条例》）经上海市十六届人大 常委会第二十四次会议全票表决通过。 全国首部自贸试验区立法修订 作为全国首部自贸试验区立法，2014年8月实施的《条例》，在推动上海自贸试验区为国家"试制度、探 新路、测压力"，形成一系列改革创新举措方面发挥了重要作用，也对全国各地自贸试验区立法起到了 示范效应。 不过，上海市人大常委会法工委副主任常江在9月26日的新闻发布会上表示，十多年来，上海自贸试验 区的覆盖范围、管理体制、外部环境发生了较大变化，在制度创新的基础上，更加注重功能拓展和产业 发展。因此，有必要对《条例》进行全面修订，为建设更高水平上海自贸试验区提供坚实的法治保障。 自贸试验区改革更进一步 下一步，陈彦峰表示，将加大《条例》贯彻落实力度，加强政策配套，不断提升境内外经营主体的感受 度、获得感。 具体而言，则是要对照《条例》，重点围绕全面对接国际高标准 ...

Core Insights - China's financial internationalization has made significant progress, with record offshore RMB bond issuance and breakthroughs in cross-border financial services [1] - The integration of finance and technology is an irreversible trend, essential for building a strong financial nation [1] Group 1: Financial Developments - Offshore RMB bond issuance has reached a new high, indicating increased international acceptance of the currency [1] - The Guangdong-Hong Kong-Macao Greater Bay Area's cross-border wealth management scheme has achieved significant scale [1] - New policies such as cross-border insurance and southbound trading under the Bond Connect have been successfully implemented [1] - The establishment of the digital RMB international operation center is expected to increase the proportion of RMB in cross-border payments [1] Group 2: Recommendations for Financial Innovation - Encourage innovation by promoting market-oriented and legal frameworks for financial development, emphasizing collaboration between financial institutions and technology companies [2] - Reform is necessary to achieve innovation, including improving the positioning of state-owned banks and enhancing regulatory frameworks [2] - Expand openness to improve financial resource allocation efficiency and enhance international competitiveness [3] Group 3: Integration and Safety - Promote the integration of various financial sectors and the fusion of finance with technology, e-commerce, and logistics to better serve the real economy [3] - Emphasize the importance of risk prevention and data security in the face of new financial business models, advocating for a robust regulatory framework [3]

Core Viewpoint - The financial sector in China has made significant achievements during the "14th Five-Year Plan" period, contributing to the country's modernization and economic development through robust reforms and enhanced service capabilities [1][2][4]. Group 1: Financial Sector Achievements - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first globally; the stock and bond markets are the second largest in the world; and foreign exchange reserves have maintained the top position for 20 consecutive years [1]. - The balance of green credit has reached 42.39 trillion yuan, supporting the construction of a beautiful China, while the digital payment penetration rate stands at 86%, showcasing the accessibility of financial services [1]. - Over the five years, the banking and insurance sectors have provided an additional 170 trillion yuan in funding to the real economy, highlighting the crucial role of financing channels [2]. Group 2: Reform and Market Activation - The financial reforms during the "14th Five-Year Plan" have deepened and materialized, with a series of transformative reforms enhancing governance efficiency and market vitality [2]. - The modern monetary policy framework has begun to take shape, significantly improving policy implementation and transmission effectiveness, thereby supporting the main economic and social development goals [2]. Group 3: Risk Management and Safety - Risk prevention measures have been effectively implemented, leading to a significant reduction in high-risk financial assets and the orderly restructuring of small and medium-sized financial institutions [3]. - The overall risk in key areas such as real estate and local government debt remains controllable, with the resilience of the financial system continuously strengthening [3]. Group 4: Global Competitiveness and Openness - The financial services sector has seen a deepening of institutional openness, with mechanisms like the Shanghai-Hong Kong Stock Connect being optimized, and foreign holdings of domestic stocks and bonds exceeding 10 trillion yuan [3]. - The international status of the renminbi is steadily rising, with China becoming one of the top three currencies in global trade financing and payment, reinforcing its role in the international monetary system [3].

Group 1 - The People's Bank of China (PBOC) has established a supportive monetary policy stance during the 14th Five-Year Plan period, with a preliminary formation of a modern monetary policy framework with Chinese characteristics [1][3] - Financial system reforms have deepened, significantly enhancing the quality and efficiency of financial services to the real economy, while also making progress in financial openness and risk prevention [1][2] - As of the end of July, foreign institutions and individuals held over 10 trillion yuan in domestic stocks, bonds, and deposits, with panda bond issuance exceeding 1 trillion yuan [1] Group 2 - The number of financing platforms has decreased by over 60% and the scale of financial debt has dropped by over 50% compared to early 2023, indicating a significant reduction in local government financing platform risk levels [2] - The PBOC is exploring monetary policy tools to maintain capital market stability, including the creation of swap facilities and stock repurchase loans [2] - Overall, financial risks are considered manageable, with a robust financial system in place, emphasizing the importance of comprehensive financial regulation as the first line of defense against financial risks [2] Group 3 - The modern monetary policy framework has effectively promoted reasonable growth in financial aggregates, steady decline in financing costs, and optimization of credit structures, while maintaining currency stability [3] - The current monetary policy stance is supportive and moderately accommodative, creating a favorable environment for economic recovery and financial market stability [3] - The PBOC will adjust monetary policy based on macroeconomic data, ensuring ample liquidity and supporting consumption and effective investment to sustain economic recovery [3]

Group 1 - The core viewpoint of the articles highlights the significant achievements of China's financial sector during the "14th Five-Year Plan" period, emphasizing the deepening of financial reforms and the enhancement of financial services to the real economy [1][3][5] - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first in the world, with stock and bond market sizes also ranking second globally [1] - The People's Bank of China (PBOC) has adopted a supportive monetary policy stance, focusing on maintaining internal and external balance while promoting economic recovery and financial market stability [7][8] Group 2 - Financial system reforms have been further deepened, with the establishment of new regulatory bodies such as the Central Financial Committee, enhancing governance efficiency [3] - The quality of financial services to the real economy has significantly improved, with annual growth rates exceeding 20% for loans to technology-based SMEs, inclusive micro-enterprises, and green loans during the "14th Five-Year Plan" [3][5] - The number of high-risk small and medium-sized banks has been significantly reduced, with a decrease of over 60% in financing platform numbers and over 50% in financial debt scale as of June 2023 [5][4] Group 3 - The internationalization of the Renminbi has progressed, with the currency becoming the largest settlement currency for China's external payments and ranking third in the IMF's Special Drawing Rights basket [6] - Financial market openness has been steadily deepened, with foreign institutions holding over 10 trillion yuan in domestic stocks and bonds by the end of July 2023 [6] - The PBOC is committed to maintaining a stable macroeconomic environment and will utilize various monetary policy tools to ensure ample liquidity and support effective investment [8]