● 本报记者 熊彦莎 12月10日，财政部在香港特别行政区成功发行2025年第六期人民币国债，发行规模为70亿元，认购倍数 达5.22。至此，2025年在香港分六期发行的680亿元人民币国债全部发行完毕，较2024年的550亿元大幅 提升。 专家表示，今年以来，我国离岸债券获得国际投资机构广泛认可，传递出全球对中国经济韧性的信心， 助推我国金融高水平对外开放。展望2026年，我国离岸债券发行有望实现量质齐升，需进一步构建跨周 期发行机制，通过灵活选择发行窗口与规模，维持供给的可预期性与价格的稳定性。 形成常态化发行机制 财政部在香港发行人民币国债已形成常态化机制。自2009年起，财政部已连续17年在香港发行人民币国 债。 "在香港常态化发行人民币国债已成为推动金融高质量对外开放的重要制度安排。"国家金融与发展实验 室特聘高级研究员庞溟表示，香港是高度国际化的金融市场，在香港定期、透明地发行国债，展现了中 国主动对接国际金融市场规则，在可控、有序前提下深化金融市场改革的决心，也进一步强化了香港国 际金融中心地位。 在发行规模上，今年财政部在香港发行人民币国债总额为680亿元人民币，较去年的550亿元实现大幅增 ...

本报记者 杨笑寒 近日，中国保险行业协会发布《中国保险业社会责任报告（2024）》（以下简称《报告》）显示，2024 年，保险业坚持改革创新，全力服务高水平对外开放。外资持续看好中国保险市场，外资保险机构在华 业务增长18%，高于全国平均水平14.5个百分点；赔付支出增长45%，高于全国平均水平25.6个百分 点。 受访专家表示，外资频频加码我国保险行业，主要受行业持续推进高水平对外开放、市场潜力巨大、外 资长期价值认同等因素影响。 多举措布局保险行业 近年来，外资通过设立新保险机构、成为新股东或增加注册资本等多种方式布局我国保险行业。 在新设保险机构方面，今年以来，已有4家新保险机构获发保险许可证，其中，北京法巴天星财产保险 股份有限公司和保德信保险资产管理有限公司的设立均有外资参与。同时，今年6月份，国家金融监督 管理总局发布行政批复，同意荷兰全球人寿保险集团筹建荷全保险资产管理有限公司，以及友邦人寿保 险有限公司筹建友邦保险资产管理有限公司。 在新增股东方面，国民养老保险股份有限公司（以下简称"国民养老"）此前公告显示，拟以发行新股增 资方式引入一家战略投资人，即安联投资有限公司（Allianz Glo ...

Core Insights - The Chinese insurance industry is experiencing significant growth, particularly from foreign investment, with foreign insurance institutions in China seeing an 18% increase in business, surpassing the national average growth rate of 14.5% [1] - The report highlights a 45% increase in claims expenditure from foreign insurance companies, which is also above the national average increase of 25.6% [1] Group 1: Foreign Investment Trends - Foreign entities are actively entering the Chinese insurance market through various methods, including establishing new insurance institutions and increasing registered capital [2] - Four new insurance institutions have received licenses this year, with foreign participation in companies like Beijing La Banque Postale Tianxing Property Insurance Co., Ltd. and Prudential Insurance Asset Management Co., Ltd. [2] - Strategic investments are being made, such as Allianz Global Investors acquiring a 2% stake in Guomin Pension Insurance Co., Ltd. through a capital increase [2][3] Group 2: Market Potential and Strategic Shifts - The acceleration of foreign investment in China's insurance sector is driven by the country's ongoing financial openness, including the removal of foreign ownership limits and streamlined approval processes [3] - The Chinese insurance market is still in a deep development phase, with low per capita premiums and insurance density, alongside increasing demand for long-term protection and wealth management due to aging population and rising wealth [3] - Foreign insurers are transitioning from initial market entry to deeper engagement, aiming to establish a comprehensive localized operational system across life insurance, property insurance, and asset management [3] Group 3: Performance of Foreign-Backed Insurers - Foreign-backed insurance companies have shown strong performance in net profit and investment returns, with five out of the top ten non-listed life insurance companies by net profit being foreign or joint ventures [4] - These companies benefit from mature governance structures and efficient risk management, allowing them to achieve higher investment returns even in low-interest environments [4] - The focus on high-end clients and long-term savings products contributes to better underwriting profits and premium stability, enhancing overall profitability compared to industry averages [4] Group 4: Competitive Landscape and Market Dynamics - The entry of foreign capital into the Chinese insurance market is expected to stimulate market vitality and shift competition from price wars to service and quality [5] - This influx of foreign expertise may intensify competition for talent and high-end clients but is likely to drive overall industry progress and provide consumers with more quality choices [5]

Group 1 - The core theme of the meeting was "innovation, inclusiveness, and openness" to better promote high-quality development of the capital market [2] - The meeting highlighted the importance of responding to opportunities and challenges brought by emerging technologies in the capital market [2][3] - The committee members praised the achievements of the 20th Central Committee's Fourth Plenary Session and noted improvements in investor confidence and market resilience since the introduction of a package of measures by the government [3] Group 2 - Suggestions were made to enhance the coordination between investment and financing functions in the capital market, improve the inclusiveness and adaptability of market systems, and strengthen the functions of bond and futures markets [3] - The committee emphasized the need for a market ecosystem that supports long-term investments and the role of technology in empowering capital market development and regulation [3] - The meeting was attended by representatives from various government bodies and was held during the 2025 Financial Street Forum Annual Meeting [4]

Core Insights - The 2025 Financial Street Forum has commenced in Beijing, focusing on "Innovation, Transformation, and Reshaping Global Financial Development" with over 400 guests from more than 30 countries [1] - Beijing's financial sector has shown significant growth, with a value-added of 670 billion yuan in the first three quarters of 2025, marking a 9% year-on-year increase [1][9] Policy Framework - The "Five Major Articles" policy framework, established during the 2023 Central Financial Work Conference, aims to direct financial resources towards key areas of the real economy [3] - Beijing is among the first cities to incorporate the "Five Major Articles" into its local financial development plan, with a comprehensive policy framework established by various financial authorities [3][4] Financial Performance - As of June 2025, loans in the "Five Major Articles" sectors reached 6.8 trillion yuan, growing at a rate 5.2 percentage points higher than overall loan growth [4] - In the technology finance sector, loans exceeded 4 trillion yuan, with a 30.9% year-on-year increase in loans to technology SMEs [4][5] Green Finance Initiatives - The establishment of the National Green Technology Trading Center and significant trading volumes in carbon markets highlight Beijing's commitment to green finance [5] - The city has implemented policies to enhance access to financing for innovative SMEs, including a 40% interest subsidy for first-time loans [5] High-Level Opening and International Cooperation - Beijing's financial sector is undergoing a transformation towards high-level opening, aligning with national strategies to attract global capital [6][7] - Since the initiation of the "Two Zones" strategy, nearly 200 foreign and domestic financial institutions have been introduced to Beijing [6] Cross-Border Financial Developments - The integration of onshore and offshore currency pools has simplified cross-border transactions for 1,700 enterprises, with a total cross-border payment volume exceeding 150 billion USD [7] - The city's foreign exchange revenue grew by 67.4% in 2024, reaching 2.4 trillion USD, accounting for 16.9% of the national total [7] Technological Innovation in Financial Services - Beijing is leveraging digital technology to enhance financial services, with nearly 20 million digital yuan wallets opened and transactions amounting to nearly 300 billion yuan [8] - The city has implemented various pilot projects for digital currency applications, including a digital yuan-backed loan for technology enterprises [8][9] Financial Ecosystem Development - The upgrade of the Zhongguancun Sci-Tech Financial Service Center has expanded its support to over 30,000 enterprises, enhancing the ecosystem for innovation [9] - The financial sector's value-added contribution to Beijing's GDP reached 17.4%, driving overall economic growth by 1.5 percentage points [9]

Core Insights - The Shanghai-Hong Kong Stock Connect, launched on November 17, 2014, has established a new model for cross-border securities investment and explored new paths for high-level financial openness [1][2] Group 1: Development of Shanghai-Hong Kong Stock Connect - The Stock Connect mechanism has been continuously optimized since its inception, with trading varieties gradually increasing and trading mechanisms improving [1] - Key milestones include the removal of total quota limits in 2016, quadrupling of daily quotas in 2018, inclusion of different voting rights structures in 2019, addition of STAR Market stocks in 2021, and inclusion of ETF products in 2022 [1] - By September 2023, foreign capital through the Shanghai Stock Connect had a cumulative transaction amount of 90.1 trillion yuan, with daily average trading increasing from 4.7 billion yuan in the first month to 145.6 billion yuan [1] Group 2: Future Outlook and Strategic Initiatives - The China Securities Regulatory Commission released five measures for capital market cooperation with Hong Kong in April last year, and a collaborative development action plan was signed in June this year [2] - The next decade will focus on optimizing the Stock Connect mechanism, enhancing the competitiveness and influence of both Shanghai and Hong Kong as international financial centers [2] - The initiative aims to create an open, inclusive, and efficient market ecosystem, inviting more foreign investors to participate in the domestic market [2]

Core Insights - The HKEX China Opportunities Forum was held in Shanghai, coinciding with the 25th anniversary of the Hong Kong Stock Exchange, highlighting the strong recovery of the Hong Kong market and its role as a "super connector" between East and West [1] Group 1: Market Mechanisms - The Shanghai Stock Exchange (SSE) aims to continuously optimize the Shanghai-Hong Kong Stock Connect mechanism under the guidance of both exchanges' regulatory bodies, enhancing the competitiveness and influence of the two financial centers [3] - The Shanghai-Hong Kong Stock Connect, launched on November 17, 2014, has pioneered a new model for cross-border securities investment and explored new paths for high-level financial openness [3] Group 2: Trading Data - As of the end of September, foreign capital through the Shanghai Stock Connect has accumulated a total transaction amount of 90.1 trillion yuan, with daily average trading volume increasing from 4.7 billion yuan in the first month to 145.6 billion yuan by September 2025 [4] - The southbound trading by mainland investors through the Hong Kong Stock Connect has reached a total transaction amount of 37.5 trillion yuan, with daily average trading volume rising from 600 million yuan in the first month to 89.4 billion yuan by September 2025 [4] Group 3: Future Outlook - The SSE plans to continue collaborating with the Hong Kong Stock Exchange to optimize the Stock Connect mechanism, serve domestic and foreign investors, and promote the coordinated development of onshore and offshore markets over the next decade [5][6] - The SSE welcomes more foreign investors to participate in the domestic market, aiming to build an open, inclusive, and efficient market ecosystem to share in the benefits of China's high-quality economic development [6]

Core Points - The 2025 Financial Street Forum Annual Meeting will be held from October 27 to 30 in Beijing, focusing on "Global Financial Development under Innovation, Transformation, and Restructuring" [1] - The forum aims to promote high-quality global financial development and calls for a consensus on innovation, transformation, and resilience in the financial system [1] Group 1: Forum Structure and Participation - The forum will feature a framework of "main forum + parallel forums + fintech conference + supporting activities," with 27 main and parallel forum events and 11 fintech conference activities planned [1][2] - Over 400 guests from more than 30 countries and regions are expected to attend the event [1] Group 2: Key Themes and Discussions - The opening ceremony will include theme speeches from leaders of five co-hosting organizations and video addresses from heads of international organizations such as the IMF and BIS [2] - Discussions will cover topics such as international financial governance, the role of finance and technology in high-quality industrial development, financial risk and regulation, and inclusive capital market development [2] Group 3: Fintech Conference and Supporting Activities - The fintech conference will focus on empowering financial digitalization and intelligent transformation, featuring the latest developments and research reports in fintech and green innovation [3] - Supporting activities will include networking events, investment and financing matchmaking, and a series of promotional activities in the Financial Street area, enhancing the interactive and technological experience [5]

Core Insights - The 2025 Lujiazui Forum focused on the construction of Shanghai as an international financial center, with experts and international entrepreneurs sharing insights and strategies for advancing this goal [1][2] Group 1: Financial Opening and Reform - China is prioritizing institutional opening to promote high-level financial openness, with Shanghai positioned as a leading area for financial reform and opening due to its comprehensive financial market system and industrial cluster advantages [2] - The forum highlighted the need for cooperation among various financial markets and discussed opportunities for developing capital market products, aligning with international best practices, and enhancing financial infrastructure and risk prevention mechanisms [2] Group 2: Government Support and Future Directions - The Shanghai municipal government expressed gratitude to the speakers and emphasized the positive outcomes achieved in the construction of the international financial center, supported by the central government and global investors [2] - Future efforts will focus on deepening financial openness, improving the financial business environment, aligning with international standards, and enhancing financial regulatory measures to effectively mitigate risks [2]

Core Insights - The visit of the Bank of China to the Shanghai Gold Exchange highlights a collaborative effort to enhance the gold market's resource allocation capabilities [1] - Discussions focused on how to better serve the financial sector's strategic initiatives and promote high-level financial openness [1] - Both parties expressed commitment to leveraging their respective resources to expand cooperation in key areas such as financial services for the real economy and institutional openness [1] Group 1 - The Bank of China, led by President Zhang Hui, engaged in discussions with the Shanghai Gold Exchange, represented by Chairman Yu Wenjian [1] - The meeting emphasized the importance of the gold market in supporting national financial strategies and initiatives [1] - Future collaboration will focus on deepening strategic partnerships in financial services and enhancing the overall effectiveness of financial operations [1]