全球货币体系正在重构，与"一带一路"和离岸经济建设深度交织。离岸金融已成为我国从金融大国 迈向金融强国的必答题。 长期以来，国内对离岸金融疑虑重重，担心监管失控、脱实向虚、冲击在岸市场、风险外溢、不可 持续等，这些认知藩篱严重制约了其发展。事实上，国际上成熟离岸金融中心的实践早已证明：离岸金 融不是"洪水猛兽"，而是可控可管的现代金融基础设施。 当前，中国正迎来破解疑虑的历史窗口，如美元霸权松动为人民币离岸市场提供了战略空间；"一 带一路和离岸经济"相关国家的贸易投资催生巨量跨境金融需求；我国22个自贸试验区更为制度创新提 供了试验田。 本文从制度、业务、协同、风控和生态五个维度，提出兼具国际视野与中国特色的解决方案，推动 离岸金融从"边缘补充"跃升为"核心支柱"。 制度创新：破解"监管失控"的闭环设计 第一，市场化准入的效率革命。当前，我国外资金融机构设立审批平均耗时187天，远高于迪拜28 天、新加坡45天的国际标准，这种"准入壁垒"反而加剧了外界对"监管失控"的担忧。不少企业为绕开冗 长审批，倾向直接落户境外离岸金融中心，结果形成监管盲区。当务之急是推行"承诺制+全流程监 管"：企业提交基础材料后，7个 ...

本文来自微信公众号： 秦朔朋友圈 （ID：qspyq2015） ，作者：巫珩（香港科技大学硕士，区域经 济观察者），题图来自：AI生成 今年12月18日，海南即将正式封关。 实际上，很多人没有意识到，这个小岛发生的试验性动作，其重要性远超我们的想象。 一 首先，海南要建设新型区域性离岸国际贸易中心。那么，要搞清楚一个概念，什么是新型离岸贸易？ 在传统的离岸贸易里，中国企业的角色更多是参与方，也就是作为货物的供应方，借助开设在新加 坡、中国香港等地的离岸公司，将"Made in China"的产品销售到全球市场。 但是，随着全球贸易竞争越来越激烈，中国企业不能局限于这种传统的贸易思维。而是应该主动跳出 来，从货物供应方的角色，变成像新加坡等离岸经济体那样的服务方角色，将除中国之外的其他国家 的货物卖给全球市场。 举个具体的例子，有一家在中国境内的跨国企业，向柬埔寨工厂购买了一批原材料，并从当地运往越 南进行代加工，最后将成品直接销售给韩国的客户。 你看这整一个过程，从采购到销售，都没有经过中国口岸，但在包括合同订单、资金结算、物流航 运、运输保险、贸易融资等各个重要的环节，却都不乏这家企业的身影，那它是怎么发挥 ...

以下文章来源于秦朔朋友圈 ，作者巫珩 秦朔朋友圈 . 秦朔朋友圈是由中国著名媒体人、财经观察家秦朔牵头创立的一个新媒体与专业服务品牌，包括微信公 众号、微博、视频节目、音频节目等。内容聚焦于经济、金融和商业领域，关注重点为全球和中国财经 商业热点、企业家精神、创新与发明创造、商业文明探索等。 作者： 巫珩 来源： 秦朔朋友圈 ---------------------------------- 今年 12月18日，海南即将正式封关。 你看这整一个过程，从采购到销售，都没有经过中国口岸，但在包括 合同订单、资金结算、物流航 运、运输保险、贸易融资等 各个重要的环节，却都不乏这家企业的身影，那它是怎么发挥作用的 呢？实际上都是通过远程操控，而这就是新型离岸贸易的运作模式。 为什么我们现在要开始重视发展新型离岸贸易呢？一方面，国内很多企业在做中间品贸易与全球采 购，这可以给它们搭建高效平台，帮助它们深度融入全球产业链分工，从而提升中国企业在区域价 值链的地位。 另一方面，这也可以提高国家在全球市场资源的统筹调配能力，以及在国际贸易领域的国际竞争力 和话语权。 在这种情况下，海南自由贸易港变得尤为重要。可能有人会说， ...

Core Insights - The China (Shanghai) Pilot Free Trade Zone Lingang New Area has achieved significant milestones in its six years of operation, focusing on open innovation and establishing a competitive open industry system [1][2] - The area aims to become a "third pole" in Shanghai's international financial center, emphasizing offshore finance, international reinsurance, and cross-border financing leasing [1][7] Institutional Innovation - The Yangshan Special Comprehensive Bonded Zone has introduced a new customs supervision system, significantly improving the efficiency of vehicle import and export processes, with a 50% increase in efficiency [2] - The establishment of a "five freedoms and one convenience" open system has allowed for innovative customs practices, facilitating high-standard international trade agreements [2][3] Industry Development - The Lingang New Area is focused on building a competitive open industry system, attracting multinational companies to establish offshore R&D and manufacturing centers, particularly in key sectors like semiconductors and advanced materials [4][6] - Companies like Lenz Group and Panshi Group have established significant operations in the area, contributing to the local economy and enhancing the competitiveness of the semiconductor industry [5][6] Financial Center Development - The Dwater Lake Financial Bay is being developed as a new financial hub, attracting over 600 companies and focusing on cross-border finance and financial technology [7][8] - Recent initiatives in offshore trade finance have streamlined processes, reducing transaction times from days to seconds, aligning with international standards [7][8]

Group 1 - The core relationship between international trade and offshore finance is essential for overcoming geographical and institutional boundaries, relying on special financial arrangements [1][10] - International trade, cross-border trade, and offshore trade are three key concepts that form a multi-layered structure of global trade [2][3] - Offshore trade is characterized by transactions that do not physically enter the trading parties' countries, highlighting China's pivotal role in the global supply chain [3][4] Group 2 - The integration of offshore finance tools such as settlement, financing, and insurance is crucial for supporting international trade [5][6] - Offshore settlement platforms significantly reduce transaction costs and time, with 80% of bulk commodities settled through offshore accounts, saving 20% to 40% in international trade costs [6][8] - Offshore financing provides essential liquidity for emerging market SMEs, with significant savings on interest rates compared to local banks [6][7] Group 3 - The evolution of offshore finance is deeply rooted in the dynamics of international trade, with funds, demand, and flow acting as vital nutrients for its growth [8][9] - The successful integration of international trade and offshore finance in the US and UK serves as a benchmark for creating a closed-loop system that enhances trade efficiency [9][10] - China's initiatives, such as the Shanghai Free Trade Zone and digital RMB, are redefining the boundaries of offshore finance and trade [10][11] Group 4 - Future trends in international trade and offshore finance will focus on green trade, technological advancements, and inclusive services, with innovations like carbon finance and blockchain technology enhancing efficiency [11][12] - The regulatory landscape is evolving to address potential risks associated with offshore finance, emphasizing the importance of real-time monitoring and data integration [12][13]

Core Viewpoint - The development of the offshore RMB market can draw lessons from Japan's successful experience in offshore finance, emphasizing a low-profile and pragmatic approach to enhance financial competitiveness and support the internationalization of the RMB [1][4]. Group 1: Japan's Offshore Financial Success - The internationalization of the yen was driven by the establishment of a robust offshore financial market, which transformed the yen from a trade settlement tool to a freely convertible currency [1]. - The revision of Japan's Foreign Exchange and Foreign Trade Act in 1998 eliminated residual foreign exchange controls, significantly enhancing the linkage between offshore and onshore markets [1]. - The offshore yen lending rate (Euroyen LIBOR) and Tokyo interbank offered rate (TIBOR) spread narrowed to within 5 basis points, creating a mechanism for "offshore pricing - onshore transmission" [1]. Group 2: Functions of Offshore Financial Markets - Offshore financial markets serve as a key platform for the three core functions of currency internationalization: payment, investment, and reserve [2]. - Japan's economic layout in South America, particularly in Brazil and Argentina, exemplifies the deep synergy between offshore finance and industrial investment [2]. Group 3: Mechanisms in South America - In Brazil, Japan's investment reached $78 billion in 2023, utilizing a profit repatriation mechanism that aligns local regulations with offshore financial markets [2]. - In Argentina, despite capital controls, Japanese companies established efficient funding channels through "offshore node interconnection" [2]. Group 4: Low-Profile Strategy and Benefits - Japan's low-profile approach in offshore finance has led to macro-financial stability, enhanced micro-enterprise competitiveness, and geopolitical adaptability [3]. - The offshore market acted as a buffer against external shocks, stabilizing foreign exchange reserves and mitigating speculative pressures [3]. - The low-profile development provided Japanese companies in South America with operational advantages, including lower financing costs and improved tax efficiency [3]. Group 5: Lessons for China's Offshore RMB Market - China's offshore RMB market should transition from "policy-driven" to "institution-driven" and "market-driven," focusing on quality competition rather than scale [5]. - The establishment of a "offshore RMB entity label" system can ensure that offshore funds are closely tied to real trade and investment [5]. - A cross-border "trade-logistics-fund flow" big data verification platform can be developed to prevent false trade and arbitrage [5]. Group 6: Asset Pooling and Risk Isolation - Creating a "RMB-foreign exchange dual fund pool" in pilot areas can enhance the efficiency of fund utilization [6]. - The establishment of a multi-tiered RMB safe asset system through regular issuance of offshore central bank bills and government bonds can attract global investors [6]. - Implementing an "electronic fence" for risk isolation can prevent external shocks from affecting onshore markets [6]. Group 7: Tax Neutrality and Legal Framework - A tax system that is neutral and transparent, similar to Japan's, can reduce policy arbitrage in offshore RMB business [7]. - Establishing an "offshore RMB international arbitration center" can ensure that arbitration rules align with international practices while maintaining control over adjudication [7]. Group 8: Gradual and Low-Profile Approach - A gradual and low-profile strategy should be adopted to allow for institutional adjustments without rushing to create an "international benchmark" [8]. - The focus should be on improving foundational systems such as offshore account functions and tax policies in pilot free trade zones [9].

Summary of Hainan Free Trade Port Conference Records Industry Overview - The conference discusses the Hainan Free Trade Port (FTP) and its upcoming operational closure scheduled for December 18, 2025, with significant policy changes and infrastructure developments aimed at enhancing trade and investment opportunities in the region [1][4][35]. Key Points and Arguments Hainan Free Trade Port Policies - Hainan FTP will implement a "zero tariff" policy, increasing the proportion of zero-tariff items from 21% to 74%, covering 6,600 tax items including automobiles, cosmetics, and electronics [1][4]. - The tax incentives will extend to all enterprises and non-profit organizations on the island, with a dual 15% income tax policy for both corporate and personal income [1][4]. - The customs declaration process has been simplified, reducing the number of declaration items from 105 to 42, enhancing the efficiency of goods clearance [2][4]. Infrastructure and Logistics - As of July 2025, significant progress has been made in logistics and hardware infrastructure, with eight open ports established, including Haikou Meilan Airport and Sanya Phoenix Airport [2][3]. - The establishment of 64 comprehensive law enforcement points across the island facilitates related declarations and enhances regulatory capabilities [2][3]. Strategic Design and Development Focus - The top-level strategic design includes "one book, three basics, four beams, and eight pillars," aiming for trade and investment liberalization by 2025 and establishing a high-level international free trade port by 2035 [1][11]. - Key development areas include processing manufacturing, trade, offshore finance, and consumption, with policies to support industry upgrades and simplify cross-border capital flow [1][14][17]. Pressure Testing and Market Confidence - Multiple rounds of pressure testing have been conducted to assess system stability and policy feasibility, leading to the optimization of regulatory details and enhancing market confidence [1][9][10]. - The pressure tests focus on policy execution, regulatory alignment, platform stability, and management capabilities [6][7][9]. Challenges and Future Outlook - Future challenges include increased risk management pressures, the need for innovative policy implementation, and heightened international competition [10][21]. - Hainan FTP aims to attract global resources and become a testing ground for domestic and international dual circulation [5][30]. Additional Important Insights - Hainan's unique consumption market is bolstered by its ecological tourism appeal and government initiatives to stimulate consumption, including an increase in duty-free shopping limits [19][20]. - The financial sector in Hainan is expected to benefit from tax incentives and the establishment of a digital RMB pilot area, enhancing cross-border capital flow and financial innovation [27][31]. - The strategic positioning of Hainan as a regional hub for trade with ASEAN and South Asia differentiates it from other free trade ports like Hong Kong, which serves as a global trade benchmark [21][24]. This summary encapsulates the critical developments and strategic initiatives surrounding the Hainan Free Trade Port, highlighting its potential as a significant player in global trade and investment.

Core Viewpoint - The development of the Renminbi stablecoin is gaining attention as it is seen as a crucial payment tool in the digital economy, with its internationalization relying on offshore financial systems and the integration of stablecoins [1][7] Group 1: Offshore Financial and Stablecoin Interaction - The global offshore financial market is evolving with a new trend of interaction with stablecoins, characterized by a mature model of "regulatory sandbox + scenario implementation + ecological collaboration" [2] - The Dubai International Financial Centre (DIFC) achieved a 4.8% annualized return with a volatility of only 1.2% in its stablecoin reserve management strategy, showcasing effective risk-adjusted returns [2] Group 2: Asset Appreciation Solutions - The "Bond Connect+" initiative allows up to 20% of Renminbi stablecoin reserves to be invested in a broader range of bonds, enhancing asset appreciation opportunities [3] - The Shanghai Free Trade Zone's "digital asset bonded warehouse" policy reduces custody costs by 50% through zero tariffs and immediate VAT refunds [3] Group 3: Institutional Innovation - The establishment of a flexible regulatory framework is essential for the development of Renminbi stablecoins, focusing on account systems, regulatory models, and legal applicability [4] - The "Reg-as-a-Service" model in Shenzhen has significantly reduced cross-border inspection times from 3 days to 4 hours, enhancing compliance efficiency [4] Group 4: Market Ecosystem Development - A market ecosystem based on liquidity incentives, scenario expansion, and infrastructure connectivity is crucial for the success of Renminbi stablecoins [5] - The Shanghai Futures Exchange's pilot program for "stablecoin margin" allows foreign investors to use CNHT for oil futures, reducing capital costs by 30% [5] Group 5: Global Financial Landscape and Renminbi Internationalization - The ongoing adjustments in the global financial landscape necessitate the support of offshore financial systems for the stable development of Renminbi stablecoins [7][8] - The deep-rooted experience and practices of China's offshore financial system provide a solid foundation for the issuance and management of stablecoins [8] Group 6: Risk Management and Regulatory Framework - A comprehensive risk management framework is proposed, including technological safeguards, liquidity risk prevention, and regular stress testing [10][11] - The establishment of a "last lender" mechanism and a dynamic reserve pool is recommended to mitigate the risk of stablecoin runs [11] Group 7: Policy Recommendations - Suggestions include the creation of a legal framework for offshore digital assets and optimizing foreign exchange management policies to facilitate the cross-border flow of stablecoins [15][16] - The establishment of a "Digital Financial Development Bureau" is recommended to coordinate regulatory efforts across different regions [17]

Core Viewpoint - The establishment of the Shanghai Offshore Economic Function Zone is a strategic move in response to the profound adjustments in the global financial landscape, aiming to enhance Shanghai's international financial center capabilities and facilitate the internationalization of the Renminbi from "trade settlement" to "reserve currency" [1] Institutional Innovation - The core competitiveness of the Shanghai Offshore Economic Function Zone lies in a regulatory framework that aligns with international practices while incorporating Chinese characteristics, emphasizing "transparent rules + precise regulation" [2] - The zone will implement a "boundary management" approach, allowing foreign capital to flow freely while ensuring that offshore activities do not disrupt the onshore financial system [2] Business Environment Innovation - The average approval time for foreign financial institutions to set up offshore business departments in China is currently 187 days, significantly longer than the 4-week standard in Dubai. The zone aims to reduce this to 30 days through a "commitment system + full-process supervision" [3] - The zone will promote a "multi-currency fund pool + blockchain clearing" model to enhance cross-border settlement efficiency, targeting a significant increase in corporate fund turnover rates by 2025 [3] Tax Policy Design - The zone will adopt a "low tax + strong regulation" policy, proposing a 5% capital gains tax and zero VAT for offshore financial activities, while implementing strict anti-tax avoidance measures [4] - A "tax neutrality + anti-avoidance" mechanism will be established to prevent tax arbitrage and ensure compliance in offshore operations [4] Legal and Regulatory Coordination - A "special legal application zone" will be created to allow international commercial contracts to choose applicable laws, enhancing the legal framework for offshore operations [5][6] - A joint regulatory meeting involving the central bank, foreign exchange bureau, and financial regulatory authorities will oversee offshore financial activities, promoting innovation while managing risks [6] Business Ecosystem - The zone will focus on providing comprehensive services for cross-border trade and investment, particularly for countries involved in the Belt and Road Initiative [7] - The offshore bond market will be a key focus, with targets set for issuance and financing for infrastructure projects by 2026 [8] Internal and External Coordination - The zone will establish a network linking itself with Hong Kong and global nodes, facilitating risk isolation and collaborative value release [12] - A "Shanghai-Hong Kong offshore financial express" mechanism will be implemented to allow for the flow of funds based on real trade backgrounds [13] Risk Prevention - A "prevention-monitoring-disposal" risk control system will be established to mitigate concerns about risk spillover [16] - The zone will implement strict account management to ensure complete separation between offshore and onshore accounts, with rigorous transaction verification processes [17] Ecological Support - The zone will develop a talent system to attract and cultivate international financial professionals, aiming to increase the proportion of foreign talent by 2025 [21] - High-level infrastructure will be enhanced to improve global competitiveness, including the establishment of a global offshore financial data port [22]

Group 1 - The construction of Shanghai as an international financial center is supported by national reforms and policies aimed at enhancing its global financial hub status [2][3] - Recent initiatives include the establishment of a growth layer on the Sci-Tech Innovation Board and measures to facilitate cross-border financial services [2][3] - Shanghai aims to become a key hub in the global financial system through high-level financial openness, enhancing the role of RMB assets, and improving its financial ecosystem [3][5] Group 2 - The competition among international financial centers is intensifying, with cities like London, New York, Hong Kong, and Singapore implementing innovative development measures [4][5] - Shanghai's strengths lie in financial development and infrastructure, while its weaknesses include reputation and business environment, indicating a need for soft power enhancement [5] - The establishment of a high-level offshore financial market in Shanghai is crucial for attracting international investments and enhancing the city's financial capabilities [6][7] Group 3 - The development of an offshore financial market in Shanghai requires supportive tax policies and regulatory frameworks to attract foreign institutions [8][9] - Shanghai's offshore market must connect with global markets, including Hong Kong, London, and Singapore, to facilitate RMB transactions and enhance liquidity [9] - The city should focus on creating innovative financial products to meet the needs of international investors and improve its global financial market presence [9][10] Group 4 - To elevate its status as an international financial center, Shanghai needs to establish a more internationalized and innovative corporate structure for listed companies [10][11] - The city should enhance its financial market's reputation by improving transparency and providing authoritative reports on its financial center development [12][13] - A multi-lingual platform for financial information dissemination is essential to attract international investors and improve Shanghai's global recognition [13][14] Group 5 - The cultivation of strategic financial talent is critical for Shanghai's international financial center development, requiring a focus on training and retaining skilled professionals [14][15] - The city should benchmark against top international financial institutions to enhance its competitiveness and governance capabilities [14]