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]