Core Viewpoint - The recent approval of the regulations and action plan marks a new phase in the financial reform of Shanghai's Free Trade Zone, enhancing the development of free trade accounts and supporting the construction of an internationally influential financial center in Shanghai [1][9]. Group 1: Regulatory Developments - The Shanghai Municipal People's Congress approved the "Regulations on Promoting the Development of Free Trade Account Business in the China (Shanghai) Free Trade Pilot Zone," effective from May 1, 2025 [1]. - The "Action Plan for Further Enhancing the Convenience of Cross-Border Financial Services in Shanghai International Financial Center" was released simultaneously, complementing the new regulations [1]. Group 2: Historical Context and Innovations - The Free Trade (FT) account was introduced in 2014 to facilitate China's integration into global trade and economic rule-making [4]. - The FT account features a unique accounting system, integrated currency management, offshore pricing, and unified rules for domestic and foreign clients, revolutionizing the financial sector [4]. - China Construction Bank (CCB) Shanghai Branch was among the first to obtain FT business qualifications and has developed comprehensive financial services tailored to client needs [4]. Group 3: Expansion and Upgrades - Since 2019, the successful FT account model has been promoted in various regions, benefiting more enterprises [5]. - The recent regulations are a systematic summary of over ten years of FT account pilot experience, enhancing legislative support for financial innovation [5]. Group 4: Support for the Real Economy - The establishment of the Shanghai Global Financial Service Center in 2024 aims to provide a broader service platform for enterprises [6]. - CCB Shanghai Branch has participated in significant financing projects, including the refinancing of China's first domestically produced large cruise ship, enhancing its role in international markets [6]. Group 5: Addressing New Challenges - CCB Shanghai Branch is actively managing exchange rate risks for enterprises, providing diverse financial market tools to mitigate market volatility [8]. - The bank is optimizing international trade settlement services to address funding needs arising from tariff adjustments and supply chain changes [8]. Group 6: Future Directions - The release of the regulations and action plan provides new opportunities for the banking industry, with CCB Shanghai Branch focusing on customer-centric services and innovative financial solutions [9].

Core Viewpoint - Shanghai has introduced two significant policies aimed at enhancing the development of the Free Trade Account (FT Account) and improving cross-border financial services, marking a new phase in financial reform within the Free Trade Zone [1] Group 1: FT Account Development - The FT Account was established in 2014 in the Shanghai Free Trade Zone to promote free trade and facilitate China's integration into global trade [2] - The FT Account features a unique accounting system, integration of domestic and foreign currencies, offshore pricing, and unified rules for domestic and foreign clients, leading to a revolutionary change in the financial sector [2] - China Construction Bank (CCB) Shanghai Branch has provided FT Account services to over 10,000 clients, with total loans amounting to nearly 600 billion yuan, 40% of which have been directed towards overseas clients [2] Group 2: Policy Implementation and Impact - The recent regulations are a systematic summary of over ten years of FT Account pilot experience, aimed at enhancing legislative levels and exploring institutional innovations [3] - The policies are designed to align with international high-standard economic and trade rules, improving the functionality of the FT Account system and optimizing account regulations [3] Group 3: CCB's Role and Initiatives - CCB Shanghai Branch has established the Shanghai Global Financial Service Center to enhance cross-border financial services for enterprises [4] - The bank has participated in significant projects, including financing for China's first domestically produced large cruise ship and international syndicate loans with Fortune 500 companies [4][5] - CCB is actively involved in multi-currency syndicate projects and has provided comprehensive financial support for Chinese enterprises expanding overseas [5] Group 4: Risk Management and Trade Facilitation - CCB Shanghai Branch is advancing enterprise exchange rate risk management by leveraging FT Zone policies and offshore pricing advantages [6] - The bank is optimizing international trade settlement services to meet the funding needs arising from tariff adjustments and supply chain changes [6] - The bank plans to enhance FT Account service capabilities by streamlining account opening processes and promoting FT online banking services [6]