自贸试验区债券（下称"自贸债"）作为我国金融高水平开放的关键创新载体，自2016年首次发行以来， 历经十余年探索实践，已逐步构建起兼具跨境特色与风险韧性的市场生态。 从上海首单地方政府自贸债的"先行先试"，到"玉兰债""明珠债"等创新品种的"百花齐放"，从阶段性探 索到立法规范，自贸债市场的每一步迈进，都深深烙刻着"大胆试、大胆闯、自主改"的基因。它不仅为 实体经济跨境融资铺设了高效通道，也为制度型开放积累了生动注脚。 面向未来，借鉴伦敦、香港等成熟市场的经验，立足国情推进制度系统升级，必将进一步激活市场潜 能，让境内外资本共享中国机遇，让企业畅享开放红利。 创新实践：十年筑基，双向桥梁显担当 自贸债的核心价值在于立足自贸区制度优势，搭建链接境内外资本市场的"双向桥梁"。这种被业内称 为"在岸的离岸债"的创新工具，依托FT账户（自由贸易账户）体系，以多币种计价、资金跨境流动便 利等优势，迅速赢得市场瞩目。截至2025年6月末，全市场累计发行自贸离岸债规模约1300亿元，发行 人涵盖金融机构、实体企业、"一带一路"共建国家和地区等多元主体，投资者也从境内分账核算单元逐 步拓展至全球专业机构，峰值认购倍数逾4.3 ...

Core Viewpoint - Shanghai is poised to establish itself as a global offshore RMB center, supported by its financial infrastructure, policy backing, and market development, although challenges remain in international recognition and product offerings [1][2][3]. Group 1: Conditions for Establishing Offshore RMB Center - Shanghai is the only international financial center in China outside of Hong Kong, with 1,782 licensed financial institutions, one-third of which are foreign [2]. - The city ranks first in national cargo throughput and cross-border trade volume, hosting the highest number of multinational company headquarters in China [2]. - Shanghai's financial market transaction volume is projected to reach 36.503 trillion yuan in 2024, placing it among the top globally [2]. - The city has established a robust cross-border payment system (CIPS) and maintains close cooperation with financial institutions in Hong Kong and Singapore [2]. Group 2: Policy Support - The central government has prioritized the development of Shanghai's offshore RMB market, issuing supportive policies since 2021 [3]. - Recent initiatives include the "Action Plan for Further Enhancing Cross-Border Financial Services" aimed at promoting RMB's cross-border use [3]. Group 3: Market Development Achievements - In 2024, Shanghai accounted for 47% of the national cross-border RMB settlement volume [4]. - The offshore bond issuance has exceeded 1 trillion USD, with innovative products like free trade offshore bonds [4]. - The "Shanghai-Hong Kong Stock Connect" and "Shanghai-London Stock Connect" have facilitated direct RMB investments in domestic stock markets [4]. - The number of FT accounts in Shanghai has surpassed 170,000, with balances in the trillion yuan range [4]. Group 4: Current Challenges in Offshore RMB Market - The international recognition and acceptance of RMB remain limited, with only 29.3% of cross-border payments in RMB from January to August 2024 [5]. - There is a lack of sufficient cross-border RMB financial products and services, particularly in hedging tools and long-term products [6]. - The absence of a mature RMB internationalization repatriation mechanism hampers the smooth return of RMB used internationally [7]. - Regulatory constraints and insufficient market-driven interest rate mechanisms limit the growth of the offshore RMB market [8]. Group 5: Recommendations for Developing Offshore RMB Center - Explore the establishment of an "offshore economic function zone" in Shanghai, with a legal framework that aligns with international standards [10]. - Leverage Shanghai's financial market advantages to develop offshore insurance, bonds, and other financial services [11]. - Enhance RMB repatriation channels and hedging tools to facilitate cross-border transactions [12]. - Implement policies to allow offshore RMB to be used as the primary currency in offshore banking operations [13]. - Strengthen infrastructure for RMB transactions, including payment systems and trading platforms [14]. - Optimize legal and tax frameworks to improve the global competitiveness of offshore RMB [15]. - Transition foreign exchange policies towards a more open platform-based approach to enhance RMB asset trading [16].