Core Insights - The article emphasizes that successful financial policies should be based on practical exploration rather than top-down design, particularly in the offshore financial sector [1][10] Group 1: Historical Examples - The emergence of the Eurodollar market in London during the 1950s serves as a benchmark for the "practice first, policy later" approach, where the market developed without specific regulations, leading to significant growth [2] - The UK's introduction of the "dual banking system" in 1968 and the subsequent Banking Act in 1979 were based on practical experiences, resulting in a tenfold increase in London's offshore financial scale within a decade [2] - Singapore's offshore market growth from 20 billion USD in 1970 to 1.8 trillion USD in 2023 illustrates the effectiveness of dynamic policy adaptation following market needs [5] Group 2: China's Unique Context - China's offshore financial development has been characterized by a gradual approach, with significant milestones such as the establishment of offshore RMB funding pools and the growth of business scale to 2.1 trillion USD by 2023, reflecting a 320% increase since policy initiation [3] - The article highlights that premature legislation could lead to rigid policies that stifle innovation, as evidenced by the experiences of other countries [3][10] Group 3: Policy Dynamics - Successful financial policies require a dynamic interaction between business practices and regulatory frameworks, allowing for innovation while managing risks effectively [4] - The case of Meizhou's foreign exchange management illustrates how responsive policy-making can lead to significant cost savings for businesses and stimulate local economic growth [6] Group 4: Lessons from History - The decline of Tokyo's offshore market serves as a cautionary tale about the dangers of implementing rigid regulations without understanding market needs, resulting in stagnation [8] - The U.S. "Banking as a Service" model highlights the importance of learning from practical failures to inform future regulatory frameworks [9] Group 5: Future Path for China - The article proposes a three-step strategy for China's offshore financial development, starting with expanding pilot programs in free trade zones and gradually moving towards comprehensive legislation as practices mature [12][13] - The ultimate goal is to create a robust offshore financial ecosystem that aligns with international standards while being tailored to China's specific context [10][13]