"十五五"时期，上海国际金融中心建设重在提高竞争力和国际化水平，并稳步扩大金融高水平对外开 放。根据《上海市国民经济和社会发展第十五个五年规划纲要》（下称"上海'十五五'规划纲要"），上 海在临港新片区和东方枢纽国际商务合作区探索打造离岸金融（经济）功能区。 "离岸金融"并非一个新概念，但在上海"十五五"开局之年，它或许被赋予了重要的国家战略意义。"离 岸金融（经济）功能区的建设是上海踢好国际金融中心'临门一脚'的重要突破口。"中国首席经济学家 论坛理事长、广开首席产研院院长连平在接受《国际金融报》记者专访时表示。 从试点到体系 离岸金融这盘关乎上海未来金融高水平对外开放的重要棋局，究竟应如何落子？其核心载体FT账户 （自由贸易账户），又将迎来怎样的功能升级？在全球离岸金融市场深刻变革的今天，上海又将如何抓 住历史性机遇，推动人民币国际化进程加速？连平在专访中给出了独到见解。 "临门一脚" 上海的离岸金融之路，经历了一场漫长的探索，与中国金融市场的开放同频。在连平看来，理解上海当 下的选择，必须深刻了解离岸金融的过往历史。 "上海在离岸金融领域的探索并非简单的业务补充，而是一场意义深远的国家战略实践。"连平告 ...

Core Viewpoint - Green development is a prominent feature of Chinese-style modernization, with the current economic and social development entering a phase of accelerated green and low-carbon high-quality development, guided by the principles of carbon peak and carbon neutrality [1] Group 1: Climate Governance and Economic Development - The 20th Central Committee emphasizes the need to transition from a single emission reduction approach to a systematic governance model for climate response, highlighting the importance of balancing climate governance with economic development [2] - Climate governance is essential for achieving high-quality development and requires institutional innovation and market-driven approaches to make green and low-carbon initiatives new drivers of economic growth [2] Group 2: Challenges in Climate Change Response - There are significant challenges in addressing climate change, including increased pressure on ecosystems due to extreme weather, systemic shocks to agriculture and health, high costs and uncertain returns for corporate transformation, and difficulties in financing for small and medium-sized enterprises [3] - The carbon market's functionality is insufficient, with unstandardized carbon accounting and a lack of diverse financial products affecting the conversion of carbon asset values and market stability [3] Group 3: Systematic Strategy for Climate Change - A systematic strategy to effectively respond to climate change should focus on institutional guarantees, market empowerment, stakeholder support, and risk prevention, enhancing the country's capacity to address climate change [4] - Establishing a policy coordination mechanism is crucial to overcoming fragmented climate governance, requiring cross-departmental and cross-regional collaboration [4] Group 4: Market Innovation and Carbon Asset Value - Market innovation is key to unleashing the intrinsic motivation for climate governance, focusing on the conversion of carbon asset values and creating a diversified market system [5] - Enhancing the carbon market's operational mechanisms and developing a rich array of carbon financial products can stabilize emission reduction expectations and support international climate governance projects [5] Group 5: Risk Prevention and Climate Safety - A climate-related risk monitoring and early warning platform should be established, integrating data from various sectors to dynamically assess and monitor physical and transition risks [6] - Financial institutions should incorporate climate risks into their credit approval processes and enhance risk transparency through improved disclosure practices [6]

Group 1 - The core objective of the bank is to promote "qualitative effective enhancement and reasonable quantitative growth" in the economy, aligning with the central economic work conference's directives [1] - The bank aims to provide precise financial services to support national strategies and key sectors of the real economy, focusing on domestic market development and the dual emphasis on consumption and investment [1] - The bank is committed to supporting technological innovation and modern industrial systems, with a specific initiative to assist local aquaculture businesses in transforming through live-streaming e-commerce [1] Group 2 - The bank is implementing measures to reduce financing costs for small and micro enterprises and is actively promoting green development in line with the "dual carbon" strategy, with green loan balances growing at a rate of 34.15% [1] - The bank is focused on risk management by adhering to city-specific policies to support housing demand and by collaborating with local governments to mitigate existing debt risks, ensuring no systemic risks arise [2] - The bank emphasizes strengthening its comprehensive risk management system and internal compliance to maintain asset quality and achieve sustainable development [2]

Global Climate Governance - The current global climate funding gap is significant, with developing countries needing approximately $215 billion to $387 billion annually for adaptation, while public funding only reaches $23 billion to $30 billion, less than one-tenth of the required amount [2] - Disagreements between developed and developing countries regarding funding responsibilities and technology transfer remain unresolved, complicating climate financing mechanisms [2] COP30 Key Outcomes and Funding Mechanism Breakthroughs - COP30 achieved structural progress in several areas, despite ongoing disagreements on fossil fuel issues, establishing new directions for global climate governance [3] - A significant breakthrough in climate funding mechanisms was reached, with an agreement to triple global climate adaptation funding by 2035 and a new "Tropical Forest Forever Fund" initiated by Brazil, aiming for a target size of $125 billion [4] - The establishment of the "Belém Action Mechanism" (BAM) marks the first inclusion of "just transition" in the UNFCCC framework, providing institutional support for affected industries and communities during energy transitions [5] - COP30 initiated the transition of global carbon markets from rule-making to infrastructure connectivity, promoting technical cooperation among countries on carbon market standards [6][7] China's Green Finance Strategy - China announced a new Nationally Determined Contribution (NDC) target, committing to reduce total greenhouse gas emissions by 7% to 10% by 2035, enhancing transparency and demonstrating responsibility in global climate governance [8] - The green finance system in China is maturing, with a multi-layered policy framework established since 2016, leading to a significant increase in green loans and investments in energy transition and ecological protection [9] - The green bond market in China is expanding, with cumulative issuance exceeding 4 trillion yuan, primarily funding clean energy and green infrastructure projects [10] Hong Kong's Role in Green Finance - Hong Kong is positioning itself as an international green finance hub, with significant growth in green and sustainable debt issuance, reaching approximately $84.4 billion in 2024 [18] - The regulatory framework for green finance in Hong Kong is advancing, with the introduction of a sustainable finance classification directory and enhanced disclosure requirements for listed companies [16][25] - Hong Kong is leveraging its offshore RMB center advantage to attract international investments in green bonds, enhancing the appeal of "green RMB" products [17][18] Collaboration Between Mainland China and Hong Kong - The collaboration between Mainland China and Hong Kong in green finance is evolving towards a three-tiered integration of products, standards, and platforms [20] - The mutual accessibility of green financial products, including green bonds and transition finance, is expected to enhance cross-border capital flows [21] - Joint efforts in standardization and information disclosure are underway, with both regions working towards a unified green finance classification system [24][25] - Infrastructure connectivity is being established to facilitate cross-border green capital movement, addressing challenges in regulatory recognition and environmental impact verification [26][27]

Core Viewpoint - The trust industry in China is at a critical juncture, transitioning towards high-quality development amidst regulatory changes and evolving market expectations, as outlined in the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" [1][2]. Industry Overview - The trust industry is undergoing a significant transformation, with new regulations such as the "Trust Company Management Measures" categorizing trust businesses into three main types: asset service trusts, asset management trusts, and public welfare trusts, marking the first institutional restructuring since 2007 [2]. - The industry is experiencing a shift away from real estate and financing trusts towards emerging businesses like asset service trusts, which are becoming the main drivers of growth [2]. Strategic Opportunities - Trust companies are encouraged to align with national strategies focusing on modern industrial systems, technological self-reliance, regional coordinated development, green transformation, and improving people's livelihoods [2][3]. - Specific areas for trust companies to engage include: - Supporting the modernization of the industrial system by providing innovative investment trusts and supply chain financial services [3]. - Fostering technological innovation through knowledge property trusts and equity investment trusts [3]. - Enhancing social welfare through wealth management, pension security, and charitable trusts [3]. - Promoting green transformation by developing green trusts and ESG investments [4]. Market Integration - The trust industry is positioned to support the construction of a unified national market by facilitating the efficient flow of capital and goods, thus aligning with domestic market service and regional development goals [5]. Company Transformation - The company is implementing a comprehensive reform plan to address transformation pressures, focusing on risk management, compliance, and enhancing professional capabilities [6][7]. - Emphasis is placed on returning to the core trust responsibilities and improving customer satisfaction through specialized and targeted trust services [7]. Collaborative Development - The company aims to deepen collaboration within the financial group, providing integrated financial solutions and wealth management services, particularly in family trusts and pension services [8].

Group 1 - The core viewpoint of the article highlights the recognition of Shenwan Hongyuan's achievements in ESG and sustainable development, particularly through its carbon financial services that support green development [5]. - The "Value Co-Creation" award is the first of its kind in China, focusing on sustainable practices across various industries, evaluated by experts from academia and industry [3]. - Shenwan Hongyuan has been actively promoting carbon financial products to guide investments towards renewable energy and green industries, contributing to the national "dual carbon" goals [4]. Group 2 - The company has diversified its carbon financial services, including carbon quota repurchase and CCER trading, to support the green transformation of enterprises [4]. - In its operational management, Shenwan Hongyuan implements energy-saving measures and waste reduction practices, achieving international recognition with the LEED O+M Gold certification for its Beijing headquarters [4]. - The company aims to leverage its comprehensive business licenses and extensive network to meet enterprise needs and promote the realization of energy-saving and emission reduction project values [5].

Key Policies - Henan Province's Industrial and Information Technology Department has issued policies to promote green asset pledge financing through contract energy management [1][2] - Shandong Province has released an action plan to establish a carbon footprint management system by 2027, focusing on pilot projects in various sectors [4] - The Ministry of Ecology and Environment and the People's Bank of China are establishing a guiding committee for green development investment and financing cooperation [5][6][7] Key Events - Gansu Province's governor has outlined measures to address climate change and promote green finance, emphasizing carbon emission control and market participation [8][9] - The Shanghai Stock Exchange held a seminar on the innovation and development of green bonds and ESG bonds, discussing market trends and future directions [10][11][12][13][14] - China has become the world's largest green bond market, with a 92% year-on-year increase in issuance, reaching $101.8 billion [15] - The 2025 Green Finance Ecological Conference was held in Chongqing, focusing on the role of green finance in high-quality economic development [16] - A total of 490 green bonds in China have been evaluated against the EU's sustainable finance taxonomy, with significant funding directed towards wind power and public transport [17][18] Financial Innovations - The first dual-label green loan in China, combining biomass energy and air pollution control, has been issued in Suzhou [27][28] - The National Development Bank issued 9 billion yuan in green financial bonds to support infrastructure upgrades and environmental protection [38][39] - Postal Savings Bank is providing tailored financial services to support the high-quality development of the agricultural sector [40][41][42] - Three Gorges International successfully issued its first euro-denominated green bond, marking a significant step in international capital markets [43][44] - Tianjin Bank underwrote the first "green + two new + rural revitalization" bond in China, integrating multiple strategic focuses [45][46] - Industrial Bank's Nanchang branch facilitated the issuance of green bonds for Jiangxi Ganfeng Lithium Industry, aimed at reducing fossil fuel consumption [47] ESG and Sustainability - Minmetals Trust was recognized for its ESG innovations, highlighting its commitment to sustainable finance and social responsibility [50][51][52][53][54][55][56] - China CITIC Prudential Life topped the 2025 Green Life Insurance Rankings, reflecting its focus on green investments and social responsibility [59][60]

Core Insights - The low-carbon transition has become a central strategy for economic and social development in the context of global efforts to combat climate change and promote sustainability [1] - Financial institutions and enterprises are key players in this transition, creating multi-dimensional cooperation spaces that inject strong momentum into the comprehensive green transformation of the economy and society [1] Group 1: Mechanisms of Low-Carbon Transition and Financial Integration - The strategic collaboration between financial institutions and enterprises transcends traditional financing boundaries, forming new cooperative relationships that encompass full value chain services and risk co-governance [2] - Enterprises are shifting from passive participants to proactive innovators seeking green transformation, driven by a scientific climate rule system and the evolving importance of ESG factors as key financial indicators [2] - The financing accessibility for green low-carbon enterprises has significantly improved, with a trend towards longer credit term structures [2] Group 2: Financial Institutions' Role and Policy Guidance - Financial institutions are responding to national policies by integrating green finance into their strategic core, with a clear directive to increase the proportion of green finance in their business scale by 2027 [2] - The implementation of the "Guidelines for Environmental Information Disclosure by Financial Institutions" requires enhanced environmental risk quantification management capabilities, ensuring that funds are directed towards genuine low-carbon projects [4] Group 3: Corporate Perspective on Low-Carbon Transition - Traditional high-energy-consuming enterprises need substantial capital for technological upgrades and comprehensive operational reforms to reduce carbon emissions and achieve green production [3] - Many small and medium-sized enterprises are increasingly adopting digital and intelligent methods to enhance energy efficiency and develop green products, necessitating significant financial support from banks [3] Group 4: Win-Win Cooperation between Banks and Enterprises - The win-win scenario in low-carbon transition is characterized by risk-sharing and benefit-sharing, where banks conduct strict evaluations of low-carbon projects while establishing long-term partnerships with enterprises [4] - Financial institutions can leverage data management and innovative mechanisms to build risk assurance systems, enhancing their understanding of enterprises' operational conditions and transition progress [4] Group 5: Strategic Synergy and Ecosystem Building - Banks should deepen cooperation with enterprises to understand changes in business models and industry characteristics, providing comprehensive services that combine financing and intelligence [5] - Establishing regular high-level communication mechanisms can help avoid misunderstandings and risks due to information asymmetry, particularly regarding climate policy changes [5] Group 6: Financial Innovation and Industrial Upgrading - Financial institutions can support sustainable development through green credit and ESG investment products, which can lower financing costs and enhance social reputation for enterprises [6] - Selective funding support for low-carbon initiatives promotes industrial structure optimization and economic development, while also addressing financing challenges for enterprises [7] - Supply chain finance exemplifies the cooperation model, where banks provide financing to small and medium-sized enterprises within the supply chain, ensuring stability and efficiency [7] Group 7: Enhancing Corporate Vitality and Innovation Potential - Financial institutions are willing to support enterprises' research and innovation activities, becoming risk-sharing partners that drive technological progress and result transformation [7] - By leveraging their expertise, banks can improve enterprises' financial operations and decision-making processes, ultimately enhancing their competitiveness [7]

Core Insights - The article highlights the rapid development of green finance in China during the "14th Five-Year Plan" period, emphasizing its role as a key driver for the country's low-carbon transition and the achievement of the "dual carbon" goals [1][7]. Green Financing Growth - Green loans and green bonds have seen significant growth, with green loan balances reaching 42.39 trillion yuan by mid-2025, a 254.73% increase from the end of 2020 [2]. - The growth rate of green loans has consistently been between 21.70% and 38.50% from 2021 to 2024, indicating a robust upward trend [1]. - The proportion of green loans in total loans has increased from 6.92% at the end of the "13th Five-Year Plan" to 15.78% by mid-2025 [2]. Green Bond Market Expansion - The issuance of green bonds has expanded significantly, with annual issuance growing from over 200 billion yuan during the "13th Five-Year Plan" to over 600 billion yuan in 2021, and maintaining an average of 750 billion yuan from 2021 to 2024 [3]. - The number of issuers has increased from 35 in 2016 to 249 in 2024, with the number of issuances growing ninefold [3]. - Green bonds are expected to support annual CO2 emissions reductions of approximately 14.14 million tons and save 1.51 million tons of energy [3]. Diverse Green Financial System - The green financial system has diversified to include green investments, green insurance, green futures, and carbon financial products, becoming a crucial part of the overall green finance landscape [4][6]. - A significant portion of public funds (53.8%) now explicitly incorporates green investment into their strategies, with 76.9% having issued green investment-targeted products [4]. Transition Finance Emergence - Transition finance is emerging as a critical component of sustainable finance, focusing on supporting high-carbon industries in their shift to low-carbon operations [7][8]. - The new round of Nationally Determined Contributions (NDC) announced in September sets ambitious targets for greenhouse gas emissions reduction, necessitating substantial funding for low-carbon transitions [7]. - Transition finance is expected to surpass financing for "pure green" activities, as only about 10% of economic activities are currently classified as "pure green" [8].

Core Insights - The article discusses the progress of China's green low-carbon transition over the past five years, highlighting the release of the "2025 China Carbon Neutral Development Index" which serves as a reference for future transformation paths [2][6] - The index indicates that while there is overall progress, regional disparities remain, with a focus on technological innovation and market mechanisms as key areas for future breakthroughs [2][4] Summary by Sections Carbon Neutral Development Index - The "China Carbon Neutral Development Index" has been published for five consecutive years, focusing on regional carbon neutrality potential and practical outcomes [4] - The 2025 index includes over ten key indicators, emphasizing the shift from end-of-pipe governance to source control, the role of green finance, and comprehensive agricultural green security [4] - Average scores for provinces and key cities improved, with scores of approximately 56.32 and 54.40 respectively, reflecting a steady advancement [4] Regional Characteristics and Challenges - Different regions are exploring unique green transition paths based on their energy resources and industrial foundations, leading to organic integration of low-carbon transition and economic growth [5] - However, regions like Inner Mongolia and Xinjiang face challenges such as low energy efficiency and significant pressure for industrial restructuring [8][9] - Key bottlenecks in these regions include reliance on fossil fuels, insufficient collaboration in green industry chains, and weak technological innovation capabilities [9] Future Trends in Transition - The "14th Five-Year Plan" period is identified as a critical phase for green low-carbon transition, with four major trends anticipated: gradual increase of renewable energy, decarbonization in key sectors, focus on green upgrading and circular development, and enhanced multi-stakeholder governance [10][11] - Technological innovation is emphasized as a core element, with recommendations for breakthroughs in clean energy technologies and enhancing the integration of technology transfer [11] Market Mechanisms and Financial Support - The article stresses the need for improved carbon pricing mechanisms and a unified green finance system to support the achievement of carbon neutrality goals [12] - Recommendations include expanding carbon market coverage, establishing a unified regulatory framework for green finance, and leveraging index monitoring for policy optimization [12]