周六的深圳福田街头，香港青年李尊明熟练地打开手机扫码，用新办的内地信用卡买了店里的新款球 鞋。这张小小的卡片，是他作为"北上生活圈"一员的重要凭证。 "有了内地信用卡，坐飞机有贵宾厅，日常支付也更方便。"李尊明告诉第一财经记者。如今，像他这样 每周北上消费的香港居民正催生新的金融需求。他们带着香港的信用记录，希望在内地获得贷款和金融 服务。 这一变化正在深港两地悄然发生。越来越多的港人选择在大湾区长期居住，从"消费北上"升级为"生活 北上"，进而催生了信贷、社保等全方位的跨境服务需求。在香港金融科技周上，香港环联信贷的亚太 首席产品官冼迪云透露，目前香港居民"北上"贷款的需求有所提升。 "北上买社保"也成为社交平台上的新热点。港人李生给记者算了一笔账：每月缴纳898元养老保险，20 年后在深圳退休，预计每月可领3000多元退休金，"这样领几年就能回本"。广东省社会保障基金管理局 数据显示，截至2024年8月，港澳居民在粤参加养老、工伤、失业保险共33.28万人次，较2021年底前增 长118.93%。 北上贷款需求出现 过去，深港跨境信贷多呈现"南向"流动，以内地企业和居民在港融资、开户为主，其中多数案例依托 ...

2025.11. 18 本文字数：4103，阅读时长大约7分钟 作者 | 第一财经 王方然 在2025香港金融科技周上，冼迪云分享了他最新的观察，每周都有大量香港居民北上消费，更有不 少香港青年在大湾区创业，有贷款需求。他们在香港拥有完善的信用档案，在内地却是"信用白户"， 这个反差让内地银行看到了机会。 过去，深港跨境信贷多呈现"南向"流动，以内地企业和居民在港融资、开户为主，其中多数案例依托 深圳跨境数据验证平台（DVP）实现。如今，随着部分港人北上从短期消费拓展到长期定居，港人 北上贷款的需求也开始被关注。 客观来看，利率，并非驱动北上贷款的主因。数据显示，中银香港、汇丰银行10月底按揭利率上限 普遍在3.25%至3.5%区间，而内地优质客户也能获得约3%的贷款。可以说，在资金价格上，两地几 乎站在同一起跑线。 封图 | 第一财经 任玉明摄影 周六的深圳福田街头，香港青年李尊明熟练地打开手机扫码，用新办的内地信用卡买了店里的新款球 鞋。这张小小的卡片，是他作为"北上生活圈"一员的重要凭证。 "有了内地信用卡，坐飞机有贵宾厅，日常支付也更方便。"李尊明告诉记者。 如今，像他这样每周北上消费的香港居民催生了 ...

编者荐语： 日本经济新闻社与金融时报2015年11月合并为同一家媒体集团。同样于19世纪创刊的日本和英国的两家 报社形成的同盟正以"高品质、最强大的经济新闻学"为旗帜，推进共同特辑等广泛领域的协作。此次， 作为其中的一环，两家报社的中文网之间实现文章互换。 以下文章来源于FT中文网 ，作者李瀚明 FT中文网 . 英国《金融时报》集团旗下唯一的中文商业财经网站，旨在为中国商业菁英和决策者们提供每日不可或 缺的商业财经资讯、深度分析以及评论。 美国白宫（资料图，reuters） 为了解决医疗问题，特朗普搞了一系列操作，这也使得医保支出成为两党在预算案讨 论乃至政府停摆中的关键焦点。 文丨FT中文网专栏作家 李瀚明 截止到11月6日，美国政府停摆已经进入第37天，刷新史上最长停摆记录。这几天2026年美 国政府预算的讨论，共和党和民主党又一次谈崩了——而讨论的核心，还是医疗保险问题。 归属卫生与公众服务部Department of Health and Human Services的医保（Medicare）和医 疗援助（Medicaid）、归属社会保障署Social Security Administration的 ...

Core Viewpoint - Xuzhou Rural Commercial Bank is committed to its positioning as a "people's bank," continuously promoting service accessibility by expanding its service network, integrating government services, and fulfilling social responsibilities [1][2] Group 1: Service Network Expansion - The bank has established a comprehensive convenience service network with 139 physical outlets across the city, including 68 in rural areas, ensuring full coverage in townships [1] - It has set up 166 financial convenience service points and 45 benchmark demonstration points, allowing villagers to conduct business within a 15-minute walk [1] - Collaborations with village committees and merchants have led to the establishment of inclusive financial service points, enabling villagers to handle social security, deposits, withdrawals, and payments without leaving their villages [1] Group 2: Integration of Government Services - The bank has addressed public pain points in government service processing by integrating medical insurance, social security, and administrative services into its banking services [1] - It has established 77 comprehensive service outlets across the city, capable of handling over 200 types of services, including high-frequency tasks like social security card activation and business license applications [1] Group 3: Social Responsibility Initiatives - The bank has created three "Gig Worker Stations" to provide free employment matching and services for gig workers, successfully assisting over 2,000 individuals in finding local employment [1] - In terms of educational support, the bank has donated a total of 1.43 million yuan to assist 2,500 rural disadvantaged students and left-behind children through various initiatives such as pairing support and establishing scholarship classes [1]

Core Insights - The article discusses the high-quality development of public funds in Beijing, emphasizing the themes of a new era, new funds, and new value [1] Group 1 - The article highlights the formation of MACD golden cross signals, indicating a positive trend in certain stocks [1]

Core Viewpoint - The trend of Hong Kong residents moving to mainland China to purchase social insurance, particularly for retirement planning, is gaining popularity, reflecting a shift in consumer behavior and lifestyle choices among this demographic [1][2][3]. Group 1: Social Insurance Demand - There is an increasing interest among Hong Kong residents in applying for social insurance in mainland China, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area [2][4]. - As of August 2024, 332,800 Hong Kong and Macao residents participated in social insurance programs in Guangdong, marking a 118.93% increase since the launch of the "Bay Area Social Insurance" initiative at the end of 2021 [6]. - The social insurance options available include pension, medical, unemployment, work injury, and maternity insurance, which are seen as beneficial for retirement planning [12][13]. Group 2: Healthcare Services - The medical insurance provided under mainland social insurance is highly regarded for its efficiency and affordability compared to Hong Kong's healthcare system, which is often criticized for long wait times [7][10]. - Hong Kong residents report significant satisfaction with the medical services in mainland cities, citing lower costs and quicker access to treatment [8][9]. - The flexibility of the medical insurance system allows residents to apply for coverage based on their employment status, making it accessible for both employed and non-employed individuals [12][13]. Group 3: Policy Framework - The "Interim Measures" implemented in 2020 allow Hong Kong and Macao residents to participate in social insurance schemes in mainland China, facilitating their integration into the local system [12][13]. - The policies are designed to be inclusive, covering both employed and non-employed residents, and aim to improve cross-border social insurance services [13][14]. - Local authorities are actively working to enhance the accessibility and understanding of these policies among Hong Kong residents, addressing the need for better information dissemination [11][14].

Core Viewpoint - The delay in the announcement of the new social insurance payment base by local authorities is causing confusion and financial strain for low-income workers and private enterprises, as they continue to use the previous year's base for contributions [2][4][12]. Group 1: Social Insurance Payment Base Adjustments - The social insurance payment base in Beijing has increased from 3,613 yuan/month in 2020 to 6,821 yuan/month in 2024, an increase of 88.8% [2] - In Shanghai, the payment base rose from 4,927 yuan/month to 7,384 yuan/month during the same period, marking a 49.9% increase [2] - The adjustment of the social insurance payment base is influenced by local average wages and the ratio of the payment base to these wages [2][4]. Group 2: Impact on Different Income Groups - Low-income individuals and private enterprises are facing significant pressure due to the rising social insurance payment base, particularly those whose salaries remain below the minimum base [3][11] - The average wage growth for non-private and private sectors has slowed, with some provinces experiencing near-zero growth, which may lead to lower or negative growth in the social insurance payment base for 2024 [5][6]. Group 3: Employment and Recruitment Challenges - The rising social insurance costs are causing companies, especially in the elderly care sector, to reconsider their hiring practices, opting for older, retired workers to reduce costs [11] - The overall age structure of caregivers is shifting towards older individuals as organizations struggle with low occupancy rates and rising costs [11]. Group 4: Policy Discussions and Recommendations - There is ongoing discussion about potentially lowering the social insurance payment base to alleviate the financial burden on low-income workers and encourage participation in the social insurance system [12][13] - Experts suggest that any adjustments to the payment base should be made cautiously to ensure the sustainability of the social insurance fund while also considering the long-term income stability of workers [14].

Core Viewpoint - The recent legal interpretation emphasizes the enforcement of existing social insurance regulations rather than introducing new rules, and it should not be over-interpreted [3][12][27] Group 1: Concerns of Business Owners - Business owners are primarily worried about the impact of compliance costs for employee social insurance on their profits [3][15] - Many small and micro enterprises have previously operated under informal agreements not to pay social insurance, leading to potential legal disputes as employees can now claim compensation for non-payment [7][15] - The implementation of the new interpretation may lead some businesses to reduce staff, cut salaries, or even shut down due to increased costs [7][16] Group 2: Implications of the New Interpretation - The new interpretation clarifies that employees can demand compensation if their employer fails to pay social insurance, even if there was a prior agreement not to do so [5][8] - The interpretation is expected to push some businesses to comply with social insurance obligations, as it strengthens employees' rights [7][12] - The legal framework for social insurance has existed for years, but enforcement has been lax, particularly for small businesses facing economic difficulties [6][12] Group 3: Challenges in Achieving Universal Social Insurance - Despite the goal of universal social insurance, significant gaps remain, particularly among small and micro enterprises, which often struggle to comply due to financial constraints [21][27] - The willingness of employees to contribute to social insurance is influenced by their immediate financial needs versus long-term benefits [22][23] - The current economic environment, including pressures from the pandemic, has led to a more lenient approach from authorities regarding compliance with social insurance payments [27][26] Group 4: Future Considerations - The potential for increased legal disputes over social insurance compliance may lead to a more cautious approach from businesses, particularly small and micro enterprises [10][14] - There is a concern that the new interpretation could lead to a rise in operational costs, prompting businesses to pass these costs onto consumers or reduce their workforce [16][17] - The long-term sustainability of the social insurance system relies on a broader base of compliant contributors, necessitating careful consideration of the balance between enforcement and economic viability for businesses [28][27]

Core Viewpoint - The new judicial interpretation by the Supreme People's Court invalidates any agreements to avoid social insurance payments, impacting both employers and employees in the labor market [1][2]. Group 1: Legal Changes and Implications - The Supreme People's Court's interpretation states that any form of agreement to not pay social insurance is invalid, meaning that even if both parties agree, the law will not recognize such arrangements [1]. - Employers who previously engaged in "social insurance evasion" must now pay back social insurance fees, and they can request reimbursement from employees after making the payments [1][2]. Group 2: Market Impact - The prevalence of "social insurance evasion" has been common, particularly among small and medium-sized enterprises looking to reduce costs, and among workers in industries with high turnover, such as delivery and catering [2]. - The new regulation may initially disrupt the competitiveness of cost-sensitive small and medium-sized enterprises, but it will create a fairer competitive environment for compliant businesses [2][3]. Group 3: Long-term Benefits - The judicial interpretation is expected to strengthen the protection of vulnerable groups, particularly those who might forgo social insurance for immediate cash benefits, addressing the long-term issue of lack of social security in old age [2][3]. - It promotes a more regulated labor environment and encourages businesses to optimize management and incorporate social insurance costs into their operational budgets, ultimately fostering a talent dividend in the market [3].

Core Viewpoint - The article highlights the ongoing challenges and complexities surrounding social insurance (社保) for employees in small and medium-sized enterprises (SMEs) in China, particularly in light of new legal interpretations that enforce stricter compliance with social insurance contributions [3][12][44]. Group 1: Employee Experiences - Employee Li Shan, who has been working for a small company, has repeatedly requested social insurance but has faced resistance from her employer, who offered a salary increase instead of fulfilling the promise to provide social insurance [2][3]. - Many employees in small companies, like Li Shan, are unaware of their rights regarding social insurance and often prioritize immediate cash over future benefits, leading to a culture of opting out of social insurance [41][42]. - The lack of social insurance is a common issue among young workers, with many companies failing to comply with legal requirements, leaving employees vulnerable [4][11]. Group 2: Legal Context and Implications - The Supreme People's Court's new interpretation of labor dispute laws prohibits employers from evading social insurance payments, allowing employees to terminate contracts and seek compensation if their rights are violated [3][12]. - This legal change is expected to increase the number of labor disputes related to social insurance, as employees become more aware of their rights and the legal avenues available to them [12][13]. - The new regulations may lead to significant financial implications for employers, particularly SMEs, as they will need to adjust their payroll practices to comply with the law [13][20]. Group 3: Employer Challenges - Employers, especially in sectors like e-commerce and small restaurants, face significant financial pressure from the requirement to fully fund social insurance for their employees, which can double their labor costs [18][22]. - Many employers express concerns that the increased costs associated with social insurance could lead them to reduce their workforce or shift to more flexible employment arrangements, such as hiring part-time workers [22][24]. - The article notes that a significant portion of SMEs are not compliant with social insurance regulations, with only 28.4% of companies paying the full amount based on employees' average monthly wages [44][46]. Group 4: Industry Trends - The restaurant industry, particularly small establishments, is particularly vulnerable to the financial impacts of mandatory social insurance, as their profit margins are already thin [33][35]. - The article suggests that if strict enforcement of social insurance payments continues, it could lead to a restructuring of the labor market, with many small businesses unable to sustain operations under the new financial burdens [35][36]. - The trend towards flexible employment and the use of temporary workers is likely to increase as businesses seek to mitigate the financial impact of mandatory social insurance contributions [22][24].