Core Viewpoint - The Shenzhen Municipal Financial Management Bureau and other departments have issued an action plan for promoting high-quality development of mergers and acquisitions from 2025 to 2027, focusing on enhancing cross-border M&A efficiency and resource integration [1] Group 1: Policy Initiatives - The plan aims to connect the Hong Kong capital market with domestic and foreign M&A resources [1] - It supports qualified industry leaders to list or refinance in Hong Kong, thereby improving the efficiency of cross-regional M&A [1] - The use of innovative tools such as cross-border asset transfers, dual-direction equity investments, and cross-border syndicate loans is encouraged to facilitate orderly cross-border M&A [1] Group 2: Support Mechanisms - The plan promotes the establishment of equity investment funds through Shenzhen-Hong Kong cooperation to invest in industrial M&A projects [1] - It supports collaboration between the Shenzhen Stock Exchange and the Hong Kong Stock Exchange to explore interconnected mechanisms for M&A and financing [1] - The initiative aims to enhance the flexibility of payment and enrich M&A financing tools to promote innovative M&A cases [1] Group 3: Professional Services - Local securities firms are encouraged to collaborate with overseas branches to provide professional services such as investment and financing, financial advisory, and cross-border M&A [1] - This support is intended to assist Chinese enterprises in expanding their cross-regional layout [1]

9月15日，恒丰银行正式获批成为人民币跨境支付系统（CIPS）直接参与者。该资格获批标志着恒丰银 行跨境支付清算体系建设取得关键进展，成功接入人民币国际化进程的"核心枢纽"。恒丰银行可依托该 渠道为全球客户提供更加直达、高效、安全的人民币跨境支付清算服务。 当前，在全球经贸格局深刻变革、人民币国际化面临重大战略机遇的背景下，恒丰银行将以CIPS直接 参与者资格为新起点，持续深化产品创新，扩展国际合作网络，全面提升跨境服务质效，致力于为构建 高水平对外开放新格局贡献金融力量，助力人民币国际化进程迈向新阶段。 作为首批获得中国人民银行"南向通"业务资格的境内投资者，2024年恒丰银行通过"南向通"渠道投资离 岸人民币债券余额同比增长245%。恒丰银行还积极利用上海自贸区平台参与自贸债、离岸债等投资， 有效拓展人民币跨境使用场景，持续助力离岸人民币市场流动性提升与体系完善。 恒丰银行始终将服务人民币国际化作为战略重点，积极顺应高水平对外开放趋势，推动跨境人民币业务 实现跨越式发展。2024年，通过CIPS系统处理的人民币结算量同比大幅增长223%。 在跨境金融服务方面，恒丰银行持续强化科技赋能，构建交易银行智能化A ...

Group 1 - The 2025 Lujiazui Forum opened in Shanghai with the theme "Financial Opening and Cooperation in the Global Economic Changes and High-Quality Development" [1] - Shanghai is making progress in building an international financial center, with a focus on high-quality development and financial market stability [1][2] - The establishment of the China Capital Market Society aims to unite various research forces to address strategic and fundamental issues in the capital market [7] Group 2 - The People's Bank of China has implemented multiple monetary policy measures to support economic recovery and financial market stability [3] - A series of policies will be introduced in Shanghai to enhance its international financial center status, including offshore trade finance reforms and the establishment of a digital RMB international operation center [3] - The financial regulatory authority emphasizes the importance of expanding financial openness and optimizing the business environment for foreign institutions [4] Group 3 - The China Securities Regulatory Commission plans to enhance the capital market ecosystem to better support innovation and investment [5] - Initiatives include reforms in the Sci-Tech Innovation Board and the introduction of new policies to facilitate foreign investment in the capital market [5][6] - The forum highlighted the need for deeper integration of financial services with technological and industrial innovation [6]

Core Viewpoint - The joint action plan by the Financial Regulatory Bureau and the Shanghai Municipal Government aims to enhance the construction of Shanghai as an international financial center through various measures, focusing on financial institution aggregation, improving financial services, expanding institutional openness, enhancing regulatory standards, and improving policy support [1][5]. Group 1: Financial Institution Aggregation - The plan emphasizes the need for commercial banks to increase support for Shanghai's international financial center by establishing dedicated institutions and authorizing local branches [1]. - It encourages foreign financial institutions to play a larger role in Shanghai's financial center development and prioritizes key foreign investment projects in Shanghai [1]. Group 2: Enhancing Financial Services - The action plan aims to improve the quality and efficiency of financial services for the real economy, particularly for technology enterprises, by exploring suitable financial service models [2]. - It promotes the development of carbon finance and aims to position Shanghai as an international hub for green finance [2]. Group 3: Expanding Institutional Openness - The plan advocates for aligning with international high-standard trade rules to explore financial institutional openness, including cross-border syndicate loans in the Shanghai Free Trade Zone [2]. - It aims to enhance the international operational capabilities of financial institutions and promote the development of Shanghai as an international reinsurance center [2]. Group 4: Enhancing Regulatory Standards - The action plan calls for improving the forward-looking risk management capabilities of financial institutions in Shanghai and promoting sound operations [4]. - It supports financial innovation pilot projects focused on serving the real economy and foreign trade, while establishing a financial risk prevention and disposal mechanism [4]. Group 5: Improving Policy Support - The plan emphasizes the integration of party building with business operations and the strengthening of legal frameworks to support the construction of Shanghai as an international financial center [4]. - It aims to enhance the technological level of financial regulation and support the establishment of a data center for the Financial Regulatory Bureau in Shanghai [4]. Group 6: Hong Kong-Shanghai Cooperation - The signing of the Hong Kong-Shanghai International Financial Center Collaborative Development Action Plan focuses on infrastructure connectivity and the strategic complementarity of offshore finance between the two cities [6][7]. - The plan includes measures to support cross-border financial services and encourages the development of financial products that meet offshore trade funding needs [8].

Core Points - The People's Bank of China introduced the "Action Plan for Further Enhancing the Convenience of Cross-Border Financial Services in Shanghai International Financial Center," focusing on strengthening Shanghai's role as an international financial hub and improving cross-border financial service convenience [1][2] Summary by Sections Five Key Areas of Measures to Optimize Cross-Border Financial Services - The Action Plan aims to enhance cross-border capital flow efficiency, reduce trade costs, and support enterprises in participating in international economic competition and cooperation [2][3] - It includes five main areas: improving cross-border settlement efficiency, optimizing foreign exchange risk management, strengthening financing services, enhancing insurance support, and improving comprehensive financial services [3] Enhancing Shanghai's International Financial Center Competitiveness - The Action Plan is significant for increasing the internationalization level of Shanghai's financial center, directly benefiting enterprises going global by optimizing cross-border fund management and reducing international operational costs [4][5] - It promotes a collaborative development model of "finance + industry," supporting enterprises in integrating into global supply chains [4] Global Resource Allocation Function - The plan aims to deepen financial system openness and enhance the internationalization of financial infrastructure, supporting the "Belt and Road" initiative and improving the efficiency of long-term capital allocation [5][6] - It also seeks to promote the international use of the Renminbi by enhancing its cross-border usage and payment efficiency [5] International Service Level of Financial Institutions - The policy will provide Chinese financial institutions with opportunities to offer more efficient services to enterprises going global, enhancing their global competitiveness and resource allocation efficiency [6] - It emphasizes the importance of risk prevention and control, utilizing technologies like big data and blockchain to improve financial regulatory capabilities [6]