"十五五"开局之年，上海将离岸金融作为国际金融中心功能升级的关键抓手，规划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。此举备受金融界关注，上海应该如何抓住历史 机遇，构建更高要求的离岸金融体系，来匹配国际金融中心的建设，FT账户又该如何突破和升级？ 站在"十五五"开局之年的历史节点，上海如何下好离岸金融这盘大棋？ 日前，上海举行新闻发布会解读《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"）。"十五五"时期，上海将提高国际金融中心竞争力和国际化水平，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，支持在功能区试点开展离岸金融业务。 "离岸金融"也是今年上海两会代表委员的热议词汇。上海这座全球经济总量排名第五的城市，在开 启"十五五"新征程之际，受到各界对其加快国际金融中心建设的重点关注。 业内人士向《国际金融报》记者表示，这不仅是一场关于金融业务的探讨，更是一盘关乎国家战略、牵 动全球资本流向的大棋局。在上海国际金融中心建设从"规模扩张"迈入"功能升级"的关键转折点，离岸 金融或许承载着为顶级全球金融中心补上"临门一脚"的历史使 ...

"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 ...

2月5日，中国人民银行天津市分行召开新闻发布会，公布2025年天津市金融运行情况。 "五篇大文章"重点领域贷款余额合计超万亿 天津银行信贷政策管理处负责人介绍，截至2025年年末，全市"五篇大文章"重点领域贷款余额合计超万 亿，科技、绿色、普惠、养老、数字等领域贷款均实现两位数增长。 数据显示，过去一年天津市社会融资累计增量超5000亿元，同比多增464亿元，创有统计以来历史新 高。存贷款增速稳中有进，信贷结构持续优化，金融对经济高质量发展的支撑作用进一步增强。 与此同时，全市"五篇大文章"重点领域贷款余额合计突破万亿元，科技、绿色、普惠、养老、数字金融 等领域贷款均实现两位数增长。跨境人民币业务规模稳步扩大，全年业务量突破6300亿元，同比增长 17%，连续六年保持增长，同样创下历史新高。 社会融资增量创历史新高 天津人行调查统计处负责人介绍，2025年天津市社会融资规模累计增量为5384亿元，同比多464亿元， 创有统计以来历史新高。"十四五"期间，社会融资规模保持在较高水平，累计增量和年均增量分别为 2.23万亿元和4451亿元。 存款保持稳定较快增长。 2025年末，全市各项存款余额5.06万亿元，较 ...

2026.01. 30 本文字数：3355，阅读时长大约7分钟 作者 | 第一财 经 陈君君 1月29日，人民银行上海总部召开2026年第一季度新闻发布会，系统介绍2025年上海金融运行情 况。从披露的数据来看，在外部环境复杂、国内经济修复仍在推进的背景下，上海金融运行总体保持 平稳，多项关键指标出现积极变化，结构性改善特征进一步显现。 数据显示，2025年上海社会融资规模同比多增1021亿元，融资结构持续优化，企业融资成本处于历 史低位区间；自由贸易账户（FT账户）功能升级试点启动后首月运行平稳，跨境资金收付规模接近 500亿元人民币；跨境人民币业务在规模和结构上同步提升，全年收付金额达32.4万亿元，占全国比 重46%，继续保持全国第一。 业内人士认为，与"总量扩张"相比，2025年上海金融运行更值得关注的是结构变化和制度含量的提 升，这些变化将对"十五五"时期上海金融体系的运行模式产生更为深远的影响。 融资结构符合高质量发展要求 从总量看，金融对实体经济的支持力度保持在合理区间。数据显示，2025年全年，上海社会融资规 模增加11632亿元，同比多增1021亿元。 更具变化意义的是融资结构的调整。202 ...

Core Viewpoint - The article emphasizes the importance of optimizing the business environment in Shanghai, highlighting the initiatives taken by the Shanghai branch of China Construction Bank (CCB) to support this goal through innovative financial services and products aimed at enhancing efficiency and reducing costs for businesses [1][2][3][4][5][6][7] Group 1: Financial Support for Innovation - CCB Shanghai branch has developed a "value flow" evaluation model to convert "soft strengths" like technology patents into quantifiable "hard credit," enabling tech companies to secure loans based on intellectual property [2] - By the end of 2025, CCB Shanghai branch aims to serve nearly 20,000 tech enterprises, achieving a market coverage rate of over 50% and a loan balance exceeding 130 billion yuan in the tech innovation sector [2] Group 2: Solutions for Small and Medium Enterprises - CCB Shanghai branch employs an "industry map service" to analyze SMEs within the context of their entire industry chain, facilitating access to credit loans based on digital credit assessments [3] - In 2025, the balance of CCB Shanghai branch's loans for small and micro enterprises is projected to reach nearly 170 billion yuan, benefiting over 70,000 market entities in Shanghai [3] Group 3: Enhancing Cross-Border Financial Services - CCB Shanghai branch has upgraded its FT account system to streamline cross-border fund flows, significantly improving the efficiency of capital turnover for enterprises operating internationally [4][5] - The branch has established a global financial service center to provide comprehensive support for both outbound and inbound enterprises, positioning itself as a crucial financial bridge in the dual circulation economy [5] Group 4: Integration of Financial Services with Governance - CCB Shanghai branch has integrated its financial services with local governance through smart terminals that facilitate various administrative services, enhancing convenience for residents [6] - The bank has launched products aimed at supporting urban green transformation and has established community service points to provide essential services to outdoor workers, reflecting its commitment to improving the quality of life in the city [6][7]

Core Insights - In 2025, Guangzhou's financial sector experienced steady growth, with optimized financing structures and targeted support in key areas, leading to significant advancements in financial services and infrastructure [1][2]. Group 1: Financial Policy and Initiatives - The "Nansha Financial 30 Measures" were officially released, accelerating the construction of the Guangdong-Hong Kong-Macao Greater Bay Area as an international financial hub [2][6]. - The establishment of the first large foreign multinational bank training center in China, the HSBC Global Training Center, and other innovative financial institutions marked a significant historical opportunity for high-quality financial development in Guangzhou [2]. - The "Yiqi Gongying Plan" was launched to promote a virtuous cycle of "technology-industry-finance," with over 1,050 enterprises signing agreements worth over 400 billion yuan [12]. Group 2: Market Developments and Innovations - The Guangzhou Futures Exchange listed platinum and palladium futures and options, enhancing its international influence and filling gaps in domestic risk management tools [6][8]. - By the end of 2025, the cumulative trading volume of futures and options at the Guangzhou Futures Exchange reached 796 million contracts, with a total transaction value of 48.6 trillion yuan [6]. - Guangzhou's position as the "first city for investment consulting" was reinforced, with the introduction of national policies supporting AI investment consulting and the establishment of a comprehensive training system [10]. Group 3: Corporate Growth and Mergers - In 2025, Guangzhou saw the addition of 12 new domestic and foreign listed companies, raising nearly 20 billion yuan, with notable companies like Pony.ai and WeRide returning to the Hong Kong stock market [14]. - The city actively pursued merger and acquisition opportunities, with over 200 billion yuan involved in transactions by A-share listed companies and large state-owned enterprises [14]. Group 4: Financial Infrastructure and Support - By the end of 2025, the total balance of various loans in Guangzhou reached 8.67 trillion yuan, a nearly 60% increase compared to the end of the 13th Five-Year Plan [16]. - The establishment of the Guangzhou Bay Area International Restructuring Center aimed to enhance the efficiency of corporate restructuring, with asset scales involved reaching 53.58 billion yuan [23][25]. - The launch of the "Guangxin Pre" consumer prepayment fund supervision platform utilized digital RMB technology to address industry pain points, covering seven major livelihood areas [20].

Core Viewpoint - The 22nd China International Financial Forum emphasizes the construction of an intelligent financial ecosystem in the digital economy era, highlighting the role of the Lujiazui Financial City as a platform for rule adoption and institutional transformation [1][6]. Group 1: Offshore Financial Insights - Lujiazui Financial City is not just a financial cluster but a platform for transforming rules into practical business tools for enterprises [3][8]. - The essence of offshore finance is characterized by the separation of goods, money, and documents, necessitating a new regulatory approach to manage risks effectively [4][9]. - The competitive advantage of offshore economic zones lies not in lower tax rates compared to regions like the Caribbean, but in automation and digital governance capabilities that ensure secure business operations [4][9]. Group 2: Strategic Positioning and Collaboration - Lujiazui has become a strategic hub for Chinese enterprises' global layout, gathering numerous financial and professional service institutions to assist companies in managing global assets from Shanghai [4][9]. - The relationship between Shanghai, Hainan, and Hong Kong should be collaborative rather than competitive, with Lujiazui positioning itself as a "command center" for outbound enterprises and a financial hub [4][9]. - The future of cooperation, especially between Shanghai and Hong Kong, is expected to outweigh competition, with a trend of foreign asset management companies potentially shifting their Asia-Pacific headquarters to Shanghai as Chinese business expands [4][9].

Core Viewpoint - The introduction of the "T+0" cross-border fund transfer system for enterprises through the Free Trade (FT) accounts marks a significant advancement in Shanghai's cross-border financial system, enhancing capital flow efficiency and reducing financial costs for businesses [2][8]. Group 1: Implementation Details - The People's Bank of China has released the "Implementation Measures for the Upgrade of Free Trade Accounts in the Shanghai Free Trade Pilot Zone," effective from December 5, which allows for direct fund transfers between FT accounts and overseas accounts [2][3]. - The upgrade shifts from a "segregated accounting" system to an "integrated management" of domestic and foreign currencies, enabling companies to conduct currency conversion and cross-border payments within a unified account framework [2][3]. Group 2: Benefits for Enterprises - The time required for cross-border fund transfers will be reduced from T+3 to T+0, significantly lowering financial costs for multinational and trade-oriented companies [2][3]. - The new system eliminates traditional restrictions on capital item businesses, allowing enterprises to engage in cross-border payments and financing without prior approval or registration [3][4]. Group 3: Regulatory and Operational Changes - The implementation requires banks to enhance their management systems, including improving real-time monitoring of cross-border payments and adhering to anti-money laundering regulations [4][6]. - Participating enterprises must meet specific criteria, such as being registered for over a year and having a minimum equity of 200 million yuan, with a focus on key areas like the Lingang New Area [4][6]. Group 4: Market Impact and Future Outlook - The upgrade is expected to serve as a model for other free trade zones in China, laying the groundwork for a high-level open economic system [2][8]. - The FT account system's evolution is anticipated to attract more multinational corporations to establish their regional financial management centers in Shanghai, enhancing the city's global financial resource allocation capabilities [8][9].

办法显示，经办银行可凭试点企业收付款指令直接办理升级账户与境外账户、离岸账户、境外机构境内 账户、升级账户、多功能自由贸易账户以及非居民开立的自由贸易账户之间的资金划转（"跨一线"）。 试点企业开展证券投资以外的资本项下业务，不受投注差外债、全口径跨境融资、境外放款相关额度和 审批限制，无须到外汇管理部门办理前置业务登记、备案或开立专户等。 "这是此次FT账户功能升级的核心亮点，极大简化了跨境资金运作流程，提升资本项下业务效率。"中 国（上海）自贸区研究院金融研究室主任刘斌对上海证券报记者表示，这是对前期FT账户功能的升级 和完善，充分考虑了企业对外投资的需求。 ◎记者 马慜 经过为期一个月的公开意见征集，中国人民银行上海总部近日正式印发《上海自由贸易试验区自由贸易 账户功能升级实施办法（试行）》（下称"办法"），旨在探索实现自由贸易账户（即FT账户）跨境资 金自由收付，满足实体企业新发展需求，深化上海自贸区跨境资金流动管理制度型开放。 办法要求各相关金融机构启动自由贸易账户功能升级试点，建立健全试点业务内控机制，完善配套系统 建设，配备专项服务团队，为试点企业提供高质量跨境金融服务。 多位受访人士认为，FT ...

Core Insights - The financial performance in Shenzhen shows stable growth with an increase in credit volume and a decline in financing costs [2][3] Credit Overview - As of September 2025, the total balance of deposits in Shenzhen reached 14.36 trillion yuan, a year-on-year increase of 5.6%, with an increase of 787.15 billion yuan since the beginning of the year [2] - The total balance of loans was 9.94 trillion yuan, growing by 5.0% year-on-year, with an increase of 457.41 billion yuan since the start of the year [2] - Key sectors such as household deposits, non-financial enterprise deposits, household loans, and loans to non-financial enterprises and government agencies all experienced significant year-on-year growth [2] Financing Costs - The weighted average interest rate for newly issued corporate loans in Shenzhen was 2.75% in September 2025, a decrease of 0.53 percentage points year-on-year [2] Loan Distribution - The credit structure in Shenzhen includes two categories with balances of 2 trillion yuan each for technology and inclusive finance, and two categories with balances of 1 trillion yuan each for green and digital economy loans [3] - Technology loans reached 2.18 trillion yuan, growing by 8.2% year-on-year, while inclusive small and micro loans reached 1.97 trillion yuan, increasing by 7.1% [3] - Manufacturing loans grew by 13.2% year-on-year, and loans for scientific research and technical services increased by 15.9% [3] Financial Innovation - Shenzhen is advancing financial integration for the technology industry, with 2,552 technology enterprises and 111 projects receiving low-cost financing support totaling 49.86 billion yuan as of September 2025 [3][4] - The "Tengfei Loan" program has provided 6.6 billion yuan in medium to long-term funding support to 121 enterprises [4] Cross-Border Financial Services - Since the implementation of high-level pilot policies in February 2024, over 1,800 enterprises have been covered, with a business scale exceeding 210 billion USD [5] - The FT account transaction amount in Shenzhen reached 361 billion yuan from January to September 2025, marking a 70.7% year-on-year increase [6] - The "Cross-Border Wealth Management Connect" 2.0 measures have attracted approximately 31,000 new individual investors, with total cross-border payment amounts reaching 50.74 billion yuan [6]