Action Plan for Further Improving Cross-Border Financial Services Facilitation in Shanghai Released
ISSUING AUTHORITIES:
People's Bank of China
National Financial Regulatory Administration
State Administration of Foreign Exchange
Shanghai Municipal People's Government
DATE OF ISSUANCE:
March 25, 2025
EFFECTIVE DATE:
March 25, 2025
To deepen institutional opening-up in the financial sector and enhance financial support for enterprises "going global" and the Belt and Road Initiative, the People's Bank of China, the National Financial Regulatory Administration, the State Administration of Foreign Exchange, and the Shanghai Municipal People's Government recently jointly issued the Action Plan for Further Improving Cross-Border Financial Services Facilitation in Shanghai as an International Financial Center (“Action Plan”).
The Action Plan focuses on leveraging the unique role of Shanghai as an international financial center in serving the new development paradigm, supporting entities of all types in participating in international competition and cooperation more safely, conveniently, and efficiently. It outlines 18 key measures across five areas: improving cross-border settlement efficiency, optimizing foreign exchange risk hedging services, strengthening financing services, enhancing insurance safeguards, and refining comprehensive financial services. These measures are of great significance to accelerating Shanghai's development as an international financial center.
In the next step, the People's Bank of China and the Shanghai Municipal People's Government will collaborate with relevant departments to implement the measures in the Action Plan, further improving the facilitation of cross-border investment and financing, continuously enhancing the competitiveness and influence of Shanghai as an international financial center, and promoting high-quality economic development and high-standard opening-up.
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