On the morning of June 18, the two-day 2025 Lujiazui Forum officially opened with the theme “Financial Opening-up, Cooperation, and High-Quality Development in the Context of Global Economic Changes.” Keynote speeches were delivered by Pan Gongsheng, governor of the People’s Bank of China (PBOC); Li Yunze, director of the Financial Regulatory Commission; Wu Qing, chairman of the China Securities Regulatory Commission (CSRC); and Zhu Hexin, director of the State Administration of Foreign Exchange.
At the forum, Pan Gongsheng announced eight major financial opening-up measures:
Establish an Inter-bank Market Transaction Report Database: High-frequency collection and systematic analysis of transaction data from various financial sub-markets, including inter-bank bonds, currencies, derivatives, gold, and bills, to support financial institutions, macro-control, and financial market supervision.
Create a Digital RMB International Operation Center: Promote the international operation of the digital RMB and support the development of financial market business and digital finance innovation.
Set Up Personal Credit Reporting Agencies: Provide diversified and differentiated personal credit products for financial institutions and enhance the social credit system.
Launch a Comprehensive Reform Pilot for Offshore Trade Financial Services in Shanghai Lingang New Area: Innovate business rules to support Shanghai’s development of offshore trade.
Develop Free Trade Offshore Bonds: Broaden financing channels for enterprises going global and high-quality enterprises from Belt and Road countries and regions, following the principle of “both ends outside” and international standards.
Optimize and Upgrade Free Trade Account Functions: Facilitate the efficient integration of high-quality enterprises and overseas funds, enhance cross-border trade and investment liberalization and facilitation, and support Shanghai’s high-level opening up.
Pilot Structural Monetary Policy Tool Innovations in Shanghai: This includes blockchain-based air trade letter of credit refinancing, cross-border trade refinancing, and expansion of carbon emission reduction support tools. Promote the first batch of Shanghai to apply risk-sharing tools for science and technology innovation bonds and support private equity institutions in issuing such bonds.
Study and Promote RMB Foreign Exchange Futures Trading with the CSRC: Enhance the product range in the foreign exchange market to help financial institutions and foreign trade enterprises better manage exchange rate risks.
These measures aim to further open up China’s financial sector, promote high-quality development, and enhance the internationalization of the RMB.
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